Wellington Capital PIF/Octaviar (MFS) PIF

Hoping that some of our had earned money comes back soon.

We put all of our life savings into MFS in January 2007 (over $500,000), after researching MFS and
seeing they had a Morning Star five star rating and a good interest rate.

We had planned to take our money back by redemption in January 2008 to buy a home, but of course the fund was frozen firstly for 180 days and then 360 days. Then of course Wellington took it over in October 2008.

Ever since then have had to start all over again and now have an unnecessary mortgage and working 2 jobs to stay afloat.
And of course we have received only 2, 1cent distributions, as of now (ie over 3 years ago).

Could WC please inform me of why they have over 30 staff working on our fund(our money), who are receiving probably good salaries, when us unit holders get nothing.
Why could not 30 unit holders manage & sell our properties instead.

Seems our money is being used by WC for their own use, when it should be coming back to unit holders, especially the original ones who had their money frozen in 2008.

Please we are desperate now, and with the coming global recession and real estate about to collapse,
can you Please, WC, sell all the properties now before it is too late.

We just want some money to put food on our table.

Please WC can you HELP!!!!!

lawry1dog said:

Please WC can you HELP!!!!!

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WELLINGTON CAPITAL PTY LTD appear to be REALLY GOOD at HELPING THEMSELVES at the EXPENSE OF OTHERS!!!! I would be really interested to know what gets charged back to the PIF indirectly. I wonder if the PIF paid entourage that swans around Forest Resort from time to time pay for their personal expenses or if it goes on the PIF fringe benefit account???? Hmnn, I was recently down that way on my way home from a fact finding mission, once the resort is sold who knows what may come to light. Seamisty

Anybody who believes that a journalist is covering an issue unfairly (without balance) is entitled to complain to the Australian Press Council. Their link is below.

http://www.presscouncil.org.au/contact-us/

lawry1dog said:

Could WC please inform me of why they have over 30 staff working on our fund(our money), who are receiving probably good salaries, when us unit holders get nothing.
Why could not 30 unit holders manage & sell our properties instead

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I would just love for us the unit holders to have control of the fund. I would love to see Wellington sacked, give all traditional unit holders management positions, pay ourselves excessive salary making up for our loss, run the fund into the ground and leave a massive debt for someone else!

Quote from Wellington Capitals complaints officer Caroline Snow , associate director of WELLINGTON CAPITAL PTY LTD to myself dated feb 3, 2010::

"I confirm your acceptance of the offer of periodic discusssions between yourself and the Company's managing Director"

Despite several reminders from myself to WC this committment from WC was never further acknowledged or upheld. Bull **** must sit comfortably with some but it is on record that WC staff are prepared to support false promises from their senior business associates. I guess WC staff will eventually be like former MFS/OCV employees who are too embarassed to affilliate their names with their past employees. So is Ms Snow a liar: a person who has lied or lies repeatedly or a beguiler - someone who leads you to believe something that is not true? Not having ever received an answer from Wellington Capital in relation as to when I could expect my 'periodic discussions' I wouldn't know. It sure wasn't the only time I felt deceived by WC actions.

Ms Hutson may have distanced herself from the 'rent a crowd' fiasco by stating 'I know nothing' but I believe David Burke and Craig Staff (WC paid employees??)supported by others at Forest Resort actively campaigned on behalf of WC to recruit staff and golf club members to support WC at the EGM in Sydney. This is not a well kept secret. How much did it cost PIF unit holders and is still costing us? Golf club upgrades?? Seamisty

Another story on the Director's Cut.

http://www.smh.com.au/business/how-acrs-juggling-act-fooled-thousands-20110921-1klc2.html

"Nobody can acquire honor by doing what is wrong.” (Thomas Jefferson)

simgrund said:

Another story on the Director's Cut.

http://www.smh.com.au/business/how-acrs-juggling-act-fooled-thousands-20110921-1klc2.html

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Simgrund and others. We have to remain steadfast and with steely resolve, no matter what happens to the fund, to stay in there to the bitter end. I will not be satisfied until a thorough investigation is made to discover what actually happened to OUR fund and what funds have been appropriated therefrom and by whom, whether legitimate or otherwise. I have always held the belief that "the truth will out" all we have to do is be patient and wait for the tide to turn and "the sycophantic people will start leaving a sinking ship."

charles36 said:

Simgrund and others. We have to remain steadfast and with steely resolve, no matter what happens to the fund, to stay in there to the bitter end. I will not be satisfied until a thorough investigation is made to discover what actually happened to OUR fund and what funds have been appropriated therefrom and by whom, whether legitimate or otherwise. I have always held the belief that "the truth will out" all we have to do is be patient and wait for the tide to turn and "the sycophantic people will start leaving a sinking ship."

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Agree unconditionally.
That's why I posted this article as it shows that eventually these brazen crooks get outed.
Keep up the good work AG.
Regards

It is about time you all woke up to the fact that we have all been "DUDDED" in the biggest possible way and ASIC and other authorities dont give a S--T

seamisty said:

Quote from Wellington Capitals complaints officer Caroline Snow , associate director of WELLINGTON CAPITAL PTY LTD to myself dated feb 3, 2010::

"I confirm your acceptance of the offer of periodic discusssions between yourself and the Company's managing Director"

Despite several reminders from myself to WC this committment from WC was never further acknowledged or upheld. Bull **** must sit comfortably with some but it is on record that WC staff are prepared to support false promises from their senior business associates. I guess WC staff will eventually be like former MFS/OCV employees who are too embarassed to affilliate their names with their past employees. So is Ms Snow a liar: a person who has lied or lies repeatedly or a beguiler - someone who leads you to believe something that is not true? Not having ever received an answer from Wellington Capital in relation as to when I could expect my 'periodic discussions' I wouldn't know. It sure wasn't the only time I felt deceived by WC actions.

Ms Hutson may have distanced herself from the 'rent a crowd' fiasco by stating 'I know nothing' but I believe David Burke and Craig Staff (WC paid employees??)supported by others at Forest Resort actively campaigned on behalf of WC to recruit staff and golf club members to support WC at the EGM in Sydney. This is not a well kept secret. How much did it cost PIF unit holders and is still costing us? Golf club upgrades?? Seamisty

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charles36 said:

Simgrund and others. We have to remain steadfast and with steely resolve, no matter what happens to the fund, to stay in there to the bitter end. I will not be satisfied until a thorough investigation is made to discover what actually happened to OUR fund and what funds have been appropriated therefrom and by whom, whether legitimate or otherwise. I have always held the belief that "the truth will out" all we have to do is be patient and wait for the tide to turn and "the sycophantic people will start leaving a sinking ship."

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hi all...nor....wc with staff of 30 there must be one or two or many more that will turn on a .......bosss......that..sh...t on every body...rob/s every body...wont pay us pif iwill bet they will not get there fair pay &turn on her...&..let us all know what is going on@ ..wc..

NOR said:

hi all...nor....wc with staff of 30 there must be one or two or many more that will turn on a .......bosss......that..sh...t on every body...rob/s every body...wont pay us pif iwill bet they will not get there fair pay &turn on her...&..let us all know what is going on@ ..wc..

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NOR most of my info comes from WC related current/ex employees!!!HAHA, personality profilers have got nothing on fatter wallets!! Having said that my information is that the WC controlled PIF wallet has been frequently abused and keenly recorded and some people do not have a price tag. Thankfully there still exists a few individuals who have a sense of propriety. Discovery has many different interpretations. WC has many eyes and ears and some who despise liars, cheats and thieves.( and hidden recording devices)

Thirty employees looking after the running of PIF? Yesterday I found myself waiting in an open-plan insurance office. Out of interest I counted the employees - it came to a total of twenty-eight. Then I pictured the PIF staff and asked myself, considering the fund's devastating performance, what in heaven's name are those thirty PIF people doing? What are their designations and duties? Shareholders should be informed.

Here's a little known video with ASIC boss, Greg Medcraft. Inspirational?

http://www.youtube.com/watch?v=ySIJOVLQ2Qc

INFORMATION I received contact from a unit holder who holds an old age pension under CENTRELINK and he was informed that Centrelink do not take responsibility for checking all investments/unit price etc for individual pensioners. It is for the pensioner to inquire from Centrelink to ensure they receive their just entitlement. It is a matter for the individual but if I was them I would do some checking. Kind regards to all. Charles36.

I can't help but notice the absence of the previous plethora of NSX PIN announcements now Wellington Capital think they are back in the box seat. We only appear to get regular updates when the pressure is on the PIF RE.

I notice Mr David Kennedy has resigned as Chief Executive Officer of
Equititrust, to be effective in December 2011. Mr Kennedy has expressed his desire
to resign and pursue other business interests. http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_22_09_2011.pdf

Also of interest Cherie Hearts/g8 education is still in court in Singapore, obviously the case was far more complex than originally expected. Todays reason::FURTHER AND BETTER PARTICULARS

seamisty said:

I can't help but notice the absence of the previous plethora of NSX PIN announcements now Wellington Capital think they are back in the box seat. We only appear to get regular updates when the pressure is on the PIF RE.

I notice Mr David Kennedy has resigned as Chief Executive Officer of
Equititrust, to be effective in December 2011. Mr Kennedy has expressed his desire
to resign and pursue other business interests. http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_22_09_2011.pdf

Also of interest Cherie Hearts/g8 education is still in court in Singapore, obviously the case was far more complex than originally expected. Todays reason::FURTHER AND BETTER PARTICULARS

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I wish Cherie Hearts well in their endeavour to get "FURTHER AND BETTER PARTICULARS" The PIFAG have been after that for three years but alas to NO AVAIL. However, the thought did cross my mind, having cognizance of other funds under WC control, it may well be that they either do not know the meaning of further and better particulars or there just "ISN'T ANY."

selciper said:

Thirty employees looking after the running of PIF? Yesterday I found myself waiting in an open-plan insurance office. Out of interest I counted the employees - it came to a total of twenty-eight. Then I pictured the PIF staff and asked myself, considering the fund's devastating performance, what in heaven's name are those thirty PIF people doing? What are their designations and duties? Shareholders should be informed.

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Selciper
To be fair some of these employees may be multi tasking in other WC operations
Nevertheless it would be very interesting to know what sort of profit margin
Wellington Caspital is operating at with our ruined and devastated Fund , after operating expenses for staff etc .

in my experience most business models work at a 20 to 25 % margin .

It was suggested many years ago that a single Administrator working closely with a investor advisory Committee would give us a better outcome. No Armstrong Registry Services , staff and assorted hangers on ,etc

Regetably, for all of us , the general sentiment at that time was that Jenny H had some sort of God given powers that would turn a sows ear into a silk purse.

I would just like to draw your attention to this NSX announcement 16th May 2011:
http://www.nsxa.com.au/ftp/news/021724013.PDF
Mortgagee in Possession Contract: 48 – 52 Carlyle Street, Mackay
Wellington Capital Limited as responsible entity of the Premium Income Fund is pleased to announce that a
contract has been signed for the sale of the Carlyle Street, Mackay property.
The property is located at 48-52 Carlyle Street, Mackay, Queensland.
The contract for sale is subject to a 90 day finance condition, followed by a 14 day settlement and will
contribute a net $2 million to the Fund on settlement.
48 – 52 Carlyle Street, Mackay is residential property with an existing development approval in place. The
incoming purchaser intends to make application for a variation to the Development Application to allow for
the construction of serviced apartments.
Mackay is a vibrant tropical city located 970 kilometres north of Brisbane on the east coast of Queensland.
The property is located in close proximity to the Mackay City centre with easy access to a variety of retail,
commercial and hospitality facilities. The property is situated just 600 metres from the newly constructed
Mackay Convention Centre.
Managing Director Jenny Hutson said:
“This sale is above valuation and above our current carrying value for the debt. It is further evidence of of the
outcomes that can be achieved by negotiating with the right parties at the right time.”::: Now I would like to reveal who the unamed 'right party' was at the time.


GEORGE CALLIANIOTIS of Geocal constructions, where Anthony Stanton the former general manager of Wellington Capital PIF is also employed. George Callianiotis and related parties also scored the rights tobe involved with two other PIF assets, Icon at Pt Maquarie and the Wollongong Hotel.

http://www.dailymercury.com.au/story/2011/09/24/room-flexibility-feature-of-hotel-visit-tourism/
Room flexibility feature of hotel

Kate Bastable | 24th September 2011

RELIEF for Mackay's visitor accommodation shortage is on the way, with construction of a 10-storey hotel expected to begin in Carlyle St in March.

Developer Geocal Group's director George Callianiotis said the hotel would have 73 two-bedroom, dual-key apartments, which could be split into one-bedroom apartments and one-bedroom hotel rooms.

Mr Callianiotis said his hotel would help fill demand, as would other hotels planned for Brisbane St's Latitude and beside the Mackay Entertainment
and Convention Centre::::::::

(Latitude was also a PIF asset that was sold in 2009) Not sure where the income from these sales ended, certainly not to the rightfull owners, us the unit holders!

Jadel said:

Selciper

It was suggested many years ago that a single Administrator working closely with a investor advisory Committee would give us a better outcome. No Armstrong Registry Services , staff and assorted hangers on ,etc

Regetably, for all of us , the general sentiment at that time was that Jenny H had some sort of God given powers that would turn a sows ear into a silk purse.

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Nothing much has changed Jadel, WC still appears to have support as was demonstrated at the Qld recent PIF forum. Unfortunately the silk purse has been milked dry resulting in more than one fat sow. However I think some of the sows' ears are smarter than the 'sows' rears. The rears (or 'arrears') are really good at passing on many things apart from returns to PIF original investors. A few of the sows' ears recognise the well scrutinised PIF trough is nearly empty and facing a please explain from many directions and want to move on without the' failed' stigma behind their name.