Glad to be of some help to those who have lost so much... The detractors who flittingly come and go have their own agenda's and seem to care more about the idiots who caused this disaster rather than innocent retiree investors who were taken for a ride... They seem to be very quiet lately given the raft of court actions commenced by the banks and receivers. McIvor's interwoven public and private interests are now being unravelled by the banks and insolvency practitioners.
Equititrust Ltd v Members of the Equititrust Income Fund
A recent decision in the Supreme Court of Queensland, Equititrust Ltd v Members of the Equititrust Income Fund
"Among factors leading to the determination was the company's history of non-compliance with its statutory obligations, breaches of the conditions of its licence and the evidence pointed to by ASIC (Australian Securities and Investments Commission) in relation to the allegations of misconduct by the current director."
Its good to see the Supreme Court and ASIC douse an outbreak of delusion...
The full judgement is compelling:
Para 62 of the judgement of Justice Applegarth
"The affidavit of Ms Gentles is a substantial document, and contains material which justified ASIC‘s concern that Mr McIvor may not deal with the assets of the EIF in the best interests of members. The material relied upon by ASIC that supported its concern in this regard included documents that recorded the concerns of the board of the company in September and October 2011 about Mr McIvor‘s conduct. This included the then board‘s view that Mr McIvor ―was responsible for making all of the current problem loans. It also included claims that he had demonstrated extremely poor judgment in recent times (evidenced by emails attached to an affidavit filed in proceedings brought against the company by a borrower that had acquired a unit in the EIF and commenced proceedings to wind up the company). It included the directors‘ view that Mr McIvor had continued to deal on an unauthorised basis with some borrowers. Mr McIvor was said to be in ongoing conflict with the board and senior management and to have made a series of threats against staff."
ASICK, you are spot on... How low will it go ??? Most likely as low as Kostag predicted... It really makes me laugh when these failed financier types come on this thread intermittently and attack all and sundry... It seems the latest estimations by David Whyte back what was predicted on this thread yet again...
Originally Posted by ASICK
The remaining value of an Equititrust IF unit is tightening up:-
It’s good to see that Piper Alderman still have McIvor and his board of directors in their crosshairs... Investors can now see that their only hope of recovering more money is through the class action...
does anyone know anything about a Court case which is running right now in South Australia regarding a company called Wirrina Corporation Pty Ltd which apparently is the company that runs the properties that Equitirust has loaned moneys to.
Cant find details but seems that the loans are in dispute.
I cannot find any reference to this Court dispute in the Receiver's last statement (4th October 2012).
I think it was this loan which is over $40million in one of the Equititrust PDS statements. I think there was reference to a valuation of over $71million.
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