Wellington Capital PIF/Octaviar (MFS) PIF

Bumblebee · 6 June 2011

Todays Brisbane Meeting presented by Castlereagh was certainly worth the visit. Numbers probably on par with Melbourne.Those attending were well informed and thirsty for further answers and explanations. Constant questions from the floor were well received and responded to by Castlereagh. This through the set presentation somewhat off balance but made for a vibrant informative meeting. Went for just over two and a half hours and it seemed that all present stayed the distance.
Recommend anyone who can to attend the remaining meetings.

zixo · 6 June 2011

JohnH said:
Hi Seamisty, Just received my "reaction group" garbage. This one was stamped, but also interestingly has an HRMC postmark dated 31st May.

HRMC is I believe the "Hunter Region Mail Centre"............ so that should narrow it down a bit.

Cheers, John H.

Hi John
It's an alarming thought that Wellington Capital and Armstrong registries were entrusted with Investors personal details and now all unitholders were sent unaddressed letters in an obvious poor attempt at a smear campaign.
The Initial source for the information which has been sent to unitholders is/was Originally held in trust with wellington Capital.
Recently Wellington embarked on a information session with Radar Investor services in Sydney.
We do not know what information was given to previously unknown Radar Group.
I believe wellington have all unitholders banking details, Taxation Numbers, Phone numbers, age and date of birth.
OUR private information is a fraudsters and identity thiefs gold mine

If investors feel that their private details have been violated and are unsecure.
I urge unitholders to contact Wellington Immediately and seek assurances that their personal information was not released.
Alternatively:

You can contact the Office of the Privacy Commssioner.
Telephone 1300 363 992
privacy@privacy.gov.au
http://www.privacy.gov.au/complaints/how/complaint-form

Unfortunate Inv · 6 June 2011

seamisty said:
Duped this time WC won't be calling the shots at the EGM, this is not WC's show no matter how many Pro WC unitholders WC can muster up to attend, but it is all the more reason we urge PIF unitholders wanting a change of management to attend in person to raise their hands when called upon, ie electing a nominated chairperson on our behalf.

Seamisty

Everyone should bear in mind that safety will be a result of having the numbers present at the meeting of the 16th.... This is our money!!! WC had a long enough chance to do something for PIF investors but they failed us with their lack of response and the results are in the value of our investment.. We must elect a manager that has transparancy in our investment!!!

zixo · 6 June 2011

Duped said:
Standard trick of the trade is to juxtapose to unrelated pieces of information to lead the naiive reader to incorrectly draw a causal link.

Observe. In the NSX release http://nsxa.com.au/ftp/news/021724067.PDF WC write a stand alone two sentence paragraph:

‘The legal representation and strategy for class action members changed in November 2010. Wellington Capital as responsible entity for the Premium Income Fund has been in discussions with IMF and HWL Ebsworth to reach this agreed way forward.’

Hands up who believes Hutson is saying e.g. WC joined the class action because the "legal representation and strategy for class action members changed". Does the NSX release really say that? Or have you misread it? What do you think a judge would say to you for adding the causal link? WC does not commit itself to a justification in this release. IMLO WC's options are open to in future hunt out and present any justification that suits itself at the time.

Furthermore, whether or not "strategy" has in fact changed seems to me, in the absence of any knowledge on what has in fact changed, to be debateable. Just like words like "acting in the best interests of unitholders". Ahhh word bending. Fun isn't it. NOT. What a waste of time and money.

Hi Duped

Why Wellington Capitals sudden position change in the class action when they fought for the last 3 years against it so vehemently. then to insult unitholders further they advertise their feat with PIF investors money of the NSX?

Why are wellington so fiercely concerned in any benefit to the unit holders when they never were before?

could it be true that they never intend or intended to help unitholders or the class action and this will only to allow them greater access to information in helping them defend those who we're persuing to begin with?

Is it that Wellington are only interested when it come to dividing up the class action compensation?

I really cant believe how brazen to even think that investors are so stupid to believe wellingtons snippet when its clear that more questionable motives are behind it.

Its hilarious particularly when wellington caused so much heartache blocking the class action to begin with.

If ever there is one single reason to distance ourselves away from Wellington - this is it it.

astevo · 6 June 2011

zixo said:
Why Wellington Capitals sudden position change in the class action when they fought for the last 3 years against it so vehemently ... If ever there is one single reason to distance ourselves away from Wellington - this is it it.

I totally agree.

I can't understand how WC became a party to the class action. They no longer represent the orignal investors affected. Not all current unit holders were affected, so it's not appropriate that all current (and future) unit holders are potential beneficiaries of the class action. But I'm sure WC's real motives are not for the unit holders - I'm sure they see opportunities to benefit themselves, directly or through related parties, anonymous "sophisticated investors" and other devious means.

- Alan.

DoraNBoots · 7 June 2011

astevo said:
I totally agree.

I can't understand how WC became a party to the class action. They no longer represent the orignal investors affected. Not all current unit holders were affected, so it's not appropriate that all current (and future) unit holders are potential beneficiaries of the class action. But I'm sure WC's real motives are not for the unit holders - I'm sure they see opportunities to benefit themselves, directly or through related parties, anonymous "sophisticated investors" and other devious means.

- Alan.

I totally agree

This latest agreement WC has made with IMF is for the benefit of the RE as they try to get new investors into the fund and could enable them to hinder the case further. It in no way benefits current unit holders. WC have sold the Placement Units and have buyers for the ‘Shortfall New Units’ with the expectation these new unitholders will benefit from PIF litigation.

Surely these sophisticated investors realise the risk that WC could be leading them on, because now WC is an applicant they are in a position to hinder the case even more than they have in the past. Wellington IM are respondents in this case and yet Wellington Capital (the same people) say they now want to be the applicant. It amazes me how this conflict is even legal!

Let’s not forget WC was given this job of managing the PIF by the crooks that gave away over half of our fund for their own use. MFS needed someone to come in and cover their bottoms and pay off the RBOS loan without a fuss. Well it’s my opinion that’s what WC have done and so I can’t see they are appropriate people to now be the applicants in the Class Action.

simgrund · 7 June 2011

astevo said:
I totally agree.

I can't understand how WC became a party to the class action. They no longer represent the orignal investors affected. Not all current unit holders were affected, so it's not appropriate that all current (and future) unit holders are potential beneficiaries of the class action. But I'm sure WC's real motives are not for the unit holders - I'm sure they see opportunities to benefit themselves, directly or through related parties, anonymous "sophisticated investors" and other devious means.

- Alan.

Hi Alan,
Please stop scratching your head or you'll end up with a bald patch as I have.
Computershare's "Top Holders Daily" from 1 Sept 08 shows "Wholesale Premium Income Fund Inc",
held by Perpetual Nominees supposedly in Trust, as a holder of 81,692,884 units
or 10.82% of ISSUED CAPITAL.
This may have something to do with these recent machinations.
Any solid thoughts on this?
Regards,

seamisty · 7 June 2011

Simgrund according to this announcement on the NSX http://www.nsxa.com.au/ftp/news/021723819.PDF more than half of those units have been converted to ordinary units so WC now control only 5% voting power as opposed to the original 10.8%. Hopefully the remaining investors in the WPIF convert thier units also if they do not wish to have WC vote on their behalf.
I also think this contributed largely to WC introducing the placement and rights issue, to shore up diminished voting power, nothing to do with raising capital, purely for raising WC vote strength. PIF investors would have benefitted more through a bank or similar business loan if the funds were so desperately needed. I strongly suspect there is more than one reason to protect the PIF documents from getting into the hand of a forensic accountant and it has nothing to do with protecting the best interests of the original PIF investors.
Remember how opposed WC were to having Deloittes replaced with Bentleys after trying to come to a Deed of company arrangement with OCV?
It's a shame the findings from the Public examinations have not been finalised, I am sure that will be compelling reading. My opinion and many others is that if we do not get rid of Wellington Capital on the 16th June, we will never get anyone else interested because with the dilution of units and the pitifull state if the PIF assets, it will not be worth fighting over. Perhaps that was also part of WC strategy all along?
Seamisty

seamisty · 7 June 2011

Hi all, here is the link to the Originating Process being lodged in the Federal Court of Victoria relating to the injuntion of the WC placement and rights issue http://castlereagh.rlbrandmgmt.com....ins/filemanager/files/Originating_Process.pdf

More information will be posted on the Castlereagh website as it becomes available.http://www.cascap.com.au./page.php?page=36 Seamisty

JohnH · 7 June 2011

http://www.nsxa.com.au/ftp/news/021724075.PDF

.................it has begun!

Litigation Update
Wellington Capital Limited was served late yesterday with an originating process in the Federal Court of
Australia, Victoria District Registry. The proceedings have been lodged by the PIF Action Group
Incorporated and Mark Robert Hodges and Charles Robert Hodges as custodian for the PIF Action Group
Incorporated.
The application is for:
 declarations under section 21 of the Federal Court of Australia Act 1976 (Cth);
 an injunction under sections 1323 and or section 1324 of the Corporations Act 2001 (Cth); and
 other orders pursuant to section 1325 of the Corporations Act 2001 (Cth).
The application is returnable on Wednesday 8 June 2011 at 10.15am before Justice Gordon.
Further updates will be provided as the matter progresses

seamisty · 7 June 2011

JohnH you have mail.

reasonable · 7 June 2011

JohnH said:
http://www.nsxa.com.au/ftp/news/021724075.PDF

.................it has begun!
The application is returnable on Wednesday 8 June 2011 at 10.15am before Justice Gordon.

Good news but seems to be cutting it fine to stop the rights issue deadline of 9th.

seamisty · 7 June 2011

New NSX announcement re Litigation Update
Wellington Capital Limited was served late yesterday with an originating process in the Federal Court of
Australia, Victoria District Registry. The proceedings have been lodged by the PIF Action Group
Incorporated

http://www.nsxa.com.au/ftp/news/021724075.PDF

simgrund · 7 June 2011

seamisty said:
Simgrund according to this announcement on the NSX http://www.nsxa.com.au/ftp/news/021723819.PDF more than half of those units have been converted to ordinary units so WC now control only 5% voting power as opposed to the original 10.8%. Hopefully the remaining investors in the WPIF convert thier units also if they do not wish to have WC vote on their behalf.
I also think this contributed largely to WC introducing the placement and rights issue, to shore up diminished voting power, nothing to do with raising capital, purely for raising WC vote strength. PIF investors would have benefitted more through a bank or similar business loan if the funds were so desperately needed. I strongly suspect there is more than one reason to protect the PIF documents from getting into the hand of a forensic accountant and it has nothing to do with protecting the best interests of the original PIF investors.
Remember how opposed WC were to having Deloittes replaced with Bentleys after trying to come to a Deed of company arrangement with OCV?
It's a shame the findings from the Public examinations have not been finalised, I am sure that will be compelling reading. My opinion and many others is that if we do not get rid of Wellington Capital on the 16th June, we will never get anyone else interested because with the dilution of units and the pitifull state if the PIF assets, it will not be worth fighting over. Perhaps that was also part of WC strategy all along?
Seamisty

Thanks Seamisty.
Exactly what I suspected for a long time. Remaining holding had to be balooned at our expense. Or so WC thought. Roll on Justice!

k.smith · 7 June 2011

seamisty said:
Hi all, here is the link to the Originating Process being lodged in the Federal Court of Victoria relating to the injuntion of the WC placement and rights issue http://castlereagh.rlbrandmgmt.com....ins/filemanager/files/Originating_Process.pdf

More information will be posted on the Castlereagh website as it becomes available.http://www.cascap.com.au./page.php?page=36 Seamisty

Great to be able to read the documents... I am heartened to see that transparency IS possible in these funds after all....

seamisty · 7 June 2011

k.smith and all, the Castlereagh capital litigation page has just been updated. I sincerely hope those who have not voted for Castlereagh can at least see that they are being offered transparency and just how financially detrimental the Placement and rights issue is on our existing PIF investment when a loan would have been far more beneficial financially.( to us that is because we did not need to cut deals to secure votes!)
http://www.cascap.com.au./page.php?page=36
Seamisty

aroach · 7 June 2011

seamisty said:
New NSX announcement re Litigation Update
Wellington Capital Limited was served late yesterday with an originating process in the Federal Court of
Australia, Victoria District Registry. The proceedings have been lodged by the PIF Action Group
Incorporated

http://www.nsxa.com.au/ftp/news/021724075.PDF

Thanks Seamisty and PIF AG!!

Notice that WC are STILL not acting in the interests of unit holders, by withholding information from NSX that affects the value of PIF shares. The WC announcement does not mention that the originating process is about WC modifying the PIF constitution and allotting/issuing additional units. I wouldn't be holding my breath that WC will announce this detail prior to postal close-off of proxy votes.

Is there a different avenue for a notice (with additional detail) to be announced on the NSX about this application in the Federal Court, other than through WC? Might be worth pursuing.

Ashley

astevo · 7 June 2011

Dear PIFAG committee,
I've been trying to decide whether to go to the 16 June meeting for a couple of weeks now. It's not that I don't want to - I'd love to be there, to see, and be part of, a positive result, but I think my airfares etc might be better spent another way. Is there a "fighting fund" or some such that I (and others who may not have contributed financially to the AG and it's activities) might make a contribution?

- Alan.

AusInCA · 7 June 2011

Not sure it has any significance, I was reading the affidavits for the originating process and noticed that in the affidavit by A.M. the amount of the $7.55M placement was written as $7,550.00.

marcom · 7 June 2011

DoraNBoots said:
I totally agree

Let’s not forget WC was given this job of managing the PIF by the crooks that gave away over half of our fund for their own use. MFS needed someone to come in and cover their bottoms and pay off the RBOS loan without a fuss.

This is nothing short of a criminal conspiracy to defraud engineered by Scott and Hutson and with the acquiescence of then liquidator. I hope Bentlys can fully expose what these crooks have done to us.

Wellington Capital PIF/Octaviar (MFS) PIF

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