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Equititrust?

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Now ain't this re-assurring.... (Equititrust takes its ongoing disclosure obligations very seriously and if there is a matter which may have a material effect on an investor's investment then appropriate disclosure will be made as soon as practical. The correct forums for this disclosure are in our letters to investors and our regular updates on our website. I would encourage any genuine investor to regularly visit such website or request email alerts when additions are made. As any true investor will also know, an invitation has been extended to receive hard copies of any notifications for those without access to the internet or those that would prefer hard copies. They may also call our investor relations team at any time and if not satisfied may contact our CEO directly.) shame is - what about some warning to new INVESTORS who almost got sucked into the recent $50M VORTEX by the Kolonel..... thank heavens for vigilant ASIC and reporters such as COLIN KLUGER - who were onto it and pulled this one up.....it was only going to end very badly - whilst EQUITITRUST was 'welcoming new investors' and 'why not refer a friend' ...... come on in, the water's fine - the BOYS in the SPINBUNKER Boiler room at CHEVRON ISLAND were trying to figure out how to gloss up the news about the CASH RUN OUT in 3 months and the POTENTIAL 80% LOAN IMPAIRMENT.

With an AUDIT LOOMING KPMG had best make sure their PI INSURANCE is paid up. I presume the NATIONAL BANK will be taking a long hard deep look at those figures.





 
The pace is hotting up with post after post of drivel from the failed developer brigade....

It seems that volume, frequency and endless repetition are necessary to drown out the odd piece that does not agree with the thrust of the babbling barbarians attempting to push the post off the page in a vain attempt to make it disappear. Out of sight, out of mind?

Out of mind seems appropriate ...

LMAO. Very entertaining!
 
seems OLMAN may have succumbed to reality, at last.

OLMAN: perhaps in the interest of maintainingjust a facade of impartiality - when you called the Kolonel in December 2010, were you told about:-

a) cash flow situation : ie: 3 month cash run out

b) increased detioriation in DEFAULT LOANS from 37% to whatever % it is today

If NOT told, does this not concern you at all?
 

Sigh. Your lack of comprehension of plain English is remarkable. The failed developer brigade are you and No Trust - Equititrust does not fit that status, despite your illusions.

As stated many times, I am a concerned investor. However, I don't expect to be told of problems that don't exist until they become a reality. The 3 month run out of cash is your invention. Equititrust have not made any statement about it. Equititrust does still have some cashflow, and if it does evaporate I expect investors will be told.

I didn't ask about possible increases in defaults, and I became aware of them from the information posted on the website. I certainly don't expect Equititrust to bombard me with an encyclopedia of possibilities - that's your job. Rational projections and actual facts are fine by me.

Yawn.
 
3 Months Of Remaining Cash

Looks like Olman is back at the behest of Equititrust and accusing all and sundry of being failed developers. I guess Choice Magazine, The Gold Coast Bulletin, Sydney Morning Herald and The Australian are all failed developers... Welcome back Olman / Equititrust we missed you..


The 3 Months of remaining cash is no invention; Equititrust have made denials about other matters but they have not made denials about this in their letter posted on their website or in their posting on this forum last night.

Equititrust admits funds conflict Colin Kruger
January 10, 2011


"It also said EIF had a sufficient level of cash to ''meet its operational cash needs, including income distribution payments to investors for the next three months''."


http://www.theage.com.au/business/equititrust-admits-funds-conflict-20110109-19jsz.html

It’s very simple, if it is not true, deny it.. Investors are concerned..
 
three Months Of Remaining Cash - since 1-1-11 - only 6 weeks to go!

NOTRUST: Somethings that you may be able to clear up for me - the confirmation by EQUITITRUST that they only had 3 months operational cash left (reported early Jan 2011), seems to be written as to imply that this would be the position after they raised the new $50M and I presume from that they repaid the $26M owed to the National Bank on a well overdue facility.

Now, earlier EQUITITRUST revelations included a disclosure buried away somewhere that they were committed to repaying the NAB at a rate of $3M a month. (This came about because they could not repay the NAB when they were due to be repaid)

The questions I ask , out of genuine concern, is this.....

Q1: Operational cash for 3 months was predicted on the basis that Equititrust managed to grab $50M of new money. Yes or No?

Q2: On the basis that they have had that money grab attempt frozen by ASIC, what operational cash is left and how long will it last?

Q3: If A2: was modelled on the basis that the NAB was repaid out of the $50M 'trousering' by the EQUITITRUST boys - then is the 3 months of NAB payments of $3M per month covered or not covered from existing cash NOT reliant on the $50M grab?

Q4: I presume that the '3 month' estimate was made as at say 1-1-11 (it was reported in financial press in early January 2011) - does this mean, there is now less than 6 weeks operational cash to go (as at 17-2-11)?

Q5: National Bank: were they paid $3M in January and $3M for February 2011? or do they too have to make an application through ASIC under 'hardship relief' provisions to get repaid? I guess they aren't kept waiting, as they hold the secuirty that we are all meant to hold.

Q6: In terms of cash grab, Landsolve is still out there trying to grab $10M for the Meridien Marina group. Of the amoutn raised, a big chunk is slated to go the existing senior provider. Is that senior debt provider any entity related to Equititrust? In other words and simply, is Equititrust loading up another of 'our security assets' to grab some extra cash?

Now presumably OLMAN has asked these questions and has the information from the Kolonel!





 
Re: Equititrust: yawn! wakey wakey, hand off snakey Olman

I would have thought with respect that if you were a true investor, you would have expected the illuminati in the SPINNBUNKER to have told you (and I can imagine you must be very very hostile at such material and blatant non disclosures) - and oh, by the way whilst you are contempating 'investing' in our latest glossy brochure - we have just completed our review of our cash and our loan book - and looks like we are 37% default and less than 3 months cash...... Corporate WATCHDOG ASIC certainly saw it all as significant enough to pull the PDS.

Thank heavens respected CONSUMER ADVOCATE (and I guess, failed developer) CHOICE MAGAZINE blew the whistle on this back in 2008. Sadly, few of us heard the call!

Failed developers? Take a look at some of the backgrounds of some of the motley LANDSOLVE crew - they come from a fine array of sucessful operations - MFS, OCTAVIAR, PETRAC, BIG PINEAPPLE - a fine array of personal success stories.

Now, I understand OLMAN why you are still yawning - you are just starting to wake up! Wakey, wakey! I'd started trembling, not yawning.

 
Re: Equititrust Capital Investment Warranty

This 40m Capital Investment Warranty David K. keeps going on about - I want to know how this came about. Reason:
1. It stipulates in the EIF PDS. that on FINANCIER APPROVAL Equititrust can reduce the investment from 40m to 20m. So was the 40m invested as a result of the NAB/CBA putting a covenant on the extension on the expired facilities - do it or be wound up - and Mark and the cowboys deciding to market this as a voluntary investment rather than a mandatory one?
2. Once (if) the NAB is payed out, what Capital Investment Warranty do we have that Equititrust wont pull out the 20m because they aren't subject to bank covenants?
3. Under the PDS it also notes that if Equititrust is removed as manager of the fund (against its will) - the 40m or 20m (whatever the case may be) becomes an access investment (i.e. ranks equal to our money not subordinate) - what happens if Liquidators are appointed and Equititrust is put into External Administration - OR - Under the constitution (like most constitutions), when a liquidator or receiver is appointed to a trustee/manager, that entity is automatically vacated from the role as trustee/manager. Or ASIC steps in and appoints new managers because the current ones are not so good. Does the Capital Investment Warranty still exist?

I think there has been a little puffery around how this investment came about - from the looks of it, it seems Equititrust was forced.

Can anybody shed some light on the above?!
 
Re: Equititrust: INVESTOR INTERESTS: media

In the latest posted McIvor rant, he identifies that investors have expressed concern that Equititrust has put their interests ahead of ours. At one point he says:-

We are particularly distressed at the insinuations that we have put our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Well, there are some questions :-

Q1: Why did Equititrust borrow and therein grant FIRST RANKING security (ahead of our interests, ie: investors) to National Bank, Commonwealth Bank and Bank of Scotland, pushing all investors into second ranking security, at one stage behind a mountain of debt exceeding $150Million, and , as at today, still some $50Million in default loans to Banks?

Q2: Acceptiing that 'gearing' the loan book and allowing it to grow and make more interest margin and fees etc for Equititrust,was a profitable move for McIvor, how was such a policy in any way in the interests of investors, who simply stood to get the same agreed interest on their investments, such investments were meant to be secured against prime mortagge securities, over which 'we' held first mortgage?

Q3: When the Banks asked for their money back (which despite Equititrust rants, they were entitled to do), why did Equititrust de-nude cash reserves by fully paying out the Commonwealth Bank and substantially paying down the National Bank? How did this policy help investors or put their interests first and foremost? I accept that it ensured the survival of Equititrust for the benefit of Equititrust shareholders and managament, yet how did it assist investors interests?

Q4: We hear much about Equititrust's sub-ordination investment of $40million and how we should draw some obscure comfort from it. ( Isay obscure because it hasn't helped many of us get paid back after 2 years) Did McIvor or Equititrust ever actually invest by way of advancing and investing $40Million of real money? I mean 'real money' in the same way as investors advanced their real money, or was the investment some paper 'journal entry' accounting, in the same vein as Allco, MFS.

Q5: Equititrust pays itself a very high interest (I recall something in the order of 24%) on its own 'investment' (assuming that as per Q4: it is an actual investment) and a very large amount (I dont recall the amount) of managment fees. I think a total of about $15Million a year. With in excess of $40Million of investors having to plead hardship to get some repayment of their own capital (and still not getting it!), how does the payment of $15million from one's left hand to one's right hand, when investors are 'begging' for their money to be paid back, possibly align with McIvor's comment :- our interests ahead of investors. I can assure each and every investor that this is not the case. Every decision we make puts the interests of investors first.

Q6: How did the recent PDS (banned by ASIC and had to be withdrawn) which sought to raise $50Million of new money (when there is over $40M of old investors that can't be paid back right now , for last 2 years) , which as we now all understand was to repay the National Bank, and plonk some new (presumably higher rate lender) into first ranking security position ahead of all existing and legitimate investors, possibly benefit existing investors and align with McIvor comment about investor's interests being considered first and foremost?

Simple questions, just require a modicum of honest reply. It won't take Equititrust all day - just 6 questions.
 
Re: Equititrust: INVESTOR INTERESTS: media



Kostag: Read the Equititrust EIF PDS on their website. Then go back to the beginning of this thread, read carefully the few posts from people other than yourself and No Trust, and you will find the answers to your questions, which have been addressed several times. Constant repetitious carping does not change the facts. A basic knowledge of finance would also help you along considerably - a Google search can show you where to find a lot of simple information available on the web. Equititrust have also demonstrated their willingness to discuss any issues directly with investors....

Zencorp will also find his questions best answered by a call to Equititrust. If, as a supposed investor, intelligent doubts remain about what he learns, then let's hear about them.

 
I have been an investor with Equititrust for over 4 years. In that time I have been very sick and am currently awaiting another operation in 2 weeks.
In all that time I have received regular income from Equititrust which has reduced the stress I feel to a minimum. They keep in touch with me by email when I have concerns. I check their website regularly and am aware of their problems.
As people, they show consideration and kindness in their dealings with me.
It is a great shame that the GFC has caused problems for many people and companies. However, **** happens and then life has to struggle onwards.
What is an even greater shame is the total lack of caring shown by some people who respond on this blog. I have watched the 'views' go from about 4000 to over 9000. Ordinary people, many who are investors, will read what you say.
I suppose some of you might sit there and think what heroes you are, kicking Equititrust and slandering its employees and directors. Big heroes.
Did it ever occur to you, before you wrote some of that damaging and offensive material, that other people read these blogs.These people might be equally concerned about their money and future and then read your views on the shape of the world. Are you financial accountants? Are you auditors? Did you think of the effects of what you wrote on others who are probably suffering financial hardship and concern?
There is an old saying and in these circumstances I think it is applicable "If you can't say something good, say nothing."
You would and are causing a lot of innocent people further distress. Deal with Equititrust if you must and keep your negative views to yourselves. It is the mark of an advanced human, the ability to really care about others - in other words, grow up.
 
Re: Equititrust: INVESTOR INTERESTS: media

Thankyou OLMAN.

I have worked through the WEBSITE and the THREADS here.

The questions that I have posed hereunder dealt specfically with the ethicacy of Mr McIvor and his published (on his web site) PDS DISCLOSURE which seeks to refute MEDIA reporting by assuring us all that at all times he has acted with our interests first and foremost.

What I then did simply, was gather up from threads and emails and web site, the instances that seem to ahve worried a lot of people (none the least ASIC and the Media) and posed a number of questions, which deal with the assertion made by Mr McIvor. Now, search as I may, I dont find the answers to my questions and I daresay that they won't be answered and in that regard the silence speaks volumes.

Olman, with respect, I think you have lost the plot. You spoke to them in December and you are suddenly all warm and fuzzy. Then some shocking revelations are announced in January 2011, and none of this seems to concern you at all.

I can only suspect that the loss of your capital has hammered you so severley, taht you are in some form of clinical denial of reality. I'll see a financial analyst to assist me - I think you require some medication.



 
Katie

On the face of it, I ought treat you with the benefit of the doubt and that you in fact a very ill investor etc etc.

However, perhaps I have become cynical as a result of my treatment by Equititrust, and there was just a bit too much warm apple pie and 'a little bit of sugar makes the medicine go down' about your email posting.

I am glad you are getting your interest. Sadly, I had some business troubles and a serious health issue and needed a large chunk of money back from a few of these Gold Coast outfits and sadly, they have alll told me the same story. Two are now broke and I suspect the other two are close behind.

I am glad that you have not had to ask for your loan principal back. I would not ask for it back prior to going into surgery, because you will probably need a quadruple bypass to get your heart rate back in order, when you get the answer. The cupboard is bare Katie. I am told that they are out in the market place right now trying to sell off parts of their loan assets to pay back the National Bank.

Katie, they are our assets, yours and mine. Being packaged up and sold off. Is this right? Is this people dealing with our moneys honestly? Call me harsh. Harsh? I haven't started yet.

None of us can get our capital back, Katie. Aren't you reading the media. None of us can. You can't! (But Mark McIvor drew out how much last year - $15million!!!)

Now, knowledge is power. Sit in the dark and bask in ignorance if you must.

Ever wondered why these second rate money bucket shops prey on retirees like us? Because they are people who write the sort of emails you do. Let's see all the good in people, its a wonderful world out there. Let's be nice. Let's not ask nosey questions of all those poor highly paid individuals. THey are under enough stress, trying to save their jobs, to have to deal with our nuisance questions. That's not nice.

Katie, to use your french, I say enough b-ll s--t!

We want to know where our money is and what they are doing with it and about it. No more time, no more warm apple pie, no more big mean investors just want their $200million back - we wnat some truth.

Now, read my six questions posted today.

Nothing rude or offensive. Perhaps you might tell me which of those questions you say are rude or out of line, or perhaps - one better, you might have the answers to these questions.

Well, lets make it easy then. Let's dispell all the nasty rumours. Just answer the questions and then we have some information, and all move on.

How does that sound?






 
How refreshing to see another genuine investor speaking up. Of course, there has already been a predictable response from the cut-throat failed developers. Common decency is in very short supply here. It would be nice to see more ordinary investors voicing their concerns, one way or another, to give some balance to the thread.


 
Re: Equititrust: the hills are alive, with the sound of music!

If anyone needs any proof that this website is full of EQUITITRUST plants and employees, then this last post by OLMAN has to surely put paid to any doubts.

I asked six reasonable questions about our money and the Equititrust contention that the investor comes first. Not a whisper - nor will there ever be.

Poor Katie (if she is an investor) posts that she is sick and why can't we all be nice - and OLMAN fires up, isn't it nice to hear from real investors.

 
Olman - I do believe that you are a genuine investor and Katie - I’ve seen one other post akin to yours earlier when Equititrust was under the pump by media - nevertheless, I will give you the benefit of the doubt.

However, Kostage does point out some serious issues that can’t be put to bed - You can’t honestly say that earning 24% on a Capital Warranty Investment is fair. To be honest, it looks as if Equititrust has forecasted what the estimated loan impairments would be on a yearly basis and made that their interest rate to ensure that they don’t loose capital in the fund. Remember, while Equititrust may have its investors in the EIF at heart - the proposition of losing its 40m would be more daunting. I think that their 40m should do exactly what it was designed to do - be wiped out by impairments - and the 15M (or whatever the figure is) should be applied against bank debt or distributed to investors.

You see Equititrust go on about how they invested 40m of their own money - but what they don’t say is that they earnt this money by borrowing (using our investment as security) at a lower rate from the banks and lending to the dodgy developers out there. I think that because of the hardship that followed from Equititrust making this "wise" decision, they shouldn’t earn interest on money that they earnt which was ultimately derived from our investments. Its criminal and a vicious cycle.

Think about this concept for a second - pretty basic maths: If Equititrust lets say had 40m in the fund - would it make a difference in the interest earnt on that money if the 15m (or whatever this figure is) of impairments was made in the first quarter or the last quarter? Of course it does - but they don’t disclose when the impairment incurred - they charge the full interest on their investment and then deduct any impairment at the end of the year. It simply doesn’t add up - and you can't say that the losses were occurred on the last day of the financial year.

Also, you keep making comments about contacting Equititrust - but you need to understand the way people communicate has vastly changed. Forms of media, such as this one, are more effective and bring to fruition truths quicker. Maybe Equititrust should have its own blog, where people can ask questions and they can answer. Even issue individual investor ID/Logins - put the blog in a secure environment where search engines cant crawl and then ask all posters on this blog to delete their comments. You need to understand that we want information when we want it - while patience may be a virtue, we are missing (already missed in the stock market - CBA almost doubled) the biggest bull mark in the last 20 years. While Equititrust can tell us that they haven’t lost our capital (yet), what they have cost us is the opportunity of using our money at our discretion.

And Kostag - id love to hear a source for this, is Equititrust really trying to flog assets?
 
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