Rather than face the wrath of Simgrund and his whipping boy, Mr. Joseph Blow, I'll post comments from time to time on http://www.moneymagik.com/pif.php.
Hi Javier, FYI:Huh?????? That's news to me? When where we told ANY proceeds of a succesful class action be put back into the fund? I signed up for any proceeds to be given directly to the participants of the class action who held units at the mentioned qualifying date in 2008 (??) What you are saying can't be correct as the class action only benefits the unit holders of the fund in that 2008 and prior timeframe , irrespective of whether those units may have now been sold, the class action in NO WAY benefits people that purchased or acquired shares after that date.
Huh?????? That's news to me? When where we told ANY proceeds of a succesful class action be put back into the fund? I signed up for any proceeds to be given directly to the participants of the class action who held units at the mentioned qualifying date in 2008 (??) What you are saying can't be correct as the class action only benefits the unit holders of the fund in that 2008 and prior timeframe , irrespective of whether those units may have now been sold, the class action in NO WAY benefits people that purchased or acquired shares after that date.
This thread is being reopened this morning after a brief closure.
Any troublemakers or those determined to provoke others in this thread will have their ASF accounts suspended. Warnings and/or instructions issued by myself or ASF's moderators are expected to be taken seriously.
This thread is beginning to cause management problems again, and it was closed a few years ago for this reason. I will not hesitate to close it once more should it again become difficult to manage.
Thank you Joe Blow, Your generosity is very much appreciated by all sensible users of the thread. I would like on behalf of the PIFAG to say to all users, please respect each other, we all have our own agendas but we must pull together if we are serious about bringing some stability back into the PIF. Interlopers may have something to offer but if they wish to wander off on some other cause it is best for all concerned to not become involved with useless banter. It has caused problems in the past and just recently. I know there are many people who do not post on the forum but do rely on the genuine posters for some solace and information. Turn our thoughts and energies to the real problem. Please take my comments in the spirit it is given.
My contructive criticism is that ALF PIF directors were content to sit back and watch the PIF AG get slagged off in two smear mailouts which contained misleading, dishonest and inflamatory comments relating to some PIF AG members being part of a 'secret deal' for their own financial gain with Jim Byrnes. This could not have been further from the truth but ALF PIF did not once came on this thread at that time to deny those allegations or any association with the PIF AG what so ever. ALF PIF never once contacted the media to correct or refute these allegations. Did ALF PIF or Jim Byrnes ever lodge an official complaint with Wellington Capital and ASIC about the misuse of the PIF register knowing it had been used to contact PIF unitholders with fliers containing false information relating to Jim Byrnes and some PIF AG members? SeamistyMaybe we're wasting our time - again, but I would welcome any constructive suggestions, comments or criticisms.
WW
It's interesting to visit here from time to time to check on how the whole PIF story gets worse & worse for you unitholders. What a difference a few months can make.
As you would all know, our ALF PIF Finance bid was "knocked out" by the TakeOver Panel on a technicality to do with mail-out details - not our fault. We all know who raised the matter and complicated the issue - the same entity that had your EGM knocked out on a similar technicality - not your fault. There were even complaints made to your moderators to stop my posts, which were really nothing more than observations. It seems that the system can be manipulated by those who know how, and that all of our regulatory authorities will (at best) sit on their hands or (at worst) are seen to be complicit in the manoeuvrings (how do you spell that?).
Anyway, despite wasting heaps of our own money on the bid, we're still interested in trying to work a deal with you guys. We're wondering if a new bid which included a cash component would attract significant and further interest? As an aside, we had already raised enough acceptances to give us a serious hand in the game when we were estopped, and all acceptances returned under instruction. Looks like things have spiralled downward even further since then.
We have significant group experience in dealing with "distressed" properties and projects, and can offer an alternative to the strategy of attrition being inflicted here. I think I read the term malodorous used here somewhere - Indeed!
Maybe we're wasting our time - again, but I would welcome any constructive suggestions, comments or criticisms.
WW
OK - a couple of quick responses. Many thanks, and a couple of quick notes before I head out.
Breaker1 - Fair enough. Interesting that you don't know anything about us except what you may have read about Jim Byrnes, and yet you still dismiss our legitimate interest without discussion or consideration.
Jim's certainly able to defend himself and I won't bother to do that here, except to say that his area of special expertise is in corporate insolvency, bankruptcies and companies that are in administration/liquidation etc. Suffice to say that there's not many happy people in these situations, and Jim is very good at what he does. He has sometimes succeeded in cases where high-powered (and expensive) law firms have failed. Accordingly, he has often been unfairly treated in the media because of guilt by association in these matters. As a brief summary, I would much rather have him on my side of the table in any negotiation rather than be on an opposing side. I'd love to see him go head to head with JH.
Seamisty - Thanks for your honest appraisal. The simple truth is that we were firmly ordered by the Takeover Panel to not have any public comment or discourse on this matter whatsoever. As I've said above, there was even an attempt to have us silenced on this forum. It wasn't that we "sat back" and did nothing - we were forcibly muzzled under threat of enormous fines, whilst others were seemingly free to enact duplicitous dealings with impunity. Breathtaking!!
I'm pleased that you have managed to elicit the truth in the outrageously deceptive circumstances of the whole, sorry PIFAG and the further attempts to smear ALFPIF and Jim Byrnes. Let's be clear, we (ALF PIF Finance P/L) had no part in any of those communications and have had no dealings whatsoever with WC.
Sutho81 - We too currently think that the whole fund should probably liquidated as quickly as a strategy for maximum returns can be formulated, agreed with you all & implemented. However, as you guys know it's very difficult to develop a finite strategy or place a pre-determined value on units when the exact makeup of the assets is clouded in secret/shady dealings, associated interests, unknown litigation exposure, endless snouts in the trough etc. Notwithstanding what you have paid and/or lost to date, do you know exactly what your units are worth currently (and realistically?)?
We believe that we have the expertise, financial backing and the resolve to come up with a mutually beneficial arrangement. Sadly, I think the events of the last few months (and seemingly ongoing) are certainly going to deter many from your cause as this bleak situation continues to deteriorate.
WW
Sutho81 - I notice that in references to Castlereagh you use the past tense which is significant for any of us who hope that CasCap are maintaining an interest in PIF. We are certainly in need of some morale-boosting news.The other thing I havent mentioned is that I wish the fund was not on the NSX. That gives Wellington the opportunity to purchase units at cheap prices.
For me personally the loss of my investment was a great hit to my budget and savings and future. If I had the opportunity to get half of that back (ie the 45c buy back) it would have made a difference.
I know that many others do not support liquidation - I do and the money could help.
For me the take over by Castlereagh offered a real glimmer of hope for the fund. Wellington failed to deliver on their promises (we all saw them in their true colours as of late). The fact Castlereagh offered to do something and were prepared to work on the fund gave me hope and they got my support.
I did not support the ALF PIF as it was clear that the investment would be in their favour with very little/nothing for us.
For many investors the loss we suffered is too great to just write off with minimal in return. For me to sell my units on the NSX I would not sell for under 45c - and I know that wont happen.
Huh?????? That's news to me? When where we told ANY proceeds of a successful class action be put back into the fund? I signed up for any proceeds to be given directly to the participants of the class action who held units at the mentioned qualifying date in 2008 (??) What you are saying can't be correct as the class action only benefits the unit holders of the fund in that 2008 and prior timeframe , irrespective of whether those units may have now been sold, the class action in NO WAY benefits people that purchased or acquired shares after that date.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?