This is the full article that SDE referred to.I also note that save our trees is in the negoiations. i strongly suggest that Professional Investment Services will not represent me as I see it the trees are mine and now that GTP has gone belly up then the land is mine plus anything else that comes with bells and whistles.
If I am correct it is my understanding that PIS are being litigated against by Slater&Gordon in a class action in their advice over GTP.And why would you sidle up to ASIC and have one meeting to decide the owners of the property that is the investor?
To resolve this matter we need forensic accountants and the police to further investigate if found anything amiss like in the Clive Peters saga,and have it made public
And why is a proposed new R.E. prepared to pay the banks when the banks can take the fall just like McGrath-Nichols is doing to us?
Simpler solution looms for Great Southern investors Andrew Main From: The Australian November 26, 2009 12:00AM
THE 40,000 investors in the defunct Great Southern group's 10 timber managed investment schemes yesterday came a step closer to being offered a simplified way of voting on what they will be able to do next, although a court case in Melbourne that could set that out will probably not reach a ruling until tomorrow. The procedural case, brought by receiver McGrath Nicol in a bid to ensure that any decisions made by grower investors will not be subsequently ruled invalid, has been joined by several other parties, including ASIC.
The growers are currently faced with choosing one of three possible scheme managers to replace the defunct responsible entity (RE), Great Southern Scheme Managers Australia, or alternatively voting to wind the schemes up.
The interested management groups are Gunns, which has the recommendation of receiver McGrath Nicol, and two new Perth-based entities, Pulpwood Plantations and Black Tree.
Pulpwood Plantations, which has devised a plan independent of the receiver, is reportedly not interested in any schemes planted after 2003 because of the longer wait to harvest time.
Some weeks ago it proposed a meeting of growers on December 10 but the group is understood to be in favour of a joint meeting.
The latest scheme, the 2008 project, is likely to be wound up anyway as its seedlings had not been planted when the company collapsed.
A further complication is that an absolute majority of growers has to be obtained in every scheme if it is to get a new RE.
Both ASIC and a grower group called Save My Trees have argued in court that McGrathNicol should hold one grower meeting for growers to consider and vote on all four different options simultaneously, rather than one at a time through December, as would otherwise happen. Pulpwood Plantations, for instance, weeks ago arranged a meeting for December 10 in Perth, but that may change if enough parties agree to run an amalgamated meeting, quite probably in Sydney or Melbourne.
Meanwhile, a group of banks owed over $400 million has already put more than $20m into the schemes since Great Southern collapsed on May 18, in order to keep the timber schemes going and maximise eventual returns. The group would prefer to wind up the schemes as soon as possible but the first mortgage holder over more than 100,000 hectares of plantations is the managed investment schemes, which own the trees.
GTP Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
