This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

Wellington Capital PIF/Octaviar (MFS) PIF

Jump to new
It appears Chris Scott/S8 could have another legal battle on their hands to contend with. People are sick and tired of being ripped off and being let down by the regulators time and time again!!

Notice of Class Action S8/Driftcove Pty Ltd from Wayne Stevens

Tuesday, 06 September 2011 10:30


WAYNE STEVENS
PAST CHAIRMAN – The Phoenician Body Corporate
CLASS ACTION – S8 / DRIFTCOVE PTY LTD
Dear Fellow Phoenician Unit Owners
Recently legal advice suggests that it may be possible for you to recover a significant amount of money in respect of commissions wrongly taken by Driftcove Pty Limited in the letting of your unit at the Phoenician.
You will recall that last year the Office of Fair Trading (OFT) settled the 2,821 charges against the S8 subsidiary Driftcove in return for the payment of OFT costs and owner’s compensation of $25,212.04, without any admissions of liability. The director of Driftcove, Christopher Scott, admitted guilt and was fined $130,000. Having regard to the seriousness and scale of the problem for Unit Owners, and the corresponding unearned profits retained by Driftcove/S8, they got off very lightly to the obvious convenience of OFT.
The executive director of OFT stated publicly that “the practice of charging booking fees or directing bookings to another company for the purpose of charging a booking fee is unlawful”. Yet the practice of deducting undisclosed letting charges (or ‘booking fees’) of up to 30% of rental income continues unabated.
Bearing in mind OFT’s apparent inability to seriously grapple with this problem, it seems to me that Unit Owners are now obliged to carry matters forward on their own account, if anything is to be done.
Over the past couple of months I have been liaising with senior and junior counsel in Sydney (Mr A. Martin SC and Mr G. Drew) who are experts in class actions, with a view to ascertaining whether a viable claim exists against the letting agent and/or S8 for the recovery of substantial compensation in relation to the undisclosed letting charges.
Counsel have reviewed the presently available material and formed the preliminary view that the affected Unit Owners may have reasonable prospects of succeeding in an action for compensation to recover the undisclosed letting charges. Counsel have indicated that the most effective way to achieve this would be to bring a class action against the letting agent and/or S8

Full article:: http://www.uoaq.org.au/index.php?op...class-action-driftcove&catid=2:news&Itemid=12
 

I.e. possibly a new class action against S8.. I.e. Octaviar. Doesn't that mean another competing claim for the remaining Octaviar cash that Bentley's recently indicated could be paid out before Christmas? That'll hold up any payment to PIF won't it?
 
Duped said:
I.e. possibly a new class action against S8.. I.e. Octaviar. Doesn't that mean another competing claim for the remaining Octaviar cash that Bentley's recently indicated could be paid out before Christmas? That'll hold up any payment to PIF won't it?
Click to expand...
Not sure Duped. Octavier got rid of S8/Stella.
 
Thanks seamisty and charles36. I agree the claims against S8 will most likely now be directed at the new owners of Stella. Claims against the directors? Just great. More to distract Hutson from managing PIF.
 
Hoping that some of our had earned money comes back soon.

As you know our life savings are in Wellington Capital and we never voted for our units to be on the NSX.
The NSX as we know is nothing like the ASX, where hardly anything happens and no one know it even exists.

So I make the following points about our plight on the NSX:-
. When it is time to sell on the NSX, of course there will be no buyers.
. The unit price has hardly ever rose above 10 cents.
. When the unit did go to almost 20 cents a couple of weeks ago, the buyer was a WC accaintance.
. Was this a way of inflating the unit price temporarily, so that the Class Action payout will be a lower percentage.

Did WC think that the Class Action judge was about to make a ruling during the unit buying period.
Is WC talking to KMPG or others, in an attempt to save a big payout?

Also can I ask if anyone on this forum has either bought or sold Units on NSX?

Wonder if it is a good idea to sell now, given that there are still buyers out there?

I assume that because we were original unit holders back to 2008, we will still get compensation from the Class Action, and from WC?

We are very worried about the NSX situation and hoping WC is taken over and the NSX is aborted completely.

Are our fears about the NSX, in any way true.

But at the end of the day, we just want our money back.

Please can someone inform us on what may happen.
 

lawry1dog,
About class action. The payout will only be made to unitholders at a cut off date in 2008. Any new unitholders are excluded. That is how we understand it today; please correct me if not so.
There are many of us in your situation. We wait with patience.

Charles36. please check inbox for 6 Sep post from me. Thanks.
Regards,
 
lawry1dog said:
The NSX as we know is nothing like the ASX, where hardly anything happens and no one know it even exists.
Click to expand...

Or they do know it exists and the price reflects the market's confidence in the Hutson lead Wellington team.

lawry1dog said:
. Was this a way of inflating the unit price temporarily, so that the Class Action payout will be a lower percentage.
Click to expand...

I don't know about Class Action payment but another explanation could be what the ATO calls Wash Transactions. (Or maybe it is legal tax planning) Say you have a company called Gromit Solutions Pty Ltd. It's sitting on a loss of $100K. So you buy $100K of shares in the Pitiful Investment Fund at 10c and then sell it to another of your companies Yen Essentials Pty Ltd for 20c. The 100K profit Gromit Solutions makes negates the loss. Do it through the NSX to make it more difficult for the Watch Chihuahua to get close enough for a nip. Then if the Pitiful Investment Fund actually does return 20c to Yen Essentials Pty Ltd that company doesn't have to pay tax on it's 100% profit. Fanciful? I don't really know but the ATO's laws on wash transactions and arms length transactions are real.

lawry1dog said:
Also can I ask if anyone on this forum has either bought or sold Units on NSX?
Click to expand...
I'd caution anyone from disclosing this. PIF has thin trading volumes and Hutson herself is director of the company that looks after the share register. It wouldn't take much for Hutson to narrow down who you are. And we've seen what some will do it keep the status quo. Dilute the units. Rent a crowd. Use the register to send annonymous mail (PIF Reaction group.).


lawry1dog said:
Wonder if it is a good idea to sell now, given that there are still buyers out there?
Click to expand...
That's the key question for all companies isn't it. How deep is the buying market and how much are they willing to pay. One thing is for certain Hutson knows more than anyone because she knows the comings and goings on the share registry doesn't she?
 

Should read: Then if the Pitiful Investment Fund actually does return 20c to Yen Essentials Pty Ltd that company doesn't have to pay tax on the 100% return after the shares were picked up for 10c.

How did Gromit Solutions Pty Ltd make a $100K loss? Paying a salary to you.
 
Just collating some PIF data and I am wondering if anyone noticed the following.
http://www.wellcap.com.au/assets/pif/updates/20090529_InvestorUpdate_April.pdf
Premium Income Fund
Investor Update: 30 April 2009
Repayment of finance facility completed on
23 March 2009. The Fund is now debt free.(the net asset
backing of a unit in the Fund remains at 44 cents per unit).
Debt Reduction
Full payment of the Fund’s debt facility has now occurred. The
debt has been fully repaid through asset realisations in an
extremely difficult economic environment.

NSX announcement 24 May 2011 http://www.wellcap.com.au/assets/media/proxy form_pif.pdf
No Fund debt
 Wellington has through asset sales repaid the $100 million in Fund debt to Royal Bank of Scotland. Wellington is committed
to ensuring that the Fund does not have debt again.

11 July 2011 http://www.nsxa.com.au/ftp/news/021724203.PDF

Trinder Avenue, Maroochydore, Queensland – Joint Venture
Wellington Capital Limited as responsible entity of the Premium Income Fund and as mortgagee in
possession is pleased to announce that a contract has been signed and settled in relation to the properties at
4, 12, 22, 23, 24 and 30 Trinder Avenue, Maroochydore.
The property, located at Maroochydore on the Sunshine Coast in Queensland, is a residential development site, part of which has previously been sold with the net proceeds used to reduce debt to the Fund.

WHAT DEBT?????? The PIF has supposedly been DEBT FREE since MAR 2009!!!!!

Some extra info re Trinder Avenue::

Recently Sold Properties

13/30 Trinder Avenue MAROOCHYDORE QLD

Government Notified Sale
Sold: 14/06/2011

Sold - $1,095,000


4/30 Trinder Avenue MAROOCHYDORE QLD

Government Notified Sale
Sold: 14/06/2011

Sold - $1,095,000
19/30 Trinder Avenue MAROOCHYDORE QLD


Government Notified Sale
Sold: 18/02/2011

Beds: 4

Baths: 2

Car Spaces: 2

Sold - $510,000


23/30 Trinder Avenue MAROOCHYDORE QLD

Government Notified Sale
Sold: 14/06/2011

Sold - $1,095,000


24/30 Trinder Avenue MAROOCHYDORE QLD

Government Notified Sale
Sold: 14/06/2011

Sold - $1,095,000 on 14/06/2011

Just where are our asset realisations going???
 
selciper said:
The G8-Cherie Hearts hearing is underway in Singapore.

http://www.channelnewsasia.com/stories/singaporelocalnews/view/1151702/1/.html
Click to expand...

I hv not been able troll up anything further following the CNA report of the 7th Sept hearing. I hv not found a way to access archived material older than 7 days on this, & Asiaone's website. I hv been monitoring both off & on and may hv missed something.
Do you, or anyone else, know what was outcome of this 3 day hearing of the Singapore High Court?
It would be nice to know what further troubles might be in store for G8 - JH after Seamisty's post yesterday of a possble class action involving CS & S8
 
Hello BABIHUTAN, The Cherie Hearts saga continues and I believe Ms Hutson was scheduled to take the stand yesterday and today in Singapore.

IN THE SUPREME COURT OF SINGAPORE
LAW NOTICE FOR THE WEEK MONDAY 26 SEPTEMBER TO FRIDAY 30 SEPTEMBER 2011
BEFORE THE HONOURABLE JUSTICE JUDITH PRAKASH

DAY DATE TIME CASE VENUE
MONDAY 26 SEP 10:00 AM S 211/2011
CHERIE HEARTS GROUP INTERNATIONAL PTE.
LTD. & ORS
(ALLEN & GLEDHILL LLP)
(ANG CHENG HOCK SC/ VINCENT LEOW/ JOEL
LIM)
V.
G8 EDUCATION LIMITED
(HARRY ELIAS PARTNERSHIP LLP)
(PHILIP FONG/ JOANA TEO/ VIKNESWARI)
CONTINUATION FROM PRECEDING WEEK
WOS FILED ON 28/03/2011
SET DOWN ON 01/09/2011
FIXED FOR 12 ½ DAYS [07 – 22, 26 & 28/09/2011]
NATURE: BREACH OF CONTRACT
[DTS TO BE USED]
COURT 6B

It appears Ms Hutsons presence is in high demand for court appaerances, I believe she has been served a subpoena to appear in Melbourne court on Monday with some very elusive documents!!
 
Seamisty, very pleasing to read that the Cherie Hearts Singapore case is still running. It's a pity that it isn't getting media coverage at the moment. No doubt that will change when a judgement is handed down.
 
Hmnn well the lack of response to my request indicates just how little ongoing support PIF investors are prepared to give. I do thank the one person I know who made another effort to draw attention to our plight. I will continue to use this thread to post information concerning the PIF so that there will always be a data base that can be used as a source of information for the possibility of another class action. I encourage others to do the same. Thanks to those who post regularly and also to those who are keen ASF followers who appreciate our efforts. Seamisty
 
Seamisty,

You don't know how important it is for so many of us the contribution you and others have made. By posting on this thread, you have give us hope and information that we would never have been able to get. So please keep up the great work.

Michael
 
You must log in or register to reply here.

Similar threads

MA1 - MA Credit Income Trust
Replies
2
Views
335
Dona Ferentes
DGT - DigiCo Infrastructure REIT
Replies
8
Views
959
Dona Ferentes
Coolabah Capital
Replies
5
Views
1K
divs4ever
VBTC - VanEck Bitcoin ETF
2
Replies
36
Views
4K
qldfrog
November 2024 DDD
2 3
Replies
53
Views
5K
ducati916
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...