Wellington Capital PIF/Octaviar (MFS) PIF

[Duped]

Elizaman. Thanks for your post. Posting on this thread isn't complaining as some people like to believe. It's for sharing information. For collective memory. For, most importantly IMO, recording all the info in one place to help others learn, to avoid repeating our mistakes and to counter those who will rewrite history.

I take resposibility for not listening to my father's advice and hence putting faith in my financial advisor.

I take responsibility for not listening to greatdame and putting my trust in WC.

But in absolutely NO WAY do I take ANY responsibility for WC's conduct depleting the value of PIF units.

That's what abused partners do. They excuse their abusers behaviour. By trying to find some way to blame themselves for the damage caused by their abuser's abusive behaviour. No way. And the abusers really don't like ti when their victim tries to leave.

Jennifer Joan Hutson asked us for our TRUST and we gave it to her.

 

[Duped]

... At Question time some one wanted to know where the fund would be in 10years, her reply was"a very distant memory!! ...

"a very distant memory"
WOW! All I can say is WOW!

We put our trust in WC and now Hutson wants it to be a distant memory.

So what did happen to the business plan "with measured new investments aimed at rebalancing the asset class allocations of the Fund in time." Published in the Investor Update of 19 January 2010.

http://nsxa.com.au/ftp/news/021723633.PDF

 

[Cookie1]

NSX Release: 9 September 2011 http://www.nsxa.com.au/ftp/news/021724372.PDF

"Fund Briefing Meetings
Wellington Capital Limited as responsible entity of the Premium Income Fund has completed its Fund briefing meetings in each of Sydney, Melbourne and the Gold Coast.

The briefing presentation, which was released to the market on 6 September 2011, will be posted to Unitholders on request. Unitholders requiring a hard copy are invited to contact the Wellington Hotline on 1300 854 885 or by email to investorrelations@newpif.com.au

The meetings briefed advisers and investors on:
• the current position of the Fund;
• the plan for each of the assets held by the Fund;
• the strategy to enable cash payments to Unitholders; and
• timetable for asset realisations.

The briefing set out the financial position of the Fund as at 30 June 2011.
The asset summary list set out in the presentation will be included in the Annual Financial Report for the period ended 30 June 2011. This report is due to be released to the market by 30 September 2011 and will be mailed to all Unitholders shortly thereafter.

Jenny Hutson, Managing Director, said ‘I am delighted that I had the opportunity to meet with and present to over 1,000 of the Fund’s Unitholders and advisers to set out the assets in the Fund, an overview of the past year’s events and our strategy to ensure there is a maximum return to Unitholders.’ "

It appears that unless a unitholder monitors the NSX Releases for PIN (the PIF) that they will not be receiving a copy of the presentation. How else would unitholders know it is available and they can request a hard copy be sent them. Many unitholders are elderly and do not have access to the internet. It doesn't seem that all unitholders are being treated the same as JH says she does. It's all a lot of propaganda anyway so perhaps it's best that the majority of unitholders know nothing about it....

In Investor Update: July 2011 Issue 2A 2011, in the Executive Summary, the 5th item, unitholders are told "Annual Financial Report for 30 June 2011 to be released and despatched to Unitholders by 15 September 2011." It seems the date has now slipped to 30 September 2011; perhaps they're trying to find a better way to tell us the bad news and about their incompetence in managing the PIF???
http://www.nsxa.com.au/ftp/news/021724240.PDF

 

[Cookie1]

By the way, has anyone had time yet to compare the "new" constitution with the current constitution? I can't imagine WC just consolidating all the changes from 2008 without adding a few sweeteners to the RE at the expense and detriment of the original unitholders.

I've printed the new constitution but haven't had time to sit down yet and analyse what's been changed.

 

[selciper]

Cookie 1 has pointed to the illogicality of the "briefing" material advice. It only reinforces the feeling that WC communications are one massive farce.

 

[JohnH]

NSX Release: 9 September 2011 http://www.nsxa.com.au/ftp/news/021724372.PDF

"Fund Briefing Meetings

In Investor Update: July 2011 Issue 2A 2011, in the Executive Summary, the 5th item, unitholders are told "Annual Financial Report for 30 June 2011 to be released and despatched to Unitholders by 15 September 2011." It seems the date has now slipped to 30 September 2011; perhaps they're trying to find a better way to tell us the bad news and about their incompetence in managing the PIF???
http://www.nsxa.com.au/ftp/news/021724240.PDF

Cookie, I don't know whether you missed this, but it is the preliminary report. http://www.nsxa.com.au/ftp/news/021724355.PDF .... John H

 

[Garpal Gumnut]

Keep up the rage guys and girls. WC and Octav/MFS is unbelievable, there should be a Royal Commission.

gg

 

[JohnH]

Keep up the rage guys and girls. WC and Octav/MFS is unbelievable, there should be a Royal Commission.

gg

Thanks for the encouragement GG.

 

[seamisty]

Hi All, Great to see posters still posting on the thread. Sorry I have not been contributing recently but have just returned from an overseas fact finding mission. It appears my time may have been better spent there than attending a Wellington Capital PIF funded BS forum offerring the same old 'regurgitated rhetoric' of how wonderfull WC is!!
On another note I would not be at all surprised to see another G8 education director resignation after the findings of the current G8/Cherie Hearts legal proceedings in Singapore. I believe Chris Scott has recently purchased a luxury mercedes benz? Hmnn, looks nice. Seamisty

 

[Cookie1]

Cookie, I don't know whether you missed this, but it is the preliminary report. http://www.nsxa.com.au/ftp/news/021724355.PDF .... John H

Thanks, JohnH; I did see the Preliminary Annual Report. I was just pointing out that back in July JH promised to despatch the Final Year Results to unitholders by 15 Sept and now it's 30 Sept. I was questioning if they are still trying to put some spin on it with the 2-week delay in actually despatching it...perhaps only on the accompanying propaganda that will arrive with it in our post boxes. We'll know at the end of the month in any case!

 

[AusInCA]

"a very distant memory"
WOW! All I can say is WOW!

We put our trust in WC and now Hutson wants it to be a distant memory.

I hope it's not a distant memory, for anyone assessing whether to do business with Wellington Capital or Jenny Hutson. I hope the memory of this debacle she has so greatly contributed to remains for the rest of her career and beyond.

 

[gardie]

Hi All

I know I have and others have complained that the information provided to NSX is not complete.

How can investors fully understand the position when all that is provided is the written down value.

Without the original loan, current balance, written down value and contract price an investor cannot understand the losses suffered.

The way it is currently reported
if PIF made a loan if $100 and the written down value is $50 you only hear about the written down value compared to the selling price. If they are saying they are getting $40 then investors think oh well thats $10 loss but dont get to see that is is really a $60 loss.

 

[seamisty]

I'm not sure what to make of the following relating to ALF (Jim Byrnes etc) listing on the ASX::Zurich – 8th September 2011 – The 2010 Annual General Meeting (AGM) of ALF Group Holdings AG (ALF)
" That ALF LTD be able to issue new pre IPO shares to investors at not less than .10c and not more than .25c to raise an amount up to AUD $1m in cash for ALF LTD’s day-to-day activities and meet the initial costs associated with three hostile takeovers of Mortgage funds and the establishment of a REIT in conjunction with JV partners."

"That ALF Finance and Investments Limited complete, file and serve takeover offers for 100% of the issued units in each of:

- SHAKESPEARE AND HANEY SECURITIES LIMITED
- EQUITITRUST CAPITAL LIMITED
- PREMIUM INCOME FUND "

(http://www.irw-press.com/en/news_13559.html):::::::

Does ALF intend to raise capital by listing on the ASX to launch a hostile takeover on the PIf and other funds?
Mr Byrnes second banning by ASIC to be a company director has now expired.
Back to the boards for Big Jim Byrnes

Read more: http://www.smh.com.au/business/back...-jim-byrnes-20110905-1ju37.html#ixzz1XaJPAeLM

 

[Cookie1]

I'm not sure what to make of the following relating to ALF (Jim Byrnes etc) listing on the ASX::Zurich – 8th September 2011 – The 2010 Annual General Meeting (AGM) of ALF Group Holdings AG (ALF)
" That ALF LTD be able to issue new pre IPO shares to investors at not less than .10c and not more than .25c to raise an amount up to AUD $1m in cash for ALF LTD’s day-to-day activities and meet the initial costs associated with three hostile takeovers of Mortgage funds and the establishment of a REIT in conjunction with JV partners."

"That ALF Finance and Investments Limited complete, file and serve takeover offers for 100% of the issued units in each of:

- SHAKESPEARE AND HANEY SECURITIES LIMITED
- EQUITITRUST CAPITAL LIMITED
- PREMIUM INCOME FUND "

(http://www.irw-press.com/en/news_13559.html):::::::

Does ALF intend to raise capital by listing on the ASX to launch a hostile takeover on the PIf and other funds?
Mr Byrnes second banning by ASIC to be a company director has now expired.
Back to the boards for Big Jim Byrnes

Read more: http://www.smh.com.au/business/back...-jim-byrnes-20110905-1ju37.html#ixzz1XaJPAeLM

Hi Seamisty,

Welcome back to the forum; we missed all of your extra bits of information.

I just tried the first link shown above but it didn't work; try using just
http://www.irw-press.com/en/news_13559.html which seems to work.

With Jim Byrnes, you never know what's coming next!

 

[charles36]

Hi All

I know I have and others have complained that the information provided to NSX is not complete.

How can investors fully understand the position when all that is provided is the written down value.

Without the original loan, current balance, written down value and contract price an investor cannot understand the losses suffered.

The way it is currently reported
if PIF made a loan if $100 and the written down value is $50 you only hear about the written down value compared to the selling price. If they are saying they are getting $40 then investors think oh well thats $10 loss but dont get to see that is is really a $60 loss.

Gardie, Have faith. Nobody else can understand either. Until such times as a Forensic Accountant/s have access to the books and records no one will ever know what has happened to our funds. I am still trying to work out who protects the mums and dads who believed that a managed fund was a reasonably safe investment. Perhaps it is in the right hands. All I know is that we have an RE who believes a 35 million loss is a good result, I suppose it is if you lost more than that the previous years. What I want to know is whether Wellington Capital again valued our assets like previous audits.

 

[charles36]

Keep up the rage guys and girls. WC and Octav/MFS is unbelievable, there should be a Royal Commission.

gg

Thank you Garpul Gumnut. There are enough unit holders collectively throughout Australia in any number of Managed Funds that have lost their life savings through improper management by Responsible Entities. There in itself is a funny term "RESPONSIBLE" RESPONSIBLE TO WHOM? CERTAINLY NOT THE UNIT HOLDERS. You are right, there should be a commission of inquiry. Since the change from Trustees of Managed Funds to Responsible Entity with the supposed duties of a trustee in 2001 there has been nothing but sadness and misery associated with the way some of the funds have been managed. The ASF has provided a conduit of support for unit holders in the distressed Wellington Capital PIF and as you can tell is widely used. Thanks for your comfort and sage advice.

 

[selciper]

It never ceases to surprise me how the press can get excited about WC one day and forget to follow up later. Take the example of the EGM extras' incident. The SMH and Australian huffed and puffed, but they dropped the story like a stone afterwards. There was only incidental reference to the matter later and really no explanation as to why the authorities found no reason for action. If it's the hair-splitting difference between irregularity and fraud, then readers deserve an explanation from specialist financial journalists. Or is all too complicated, even for these "experts"?

 

[seamisty]

It never ceases to surprise me how the press can get excited about WC one day and forget to follow up later. Take the example of the EGM extras' incident. The SMH and Australian huffed and puffed, but they dropped the story like a stone afterwards. There was only incidental reference to the matter later and really no explanation as to why the authorities found no reason for action. If it's the hair-splitting difference between irregularity and fraud, then readers deserve an explanation from specialist financial journalists. Or is all too complicated, even for these "experts"?

Not too many journos appear to do their own research these days selciper. Many an occasion I have supplied basic info which I have regarded as newsworthy material which has beeen ignored. At other times when I have written a detailed report it sometimes gets published. I have concluded that 'gag orders' are not necessarily a law unto themselves.
More a manipulative legal tool to allow the legal directive to issue an outcome which benefits the plaintifff???

 

[seamisty]

Liquidator targets MFS

Michael Evans
September 13, 2011.

THE liquidator of collapsed Gold Coast property developer MFS is preparing legal action against former company officials and advisers and has told unsecured creditors they are set to receive a dividend.

Kate Barnet of Bentleys Corporate Recovery, liquidator of the company now known as Octaviar, has told creditors that ''legal actions were likely to involve a series of potential defendants including auditors, advisers as well as directors and officers of the failed group''.

''It is reasonable for creditors to expect further returns,'' she said.

It is believed that special counsel Adam Bell is preparing his final report to deliver to the liquidator, recommending precise targets of legal action.

Corporate regulator ASIC has launched civil action against former MFS executives while a class action has also been filed on behalf of investors in MFS's Premium Income Fund against auditor KPMG.

Octaviar collapsed in January 2008 owing creditors about $2.5 billion. At public examinations last year, company officials were questioned about their role in the collapse


Read more: http://www.smh.com.au/business/liquidator-targets-mfs-20110912-1k5zi.html#ixzz1XmQUoD7x

 

[seamisty]

Octaviar at last pays out to creditors

Anthony Marx
From:The Courier-Mail
September 13, 201112:00AM

LIQUIDATORS of failed Gold Coast tourism and finance group Octaviar Administration are planning to make their first payment to unsecured creditors as they ready legal action against key figures to recover more money.

Creditors chasing debts have until October 5 to submit final claims and a dividend will be paid on October 31, Kate Barnet and Bill Fletcher of Bentleys Corporate Recovery said yesterday.

Although details about the number of creditors or how much they are owed was not released, Ms Barnet said the pending payout would be a "significant outcome" given the complexities of the case

Wellington Capital, which now manages the Premium Income Fund, filed a legal claim against MFS in mid-2008 to claw back the money but the matter has not progressed in court
Full article http://www.couriermail.com.au/busin...out-to-creditors/story-e6freqmx-1226135257800