Wellington Capital PIF/Octaviar (MFS) PIF
- Thread starter breaker1
- Start date
Hi Guys,
I have been following the (frustrating) progress since WC became involved.
My units are in a company name (my company, and I am a director. originally purchased when it was MFS). Do you know if I do an off market transfer now of the units into my own personal name, will my entitlements be compromised (should any benefits to unitholders be forthcoming)??
Thanks in advance
R.
I have been following the (frustrating) progress since WC became involved.
My units are in a company name (my company, and I am a director. originally purchased when it was MFS). Do you know if I do an off market transfer now of the units into my own personal name, will my entitlements be compromised (should any benefits to unitholders be forthcoming)??
Thanks in advance
R.
Probably be best to seek a professional opinion on this Angolane, especially with the controversy relating to ARL and WCL. Cheers
ASIC failed to take action again , local Geelong company goes into receivership.
THE closure of In2 Sheds is all too familiar for Natarsha Ryan.
The Torquay woman first complained to the Australian Investment and Securities Commission about Mark Adam Thomason on June 16, 2011.
In total, she sent 30 emails and letters but no action was taken.
http://www.geelongadvertiser.com.au...into-liquidation/story-fnjuhovy-1226840744973
When are ASIC going to start taking notice of complaints aren't they suppose to be looking out for consumers and investors.
THE closure of In2 Sheds is all too familiar for Natarsha Ryan.
The Torquay woman first complained to the Australian Investment and Securities Commission about Mark Adam Thomason on June 16, 2011.
In total, she sent 30 emails and letters but no action was taken.
http://www.geelongadvertiser.com.au...into-liquidation/story-fnjuhovy-1226840744973
When are ASIC going to start taking notice of complaints aren't they suppose to be looking out for consumers and investors.
Interlocutory
Provisional; interim; temporary; not final; that which intervenes between the beginning and the end of a lawsuit or proceeding to either decide a particular point or matter that is not the final issue of the entire controversy or prevent irreparable harm during the pendency of the lawsuit.
Interlocutory actions are taken by courts when a Question of Law must be answered by an appellate court before a trial may proceed or to prevent irreparable harm from occu...rring to a person or property during the pendency of a lawsuit or proceeding. Generally, courts are reluctant to make interlocutory orders unless the circumstances surrounding the case are serious and require timely action.
Interlocutory appeals are restricted by state and federal appellate courts because courts do not want piecemeal litigation. Appeals courts generally review only cases that have reached final judgment in the trial courts. When a court administrator enters final judgment, this certifies that the trial court has ended its review of the case and jurisdiction shifts to the appellate court.See More
WELLINGTON CAPITAL LIMITED ACN 114 248 458 AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND ARSN 090 687 577
Plaintiff
ANDREA JANE WATERS and others named in the schedule
Defendant...
ORDER
JUDGE:
Justice Perram
DATE OF ORDER:
27 February 2014
WHERE MADE:
Sydney
THE COURT ORDERS THAT:
1. The matter be listed for interlocutory hearing on 13 March 2014 at 10:15 am.
Date that entry is stamped:
Deputy District Registrar**** Nor
Provisional; interim; temporary; not final; that which intervenes between the beginning and the end of a lawsuit or proceeding to either decide a particular point or matter that is not the final issue of the entire controversy or prevent irreparable harm during the pendency of the lawsuit.
Interlocutory actions are taken by courts when a Question of Law must be answered by an appellate court before a trial may proceed or to prevent irreparable harm from occu...rring to a person or property during the pendency of a lawsuit or proceeding. Generally, courts are reluctant to make interlocutory orders unless the circumstances surrounding the case are serious and require timely action.
Interlocutory appeals are restricted by state and federal appellate courts because courts do not want piecemeal litigation. Appeals courts generally review only cases that have reached final judgment in the trial courts. When a court administrator enters final judgment, this certifies that the trial court has ended its review of the case and jurisdiction shifts to the appellate court.See More
WELLINGTON CAPITAL LIMITED ACN 114 248 458 AS RESPONSIBLE ENTITY OF THE PREMIUM INCOME FUND ARSN 090 687 577
Plaintiff
ANDREA JANE WATERS and others named in the schedule
Defendant...
ORDER
JUDGE:
Justice Perram
DATE OF ORDER:
27 February 2014
WHERE MADE:
Sydney
THE COURT ORDERS THAT:
1. The matter be listed for interlocutory hearing on 13 March 2014 at 10:15 am.
Date that entry is stamped:
Deputy District Registrar**** Nor
And on MFS** Fee grab
And so the calls went on this week. There were two phone calls which spring to mind. The first one pointed out that administrators Bentleys had charged almost $20 million in fees and disbursements from the failed Summit Mortgage Fund. This was half the $40 million in recoveries from Summit, guzzled in lawyers' and liquidators' charges.
This time last year we reported how Bentleys had ripped $17 million out of the corpse of Octaviar (nee MFS). The regulatory failure in insolvency is epic
Read more: http://www.smh.com.au/business/comm...enforcement-20140228-33r4a.html#ixzz2ufh1oMEi
And so the calls went on this week. There were two phone calls which spring to mind. The first one pointed out that administrators Bentleys had charged almost $20 million in fees and disbursements from the failed Summit Mortgage Fund. This was half the $40 million in recoveries from Summit, guzzled in lawyers' and liquidators' charges.
This time last year we reported how Bentleys had ripped $17 million out of the corpse of Octaviar (nee MFS). The regulatory failure in insolvency is epic
Read more: http://www.smh.com.au/business/comm...enforcement-20140228-33r4a.html#ixzz2ufh1oMEi
Sorry I don't have access to the full article:
Fortress Targeted In $200M Clawback By Bankrupt Aussie Co.
By Stephanie Russell-Kraft 0 Comments
Law360, New York (February 28, 2014, 7:05 PM ET) -- The liquidators of Australia-based property finance group Octaviar Administration Pty. Ltd. filed a $210 million clawback suit against a hedge fund managed by Fortress Investment Group LLC in New York court Friday, alleging Drawbridge siphoned off funds belonging to Octaviar while it was insolvent.
The liquidators, which have filed a similar suit in Australian court, allege that when Drawbridge Special Opportunities Fund LP caught wind of the deteriorating financial situation of the larger group of affiliated Octaviar companies, it devised a scheme to divert funds away from...
http://www.law360.com/bankruptcy/ar...geted-in-200m-clawback-by-bankrupt-aussie-co-
Fortress Targeted In $200M Clawback By Bankrupt Aussie Co.
By Stephanie Russell-Kraft 0 Comments
Law360, New York (February 28, 2014, 7:05 PM ET) -- The liquidators of Australia-based property finance group Octaviar Administration Pty. Ltd. filed a $210 million clawback suit against a hedge fund managed by Fortress Investment Group LLC in New York court Friday, alleging Drawbridge siphoned off funds belonging to Octaviar while it was insolvent.
The liquidators, which have filed a similar suit in Australian court, allege that when Drawbridge Special Opportunities Fund LP caught wind of the deteriorating financial situation of the larger group of affiliated Octaviar companies, it devised a scheme to divert funds away from...
http://www.law360.com/bankruptcy/ar...geted-in-200m-clawback-by-bankrupt-aussie-co-
It makes you wonder what they actually do all day, year in, year out. probably too busy these days defending their pathetic performance relating to all the submissions made against them at the Senate Enquiry to do anything else apart from their usual fob offs!
Thanks Seamisty.
Just thought you guys (knowing the story from day dot) would have a good idea on the gist of the Q.
Me thinks I would probably incur costs more than the units are worth to get a professional opinion – as god knows how long it would take for them to get up to speed with the history/trail!!
R.
Even though I feel posting PIF info is becoming a waste of time I do think we are gaining some traction with the Class Action!!!
No: (P)NSD324/2009
Federal Court of Australia
District Registry: New South Wales
Division: General
CHARLES HODGES & MARK HODGES AS TRUSTEES OF THE CHARLES HODGES SUPERANNUATION FUND
Plaintiff
ANDREA JANE WATERS and others named in the schedule
Defendants
ORDER
JUDGE:
Justice Perram
DATE OF ORDER:
13 March 2014
WHERE MADE:
Sydney
THE COURT ORDERS THAT:
1. The interlocutory application dated 28 February 2014 be listed for judgment on 17 March 2014 at 9:30 am.
2. The proceedings be listed for directions on 19 March 2014 at 9:30 am.
Date that entry is stamped:
No: (P)NSD324/2009
Federal Court of Australia
District Registry: New South Wales
Division: General
CHARLES HODGES & MARK HODGES AS TRUSTEES OF THE CHARLES HODGES SUPERANNUATION FUND
Plaintiff
ANDREA JANE WATERS and others named in the schedule
Defendants
ORDER
JUDGE:
Justice Perram
DATE OF ORDER:
13 March 2014
WHERE MADE:
Sydney
THE COURT ORDERS THAT:
1. The interlocutory application dated 28 February 2014 be listed for judgment on 17 March 2014 at 9:30 am.
2. The proceedings be listed for directions on 19 March 2014 at 9:30 am.
Date that entry is stamped:
- Joined
- 6 June 2008
- Posts
- 427
- Reactions
- 0
ASIC v Managed Investments
20 more hearing dates added to the ASIC case against Directors & officers - more evidence to hand or ASIC having difficulties proving "on the balance of probabilities"?
4/08/2014 Trial Civil Trials Douglas J
5/08/2014 Trial Civil Trials Douglas J
6/08/2014 Trial Civil Trials Douglas J
7/08/2014 Trial Civil Trials Douglas J
8/08/2014 Trial Civil Trials Douglas J
11/08/2014 Trial Civil Trials Douglas J
12/08/2014 Trial Civil Trials Douglas J
13/08/2014 Trial Civil Trials Douglas J
14/08/2014 Trial Civil Trials Douglas J
15/08/2014 Trial Civil Trials Douglas J
18/08/2014 Trial Civil Trials Douglas J
19/08/2014 Trial Civil Trials Douglas J
20/08/2014 Trial Civil Trials Douglas J
21/08/2014 Trial Civil Trials Douglas J
22/08/2014 Trial Civil Trials Douglas J
25/08/2014 Trial Civil Trials Douglas J
26/08/2014 Trial Civil Trials Douglas J
27/08/2014 Trial Civil Trials Douglas J
28/08/2014 Trial Civil Trials Douglas J
29/08/2014 Trial Civil Trials Douglas J
Hearing date set for High Court appeal:
Wellington Capital Limited v. Australian Securities & Investments Commission and Anor
Case No.S275/2013
13/05/2014 Hearing (Full Court, Canberra)
20 more hearing dates added to the ASIC case against Directors & officers - more evidence to hand or ASIC having difficulties proving "on the balance of probabilities"?
4/08/2014 Trial Civil Trials Douglas J
5/08/2014 Trial Civil Trials Douglas J
6/08/2014 Trial Civil Trials Douglas J
7/08/2014 Trial Civil Trials Douglas J
8/08/2014 Trial Civil Trials Douglas J
11/08/2014 Trial Civil Trials Douglas J
12/08/2014 Trial Civil Trials Douglas J
13/08/2014 Trial Civil Trials Douglas J
14/08/2014 Trial Civil Trials Douglas J
15/08/2014 Trial Civil Trials Douglas J
18/08/2014 Trial Civil Trials Douglas J
19/08/2014 Trial Civil Trials Douglas J
20/08/2014 Trial Civil Trials Douglas J
21/08/2014 Trial Civil Trials Douglas J
22/08/2014 Trial Civil Trials Douglas J
25/08/2014 Trial Civil Trials Douglas J
26/08/2014 Trial Civil Trials Douglas J
27/08/2014 Trial Civil Trials Douglas J
28/08/2014 Trial Civil Trials Douglas J
29/08/2014 Trial Civil Trials Douglas J
Hearing date set for High Court appeal:
Wellington Capital Limited v. Australian Securities & Investments Commission and Anor
Case No.S275/2013
13/05/2014 Hearing (Full Court, Canberra)
File details
One month off 5 years since legal proceedings commenced in the Class Action and we have just got to a 'judgement'
Court:
Federal Court of Australia, New South Wales Registry
Number:
NSD324/2009
Title:
Charles Hodges and Mark Hodges as trustees of the Charles Hodges Superannuation Fund v Andrea Jane Waters & Ors
Filing Date:
17-Apr-2009
Finalised Date:
17-Mar-2014 9:30 Judgment Justice Perram Court Room 22A
One month off 5 years since legal proceedings commenced in the Class Action and we have just got to a 'judgement'
Court:
Federal Court of Australia, New South Wales Registry
Number:
NSD324/2009
Title:
Charles Hodges and Mark Hodges as trustees of the Charles Hodges Superannuation Fund v Andrea Jane Waters & Ors
Filing Date:
17-Apr-2009
Finalised Date:
17-Mar-2014 9:30 Judgment Justice Perram Court Room 22A
15 March 2014 - Interim Financial Report for the Half Year ended 31 December 2013
The Directors of ARL have lodged the company's Interim Financial Report with the Australian Securities and Investments Commission in accordance with the requirements of the Coporations Act (Cth) 2001.
Shareholders can download the Report here.
The Net Asset backing as at 31 December 2013 is 2.98 cents per share.
The Directors of ARL have lodged the company's Interim Financial Report with the Australian Securities and Investments Commission in accordance with the requirements of the Coporations Act (Cth) 2001.
Shareholders can download the Report here.
The Net Asset backing as at 31 December 2013 is 2.98 cents per share.
YAWN YAWN!! Here we go again, another 'clayton's contract'?? http://www.beaudeserttimes.com.au/story/2111726/kooralbyn-resort-settlement-delayed/
http://www.beaudeserttimes.com.au/story/2111726/kooralbyn-resort-settlement-delayed/http://www.nsxa.com.au/ftp/news/021728463.PDF
Premium Income Fund
NSX Release: 8 April 2014
Sale of Assets for $5.2 million – update
As announced on 19 June 2013 Wellington Capital Limited as Responsible Entity of the Premium Income Fund
entered into an unconditional contract to sell its interest in five assets for $5.2 million. Completion of the sale
occurred on 18 June 2013 and $1.2 million was received at settlement.
As announced on 23 September 2013 a further $100,000 has been received.
The balance $3.9 million was due for repayment on 31 March 2014 but has been extended to 30 September 2014
by agreement.
- - - Updated - - -
http://www.nsxa.com.au/ftp/news/021728464.PDF
Premium Income Fund
NSX Release: 8 April 2014
High Court of Australia Hearing
Wellington Capital Limited as Responsible Entity of the Premium Income Fund advises that the hearing of the
High Court of Australia granted through the Special Leave application on 8 November 2013, which appeals the
orders of the full court of the Federal Court of 28 May 2013, is scheduled to be heard on 13 May 2014.
Wellington Capital Limited as Responsible Entity of the Premium Income Fund sought to appeal the orders made
by the Full Federal Court of 28 May 2013 as set out in the announcement of 28 May 2013 in the case brought by
the Australia Securities and Investments Commission against Wellington Capital Limited in relation to the inspecie
distribution of Asset Resolution Limited shares in September 2012.
The case was decided in favour of Wellington Capital Limited at first instance before Justice Jagot of the Federal
Court. Her Honours decision was overturned on appeal before the Full Federal Court.
This hearing in the High Court of Australia on 13 May 2014 will hear Wellington Capital Limited’s appeal of the
orders made by the Full Federal Court.
- - - Updated - - -
http://www.nsxa.com.au/ftp/news/021728465.PDF
Premium Income Fund
NSX Release: 8 April 2014
Mortgagee in Possession Sale – Nelson Bay
Wellington Capital Limited as Responsible Entity of the Premium Income Fund advises that the call option that it
had entered into over the property as announced to the market on 10 July 2013 was not exercised and has since
lapsed.
Wellington Capital Limited as Responsible Entity of the Premium Income Fund has however exchanged a contract
for the sale of the property.
The contract is for $500,000 plus GST, with $200,000 payable at settlement and the balance due in 12 months from
settlement. The contract is due to settle in May 2014.
Premium Income Fund
NSX Release: 8 April 2014
Sale of Assets for $5.2 million – update
As announced on 19 June 2013 Wellington Capital Limited as Responsible Entity of the Premium Income Fund
entered into an unconditional contract to sell its interest in five assets for $5.2 million. Completion of the sale
occurred on 18 June 2013 and $1.2 million was received at settlement.
As announced on 23 September 2013 a further $100,000 has been received.
The balance $3.9 million was due for repayment on 31 March 2014 but has been extended to 30 September 2014
by agreement.
- - - Updated - - -
http://www.nsxa.com.au/ftp/news/021728464.PDF
Premium Income Fund
NSX Release: 8 April 2014
High Court of Australia Hearing
Wellington Capital Limited as Responsible Entity of the Premium Income Fund advises that the hearing of the
High Court of Australia granted through the Special Leave application on 8 November 2013, which appeals the
orders of the full court of the Federal Court of 28 May 2013, is scheduled to be heard on 13 May 2014.
Wellington Capital Limited as Responsible Entity of the Premium Income Fund sought to appeal the orders made
by the Full Federal Court of 28 May 2013 as set out in the announcement of 28 May 2013 in the case brought by
the Australia Securities and Investments Commission against Wellington Capital Limited in relation to the inspecie
distribution of Asset Resolution Limited shares in September 2012.
The case was decided in favour of Wellington Capital Limited at first instance before Justice Jagot of the Federal
Court. Her Honours decision was overturned on appeal before the Full Federal Court.
This hearing in the High Court of Australia on 13 May 2014 will hear Wellington Capital Limited’s appeal of the
orders made by the Full Federal Court.
- - - Updated - - -
http://www.nsxa.com.au/ftp/news/021728465.PDF
Premium Income Fund
NSX Release: 8 April 2014
Mortgagee in Possession Sale – Nelson Bay
Wellington Capital Limited as Responsible Entity of the Premium Income Fund advises that the call option that it
had entered into over the property as announced to the market on 10 July 2013 was not exercised and has since
lapsed.
Wellington Capital Limited as Responsible Entity of the Premium Income Fund has however exchanged a contract
for the sale of the property.
The contract is for $500,000 plus GST, with $200,000 payable at settlement and the balance due in 12 months from
settlement. The contract is due to settle in May 2014.
