stella breaching loan .. rolf is out of town., page-28

And the PTQ appears to be continuing the assult on PIF investors where MFS/OCV left off. See http://www.goldcoast.com.au/article/2008/12/27/34651_print_friendly.html. "[Acting trustee] Mr Wedge also rejected suggestions that the $1.5 million spent pushing for an Octaviar liquidation had not been at Queensland taxpayer expense. "The Public Trustee is self-funded and public funds have not been used by the trustess in carrying out his duty," he said"

This is the sort of financial smoke and mirrors I'd expect from the old MFS/OCV. The fact that PTQ pays itself directly out of the fees it earns rather than dumping the lot into consolidated revenue and then going hat in hand every year to the QLD Minister is financial structuring. Am I wrong?

There are loads of fed & state bodies that are self funded but my understanding is they can't be bankrupted. Govts MUST chip in when they don't meet budgets. Right? Bit different from PIF isn't it. Plus they are backed by or get access to well resourced services like IT, HR, legal, suparannuation, etc. Don't they?

Mr Wedge is quoted as saying "The Public Trustee's interest and only obligation is to protect and advance the interest of the trust for which he is the trustee, ...It is a task for others to protect the interests of investors in the Premium Income Fund". Ouch!!! Arguably fair enough, but very easy for Mr Wedge to say this when he appears to be standing high on a not very level playing field.

Keep it real.