Noted, Thanks bespoke.
Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
Hi Seamisty, I just discovered the link in the email for people who sent in their proxy vote but are unable to attend the EGM, doesn't have the .com. I just added it and it went through fine, but that might be a reason for lower numbers tallied in that category. Just a thought.
Ashley
Thanks Ashley, yes you are right. Not often something like that gets past Breaker, so yes add the .com alternatively email Breaker or just let me know on here and I will pass it on. Cheers, Seamisty
Already confirmed "Will" but just to also confirm I have re-booked my flights. --- Another $100 for re-booking fee, but should be worth every last cent. ... John H
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Below is an extract of an email sent to ASIC on 19 Sept 2008. This is the day after the 18 Oct 2008 EGM was adjourned. It was at this meeting that Jenny Hutson said WC would not take the 2% removal fee if she is told at an EGM that she is being removed due to poor performance. The email below shows that ASIC were informed of this statement.
19/09/2008 10:08 AM
To Deleted@asic.gov.au
cc Deleted@asic.gov.au ; Deleted@asic.gov.au
Subject RE: PIF managed by Wellington IM 34054/08 PCS2008/21210 Additional Information
Dear Deleted-ASIC,
…Some Text deleted….
I was at the PIF meeting yesterday and …Some text deleted….
JH said the constitution says the 2% removal fee will not be payable if WC are removed due to poor performance. She was asked who will make the judgement and she eventually said that if she is at an EGM and is being removed and she is told it’s due to poor performance she will not take the 2%. ...deleted...
Jenny was asked what the target rate of return is for the quarterly distributions and she said it was 1.5 cents per unit.
Thanks again for your time!
Kind regards,
Unitholder
To Deleted@asic.gov.au
cc Deleted@asic.gov.au ; Deleted@asic.gov.au
Subject RE: PIF managed by Wellington IM 34054/08 PCS2008/21210 Additional Information
Dear Deleted-ASIC,
…Some Text deleted….
I was at the PIF meeting yesterday and …Some text deleted….
JH said the constitution says the 2% removal fee will not be payable if WC are removed due to poor performance. She was asked who will make the judgement and she eventually said that if she is at an EGM and is being removed and she is told it’s due to poor performance she will not take the 2%. ...deleted...
Jenny was asked what the target rate of return is for the quarterly distributions and she said it was 1.5 cents per unit.
Thanks again for your time!
Kind regards,
Unitholder
ASIC replied to this email.
ASIC in social media push to help people get smart with money
http://www.theaustralian.com.au/bus...ns-off-the-leash/story-e6frg9io-1226068239701
From the above article:'Medcraft has three aims: confident and informed investors, fair and efficient financial markets, and efficient registration and licensing.
He wants to achieve these goals through engagement with the industry, surveillance, education, deterrence and policy action.
The role of gatekeepers is highlighted because Medcraft, like others, is fed up with lawyers and bankers who push a client over the cliff and absolve themselves of all the blame.
At some point he figures these groups need to take some responsibility and have some ethical standards.
At some point, of course, Medcraft will need to back his worthy campaign with action by punishing those who step over the line.
Financial crises are caused by greed and inadequate regulation and enforcement, which is where ASIC steps in.Better educated consumers and ethical advisers help, but greed is a tough foe.'
Perhaps if ASIC actually did step in and take action when they are first alerted to possible wrongdoing and not still be dithering around 3-4 years later it might just deter a few greedy crooks from doing the wrong thing? Its all very well educating would be investors etc, but what about the regulators?
'ASIC is taking its campaign to the streets with YouTube films and iPad applications aimed at educating investors in the hope of minimising future financial losses
His push into social media is part of what he sees as proactive action to avoid the nightmares of failed investment schemes.'
How will this help the thousands of investors already out of pocket who dont even know what an iPad is and have no access to a computer? Mind you, most of those already affected by failed funds etc will NEVER trust anyone with their money again apart from maybe a bank.
Seamisty
http://www.theaustralian.com.au/bus...ns-off-the-leash/story-e6frg9io-1226068239701
From the above article:'Medcraft has three aims: confident and informed investors, fair and efficient financial markets, and efficient registration and licensing.
He wants to achieve these goals through engagement with the industry, surveillance, education, deterrence and policy action.
The role of gatekeepers is highlighted because Medcraft, like others, is fed up with lawyers and bankers who push a client over the cliff and absolve themselves of all the blame.
At some point he figures these groups need to take some responsibility and have some ethical standards.
At some point, of course, Medcraft will need to back his worthy campaign with action by punishing those who step over the line.
Financial crises are caused by greed and inadequate regulation and enforcement, which is where ASIC steps in.Better educated consumers and ethical advisers help, but greed is a tough foe.'
Perhaps if ASIC actually did step in and take action when they are first alerted to possible wrongdoing and not still be dithering around 3-4 years later it might just deter a few greedy crooks from doing the wrong thing? Its all very well educating would be investors etc, but what about the regulators?
'ASIC is taking its campaign to the streets with YouTube films and iPad applications aimed at educating investors in the hope of minimising future financial losses
His push into social media is part of what he sees as proactive action to avoid the nightmares of failed investment schemes.'
How will this help the thousands of investors already out of pocket who dont even know what an iPad is and have no access to a computer? Mind you, most of those already affected by failed funds etc will NEVER trust anyone with their money again apart from maybe a bank.
Seamisty
A bagful of PIF prediction made in August 2008 by Jennifer Hutson in the Gold Coast Bulletin.
http://www.goldcoastbusinessnews.com.au/article1206/Crunch time for PIF.html
http://www.goldcoastbusinessnews.com.au/article1206/Crunch time for PIF.html
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Thanks Selciper,
Warm glow of "Eat Your Words" time is almost upon us".
Quoting part of the above link
"Crunch time for PIF
Aug, 2008
Jenny Hutson tells Gold Coast Business News that it’s not over yet for PIF
What impact has this had on you personally?
There are a lot of small investors who have been committed to the fund for a long time and seeing them recover their money would give me immense personal pride."
Simgrund, it's no wonder to me that the majority of us voted in Wellington's favour in 08 because of Hutson's enticing predictions. We were, unfortunately, all susceptible to those optimistic words.
"The only relevant test of the validity of a hypothesis is comparison of prediction with experience."- Milton Friedman
"The only relevant test of the validity of a hypothesis is comparison of prediction with experience."- Milton Friedman
YEEHAAA, Just had confirmation from a fellow West Australian who will be flying over specifically for the EGM so that makes 3 of us West Aussies attending the EGM that I know of!!
I strongly urge all PIF unitholders who can possibly support us on the day to please attend the EGM. We have already seen the extreme measures some are prepared to implement to discredit the PIF AG.
WC will be fighting until the end to protect the PIF expenditure figures relating to OUR depleting fund, because I bet there will be some explaining to do as to just where the money has gone. How once profitable assets are going backwards and why the PIF is not generating a scerrick of income over and above the exorbitant operating expenses.
PIF AG NEED YOUR SUPPORT IN PERSON!!! Seamisty
I strongly urge all PIF unitholders who can possibly support us on the day to please attend the EGM. We have already seen the extreme measures some are prepared to implement to discredit the PIF AG.
WC will be fighting until the end to protect the PIF expenditure figures relating to OUR depleting fund, because I bet there will be some explaining to do as to just where the money has gone. How once profitable assets are going backwards and why the PIF is not generating a scerrick of income over and above the exorbitant operating expenses.
PIF AG NEED YOUR SUPPORT IN PERSON!!! Seamisty
hi all [[ nor here ]] yellow yellow yellow so much yellow it will become [[[[ gold gold gold ]]]] lets see heaps wave with PRIDE FOR PIF AG THANK YOU
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Just a thought of CONCERN for you, Charles36, Breaker1, Marcom, Munchie & many of the working core of PIF AG;
Please protect yourselves at the meeting with Kevlar Gloves and Kevlar Chest Vests as my predictive instincts tell me you will be overrun with Handshakes, Hugs and Embraces which may leave you bruised if without the suggested Protection.
Regards,
Hi selciper,
Although I am loath to admit it. I too was one of the many people who against my better instincts actively endorsed wellington Capital.
For all my trouble, Ive seen the very person whom I trusted in wellington morph into the modern day King, Adams, White and Hutchings.
The sooner the PIF is out of the clutches of JH and her cohorts the better for everyone involved.
Hi, Xizo - I think most PIF investors (like myself) put their trust in Wellington's projections probably while in a state of shell-shock after the MFS collapse. I don't kick myself for having voted "yes". I was just a naive old codger at the time in believing that it was for our interests that the new RE would be working. And ASIC would watch things, wouldn't they? The next couple of weeks, I hope, will see the revaluation and restoration of that all important word: trust. .
Hi For the first time to all you hard working Folks,I have been following this forum for some time now since I found it by accident,My Yellow Proxy is in and would love to see Wellington out. The Infomatoin received from your Posts have been priceless,
I am not able to travel at the moment and as our units are in my name onley,could My Husband go in my place to the Sydney meeting?
Cheers Sunray.
I am not able to travel at the moment and as our units are in my name onley,could My Husband go in my place to the Sydney meeting?
Cheers Sunray.
Sunray if your holding is in your name only you would have to appoint your husband as your proxy to vote on your behalf at the meeting by writing his name in the box at the top of your yellow form. You can always call Castlereagh Capital on 1300 661 651 and request a new proxy form, then fax it to Computershare on 03 94154159. Castlereagh will be able to email the new proxy which you can print and fill in then fax. Welcome to the forum, Cheers, Seamisty
Remember David Kennedy and David Anderson of MFS/OCV? Both are currently key personnel at Equititrust. It also appears both have omitted their previous employment at MFS/OCV on their employment history/resume, nor their involvement re Bentleys' Public Examination into the collapse of MFS/OCV and money missapropriated from our PIF.(No surprises there!)
Equititrust CEO=David Kennedy LLB, LLM, B Bus (Acc), ACA
A Chartered Accountant and lawyer, David was previously a partner at Hong Kong's largest restructuring firm for over 8 years. With a background in insolvency and company restructuring within the property development industry, David also has extensive international experience in Australia, Singapore Malaysia, Thailand, and Canada.
Director Strategic Solutions - David Anderson B.Comm IP MICM
Joining Equititrust in 2010, David is a former Corporate Recovery and Reconstruction Partner
with KPMG Australia, with over 20 years international experience, in Australia, UK and Hong
Kong. Prior to joining Equititrust David has 8 years as CFO of a listed Funds Manager.
In todays news:
WHOM WE TRUST
More news is expected today from law firm Piper Alderman on a campaign to oust Gold Coast mortgage fund operator Equititrust as the responsible entity (RE) for its flagship Equititrust Income Fund.
A new manager would help clear the air on some of Equititrust's more colourful decisions, like its massive loan exposure to the twice-bankrupt Dudley ''King Con'' Quinlivan.
Alas, a new RE will not be able to shed light on some of the more interesting developments around Equititrust's Chevron Island home.
The company's loan triage operation, Landsolve Partners, appears to have developed a life of its own and is hustling for investor funds.
Only big money is invited this time round - $50,000 minimum - which may rule out some of the poor pensioners who have done their dough at Equititrust.
There's not much in the way of details yet. Your columnist could not find any registration with the Australian Securities and Investments Commission, or any documents, for the Landsolve Capital Solutions Fund.
But don't worry; there are plenty of familiar faces. Equititrust and Landsolve Partners share the same telephone number, address and some of the same board members, including Equititrust's founder, Mark McIvor
Read more: http://www.smh.com.au/business/arno...kes-biscuit-20110614-1g21b.html#ixzz1PHnj2uQV
Lets hope nobody is fooled into parting with their money until all involved have been totally cleared of any wrong doing or mismanagement of previously collapsed Funds.
Seamisty
Equititrust CEO=David Kennedy LLB, LLM, B Bus (Acc), ACA
A Chartered Accountant and lawyer, David was previously a partner at Hong Kong's largest restructuring firm for over 8 years. With a background in insolvency and company restructuring within the property development industry, David also has extensive international experience in Australia, Singapore Malaysia, Thailand, and Canada.
Director Strategic Solutions - David Anderson B.Comm IP MICM
Joining Equititrust in 2010, David is a former Corporate Recovery and Reconstruction Partner
with KPMG Australia, with over 20 years international experience, in Australia, UK and Hong
Kong. Prior to joining Equititrust David has 8 years as CFO of a listed Funds Manager.
In todays news:
WHOM WE TRUST
More news is expected today from law firm Piper Alderman on a campaign to oust Gold Coast mortgage fund operator Equititrust as the responsible entity (RE) for its flagship Equititrust Income Fund.
A new manager would help clear the air on some of Equititrust's more colourful decisions, like its massive loan exposure to the twice-bankrupt Dudley ''King Con'' Quinlivan.
Alas, a new RE will not be able to shed light on some of the more interesting developments around Equititrust's Chevron Island home.
The company's loan triage operation, Landsolve Partners, appears to have developed a life of its own and is hustling for investor funds.
Only big money is invited this time round - $50,000 minimum - which may rule out some of the poor pensioners who have done their dough at Equititrust.
There's not much in the way of details yet. Your columnist could not find any registration with the Australian Securities and Investments Commission, or any documents, for the Landsolve Capital Solutions Fund.
But don't worry; there are plenty of familiar faces. Equititrust and Landsolve Partners share the same telephone number, address and some of the same board members, including Equititrust's founder, Mark McIvor
Read more: http://www.smh.com.au/business/arno...kes-biscuit-20110614-1g21b.html#ixzz1PHnj2uQV
Lets hope nobody is fooled into parting with their money until all involved have been totally cleared of any wrong doing or mismanagement of previously collapsed Funds.
Seamisty
Sorry. Can't rearrange for the 23rd. Good luck all. Fingers crossed
Update # 3 indicates a meeting/hearing on the 14th June for all parties. Also indicates an update to be posted on the proceedings for this hearing.??? Has this been done??? I just got back from holidays with no email etc (loved it) so trying to catch up. Just cancelled my flight to sydney for tomorrow luckily as well
Good luck
Good luck
JUST IN CASE. A new flyer has been posted " AUTHORISED BY THE PIF REACTION" GROUP.
Does anyone know the identity of this group or in fact any member of the group? When looking at this flyer, who has the most to gain by discrediting the credible PIFAG? Far be it from me to suggest any person. However, for the record, it appears the quotes attributed to me are quotes from the Aussie Stock Forum, but not by me or any person acting on my behalf or the PIFAG. I also want it known that I have never publicly spoke in a detrimental way about ASIC, others have but that is their choice. From my perspective I am hopeful that the yellow forms will win instead the sickly pink forms. Keep up the good work people and send the message, "ENOUGH IS ENOUGH."
Does anyone know the identity of this group or in fact any member of the group? When looking at this flyer, who has the most to gain by discrediting the credible PIFAG? Far be it from me to suggest any person. However, for the record, it appears the quotes attributed to me are quotes from the Aussie Stock Forum, but not by me or any person acting on my behalf or the PIFAG. I also want it known that I have never publicly spoke in a detrimental way about ASIC, others have but that is their choice. From my perspective I am hopeful that the yellow forms will win instead the sickly pink forms. Keep up the good work people and send the message, "ENOUGH IS ENOUGH."
