I am just trying to get my head around what official role David Burke has in the grand scheme of day to day operational activities related to our Fund.
8 May 2008
'Following this restructure of the Board, Craig Chapman has resigned as an executive director andbeen appointed the Company’s CEO. Chris Scott remains an executive director with David Burke and Barry Cronin remaining as non executive directors.'
From this previous media article::
http://www.smh.com.au/business/mfs-adviser-had-benefit-of-inside-knowledge-20100722-10n2x.html
But in May the following year the rejuvenated MFS board was discussing a new PIF-related conflict of interest. It was with none other than the fund's current responsible entity - Jenny Hutson's Wellington Capital.
The public examination into the collapse of MFS heard yesterday how concerns over Ms Hutson's various MFS-related roles came to a head when she was handed control of the depleted fund.
Advertisement: Story continues below Gavin Thompson, SC, acting on behalf of the liquidators of Octaviar Investment Noteholders and Octaviar Investment Bondholders, revealed that Ms Hutson had been formally appointed as an adviser to the MFS board soon after she had successfully lobbied for Chris Scott and his associates to become directors of the company. In this role she attended board meetings in April.
The former MFS chief financial officer David Anderson was asked if the board had been concerned about potential conflicts of interest over the fact that Ms Hutson, as an adviser to MFS, had been privy to information about the internal audit investigation of the company.
''I'm not sure that was the source of the conflict,'' Mr Anderson said.
He said he imagined the issue of conflict arose over the fact that she had lobbied on behalf of Mr Scott - who she had been involved with at travel firm S8 before it was acquired by MFS - and his associates. Then, after the three had been appointed as directors, the board was selling an asset of MFS to her ''when she had been an adviser to MFS''.
Mr Thompson said Ms Hutson also knew that Mallesons were insisting upon a change of responsible entity of PIF and were threatening to appoint a receiver if that did not occur. He asked Mr Anderson if Wellington Capital's move would have been informed by that.
''Yes, I'm sure she had the benefit of that knowledge,'' Mr Anderson said.
Ms Hutson's relationship with MFS turned around very quickly from a prickly start. In late February 2008 she launched a savage attack on the MFS chairman Andrew Peacock, saying he had failed in his duties in allowing a fire sale of company assets like Stella.
At the time she was acting as an adviser to Mr Scott, who became a significant shareholder in MFS after selling S8 to the company in 2006. Ms Hutson had been chairman of S8.
On March 18 Mr Scott joined the MFS board along with David Burke and Craig Chapman. Within two weeks Wellington Capital was signed on as an adviser to the board alongside the law firm Freehills and Korda Mentha's 333 Capital.
On May 2 Mr Scott and Mr Chapman were appointed executive directors of MFS after the resignation of chief executive Craig White.
A week later MFS, now known as Octaviar, granted Wellington Capital an option to buy Octaviar Investment Management - the responsible entity for PIF. This option was exercised the following month.::
Does anyone know exactly if David Burke is on the PIF payroll? No mention of him in the EM as being on the team? Probably my next question to Wellington Capital as I have failed to find any reason as to why David Burke continues to lurk around PIF owned assets on a regular basis at our expense while he is supposedly engaged with his not for profit enemagram activities. That relocated church at 'Andelaine' sure looks a picture!! Well worth the drive! Any PIF investors in the area should pop in and have a look 3233 NERANG-MURWILLUMBAH ROAD NATURAL BRIDGE QLD 4211.
Absolutely stunning location. Some nice upkeep equipment there also.
Stay tuned, Seamisty