You raise some good points but I have a few questions for you:
When deciding to invest in the a fund, how much due diligence did you do before investing a chunk of your capital? I.e. did you check who ran the fund, who was in charge of City Pacific, City Pacific's track record etc.
When choosing to invest in the City pacific FMF did you ever question why the ROR was so high compared to banks or other mortgage funds, I.E. did you consider ROR was high because of the risk of the projects the FMF invested in?
Once invested in the fund and before redemptions were frozen at any stage did you ever: a) Request information about who the FMF loaned money to and the security the loans these loans had. b) Enquire to why the RE had related party loans. c) Raise concerns about the funds CBA facility to FMF management. d) Raise issue with management about the co-lending arrangement with Fortress.
Finally, were you ever unhappy at the amount of the distributions from the FMF?
CIY Price at posting:
4.3¢ Sentiment: None Disclosure: Held
