directors, page-5

Some info re directors

"King cuts a deal with creditors.........CBD
September 15, 2009"

"Scott Rochfort just needs to cut down on financially engineered doughnuts.

MFS LIMITED'S founder and polo enthusiast, Michael King, has dodged bankruptcy after striking a deal with his creditors for more than $130 million of debts.

Last month King's creditors quietly agreed to a two-year ''personal insolvency agreement'' with the founder of the financial group, which collapsed last year owing more than $1 billion.

The former MFS chief and his co-founder, Philip Adams, still owe $127.2 million on margin loans they took over their now worthless 13 per cent stake in the company, once worth more than $440 million.

King is now locked into an agreement that will require him to make undisclosed payments to his creditors.

Good luck. According to documents filed to the insolvency trustee, King's assets include a laptop and iPod music player (worth a collective $800) and some watches and a wedding ring worth $2000. The former BRW rich lister also had $60.26 in a Commonwealth Bank account and minus $23,442.51 in another account.

One asset not included in the filing was a patch of turf King purchased inland from the Gold Coast for more than $6 million, which is now his polo farm, Elysian Fields.

Given the polo field is held in trust on behalf of King, it would have been out of reach of creditors had the MFS founder been declared bankrupt.

But under the deal struck with creditors last month, the farm has been included. The trustee of the agreement, the Grant Thornton partner Nick Mellos, declined to provide details, noting more information would have been publicly available had King been declared bankrupt. But he stressed creditors could expect to get more out of King through the deal than if he had been declared bankrupt.

In his original filing to the bankruptcy trustee in April King noted he had flogged his Mercedes Benz to a used car dealer on the Gold Coast for $43,000. There was $231,000 from shares, including a small holding in Fone Zone, and $150,000 for his half share of a holiday house at Mount Hotham that was jointly owned by a Kate Manka.

It is unclear if it is the same Kate Manka that is married to the former MFS chairman Paul Manka.

King's (and Adams's) creditors include the Westpac-owned BT Financial ($41 million) and St George ($26 million), NAB ($22 million), CBA ($12.6 million), Lift Capital ($13.7 million), Macquarie ($7.5 million), Adelaide Bank ($4.4 million) and the Tax Office ($15,293).

Numbers man
After the insolvency agreement, a raft of companies owned by King, such as Black Teak Pty Ltd and Elysian Fields Canungra Hotel Pty Ltd, adopted their company numbers (ACNs) as their new names. At least King's Canungra Property and Subdivisions' catchy new name, ACN 097 679 788, is better than its original name, Bradmat Sunshine Coast Weed Control Pty Ltd.

King has been replaced as the sole director of all of his business interests by the Gold Coast private eye Michael Featherstone, who was a little cagey to CBD about his new role.

''I'm not trying to be rude, I just don't have any comment,'' he said. He failed to say whether the name changes could relate to King wanting a more reclusive lifestyle. A former policeman, Featherstone now runs a private investigation and ''risk management'' business and recently authored the book, Bullet Proof Your Business.

Pay up or else
Phil Adams, who moved to Dubai in 2007, remains elusive.

Let's hope he keeps up with his bill payments over there. The United Arab Emirates still has debtor prisons for people unable to pay their dues." ends


This looks worse than bankruptsy.. but I notice the following...

"Last month King's creditors quietly agreed to a two-year ''personal insolvency agreement'' with the founder of the financial group, which collapsed last year owing more than $1 billion."

MY interpretation/thoughts.......
An agreement with the founder of MFS? for only 2years?
Do the creditors hold out some hope of a return? someway, from the founder? within 2 years?

or has it something to do with selling the polo property within 2 years?
I assume that MK is the founder.

How do you read this?
I have no knowledge on this subject in order to interpret it correctly.