Wellington Capital PIF/Octaviar (MFS) PIF

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

WC will decide on hard ship cases HEY And what will they get ?? not much i guess The fund is not returning 6% at all that is a return of capital of the fund bleading it in other words /////////

Good morning great dame, I have tried to stay reasonably positive on this thread but I'm beginning to wonder how many investors are being deterred from this forum from your constant negative posts.It doesn't matter what anyone posts, you immediately follow it up with a downramp!!! Please start showing some consideration and respect for others it or you will find yourself posting on your own here. Seamisty:bad::bad:

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Good morning great dame, I have tried to stay reasonably positive on this thread but I'm beginning to wonder how many investors are being deterred from this forum from your constant negative posts.It doesn't matter what anyone posts, you immediately follow it up with a downramp!!! Please start showing some consideration and respect for others it or you will find yourself posting on your own here. Seamisty:bad::bad:

Look all we have got is just TALK TALK from JH I would love to believe her But i wont to see results not promises nothing wrong with that I will not except listing on the NSX I trade shares And that exchange would be the worst possable outcome for us believe me I will lean more to her if she dumps the NSX /////

 

[DoraNBoots]

Re: Octaviar MFS Premium Income Fund PIF

Hi Great Dame,

We hear you! We acknowledge you! Some even agree with you!

I agree with a lot of what you say but would it be possible for you to hold back from posting a little? Maybe limit yourself to one post per page instead of every second post.

I want the same information you want from WC. I’m thinking if you are writing to WC as much as you are here then you might just be successful. If I were JH, I would pay you out immediately for $1.10 a unit just to silence you.

 

[Wolfgang]

Re: Octaviar MFS Premium Income Fund PIF

Hi Breaker1

This is from your post 1099
“As to the strange short time frame (7 mths) of the liquidation, August 08 to March 31st, 09, if WC does not receive the 75% vote, a response from Jenny today, said it had something to do with "the 360 day time cycle coming up from the start of the freezing of our funds". My speculation is that that could be that we can then (possibly) make redemptions on the fund and send it into a tailspin, but that's only my guess.”

I think you have a good point on “redemptions on the fund and send it into a tailspin”
Breaker1 can you please elaborate further on this point

At the moment I see no other options but to stay with Jenny Hutson and hope for the best.

I am staying positive on this thread I'm learning a lot but I am now skipping over sum of them.

Stay positive
Wolfgang

 

[RickH]

Re: Octaviar MFS Premium Income Fund PIF

Riickh if i wgas an invester advicer i might say the things your saying too to your clients that are in a bad way i feel sorry for them But right now i feel more sorry for my self Are you passing all this information to JH ?????

Hi Great dame,
I have no association with JH and NO, I am not passing on this information directly to JH.
BUT I would hope that she is monitoring and listening to the concerns posted on this site and I believe that it would be very wise move for JH to consider all of the concerns registered by all PIF investors.

 

[selciper]

Re: Octaviar MFS Premium Income Fund PIF

Breaker1's #1101 objective report gives us reason to remain positive! The recent descent into gloom in many posts is understandable, but pessimism doesn't produce one cent. JH appears to be setting out a realistic process while having the right qualifications to do so.

Imagine if MFS had liquidated the PIF at the time we were receiving those ridiculous newsletters! Be thankful.

If it weren't for Breaker1's initiative we'd be without this informative thread. Let's calm down and be realistic. The world economy, after all, is in tatters. We have a manager trying to help us through this period.

 

[Rance]

Re: Octaviar MFS Premium Income Fund PIF

Thank you Joan (Breaker1) for your clear and concise (non-emotive!!!) report on the Port Macquarie presentation. I'd like some of my capital back now but not at 14 or 45 cents per unit. Therefore my decision is a "no-brainer"... I'm all the way with WC. If WC receive a 75%+ vote majority, I'll cancel my withdrawal request and let JH get on with restoring the fund's finances; pay 6 cents pa distributions, etc etc.
I think what she has done to date (liquidated debts and initiating legal action) is commendable and she deserves our support.

Rance:iagree:

 

[Mutchy]

Re: Octaviar MFS Premium Income Fund PIF

From our local AG Port Macquarie secretary, part of the WC forum feedback is:


As to the strange short time frame (7 mths) of the liquidation, August 08 to March 31st, 09, if WC does not receive the 75% vote, a response from Jenny today, said it had something to do with "the 360 day time cycle coming up from the start of the freezing of our funds". My speculation is that that could be that we can then (possibly) make redemptions on the fund and send it into a tailspin, but that's only my guess.

Hi Breaker,
I believe the time frame to the end date for liquidation is dictated by the requirement of the constitution that the freeze on the activities of PIF can only be extended to 360 days total duration. So that's 360 days from when normal operation of the fund ceased and that ends in March 09.

Hello All
I have patiently read all posts lately and have declined to try to summarise the facts arising because there has been little if anything worthwhile to record. I see no benefit in most posts recently, as many have been almost entirely devoid of facts which increase the sum of our knowledge. Those referring to the WC meetings where some clarification has been made to earlier posts regarding JH's statements have been beneficial.

Could respondents please keep the discussion to facts, not opinion and resist the temptation to make them personal?
Mutchy

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Breaker1's #1101 objective report gives us reason to remain positive! The recent descent into gloom in many posts is understandable, but pessimism doesn't produce one cent. JH appears to be setting out a realistic process while having the right qualifications to do so.

Imagine if MFS had liquidated the PIF at the time we were receiving those ridiculous newsletters! Be thankful.

If it weren't for Breaker1's initiative we'd be without this informative thread. Let's calm down and be realistic. The world economy, after all, is in tatters. We have a manager trying to help us through this period.

Excellent work Breaker 1. V v v much appreciated. At BNE forum, JH inferred that the 360 days is legislated whereas the equiv law in NZ is 3 years. OPI is a NZ fund and the NZ unit holders voted to use the 3 year period that was available to them to see out the cycle; hence the moratorium. The AU equiv is 360 days. I'm just reporting what JH said. This 360 days has been imposed on us. What's not confirmed for me is why JH gave a 31 March 08 deadline. Redemptions were stopped in January weren't they?

Selciper,
IMO and I'm not an accountant or economist and definitely not a Financial Advisor:
The world economy is NOT in tatters. Far from it. There is growth everywhere (just not in the US) and AU is cashing in on it, BIG time. And will continue to provided we aren't fooled into the panic and flog off the best assets (our minerals resources). (Look at the Xstrata takeover of Mount Isa Mines in 2003 - at the beginning stages of this boom - smart move eh! You don't make a $5B move like that by acting on what you read in the Pop Press)
The high interest rates in AU have been put there by our Reserve Bank to COOL our economy.
There's no doubt, there are big changes going on in the gobal economy and this creates teething problems. Changes such as a shift away from the dominance of the US consumer. But the US (IMO and supported by the image our Pop Press paints) is like a demonstrative child that doesn't want to give someone else a go without a lot of WAAAAAAAAAAA!. They've holed and overloaded their boat through their excess debt and like the graceless and desparate shipwrecked in the water, are clinging to whoever or whatever they can to avoid falling behind. But can we, or should we, cut them free so they can fix up their boat while the rest of us continue on?

Stat I heard on ABC's News Radio a few months back: there are a MILLION US$ millionaires in India. And just like you and me those people want to have kids, buy strollers and toys, go on holidays, buy Plasma TVs, video games and hybird cars, have bigger houses with guest rooms filled with furniture that's rarely used, etc etc.

There are few consumers that embrace doom and gloom like Australians. Makes the RBA's job easier doesn't it. Not necessarily a bad thing.

There's a lot of negative press about the 18% interest rates under Hawke/Keating. Well the self funded retirees and all other savers certainly weren't complaining. With low inflation their buying power just kept on going UP and UP and UP.

Can PIF take advantage of the current market? I don't know. BUT it seems that the higher interest rates go to push down inflation, the easier it will be for PIF to make money. Credit squeeze - the harder it is for quality borrowers to get loans, the better it is for PIF. Or not?

 

[JohnH]

Re: Octaviar MFS Premium Income Fund PIF

Thank you "Duped" for the needed, positive common sense.

Recession and Depression are results of attitudes of mind.

 

[flatback]

Re: Octaviar MFS Premium Income Fund PIF

G'day Breaker1, mate i now get whats going on,have a look at all of the posts by great dame (mr magoo) now have a look at the majority of replies they are from rickh, there are a sprinkling of other replies from unit holders who wish to, rightly, voice their concerns via this forum but are responding to these idiots retoric to try and get them to tone down their negativity i think one of them is trying to show everybody how clever he is by replying to mr magoo by telling him how many of his clients he is working so hard for, and also influence others with this same retoric, this pairs agenda is to disrupt this forum,and make it more difficult for those who have an honest interest in moving foreward and meaningful.i know i said i would not respond on this forum again because of the above,but somebody had to say it ,the whole thing to me is like an organised exersize to distrupt fair and honest comment.:nosympath

 

[RickH]

Re: Octaviar MFS Premium Income Fund PIF

G'day Breaker1, mate i now get whats going on,have a look at all of the posts by great dame (mr magoo) now have a look at the majority of replies they are from rickh, there are a sprinkling of other replies from unit holders who wish to, rightly, voice their concerns via this forum but are responding to these idiots retoric to try and get them to tone down their negativity i think one of them is trying to show everybody how clever he is by replying to mr magoo by telling him how many of his clients he is working so hard for, and also influence others with this same retoric, this pairs agenda is to disrupt this forum,and make it more difficult for those who have an honest interest in moving foreward and meaningful.i know i said i would not respond on this forum again because of the above,but somebody had to say it ,the whole thing to me is like an organised exersize to distrupt fair and honest comment.:nosympath

Flatback,
I would have thought that my comments were positive and I have tried to create a base for the structure of the PIF going foward. The loan agreement is a good way to help those in desperate need. But obviously you think that I am not providing any benefit to this forum. I disagree but if others feel the same please reply and I will stop offering any comments at all.
May clients want their money back plus.:1zhelp::venus::1zhelp:

 

[Duped]

Re: Octaviar MFS Premium Income Fund PIF

Thank you "Duped" for the needed, positive common sense.

Recession and Depression are results of attitudes of mind.

Thanks JohnH.

Or attitudes of governments.

Remember Paul Keating's: "the recession we had to have".

Some argue that the Great Depression could have been far shorter and less severe than it needed to be. Basically everyone had to suffer in order to preserve the interests and hence relative standing of a select, albeit large, part of the community. No one wanted to act in case such action would reduce their standing in the community.

I once read a book about the depression of the late 19th century. Conclusion was that it wasn't a depression at all, just a shortage of money which consequently was holding back growth.

All were only in the power of governments to remedy or at least steer.

 

[SPLITPIN]

Re: Octaviar MFS Premium Income Fund PIF

Flatback,
I would have thought that my comments were positive and I have tried to create a base for the structure of the PIF going foward. The loan agreement is a good way to help those in desperate need. But obviously you think that I am not providing any benefit to this forum. I disagree but if others feel the same please reply and I will stop offering any comments at all.
May clients want their money back plus.:1zhelp::venus::1zhelp:

RickH

I find your comments informative and positive from your world.

Hang in.

Splitpin

 

[great dame]

Re: Octaviar MFS Premium Income Fund PIF

Hi Great Dame,

We hear you! We acknowledge you! Some even agree with you!

I agree with a lot of what you say but would it be possible for you to hold back from posting a little? Maybe limit yourself to one post per page instead of every second post.

I want the same information you want from WC. I’m thinking if you are writing to WC as much as you are here then you might just be successful. If I were JH, I would pay you out immediately for $1.10 a unit just to silence you.

I am deeply hurt i hope i can recover Tell me DoraNBoots are you writing to JH too I have found if you keep the drip method up long enough you sometimes get reslts & thats what i entend to do Try & lose is betting then not trying at all///////

 

[Javier]

Re: Octaviar MFS Premium Income Fund PIF

I rang Jenny yesterday, she was busy in meetings. I spoke to her very pleasant PA and she told me she is speaking with her legal eagles about alternate possibilities for redemption.

She told me Jenny remains very positive and so should WE. So chin up folks and remain positive, she will come up with something great I am sure and will then be able to get 100% of our support. STAY POSITIVE and don't listen to people with NO facts!

 

[Ivor Watt]

Re: Octaviar MFS Premium Income Fund PIF

Flatback,
I would have thought that my comments were positive and I have tried to create a base for the structure of the PIF going foward. The loan agreement is a good way to help those in desperate need. But obviously you think that I am not providing any benefit to this forum. I disagree but if others feel the same please reply and I will stop offering any comments at all.
May clients want their money back plus.:1zhelp::venus::1zhelp:

Rick H, i agree that your comments are positive and am glad that you are making them.
We do not want this forum to degenerate into a bickering arena between people, we want it to provide positive direction and comment that will avoid any split in our ranks and provide a united front for the achievement of a better result for all concerned.

 

[simgrund]

Re: Octaviar MFS Premuim Income Fund PIF

I am an investor in the PIF with many millions of $ of my own money in there, so I am extremely nervous to say the least. I have spoken to Guy Hutchings dierctly on a couple of occassions in the last 2 months, and whilst he assures me that we will recoup most, if not all our caiptal..I have my doubts. He himself has some of his own money in there.

What I can't work out is why Wellington Capital (WC) is now in the picture. I mean what is the financial advantage to them. I am hoping that they will be a white knight and at least pursue the $50m from the parent co to cover the shortfalls..but what does WC have to gain apart from a client list of investors that would not re-invest as a going concern?? I am more than happy to talk with other investors to get an action group started..I am in Sydney.

Dear Javier
I am Simon: my Email is <simgrund@rabbit.com.au> and you may include me in any future group you may think helpful.
I too believe, as others do, that Custodian's role in releasing funds for related party loans is actionable in court as it was in direct contravention of known
prohibitions (Page 6, Lonsec Report, Oct "07).
Wishing well, Simon

 

[breaker1]

Re: Octaviar MFS Premium Income Fund PIF

Re Centrelink and Veteran Affairs re-working your PIF unit value from $1 to
45c:

Some C/L staff are unaware of the revaluation, so if they tell you it's still @ $1, just tell them that WC managing director has had the 45c approved and that many pensioners have already had it changed from $1 to 45c. C/L staff then usually ring around, find out it's a fact and immediately change it. They can get confused with MFS LTD and tell you it's worth the 99c share value. Tell them it's not MFS or Octaviar, it's Wellington Capital and an instruction from them to C/L as to the 45c new value.


My dad rang Veterans Affairs and they told him it was $1, so dad rang Jenny (herself I think) and she said she would immediately ring Veteran Affairs and iron it out.

So don't take NO for an answer!

Make sure you ask them to backdate it to July 1st, '08, the devaluation date.

 

[seamisty]

Re: Octaviar MFS Premium Income Fund PIF

Hi All, would anyone be able to help me on behalf of another investor, AG member who has been trying to contact the MFS/OCV Southport office? Member has been unable to make contact and would like to know if the office is still operational. I was under the impression that Chris Scott moved back to the original premises when he was cost cutting. The phone is not being answered. Any help or information will be greatly appreciated. Thankyou, Seamisty