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Wellington Capital PIF/Octaviar (MFS) PIF

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Sorry Charles but I suspect you may be waiting for quite some time for anyone to persuade you how wonderful Wellington are given their "gutter tactics" in Corporate dealings.

My empathy go out to those people who don't have access to the facts and Information available through this Aussie stock Forums website. Alot of elderly people are simply going to be conned by lies and misinformation by paid spin masters Radar Investor relations.
 
SIGH, I am still waiting for my call Zixo. I would like to ask Radar if they would mind me recording the call in case it may contain misleading information which may need to be presented to the court at some stage as evidence and I can't wait to hear what 'reaction' I will get!!

I have spoken personally to a lot of really nice elderly people over the last 3 years since the Wellington Capital Farce began to unravel and I am constantly amazed at just how informed most of them are!! Many have better computer skills than me and others are kept informed by family and friends but I can say that overall, they are extremely greatfull to those that are trying to remove Welligton Capital as they feel they were grossly misled by Ms Hutson.

Seamisty
 

Seamisty I'd love to be a fly on the wall if they actually call you !!
 

I'm sorry to disappoint you Seamisty, I'm fairly certain, that you, like others in the AG executive committee wont be getting that joyous surprise phone call from some squirrel at Radar investor Relations.
On the upside You probably got your very own free ennegram profile mapped out and possibly a little Seamisty doll pin cushion sitting on Jens desk next to the stress balls.

I really Just cant believe the low acts that wellington Capital would resort to, simply to discredit others particularly when they have always been so miserly with ANY truthful information to investors.
 
There are so many PIF investors that are totally unaware of Wellington Capitals FAILURE relating to the Wollongong Hotel when it went to auction on the 7th May 2009.
The property was submitted for sale by Public Auction and as such the events of the auction are a matter of public record.

Several parties were bidding on the property with the last bid at $ 40.5 million.The Auctioneer at this stage asked for instructions from the Vendors and it was aprox 30 minutes later that he was instructed to pass the property in as $ 40.5 million was not acceptable to the Vendors.


Real Commercial
Date: 7/5/09
Venue: Angel Place Conference Centre
Sub: 1
60-62 Harbour St, Wollongong
Marcello Jiminez, Charles Gonzalez & David Lyons
20000000
35000000
37000000
38000000
40000000
40500000
40500000

Here we are over 2 years later and the PIF has only been returned $15 million!!! From the WC PIF investor update http://www.wellcap.com.au/assets/pi...vestor_update_pif_30april_23may2011.pdf:Gross proceeds $43.1 million
Net cash proceeds to the Fund to date:
$15 million
Never mind what the gross proceeds are, what will the net proceeds be???

PIF INVESTORS COULD HAVE HAD THEIR 3 CENTS RETURN OF CAPITAL OVER TWO YEARS AGO AND THE PIF WOULD HAVE HAD AN EXTRA $18 MILLION TO COMPLETE OTHER PROJECTS TWO YEARS AGO!!

Gross incompetence, and yes I have full documentation to back this up.

Any one still think Wellington Capital, Ms Hutson and her team of 30 highly skilled professionals are competant? Seamisty
 
I've just received a cheap, shabbily produced one page 'anti-castlereagh' flyer - from un-named sender(s) labelling themselves ~PIF Reaction Group~.

They wasted their postage sending to me.

Casey.
 
marcom said:
Hope you gave them a good tongue lashing.
Click to expand...
Marcom, I had memorised a couple of sentences denouncing Wellington which the rep wrote down. He didn't appear the least surprised by my diatribe, but sounded relieved to say goodbye. I feel that the "no" column is filling fast.
 
Just got my call from an 'english' speaking person.

Advised him in no uncertain terms that I am extremely disappointed with Ms Hutson and her failed promises.

Call ended rather promptly.
 
OK, so I've only just got here but can someone tell me why I should not be concerned by the one page flyer from the RE Action mob?
 
Bazil said:
OK, so I've only just got here but can someone tell me why I should not be concerned by the one page flyer from the RE Action mob?
Click to expand...


Hi Bazil,
welcome - I cant say I know anything about it as I haven't seen one.Whats your interest in the PIF, Are you a unitholder?
I imagine its just another one of those hastily prepared smear campaign lodged against the Action Group again.
If you check back on the history you'll probably get up to speed on what Wellington Capital and other companies have done of late and how they'll do anything to keep the PIF the way it is. Its more than likely why the action group or Castlereagh capital are being targeted.
You can read all the facts and make up your own mind on who's being truthful.
 
Bazil said:
OK, so I've only just got here but can someone tell me why I should not be concerned by the one page flyer from the RE Action mob?
Click to expand...

Hello Bazil,
Additionally to what zixo introduced you to, it must be highlighted that WC is a parent or holding company for a Major unitholding in PIF.
Marcom, Seamisty and others may provide exact relationship; I am too agitated to do this research now.
The POINT being that both as a UNITHOLDER and a Responsible Entity it MUST keep its RE activities at arms length from its PIF holding.
WC does nothing of the sort. It vandalizes PIF holding so as to extract maximum profits during its tenure as RE. All the time scaling value downwards.
The latest "offer" is the LAST STRAW.
An earlier example of this Pink Flamingo mailout is best for showing up this conflict of interest.
And WC interest is overriding its obligation to "act in the interests of all unitholders".
This is corporate bastardry. And other industry REs are paying attention to this treadmill.
Whatever your views or positions are, hope these explanations may assist you further.
Regards
 
Great news! - we're all saved, a new sheriffs in town
ASICs really on its game this time - Pity it never acted once when we sent out repeated warnings about Wellington and MFS
I've wondered how much carbon tax the corporate regulator will pay given all the hot air they expell ?

http://www.smh.com.au/business/watchdogs-warning-for-financial-planners-20110602-1fi6d.html


Watchdog's warning for financial planners
June 2, 2011 - 3:32PM


The new boss of the nation’s corporate watchdog has issued a warning to financial advisers planning to defy the proposed federal reforms for the industry.

Treasurer Wayne Swan appointed former investment banker Greg Medcraft as the chairman of the Australian Securities and Investments Commission (ASIC) last month.
 

It's just the corporate Chihuahua yapping away. If ASIC doesn't have the resources to properly monitor managed investment funds, how is it going to monitor many more resourceful financial advisors? Stories like this are only for the gullible investors so they think there is regulatory protection in place.
 
Thankyou Simgrund and Zixo, I should have stated that I am a PIF unitholder and hope to be attending the June 16 meeting. It's history repeating for me, anyone remember "Private Mortgage Lending" ? squandered the other half of my life's savings with them. What is it with these Gold Coast people? and why don't I ever learn?
 
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