wellington capital limited news, page-10

The article below relates to one of the PIF mortgaggee in possesion properties.Wellington capital announced on the NSX 11th July 2011(http://www.nsxa.com.au/ftp/news/021724204.PDF) The Premium Income Fund is selling the 31 units located
at the Holiday Inn, Surfers Paradise.The purchase prices totals $5.68 million (plus GST if applicable).
The agreement is subject to a 90 day due diligence period::

The only property listed as a PIF asset in Surfers Paradise owed the Premium Income fund $19+million as at 16/12/2008 There was another 73 apartments left for sale. Have these been sold. What happened to the $5.68million already received since Wellington Capital states in the Sept Investor update that it is committed to returning net cash to unitholders.


Holiday Inn sacks 40 staff before takeover:Nick Nichols, business editor | December 8th, 2011
THE Holiday Inn has put out the ``full house'' sign to about 40 staff members, giving them their marching orders ahead of a takeover by the Outrigger group next month.

Staff at the five-star hotel, which has been managed by receivers since 2009, were told of the sackings this week, putting them on track for a bleak Christmas.

It remains unclear who has driven the redundancies.
A spokesman for Outrigger, which assumes control of the Holiday Inn on January 10, said letters of offer had been issued to 149 staff employed by hotel operator InterContinental Hotels Group (IHG).

But Chris Bulmer, IHG's human resources director, is reported to have said 41 staff would not be re-employed by Outrigger after the takeover.

Hawaii-based hotel group Outrigger Hotels & Resorts bought the Holiday Inn Surfers Paradise in October for an undisclosed sum.
http://www.goldcoast.com.au/article/2011/12/08/371955_gold-coast-commercial-property.html