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LM Investment Management - Lack of confidence

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Headliners

The copy for that article could be:

Drake claims he's so good, without him, funds lost

or

Fund loss because no Drake, says Drake
 
More B.S. from Drake, the man is a complete and utter fraud

Drake breaks silence about LM by Jenny Rogers Gold Coast Bulletin - need to Google it
 
Just wanted to give a warning to LM investors from my horrible Equititrust experience.

When you see these names be very very careful if you want to see any of your money

Amanda Banton, David Tucker, David Kennedy, David Whyte.

These guys turn up beyond coincidence at distressed funds and as far as I can tell the outcome is always the same. Lots of promises but in the end you only get left with empty pockets.

Hope you all do better than we did.
 
Nordrum

Just wanted to give a warning to this thread about the so called poster Nordrum...

https://www.aussiestockforums.com/forums/showthread.php?t=19877&page=171

Please refer to posts #3401 - 3404 and make up your own mind.

Please also refer to

https://www.aussiestockforums.com/forums/showthread.php?t=19877&page=170


As a poster on the Equititrust thread for over 3 years I believe David Whyte is doing an excellent job with the Equititrust disaster which Mark McIvor created.


The only guy who left investors with empty pockets is the now bankrupt loser Mark McIvor
 
That Equitrust thread is such an interesting read. Seems like Nordstrum is this McIvor chap.

I dare Peter Drake to come into this forum. What, Peter, too afraid of us "sophisticated investors" who can afford those financial advisors... oh wait, no YOU paid them those handsome commissions, didn't you?
 
Yes it does seem like McIvor doesn't it... Being the gutless coward that he is he wants to pretend its not him...

Hope Drake takes up the challenge... Don't hold your breath...


 
Today's Gold Coast Bulletin, looks like ASIC have grounded Drake...
 
Anyone see the second BDO letter 15 Oct? 27 cents in the dollar for the FMIF. I suppose that's still better than the <5 cents in the dollar the MPF investors are looking at.
 
bigheadache said:
Anyone see the second BDO letter 15 Oct? 27 cents in the dollar for the FMIF. I suppose that's still better than the <5 cents in the dollar the MPF investors are looking at.
Click to expand...

Yep seen it. That valuation isn't final though, apparently. Its likely to be revised, or so I gather from the letter. Hopefully a bit more, most likely a lot less...
 
As investors in the FMIF and/or its feeder funds do fellow investors share my concerns re the latest Investor update from BDO

Specifically the estimated return of APPROX 27c in the $ based on a $185 Mil that may be realised

It needs to be remembered that as at June 2012 the FMIF was valued and Audited at $343,976,757 comprising 488,787,330 UNITS on issue this figure produced a figure of 59 CPU. I can fully understand that the value of the fund , based on a SALE would be lower however I don't believe it should be that low. As investors under LM and where FTI was and still is involved, we were promised that we would be advised of the latest VALUATIONS, of course this NEVER happened, so we are in the dark about the true valuations of the funds investments.

Clearly any so called Valuations were NEVER EVER a true reflection of the Asset value of the particular sites involved

The figures for the FMIF asset values as at 30th June 2011 were $454,724,799 with 476,355,743 UNITS

LM and its Directors and Auditors told us the fund was a going concern in 2011 and 2012, nothing could have been further from the truth. Based on the results for BDO as receivers for EQITITRUST I very much doubt we investors will every receive anything like 27 cents in the Dollar from our Failed Investments, I believe it will be much less. At the same time BDO will receive $2.1Mil to $2.8Mil in fees (estimated) until the fund is wound up.

If FTI is successful in appealing the Judges decision to appoint BDO who knows what will happen going forward

If BDO -David Whyte really believes the so called value of the fund is ONLY $185 Mil then he must immediately advise investors of the new corresponding CPU figure (27 Cents ) so that Investors who are Age Pensioners can advise Centrelink of a revised Asset value for these FAILED investments

Also BDO needs to indicate to Investors when Capital repayments may commence, how much this/these may be and how often this will occur.
 
Given they had Peter Drake's $7.35m house reportedly valued at $37m at one stage (and $20m earlier in the year), I'd say 27c in the $1 is entirely in the realm of possibility. Actually, a finger in the wind has the potential to be more accurate than their valuers at this stage.
 
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