Equititrust?

No Trust said:

A SOLICITOR - AN OFFICER OF THE COURT DID NOT DISCLOSE HIS UNHOLY UNDERTAKING TO SENIOR COUNSEL AND THE COURT...

IN MY ESTIMATION OF THE BEHAVIOUR ONE COULD INFER THAT THE COURT WAS MISLED...

NOW LETS TAKE A WALK DOWN MEMORY LANE... IS THIS THE FIRST TIME TUCKER MISLED BOTH SENIOR COUNSEL AND THE COURT IN REGARD TO A RECOVERY MATTER ??? WAS TCUEKR COVERING UP FOR MCIVOR AND OTHERS ?

A CREDIBLE PATTERN OF BEHAVIOUR IS BEING ESTABLISHED... THIS CANNOT BE IGNORED ANY LONGER BY ALL CONCERNED...

THE MATTER NEEDS TO BE REFERRED TO THE LEGAL SERVICES COMMISSION AND QUEENSLAND LAW SOCIETY BY STEPHEN RUSSELL AND THE SENIOR COUNSEL THAT WAS MISLED


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No Trust said:

The evidence dropping daily, encapsulated in the official court documents,... is mind bending...

The legal team acting for the liquidators, Stephen Russell, Mr Cooper QC and Mr Couper QC are first class.

Their level of detail and legal expertise is exemplary...

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Equititrust Ltd said:

Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy. That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence. Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources. In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.

If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns. Having said this, I think the appropriate way for this to be done is by them contacting us individually. As always, we shall be open and transparent in all our dealings.

By way of example only, I shall address the matters raised by “kostag” (whose name incidentally is strikingly similar to an associate of a former recalcitrant borrower of Equititrust’s) in his latest post of earlier today. I shall use the same numbering system as that adopted by him.

1. Funds from new investors have not been used to repay bank debt – such repayments (which total $96m) have been generated from loan collections. In addition, outstanding redemptions are actually approximately $40m and not over $50m as outlined as many have voluntary converted to term investments;

2. Changes to a Board are not at all unusual (particularly when one considers how long they have been on it). One only needs to look at the calibre of those that have joined the Board to see how the changes have strengthened the Board composition and not weakened it. I can confirm that the changes were instigated internally in order to provide a greater corporate governance framework and that both Mr McIvor and Mr Chaney expressed complete support for the changes;

3. Whilst the reference to MFS is hardly worth commenting on given the clear misrepresentation of the true position, it is worth noting that Mr David Anderson is not on the Board as outlined and at no time have either Mr Anderson or Mr Kennedy been castigated or criticised by the Court on any occasion regarding their involvement in MFS. Incidentally, Mr Kennedy was only at MFS for approximately 9 months and left some 6 months before it collapsed;

4. KPMG is one of the four largest audit and accounting firms in the world. It has a niche in auditing financial organizations and in fact is also the auditor of ANZ Bank, Suncorp and one of the largest banks in the world, HSBC to name but a few. It is also the only Big 4 firm with a serious presence on the Gold Coast and as such it is hardly of significance that both MFS and Equititurst shared the same audit firm (although it should be noted that the MFS audit was conducted out of Melbourne);

5. Staff resources have been increased in order to protect investor’s interests as a much greater degree of time is required to be spent monitoring and managing our loan book post GFC. This is consistent with similar increases in our Big Four banks loans management departments post GFC. It would be irresponsible for us not to have done this. The significant increase is costs is being entirely borne by the Responsible Entity and not by investors;

6. Landsolve was not created to take control of bad loans and not one single loan has been “moved across” to Landsolve as suggested. The birth of Landsolve is a recognition that the world post-GFC is a very different place and that development lending moving forward will need to be managed in a very different way. The suggestion that the financial reports “record little if any bad or default debt” is simply wrong. Almost $40m worth of loans have been impaired over the past three years to recognise falls in property values and potential unrecoverability of same. As Landsolve has no debt or any loans there is no “bad” debt hidden away as suggested;

7. The NAB LVR Ratios have not been breached as alleged. The rest of point 7 contains pre speculation which is entirely untrue;

Equititrust is supportive of the right for one to express an opinion but is concerned when posts such as those by Kostag and Olman contain numerous and repeated errors and conclusions that a reasonable person could not possible reach.

The facts speak for themselves:

(i) In its 17 year history no investor has ever suffered a loss with Equitirust;
(ii) Income distributions have always been paid in full and on time;

It is unfortunate that redemptions have been frozen and this is regrettable but we had little choice once the federal government decided to guarantee bank deposits and banks decided (notwithstanding such guarantee) to unilaterally curtail credit provision across the country. It is with some degree of pride that we have managed to pay distributions throughout – something that Commonwealth Bank’s own mortgage fund has not been able to do.

As I said at the beginning, any genuine investor can call us at anytime should they have any concerns about their investment. I personally invite both Kostag and Olman to contact me personally should they continue to have any concerns about the financial position of Equititrust and I will be sure to provide them with an transparent and honest assessment of same.

Regards

David Kennedy
Chief Executive Officer

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No Trust said:

The exposure of all of the above financial vampires on this thread over the last 10 years, has led to some catastrophic falls from grace, which have been documented by the Australian media in great detail. It has been worth it, throughly entertaining and gratifying...

How much of an influence has this forum had? I think in the answer is in the hits on the thread exceeding of 831,000 views. It’s obvious that everyone involved is reading the forum, including all the receivers, liquidators and solicitors. Feedback is, all of them are addicted to this forum like crack cocaine, viewing it multiple times a day... Come on guys...... Tell me I’m wrong...

Even Stephen Russell, of Russell Lawyers, saw the influence of the forum and made an appeal on the thread for EPF investors to contact his firm. This was a common sense approach and one which I wholeheartedly support. He deserves credit for his legal skills and tenacity in putting Tucker & Cowan up against the ropes.

But wait there’s more............................ Legal Troubles about to explode in everyones faces, intertwined in this grubby melange of fraud, asset theft, lawyers, receivers and liquidators each protecting their own.... The timing of this new front of exposure is no coincidence...

If you think the Sh#t has hit the fan already.... You’ve seen nothing yet...

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equiticriminals said:

Equititrust is a company that will attract the ilk of former MFS executives.

Run and founded by an equally dubious character called Mark McIvor. This Mirky Financial Character has run under the radar for many years and now it seems the banks are calling in the money. One look at their web site demonstates the amount that had to be paid back to one bank who got wise... 90 Million Dollars... The demand was made by the bank after it lost confidence in Equititrust.

Sources within Equititrust have confirmed that if it were not for the freeze in redemptions "Forced" on Unit Holders the company would have collapsed.

To add insult to injury the Australian Newspapaer - Anthony Klan www.theaustralian.com.au/business/.../story-e6frg8zx-1225835823806 has reported that whilst investors funds are frozen they have been trying to dupe further investors by issuing another prospectus to raise more funds.

No surprise that Choice Magazine gave them a shonky award in 2008. Equititrust should be referred to as "No Equity" and "No Trust". Yet a search of google and various news articles on Equititrust reveal that its head Mark McIvor refuses in most cases to talk to the media despite its auditors stating in their annual report they have concerns regarding the stability of Equititrust. This was reported in the Australian in March 2010.

The intertwining of McIvor's personal and business interests is inextricably linked to the underwriting of the fund however this is not properly revealed by KPMG as the personal assets are in seperate holding companies which own beach front and river front properties etc which are are heavily leveraged and cross collaterised to support the borrowings of Equititrust. Not being able to raise further funds and only being able to survive for the last 2 years by holding people's money hostage is not the way to keep your bankers happy.

GET YOUR MONEY OUT

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Equititrust Ltd said:

Whilst it is not our usual policy to post replies on websites such as this, a valued investor has drawn our attention to the misinformation and untruths that have been posted and it would be remiss of us not to at least demonstrate their inaccuracy. That said, we do not feel that it is productive to enter into an ongoing dialogue re same and as such our posting will not be a regular occurrence. Viewers should not read anything into our failure to reply other than that we do not consider it to be an appropriate use of resources. In fact, in our view, those participating in this site are most likely not investors at all but rather disgruntled borrowers against whom we have been forced to act due to them defaulting on loans.

If any genuine investor has any concerns with their investment at Equititrust then, as always, we remain committed to addressing such concerns. Having said this, I think the appropriate way for this to be done is by them contacting us individually. As always, we shall be open and transparent in all our dealings.

By way of example only, I shall address the matters raised by “kostag” (whose name incidentally is strikingly similar to an associate of a former recalcitrant borrower of Equititrust’s) in his latest post of earlier today. I shall use the same numbering system as that adopted by him.

1. Funds from new investors have not been used to repay bank debt – such repayments (which total $96m) have been generated from loan collections. In addition, outstanding redemptions are actually approximately $40m and not over $50m as outlined as many have voluntary converted to term investments;

2. Changes to a Board are not at all unusual (particularly when one considers how long they have been on it). One only needs to look at the calibre of those that have joined the Board to see how the changes have strengthened the Board composition and not weakened it. I can confirm that the changes were instigated internally in order to provide a greater corporate governance framework and that both Mr McIvor and Mr Chaney expressed complete support for the changes;

3. Whilst the reference to MFS is hardly worth commenting on given the clear misrepresentation of the true position, it is worth noting that Mr David Anderson is not on the Board as outlined and at no time have either Mr Anderson or Mr Kennedy been castigated or criticised by the Court on any occasion regarding their involvement in MFS. Incidentally, Mr Kennedy was only at MFS for approximately 9 months and left some 6 months before it collapsed;

4. KPMG is one of the four largest audit and accounting firms in the world. It has a niche in auditing financial organizations and in fact is also the auditor of ANZ Bank, Suncorp and one of the largest banks in the world, HSBC to name but a few. It is also the only Big 4 firm with a serious presence on the Gold Coast and as such it is hardly of significance that both MFS and Equititurst shared the same audit firm (although it should be noted that the MFS audit was conducted out of Melbourne);

5. Staff resources have been increased in order to protect investor’s interests as a much greater degree of time is required to be spent monitoring and managing our loan book post GFC. This is consistent with similar increases in our Big Four banks loans management departments post GFC. It would be irresponsible for us not to have done this. The significant increase is costs is being entirely borne by the Responsible Entity and not by investors;

6. Landsolve was not created to take control of bad loans and not one single loan has been “moved across” to Landsolve as suggested. The birth of Landsolve is a recognition that the world post-GFC is a very different place and that development lending moving forward will need to be managed in a very different way. The suggestion that the financial reports “record little if any bad or default debt” is simply wrong. Almost $40m worth of loans have been impaired over the past three years to recognise falls in property values and potential unrecoverability of same. As Landsolve has no debt or any loans there is no “bad” debt hidden away as suggested;

7. The NAB LVR Ratios have not been breached as alleged. The rest of point 7 contains pre speculation which is entirely untrue;

Equititrust is supportive of the right for one to express an opinion but is concerned when posts such as those by Kostag and Olman contain numerous and repeated errors and conclusions that a reasonable person could not possible reach.

The facts speak for themselves:

(i) In its 17 year history no investor has ever suffered a loss with Equitirust;
(ii) Income distributions have always been paid in full and on time;

It is unfortunate that redemptions have been frozen and this is regrettable but we had little choice once the federal government decided to guarantee bank deposits and banks decided (notwithstanding such guarantee) to unilaterally curtail credit provision across the country. It is with some degree of pride that we have managed to pay distributions throughout – something that Commonwealth Bank’s own mortgage fund has not been able to do.

As I said at the beginning, any genuine investor can call us at anytime should they have any concerns about their investment. I personally invite both Kostag and Olman to contact me personally should they continue to have any concerns about the financial position of Equititrust and I will be sure to provide them with an transparent and honest assessment of same.

Regards

David Kennedy
Chief Executive Officer

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No Trust said:

Read David Kennedy’s sychophantic drivel below and compare it to reality...

So Kennedy said that Anderson, who he pulled into Equititrust was as pure as the driven snow as it concerned MFS..

One thing to remember, both parasitic amoeba are former KPMG operatives who coincidentally were the auditors of Equititrust...

Throw Tucker into the mix and you can see that McIvor attracted people with similar character traits to his own... The dumpster fire that was Equititrust continues to burn...

Petrol is about to be thrown on that fire and will engulf unexpected protagonists hiding in the shadows...

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No Trust said:

SH#T SHOW AT THE F#CK FACTORY...




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