OH crap!!!---- you are absolutely correct punter5,how did I miss...

OH crap!!!---- you are absolutely correct punter5,how did I miss that?.But still we are the owners of the asset.

I recall that in the 2003 tree scams that that the finance application from GS finance said it was a non-recourse loan,though later this was changed very subtely? for other years.

OK on that basis P5,Iam happy to let it totally collapse,unless a deal that the Independent wood and now cattle co-operative comes off or better I am of the opinion that we will get nothing even with Gunns,at least PPPL had the balls to tell the banks that they would not get paid and that is what we need to tell the receiver who is the club bank and they who ever it is has to look after my trees,as to any other proposals?,Iam happy to listen,but with investors pooling a large amount of money and taking advertising and court action to force the government to intercede we need to do this AND get the advisers to form cell blocks based on the Richard Branson model that was successful for Virgin Records.

And further to that,if the Tiwi Islands get government funding,what about us getting government funding?,it has not happened but watch

Show us the moneyRUTH WILLIAMS
November 25, 2009


OPERATORS of agribusiness managed investment schemes would have to prove to the corporate regulator that they had sufficient working capital to meet their obligations, under a proposal put forward by the Ripoll inquiry.

It follows the failures of Australia's biggest agribusiness investment scheme operators, Timbercorp and Great Southern, in April and May this year, which left tens of thousands of investors out of pocket and sparked complex legal fights over the fate of the schemes' plantations and orchards.

The parliamentary joint committee on corporations and financial services, chaired by the Labor MP Bernie Ripoll, examined the managed investment scheme collapses in an inquiry earlier this year.

But at the time the committee said it would wait for the tabling of its major report on financial products and services before recommending any legislative changes.

That report has now included a call for the Australian Securities and Investments Commission to require agribusiness managed investment scheme licensees to ''demonstrate they have sufficient working capital to meet current obligations''.

It followed a suggestion by ASIC's chairman, Tony D'Aloisio, that prudential standards be applied to investments such as managed investment schemes and mortgage funds, following the losses suffered by retail investors.

ASIC's submission to the managed investment scheme inquiry revealed that most people who invested in the schemes put in, on average, about $50,447 for Great Southern and $71,318 for Timbercorp.

It was common for investors to gear, or borrow, ''their entire investment in agribusiness managed investment schemes'', ASIC said. Both operated by selling tax-effective agribusiness investments including olive and almond plantations.

The tax treatment of such schemes is also being examined by the Henry tax review, due to report next month.

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