another version: now u see it, now u don't....

To Plumbob on RBOS loan trickery, this portion of Sub 249
fills this hole quite comprehensively:

"The scheme consisted, firstly, of a two hundred million dollars loan acquired from the Royal Bank of Scotland, using as collateral nine hundred million dollars in assets belonging to the Premium Income Fund.
The use of those assets in this way was clearly fraudulent, almost regardless of what the loan monies were used for.
In the event, one hundred and thirty million dollars of this loan money was used, within 24 hours of receipt of the funds, to fraudulently pay out the Fortress loan and other debts incurred by MFS though the then Custodian, Perpetual Nominees.
Then, in order for the loan to appear genuine, it was necessary for certain MFS and PIF directors to backdate the pre-GFC mortgage loans that had now become intrinsically worthless within their fund.

The Royal Bank of Scotland very quickly realised that there was something fundamentally wrong with the PIF asset valuations forming the security for its loan, and it requested the immediate return of its funds.
This resulted in a fire sale of two hundred million dollars o fthe best assets of PIF during the post GFC property “depression” era, to repay that loan.
The Premium Income Fund and many of its ten thousand investors, largely pensioners, have now been financially ruined, with a lossof about 90% of the fund’s previous value.
It was, of course, necessary to place an elaborate smoke screen over the scheme to conceal where the pre-GFC, now worthless, MFS loans had actually been repositioned to, as a supposedly authentic investment by the Premium Income Fund."

Regards,