Now I'll let you all know before I start, I'm really, really, thick as a short plank. Can someone with a simple explanation tell me why we are dealing with JH. So far what she has done hasn't cost us a cracker. She says OCV shelled out a couple of million to get her show on the road and she paid CS or someone, "just north of $20million" for PIF. O.K. so we are now officially Wellington Premium Income Fund and there is $755million in the kitty as 29th Feb 2008,which JH is aware of , see the attachment:-
Wellington Premium Income Fund
General Information
Fund Name Wellington Premium Income Fund
Fund Status Closed
APIR Code MFS0001AU
Sector/Asset Class Mortgages - Aggressive
Morningstar Rating Not Rated
Standard & Poor's Rating Not Rated
Legal Structure Investment Fund
Fund Inception 1st Nov 2000
Fund Size $755.88 million (as at 29th Feb 2008)
Entry Price $1 (as at 30th Apr 2008)
Exit Price $1 (as at 30th Apr 2008)
Special Features Distribution statement, performance updates, annual report, tax statement, 1800 number, Lloyds of London insurance.
The next query is the title of RE, Administrator, Liquidator, etc. I feel we are being advised that we should not consider opting for an administrator or any other form of management to handle our, (it is our?) fund. I feel our affairs are being treated esoterically and in petto.
If an administrator is of no use, then are we to expect WC and crew to do us better than these poor investors in the following attachment?:-
Planners have two choices over Lift Capital
By xxxxx
Wednesday 16 July 2008
Financial planners whose clients have had their assets seized due to the collapse of Lift Capital were given two options to recover their money by the firm's voluntary administrators yesterday.
They could vote for the broker's voluntary administrator,yyyyy, to liquidate Lift, which would return about 62 cents in the dollar to creditors, yyyyy partner zzzzz said.
Choosing liquidation would leave yyyyyy with enough money for a class action against mmmmm, Lift's secured financier.
xxxxx would sue the United States-headquartered securities firm in a class action on behalf of Lift's 1019 clients - who are owed $220 million - for the way it handled the Lift situation.
Under the other option planners could vote for the voluntary administrator to implement a deed of company arrangement (DOCA), zzzzz said.
Voting for this option would boost returns to around 79 cents in the dollar, but creditors would give up the right to take class action against mmmmm and Lift's directors.
The returns would be higher as mmmmm had agreed to inject $1.4 million into the pool of funds to be redistributed back to planners, on the condition that it not get hit by a class action by xxxxx on behalf of 1019 clients.
However, creditors would be allowed to sue mmmmm in their own names.
Lift's directors had offered to put $1.15 million into the pool and remove their own claims as creditors of $1.29 million if administrators proceeded with the DOCA.
xxxxx partners' yyyyyy and jjjjjjj recommended the DOCA at yesterday's creditors meeting in Sydney.
Planners have until mid-September to vote.
Lift went into voluntary administration on April 10. mmmmm had sold $650 million of Lift's stock to replenish the money it lent to the broker.
Thanks to DoraNBoots, you're good value, should be more of you.