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Wellington Capital PIF/Octaviar (MFS) PIF

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Re: Octaviar MFS Premium Income Fund PIF


Well professor, may I say how good it is to hear from a moderator!!!

I am the originator of this thread and one of the founders of the PIF Action Group.

If there is anyone who has multiple accounts on this thread, you have my blessing to throw them off and be banned immediately! Don't wait, please ban them NOW!

We have many investor contributors and readers here who have had hundreds of thousands of dollars stolen or frozen by MFS/Octaviar Investment Management and are in dire straights. Investors really need to believe this thread is 100% genuine and in the best interests of those investors.

We have now had over 100,000 hits on this thread and need to be seriously looked after by moderators. I feel in the last month there have been a minority who seem to babble on about nothing and appear to be here only to disrupt this threads integrity and effectiveness!

Multiple accounts are an abuse of this thread and the investors on here!!! Multiple accounts are only here to manipulate readers and more than likely intimidate genuine contributors into silence.

Once again, Dear Moderator, please immediately remove any multiple account abusers.
 
Re: Octaviar MFS Premium Income Fund PIF


Name and shame:shoot::shoot:
 
Re: Octaviar MFS Premium Income Fund PIF

Thanks breaker, I fully endorse your views!!! ( I now have an imaginary IGNORE button which has been getting a severe work out lately!!!) I would just like to let those know that have expressed concerns about there not being anything in writing in regard to the anticipated 6cent annual distribution that I have e-mailed WC and received a phone call in relation to this. I have been assured that it has been fowarded to the person who deals with these matters and I will receive a return e-mail early next week. WC are more than happy for me to post the reply on the forum as they have had a lot of communication in regard to this.I read on a daily basis that many companies/funds are not giving a target rate of return re dividends or distributions for the next financial year as the market is so volitile it is hard to predict! Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Juan Mortyme said:
Name and shame:shoot::shoot:
Click to expand...
I agree Juan Mortyme, please moderators expose those that have been multi-nicking, it just makes a mockery of those that have worked so hard and persevered to provide a source of information and provide some support to investors in the PIF. Sometimes I read posts and think I don't need to deal with this BS, I am far too busy and then I receive a PM or return post, saying thank you, I appreciate what you have shared etc., so like others on here, will continue to share info and ask assistance of those more qualified to advise. In a situation when there is so many people whose lives are affected by the same outcome, but with different agendas and circumstances, not everyone is going to be in agreeance with the end result. I can cope with that and hopefully remain objective. Lets all hope the end result benefits the majority. Regards, Seamisty:aus::
 
Re: Octaviar MFS Premium Income Fund PIF

Yeah name and shame them.

I cannot help but notice that this is the first time I have seen this message and it would seem that I am the newest of recent contributors here and I have only posted in this forum. However, I would just like to say that this is my only account on ASF.
 
Re: Octaviar MFS Premium Income Fund PIF

Just so those posting to this thread are aware, these are the user names we have caught posting under more than one account:

Rocky1 and harry7
Javier and guesswho

At ASF we consider posting under more than one user name to be unethical and deceptive conduct and rest assured it will result in an immediate and permanent ban. For those thinking of registering more than one user name, we have very sophisticated methods for uncovering such activity so if you value your access to this website I would think very carefully before doing so.

One person, one voice.

That's always been the policy here at ASF and always will be.
 
Re: Octaviar MFS Premium Income Fund PIF

Octaviar directors face $80m class action for losses::::Nick Nichols

August 23rd, 2008

A CLASS action against former directors of embattled Gold Coast company Octaviar is seeking $80 million in damages, and counting.

Octaviar, formerly known as MFS, yesterday revealed it had received notification from Maurice Blackburn Lawyers of a possible action.

The legal firm is being backed by litigation funder IMF and has said it is acting on behalf of Octaviar shareholders.

The basis of the action is that shareholders should have been told the company needed about $500 million to continue as a going concern.

This was the sum sought from a capital-raising that was announced via a teleconference by former chief executive Michael King on January 18.

The announcement caused a 70 per cent drop in the company's shares the same day and the shares have been suspended ever since.

"The claims of their clients are said to total $80 million," said Octaviar in a statement to the stock exchange of the legal action.

"It is said that this amount could increase if more shareholders seek to participate in any claim."

Meanwhile, Octaviar said it had received more than 90 per cent acceptances from its listed noteholders for its payout offer, which would see all noteholders with $5000 or less invested paid out in full and the rest paid out at about 22.5c in the dollar.

It does not indicate how much of the total needed is represented by these acceptances.

Octaviar, which owes noteholders $351 million, needs the support of at least 75 per cent of noteholders by value to proceed with the payout offer. Larger noteholders have yet to respond.

It said discussions were in train with unsecured noteholders owed $100 million.

It also was set to meet officials from the Australian Taxation Office over a $53 million debt, it said.
 
Re: Octaviar MFS Premium Income Fund PIF

Hi all,

I have read the wellington explanatory memorandom. IMO it's akin more to a ransom demand than any alternative proposals and can see they have given us very little option. Either we accept their proposal.... or liquidate strictly on their terms.

The nsx that no-one wants has to be accepted otherwise THEIR long term goals will not be realised.

the proposal raised more questions than answers. Wellingtons ability to resurrect our fund has no substance when all the "legal" stop checks with Octaviar we were meant to believe in, ended up being nothing more political garbage. Wellington have given us no assurances or guarantees.

Perhaps someone here can shed some light on what happens if we accept Wellington capital as our RE. Will acceptance of that clause mean an automatic get out of jail card to allow octaviar off the hook for the 50 million support facility and the 147 million which were illegally siphoned off?

Cheers
 
Re: Octaviar MFS Premium Income Fund PIF

The moderator must now close this Forum as it has been compromised.

Can Breaker1, Please start a new Forum, aptly named to relfect the soon
new name of the Fund.

Maybe some legal action can be taken out against some of the scare mongers.
For example:-
Rocky1 and harry7
Javier and guesswho
 
Re: Octaviar MFS Premium Income Fund PIF


The moderators "must" not do anything. We will moderate as we see fit.

Be assured that this thread is now being closely monitored, and any new threads that are started will be merged with this one, be it under this name or a new one.
 
Re: Octaviar MFS Premium Income Fund PIF

akernst said:
The moderator must now close this Forum as it has been compromised.
Click to expand...

No it hasn't akernst.

I've cleaned up some of the rubbish in this thread, so it's a little shorter now.

great dame check your PM box
 
Re: Octaviar MFS Premium Income Fund PIF

JohnH the way to go would be do all this over say a 2 to 3 years We could all get installments payments along the way as well /Dane //
 
Re: Octaviar MFS Premium Income Fund PIF

Seamistry, What is the point in putting any pressure on WC to tell us how much we will be receiving in distributions? All you are asking her to do is answer an impossible question....and make a false promise.

NOBODY, even the best and most knowledgably informed, knows what the next few years hold economically for OZ. JH has communicated all the risks in the booklet, and they include all the many negative possiibities of the future.

She is not GOD.
 
Re: Octaviar MFS Premium Income Fund PIF

I agree with you Mary, It is more to see something set down in writing as an estimated target rate of distributions for those that are concerned that there was no reference made to the amount of proposed distribution for the forthcoming 12 months after Dec 08. It may just give a few some reassurance that there will be a distribution of some sort and there did seem to be some confusion as to a 3cent or 6cent amount. On a different matter, I was just reading through the PIF Annual Report for 2007 and see that the RE not only received 2.46% management fee for the year, but somewhere along the line us unitholders voted that the RE would also receive any surplus income the PIF made after expenses were paid. Can anyone confirm that this amount was an extra $464,630.00 (page51) or have I got this wrong? I was told yesterday by WC that any surplus money generated outside of the management fee/expenses, and the intended 6cent per unit annual distribution in the future will be remain in the Fund to help go towards rebuilding/restoring unit value. Was also told that the 3 unit valuations of 65,45 & 14cents have been confirmed to be within 98% correct. The independant valuation is almost completed, so hopefully those figures will be released soon. I also received a personal apology by e-mail from the two multi-nicking culprits who wish to pass on their apologies, so lets all move on and restore this forum back to where breaker1 intended it to be, a usefull link for all PIF holders. Thanks, Seamisty
 
Re: Octaviar MFS Premium Income Fund PIF

Sounds like we must have faith / hope / & keep our heads in the sand to me / Dane ///
 
Re: Octaviar MFS Premium Income Fund PIF

Thanks Seamistry.

Somewhere in all the paperwork that has been arriving lately, I read the comparative PDS where the original management was able to pocket anything left over after all monthly obligations had been paid......as averse to WC who will take .7%. Wow!!! Being a bit savvy with the PDS is what I, for one, will be doing from now on. Bloody open slather!! No wonder they all felt entitled to help themselves to the loot.
 
Re: Octaviar MFS Premium Income Fund PIF

Yes! Let the house come back to order. I was on the verge of giving up on the thread as it was deteriorating fast. The Maurice Blackburn situation will be something to follow, but in the end it won't help PIF investors. It will be an interesting sideshow. By then, our fund should be on the road to repair.
 
Re: Octaviar MFS Premium Income Fund PIF

Until this moment i have resisted responding to any of the crap that comes out of you mouth,other than the fact i have dubed you Magoo for obvious reasons,i have restrained myself pretty well i thought (HOW CAN IT TAKE 2 HOURS) to vote on three issues if WC wont let anybody talk, you idiot. I notice that the Moderators of the threads have called for you to answer your mail, i sincerely hope they remove you from this forum as you are obviously to old to comprehend the wishes of those who are useing it in a constructive manner with positive input,either remove yourself or i hope they do it for you. Flatback
 
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