Equititrust?

[No Trust]

Let's get these band of idiots in the witness box and have them cross examined by Senior Counsel. Lets see where the truth lies and the lies start...

[No Trust]

Testament to the Public Interest in this disaster the thread is well on its way to achieving a Quarter of a Million Hits which is still less than the amount of hits McIvor and his team of former directors will suffer when the class action commences...

Seems some are quite desperate, having to resort to spreading lies and misinformation about the class action proceeding... Of greater worry maybe the former Equititrust employees who are apparently more than keen to provide evidence as to where the skeletons are buried...

Who is the former Equititrust employee raising their hand the highest, keen to provide both evidence in and out of court. Might want to be careful, this individual may get an unsolicited call saying the Class Action is off...

Unfortunately for the culprits of this disaster its definitely going ahead and evidence is emerging from some unlikely sources...

Who said blood was thicker than water ???

[ASICK]

If hits on the thread were $$$$ then that'd be something to celebrate. The class action sounds interesting, but who is against? and for how much? Even if a claim is able to be sustained, is there $$$$ at the end of the rainbow?

I'm perplexed about paragraph 7 of the receiver's latest communication:
(http://equititrust.com.au/Pdfs/Recei...0Investors.pdf on page 5)

The receiver says (in part) in relation to "Proof of Debt", "Please note that an investor's claim against Equititrust Limited will be for any shortfall on their investment caused by Equititrust Limited acting as Responsible Entity of the Fund."

Ok, I give up - as Prof. J.S. Miller would say, "Why is it so?" - How do mere losses by an investor amount to a proof of debt against a responsible entity?

It seems to me that a letter to investors from Piper Alderman might have been in order - maybe to give investors assurance - after all, the receiver is doing no more than passing on a message. Sure, it saves the lawyer's money, but it just doesn't have a punch to it.

[Mozzi]

If hits on the thread were $$$$ then that'd be something to celebrate. The class action sounds interesting, but who is against? and for how much? Even if a claim is able to be sustained, is there $$$$ at the end of the rainbow?

I'm perplexed about paragraph 7 of the receiver's latest communication:
(http://equititrust.com.au/Pdfs/Recei...0Investors.pdf on page 5)

The receiver says (in part) in relation to "Proof of Debt", "Please note that an investor's claim against Equititrust Limited will be for any shortfall on their investment caused by Equititrust Limited acting as Responsible Entity of the Fund."

Ok, I give up - as Prof. J.S. Miller would say, "Why is it so?" - How do mere losses by an investor amount to a proof of debt against a responsible entity?

It seems to me that a letter to investors from Piper Alderman might have been in order - maybe to give investors assurance - after all, the receiver is doing no more than passing on a message. Sure, it saves the lawyer's money, but it just doesn't have a punch to it.

Couple of comments - Unit holders were required to complete "Proof of debt" forms at the Hall Chadwick meeting in May. As they have not even bothered informing anyone of their appointment as "liquidators" on the Equititrust site many of the unit holders remain uninformed as to what their role actually is! Definite lack of communication!

Piper Alderman - very little has been discussed on this site re this potential legal action, and even Piper Alderman's own site has not been updated since 13th February. Again - definite lack of communication - certainly would be more appropriate if they are serious that they communicate with investors directly! The potential for unit holders to be required to pay out good money after bad is enough to worry anyone at this stage. Remember, Piper Alderman were only representing 49 investors at earlier meeting. By the way, the $$$$s at the end of the rainbow were supposed to be being claimed from the insurance company covering the "Company Directors", "Responsible" (and the term is used loosely) Entity, employees of Equititrust etc.

Regarding someone circulating "rumours" that the action will not take place - not all unit holders have been receiving these communications obviously - and would have been a perfect opportunity to lay their cards on the table and say exactly what they are doing, and with whom and under what conditions!

Seems like, with the possible exception of Mr Whyte's reports, the rest of the people involved are treating us like mushrooms - you know the deal "keeping us in the dark and feeding us bull****"!!!

[ASICK]

One would have to be wondering why the liquidator would ask investors to tender proof of debt since merely as investors there is no debt? The receiver's statement (paragraph 7, page 5) makes no sense at all - actually, I'm surprised it was made at all.

I suppose if the liquidator would have said that each investor should sing "Simon Says", do you think they'd do it?

Okay, I'm only a punter too, but to me, it all seems badly amiss. Investors filling out proofs of debt disclosing the amount of money they've lost in the fund might be thinking there's a chance of personal recovery via the liquidator of Equititrust Limited, when (as far as I'm concerned) that is not going to be the case - again, to my mind, a total waste of time.

Ok on the insurance - at least it's something (in the circumstances).

[No Trust]

Piper Alderman is the only avenue investors have to recover any money from the directors... The action will proceed and investors who are confused about what the action entails should contact Piper Alderman bofore its too late.

[No Trust]

In terms of consistency David Whyte has been on the ball... Hall Chadwick on the other hand have been a total disgrace. Talk a big game but deliver absolutely no results... They have literally done nothing except perpetuate McIvor's earlier delusions of resurrection from the dead via a stock market listing...

When they came to the realisation of who they were dealing with (deluded idiot) they have been like a deer in the headlights. The stream of fees just didn’t eventuate as they thought and the backlash from investors and this thread about collecting fees from the funds caught them off guard.

Hall Chadwick should be removed and a competent Liquidator put in their place. One that will be consistent, investigate the malfeasance they have identified and communicate with creditors and investors properly.

If they want their fees paid let them talk to their buddy McIvor who appointed them.

[No Trust]

What should be investigated further is whether McIvor allowed "King Con" to manage any of the assets of either fund. Were there any other JV's or business relationships between McIvor and "King Con" ??? All relevant matters which require further investigation...

[No Trust]

This was retiree investors money not McIvor's personal piggy bank to do as he wished... McIvor's performance indicates that he was a very poor custodian of the public's money...



http://www.smh.com.au/business/names...711-21wci.html

[No Trust]

Ex-McIvor home put on the block

July 30, 2012

THE saga surrounding the mansion that Mark McIvor, founder of the failed Equititrust merchant bank, built on the elite Cronin Island is poised to take a new twist.


http://www.goldcoast.com.au/article/...-business.html

[No Trust]

Let's see if the "Unhappy Australian" attends the auction of his former abode which the banks repossessed earlier this year... Wifey Stacey might want to bring some Kleenex ... Pity these two never shed a tear for the innocent retiree investors who's life savings they lost...

[kostag]

this whole deal seems very very suspicious.

No-one is suggesting that FULTON paid the full price are they?

So someone allowed a CONTRACT to be written for an inflated amount knowing that it was inflated.

Then what happended at the settlement?

The Commonwealth Bank handed over $4.5M to someone - presumably the outgoing Mortgagees.

Did Fulton then hand over the balance to someone ? Or did everyone at the settlement just sit there saying 'well, there's a $6.7Million Contract here and only $4.75Million on the table ?".

Sounds like a conspiracy and fraud to me.......

why would FULTON be bothered doing this?

someone was behind this....... probably someone who had some interest in wanting to keep the house and needed a dupe to front on some crazy hare-brained transaction.

It could only happen on the Gold Coast!!!

Let's see if the "Unhappy Australian" attends the auction of his former abode which the banks repossessed earlier this year... Wifey Stacey might want to bring some Kleenex ... Pity these two never shed a tear for the innocent retiree investors who's life savings they lost...

[No Trust]

There is something seriously amiss here...

[No Trust]

It was interesting to note that the real estate agent handling the sale touted that the property was held in a trust structure immune from the Equititrust debacle...

Read the article below for some further insight as to who was doing the marketing... The property seems like a magnet of some sort to a particular type of individual...


http://www.propertyobserver.com.au/r.../2012031953900

[kostag]

I bet he is!

My experience in life is that coincidences rarely occur. More often than not: well planned conspiracies.

Only Police investigation will unearth what really went on with this obvious 'ramped' sale.

Certainly, on the face of it, someone lodged a fraudulent finance application with CBA and what suckers they were! Who do they employ to vet loans of this size? Idiots! Or did someone "gain" there too?

Then, ofcourse, someone knowingly produced a false contract.

Who signed it on behalf of the Vendors?

What happened at stetlement day in regards to the supposed balance of purchase moneys, that is the amount over the mortgage moneys supplied by the CBA ? Who simply turned a blind eye to what was patently a fraud taking place?

Expect to see much more on this than some agent simply taking 'stress leave'.


Then

It was interesting to note that the real estate agent handling the sale touted that the property was held in a trust structure immune from the Equititrust debacle...

Read the article below for some further insight as to who was doing the marketing... The property seems like a magnet of some sort to a particular type of individual...


http://www.propertyobserver.com.au/r.../2012031953900

[No Trust]

This is brewing into quite a litte saga on its own... What really went on here? Commonwealth Bank are claiming fraud and have taken it to the Supreme Court... Why was the sale soooo over inflated ? Clock is ticking on this bomb...

[kostag]

no Rhodes Scholars needed on this one....

This is brewing into quite a litte saga on its own... What really went on here? Commonwealth Bank are claiming fraud and have taken it to the Supreme Court... Why was the sale soooo over inflated ? Clock is ticking on this bomb...

[No Trust]

How stupid would one have to be to think this could be pulled off against a major bank...

no Rhodes Scholars needed on this one....

[No Trust]

The real question is why is the buyer trying to sell the house in such a hurry... Who else was involved in this little arrangement ???

[kostag]

just put two and two together....

who and how many people had to collude to get a CONTRACT isused for some $2M more than the hosue was actually being sold for?

what happended at settlement?

who agreed to this?

who oversaw the cheques being handed over or rather not handed over at settlement?

surely the CBA is not that stupid?

we have seen the CBA new advertising logo of CAN .... maybe it should be CON.