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Wellington Capital PIF/Octaviar (MFS) PIF

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We should also look to having Valuations done on the assets that have been sold, and also see that they were "Arms length" Transactions and not sold to JH connections
 

I suggested the use of S247A in conjunction with the class action which would also encompass a thorough audit of asset values etc. If IMF could be convinced that the cost of the audit would produce a viable stream of additional claims they would bear the additional costs involved.

Also has anyone noticed the shrinking number of existing posts on this forum - two of mine have dissapeared. Seems like someone doesn't like any mention of the infamous Singapore Sling!
 
Well I have made some more enquiries re the valuation of Forest Resort and it is way below the valuation of $40.99million as stated by Wellington Capital in the latest (unaudited?)annual report.
The property is being marketed by Colliers and I have been told that they had Forest Resort independantly valued and were given the figure of $26million but were instructed by WC to list it at $40.99million. I have been told that the agent considers it will be extremely difficult to sell due to the discrepancy in the property valuation and actual listing price. I was also told that the Heritage golf course mortgagee sale in Melbourne (with two prime golf courses) which was a similar property category to the Forest Resort that was reported to have sold for around $13 million was a superior property to Forest Resort.

Further enquiries led to me being told that a potential purchaser who was showing interest in purchasing the Forest Resort has received a professional indicative valuation for the Resort as part of his due diligence into his potential acquisition and was given the valuation at $22,750,000. If I can find out this information then I believe that WC would have to know that their current value of $40.99million for Forest Resort is totally incorrect. Just what is the true total value of the PIF assets?
 
IN THE SUPREME COURT OF SINGAPORE
WEDNESDAY
TO
FRIDAY
19 OCT
TO
21 OCT
10:00 AM
PART HEARD
S 211/2011
CHERIE HEARTS GROUP INTERNATIONAL PTE.
LTD. & ORS
(ALLEN & GLEDHILL LLP)
(ANG CHENG HOCK SC/ VINCENT LEOW/
JACQUELINE LEE/ JOEL LIM)
V.
G8 EDUCATION LIMITED
(HARRY ELIAS PARTNERSHIP LLP)
(HARRY ELIAS SC/ PHILIP FONG/ JOANA TEO/
VIKNESWARI MUTHIAH/ LIONEL CHAN)
LAST HEARD FOR 13 DAYS FROM 07 - 28/09/2011
WOS FILED ON 28/03/2011
SET DOWN ON 01/09/2011
FIXED FOR 3 DAYS [19 - 21/10/2011]
NATURE: BREACH OF CONTRACT
[DTS TO BE USED] court 6B
 
An interesting article in the Courier Mail about the business interests of Bikies Inc Gold Coast chapter:

Josh Robertson
From: The Courier-Mail
October 08, 2011 1:00AM

BIKIES Inc, Gold Coast chapter, is a web of intrigue: more than 140 companies and $32 million in property linked to several dozen men and their associates who collectively boast almost 300 serious criminal convictions and 800 years of jail time.

For the first time, The Courier-Mail can detail the strength of criminal and business links of the Glitter Strip's outlaw motorcycle clubs...

Gold Coast bikies' business interests are varied and colourful from tattoo parlours, car yards, motorcycle shops, security firms and the like to childcare centres and mail-order lingerie... (emphasis added)

Full story at http://www.couriermail.com.au/ipad/exposed-the-coasts-bikie-tsars/story-fn6ck45n-1226161598878

Apparently there have been other stories in this investigative series.
 

All.

Jennifer Joan Hutson can destroy much PIF wealth through the Wellington (charade?) by e.g. shifting PIF wealth to associates. And Jennifer Joan Hutson has form now through that placement of investor diluting units that ended up in Craig Wallace' hands.

Remember what Jennifer Joan Hutson's Wellington (charade?) said to investors about the ALF PIF bid? "The [ALF PIF] proposal shifts over $120 million of the current value in the Premium Income Fund to the current Bidder’s shareholders and away from you.")

Looks like Jennifer Hutson pulled a Jim Byrnes stunt.

And now this audit failure stunt by the Wellington charade.

The red flags are flapping all over the place. But the numpty PIF investors (who were duped into PIF in the first place) seem to still believe in fairies. If they wish hard enough they can bring back Tinkerbell to sprinkle fairy dust on PIF's assets to save them from Captain 'GFC' Hook.

Bottom line is the unit price is racing towards that dastardly 14c that Jennifer Joan 'Not Illegal' Hutson threatened us with. But the numpty PIF investors who believe in magic still refuse to grow up.
 
Blakes and Arthur Rob's have chimed in over Barrett J's decision:

http://www.blakedawson.com/Templates/Publications/x_article_content_page.aspx?id=63981

http://www.aar.com.au/pubs/fm/fofm13oct11.htm

AAR report: "The Centro case was unusual as it involved pricing amendments that were expected to result in units being issued at a premium to their market value." [emphasis added]

Wellington tried to amend the PIF constitution while Jennifer Joan 'Not Illegal' Hutson's board tried to issue new units at a massive discount to audited net tangible assets.

Rather a different set of facts? Hence Bake Dawson properly points out: "Both the PIF decision and the Centro decision are first instance decisions. There is still some uncertainty as to which decision would likely be followed in any subsequent judicial consideration of this issue"?

Judges fault? Well Judges are going to continue handing down decisions based on the facts presented. And while operators like Jenny 'Not Illegal' Hutson continue unfettered then decisions that define the grey area are going to hassle the less innovative (read: experimental) operators like Centro.

I wonder how the likes of Centro are enjoying forking out all those $$$$ in legal fees as a direct result of MFS/Octaviar decisions like McMurdo's Octaviar decision and now Gordon's Wellington decision? They can't be too upset considering they appear to sit back and watch the Octaviar Administration and PIF fester. Not Centro's problem? I bet Centro has a big fat legal bill confirming that it's causing them problems.

Of course, more uncertainty in the law means more $ of business for the law firms.

Barrett's decision is also a bit of a slap in the face to ASIC who supported Gordon's view. But that's what ASIC is going to get for as long it allows the likes of MFS/Octaviar and now the Wellington charade to piddle in the big kid's pool.

First we had MFS/Octaviar's excuse for an RE not documenting how they were splashing around our PIF $ to related parties. Now we have the Jennifer Joan 'Not Illegal' Hutson Board (for an excuse for an RE: A Wellington charade?) not documenting it decision to rewrite the PIF constitution so Wellington could dilute existing PIF investor's wealth. Looks like a return to the bad old Michael King days of sloppy management of PIF?
 
The PIF boat may be sinking but the prime suspects of who pulled the sea **** is shrinking!!I believe ASIC has also taken on board some recent major PIF concerns.
 
Shorten pushes for foreign fund tax breaks

Business Spectator Published 5:38 AM, 18 Oct 2011 Last update 5:38 AM, 18 Oct 2011

In a bid to strengthen financial services exports to Asia, Financial Services Minister Bill Shorten is lobbying for tax breaks for foreign funds investing in Australia, according to a report by the Australian Financial Review.

Mr Shorten said he hoped to announce a new plan to establish an investment manager regime for the funds management sector, following a meeting yesterday with senior finance executives.

The plan would likely allow foreign funds using an Australian fund manager to avoid being taxed on their returns, while local funds would continue paying tax on fee income.

The funds management sector is pushing for the reforms, saying that without them Australia will lose the opportunity to attract billions in overseas investments.

The initiative will require Cabinet approval, and would come with a cost to the federal budget, the report said.

http://www.businessspectator.com.au...cument&src=hp8&WELCOME=AUTHENTICATED REMEMBER

Note: Bill Shorten's ex-wife is Deborah Beale (daughter of Julian Beale former federal Liberal MP) also ex-MFS who we are suing in the Class Action. For some juicy gossip on the marriage breakup see http://www.heraldsun.com.au/the-mp-and-the-g-gs-daughter/story-fna7dq6e-1111117540832

Well at least he told her personally at the football and not by text message!

Why are so many short people attracted to politics?
 
seamisty said:
The PIF boat may be sinking but the prime suspects of who pulled the sea **** is shrinking!!I believe ASIC has also taken on board some recent major PIF concerns.
Click to expand...

Seamisty - If ASIC are showing signs of stirring, it sounds like some rare good news has come our way at last.
 
Hello all. A short time ago I was diagnosed with an uncurable form of cancer. There is no known cause of this cancer, but as most of us know ca is stress related. At 62 this is very sad for me. However, I am wondering just how many of the original MFS unitholders have died or been stricken with heart attacks, strokes or stress related illnesses. Many, of course are retirees who may have encountered these ailments anyway, but no doubt there departure or whatever has been hastened.
The HUGE difficulty of the entire debacle is the powerlessness of it all. Many of you have lost a substantial percentage of your life savings; we had a particularly bad outcome which I won't go into right now. The thing is we have no one to shout at, or get furious with to relieve our outrage, and it is left to internalise. AND the worst thing is that many of us are not going to live long enough to see the crooked low life bastards thrown into gaol...if indeed they EVER ARE; more likely they will get off with a slap on the wrist and a miserable fine.
I must say that I have been surprised that none of those crooks have been shot, or that Michael King's Polo ranch hasn't been set on fire; it just shows how controlled we all are!
I will never forget the lavish morning tea at the Park Royal Hotel in Melbourne when they were INSOLVENT! UGGG!
I am sure this thread has served many of you well in releasing some of the stress, but I urge you all to be mindful of how debilitating it really can be. I, for one, am without question as to why I have cancer.
 
I have previously noted my concerns relating to the current litigation between the original developer of Forest Resort and Wellington Capital. On several occasions I have endeavoured to seek information from WC asking what possible financial repercussions will PIF unitholders face should the claim be succesfull in favour of the plaintiff (by counterclaim). I have never received a response. I have also previously brought this matter to the attention of both ASIC and the NSX drawing attention to the magnitude of the compensation/damages involved and that I thought existing and potential investors should be made aware of future consequences to the PIF. Nobody seems unduly concerned?
The amended pleadings dated 31st May 2011 which is filed in the Supreme Court of Melbourne is now on the public record and available from the courts. I will attach part of the pleadings which may be of interest to some. To me it does not appear that 'the case is baseless and simply a matter of a borrower refusing to pay debt'
Ms Hutson was quoted in this media article as saying Ms Hutson says the Walshes' case is baseless: ''We think there's no substance at all - that is and remains our position on it.''
Read more: http://www.theage.com.au/victoria/f...esort-dream-20110402-1cskj.html#ixzz1b6VGSEw3
 
Mary Lynch I am so sorry to hear this. Seamisty
 
Mary.

I am very saddened to hear about your plight. I wish you good health and may you recover from your present illness. I and my family wish you well.

Michael
 
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