Wellington Capital PIF/Octaviar (MFS) PIF

Anyone interested in where the economies of the world-wide may be heading can here a hair-raising view from Steve Keen, Australian academic and economist. His forecasts are here in an interview on the BBC's Hard Talk. Don't listen at bed time.

http://www.bbc.co.uk/programmes/p00lmvyl#synopsis

selciper said:

Anyone interested in where the economies of the world-wide may be heading can here a hair-raising view from Steve Keen, Australian academic and economist. His forecasts are here in an interview on the BBC's Hard Talk. Don't listen at bed time.

http://www.bbc.co.uk/programmes/p00lmvyl#synopsis

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Selciper thanks for the informative link. Anyone who wants to understand what is happening in the world economic collapse and what it will mean for us should look at the excellent http://macrobusiness.com.au/ site. The daily commentary on the Eurozone meltdown is chilling. While most of the contributors are economists and financial market analysts, many readers of the blog are non-financial/economists and hence the level of technical explanation that is given.

thanks for the Intersesting links.
It seems the only way investors can ever win in the mess that people like JH have created for us is if they declare bankruptcy send all their bills to parasitic companies like wellington and MFS and then pehaps their likes will somehow have to repay all the debt from any gains they say they will make in their mismanagement.

Tucked in amongst all the Angus Security Announcements today http://www.nsxa.com.au/ftp/news/021724652.PDF - Reckon that's about half a cent return for every $1000 invested!!!!

JohnH said:

Tucked in amongst all the Angus Security Announcements today http://www.nsxa.com.au/ftp/news/021724652.PDF - Reckon that's about half a cent return for every $1000 invested!!!!

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Probably sold it to her mates at a firesale rate.

JohnH said:

Tucked in amongst all the Angus Security Announcements today http://www.nsxa.com.au/ftp/news/021724652.PDF - Reckon that's about half a cent return for every $1000 invested!!!!

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Wow, I am glad to hear Ms Hutson thinks this a good sale!!!

I was reminded today that the American fraudster, Bernie Madoff, confessed to his crimes three years ago and was sentenced some six months later. He is known as prisoner 61727-054 and is serving 150 years in jail. How many Australian Madoffs are going to spend another Christmas comfortably at home?

Details of that NSX ann:

Mortgagee in Possession Contract – Helidon Sandstone Mine
Wellington Capital Limited as responsible entity of the Premium Income Fund is pleased to announce that the Helidon Sandstone Mine has been sold and settled. The sale price was $300,000.
The Helidon Sandstone Mine was held as security for one of the Fund’s mortgage loans, and comprised both freehold land and two associated mining leases.
Managing Director, Jenny Hutson said, ‘The Helidon property was originally part of the security provided to the Fund by the borrower connected to the Kooralbyn International Resort. The sale of this security property represents a positive outcome for Unitholders in relation to the security property relating to this loan. This security property has been sold at the loan’s carrying value of $300,000.’ [emphasis added]


According to WC's figure, it appears that property owed us $4,314,083 @ 31 May 2008.

Next question is: was the asset written down to $300K prior to the current, UNAUDITED, accounts? Because if not, then Hutson could be gauging far more than 2.5% of that $300K for herself. Remember she's got 30 odd hungry mouths in her empire now that need to be fed.

"Jenny Hutson said, ‘The Helidon property was originally part of the security provided to
the Fund by the borrower connected to the Kooralbyn International Resort. The sale of this security property represents a positive outcome for Unitholders in relation to the security property relating to this loan. This security property has been sold at the loan’s carrying value of $300,000.’"

A positive outcome for investors? A positively outrageous statement (once again) by the talented Wellington team's leader..

Meanwhile over at City Pacific:

QUESTION TIME

The managers of the City Pacific-founded First Mortgage Fund have dangled a carrot in the faces of the 10,000-odd unitholders in the capsized fund - an opportunity to see the former City Pacific boss Phil Sullivan front a public examination.

After more than a year of vowing to get Sullivan to answer some questions, Balmain Trilogy, the managers of the fund, have finally announced that February 2 will be the date of the examination.

''We look forward to hearing his answers. I guarantee he will not enjoy the questions,'' the Balmain Trilogy joint chief executive Andrew Griffin said in a statement.

The catch is that unitholders wanting the examination to go ahead will have to vote against a proposal for a Sullivan-endorsed group to replace Balmain Trilogy as the managers of the fund, once worth $1 billion.

City Pacific went broke after it lost management control (and the tens of millions of dollars of annual fees) of the fund in 2009, when Balmain Trilogy was voted in as manager. Sullivan is already resisting an order to front the Australian Securities and Investments Commission and answer any questions it may have.

SO SAYS SULLIVAN

Despite repeated claims from Pacific First Management that its planned coup does not involve putting Sullivan back in control of the fund, it has been happy to run numerous postings from the City Pacific founder on its website .

''I am attempting to salvage what is left of my investment from the Trilogy disaster,'' Sullivan said in one posting last week. He made no mention of the City Pacific disaster.

In another posting, Sullivan noted how his family had been intimidated over the past few years. ''We are not used to the bullyboy tactics of having rocks thrown through my office windows, or having my wife find four masked machete-wielding bandits in our home.

''Curiously enough the only item of value to be taken was one of three computers in the home that had certain information stored,'' he said.

Read more: http://www.smh.com.au/business/dynamic-duo-put-up-the-barricades-20111128-1o34p.html#ixzz1f39aCAlq

Just read through an IMF update on transition to Johnson Winter and Slattery as our new Class Action Solicitors. Your post #9228 makes sense Marcom, and it is safe to assume that your suspicions on HWL-Ebs had a mortician’s rhythm to them. Let’s hope there is an improvement there somewhere for PIF.
I believe another improvement for us may have happened in my meeting with ASIC in Sydney office yesterday afternoon, Monday. I’ve been tracking this meeting through MP Luke Hartsuyker’s office and on Thursday 24th, already in Sydney, finally managed to secure it.
I met with the Senior Manager (Deterrence; Financial Services) Mr.Tim Walker together with ASIC Lawyer Thaw Thaw Htin.
Mr. Paul Eastment, Senior Manager ASIC, who facilitated the meeting as a follow up of my direct request to him, was conferencing via telephone from Brisbane.
I prepared with Seamisty helping, 3 main points I was anxious to make ASIC aware of:
1.

Wellington Capital confirmed to ASIC that it considers the amendments to be within its power and in the best interests of the PIF. In these circumstances ASIC is not proposing to take further action in relation to the specific issues raised in relation to the Placement and Non-Renounceable Rights Issues

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Excerpt from Mr G. Medcraft reply to my representations through Mr Hartsuyker’s office, 22 August 2011
I discussed this passage at length and pointed out that for PIF members such treatment of WC assurances was akin to a farmer asking a fox if he raided chicken coup at night. Of course NO said fox, snorting last chicken fluff off the top of his nose.
I hope the message was left there.

2. Illegal use of Register and giving FULL access to third parties; real as PIF Reaction Group may be, or imaginary, for 2 defamatory mail-outs, while denying legitimate access to PIF AG for meeting purposes.

I cited both articles in The Australian by Andrew Main and pointed out Justice Dowsett’s error in law by not scrutinising the origin of “new members” which he chose to “protect” from PIF AG’s omission from meeting notices.
I stressed time and time again WC’s wilful neglect of ASIC protocols in respect of RE fiduciary duties to act in the best interests of fund members.

3. WC interferences in the conduct and application of legal processes by PIF AG and its agents.

A brief of WC illegalities by ASIC’s own legislative definitions. Well canvassed.

The last point I managed to slot in was about WC going, again, outside fiduciary duties of an RE.
This was to issue intimidatory directions to ASF forum Administrators, which resulted in a suspension of our member for a month.
Such brazen assault on Administrator’s independence and integrity, which we all respect and look up-to, had to be outed to ASIC as an example of sordid injustices
PIF AG and the bulk of fair dinkum PIF unit holders continues to absorb from this Responsible Entity.

In summary, our case is now being handled by the Deterrence Team and I sincerely hope that this is a progress in ASIC’s calendar of priorities.

I am pleased to have shared this news with you,

simgrund said:

In summary, our case is now being handled by the Deterrence Team and I sincerely hope that this is a progress in ASIC’s calendar of priorities.

I am pleased to have shared this news with you,

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Thanks Simgrund for all of your efforts.

simgrund, thanks for your perseverance and and hard work getting the ASIC meeting.

I think WC deliberately established links with HWL Ebsworth in an effort to undermine/gain information about our case and to confuse the silent majority. Perhaps there was even an enema-gram connection. This all seemed to happen after Ebsworths sought to have the ASIC case applications admitted as evidence in the CA - a major turning point in Justice Perram's attitude towards our case. Remember his words "...an old fashioned fraud.."

This looks like a case of fair justice. (From a US newspaper).

http://www.wmur.com/r/29846098/detail.html

Simgrund, I'd like to second Marcom's vote of thanks for your ASIC ensubmissions. Have just read your report. Great workk on behalf of PIF investors.

Thanks Marcom for your recognition.
I still have my Application for Administrative Hearing with ASIC to follow through.
It is obvious beyond doubt, that far from being a Responsible Entity worthy of her Financial Licence from ASIC, our Terror in Red applies same modus operandi since 2008 to pulverise straying minnows in her way into submission.

I have news for you Jenny; your Financial Licence is now under greater scrutiny than you have ever scoffed at with your past arrogance.

Your game is up and if it takes more reminders from Abraham Lincoln to hound you down, then that's exactly what resurrected Abe will do.

Personally, that invite to a Rehab of Salvation is still open.

Regards to all,

Yes, Well done Sigmund.

I know you are personally suffering hugely in your time of need because of other's actions. So it must have felt good to finally have someone listen to such disgraceful and clearly unlawful behaviour. Roll on judgement day which will stop the sickening arrogance.

simgrund said:

... I still have my Application for Administrative Hearing with ASIC to follow through.

I have news for you Jenny; your Financial Licence is now under greater scrutiny than you have ever scoffed at with your past arrogance.

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Most assuredly simgrund. Here is a link to the ASIC site about Administrative Hearings conducted by ASIC - http://www.asic.gov.au/asic/asic.nsf/byheadline/Administrative+hearings?openDocument

Also look at the hearings Manual - there is a link at the beginning of the Hearings info.

"There are three broad categories of administrative hearings that we
conduct:
• protective hearings in which we are contemplating using our
administrative powers to protect the public generally and investors
and consumers in particular5;
• licensing hearings which are held before we decide whether it is
appropriate to refuse to grant a licence6 or to register a person as a
liquidator or an auditor7; and
• application of security hearings which consider claims by other
persons for payment from a security lodged with ASIC8."

The footnote 5 to Protective Hearings lists:

"5 Examples of protective hearings are: s206F of the Corporations Act (disqualifying
a person from managing corporations); s915C (suspension or cancellation of an
Australian financial services licence) and s920A (excluding a person from the
financial services industry); and s739 (stop order hearing with respect to the offer,
issue, sale and transfer of securities) and s1020E (stop order hearing with respect to financial product disclosure documents and statements)."

If you need any help just let us know. Follow the Administrative Hearing and remember to tell ASIC "show no mercy...take no prisoners!"

Just to put simgrund's meeting with ASIC Senior Manager (Deterrence; Financial Services) into perspective, here is an employment ad for the position in WA listing the duties, qualifications and experience required:

Senior Manager, Financial Services - Deterrence

Reference 188377
Sector Accountancy, Finance Manager Jobs
Salary, Benefits & OTE Executive Level 2 band
Town/City Perth
Locations Australia, Rest of the World
Job Type Permanent
Date Posted 27th Jul

Senior Manager
Financial Services - Deterrence

Take a high profile role in regulating Australia’s Financial markets

Deterrence teams within ASIC are responsible for undertaking major investigations, civil actions and prosecutions to drive behavioural change. Investigating serious corporate misconduct, the Financial Services teams deal with cases that seek to have a deterrent effect in the financial services industry.

Consisting of lawyers, investigators and accountants, these teams take both reactive and proactive action to regulate the market. The projects handled by our teams are focused upon assisting retail investors and consumers and building confidence in Australia’s capital markets.

As a strong people manager with significant Financial Services experience or a background in complex litigation, this role is your opportunity to:

• Manage and coach a multi-skilled team of professionals, providing strategic direction and project management expertise to litigation and investigations at a local and national level.

• Successfully complete matters under your management by developing and implementing tactics to achieve agreed regulatory outcomes.

• Develop and maintain key relationships and actively encourage the sharing of knowledge throughout ASIC.

For more information and to apply, go to careers.asic.gov.au/jobmax and search by reference 188377.

The advertised position may be a Position of Trust, which will require the successful applicant to be an Australian citizen (or eligible for citizenship) and subject to the successful completion of a security assessment.

Looks like ASIC is on JH's case - lets hope the can nail her!

marcom said:

Most assuredly simgrund. Here is a link to the ASIC site about Administrative Hearings conducted by ASIC - http://www.asic.gov.au/asic/asic.nsf/byheadline/Administrative+hearings?openDocument

Also look at the hearings Manual - there is a link at the beginning of the Hearings info.

"There are three broad categories of administrative hearings that we
conduct:
• protective hearings in which we are contemplating using our
administrative powers to protect the public generally and investors
and consumers in particular5;......................................................

If you need any help just let us know. Follow the Administrative Hearing and remember to tell ASIC "show no mercy...take no prisoners!"

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The only way to go, Marcom. I will regenerate in a few days and reach for the ASIC's AH file from top shelf. I applied for Protective Hearing of course, 22 August 2011, received response to the Application on 1 September 2011
from Misconduct & Breach Reporting Shareholder Services endeavouring to respond to me within 28 days. I believe it's appropriate to send a gentle nudge.
Thanks for offers of assistance; will need it definitely.

What happened to our literatis writing inverted praises to Jenny?
Let's revive those skills so sorely missed on this Forum.
And seamisty may be kept amused as we stand chuckle to chuckle together.

Regards,