I too thank you for your diligence seamisty and support your...

I too thank you for your diligence seamisty and support your latest letter to WC.

But for all of you who haven't read Gordon J's decision, understand that the evidence we have to date indicates that WC don't have the management to have kept enough records for a decent reply to seamisty's letter. Gordon J ruled that WC's change of OUR constitution was illegal because the board hadn't kept anywhere near what would be regarded as sufficient records. (WC's illegal rewriting of OUR constitution lead to a massive dilution of unit holders wealth.) Now ask yourselves, if you were a genuinely concerned director wouldn't you want to make sure there was sufficient paperwork regarding such a profound decision to guard against being personally sued.

It is white clear that it is possibly likely that WC is deliberately running PIF to benefit interests other than unit holders. Possibly likely even that WC is a contrived front. A front that does the bare minimum to keep itself in a job and creates as much noise and spin and throws as much mud as it needs to prevent being sacked. We've all worked with such people in our work places - better at keeping their job than doing their job.

If I wanted to make money out of PIF, I too would put a bright and ambitious lawyer like Jenny Hutson in charge of running the day to day operations. Because it's a lawyer that knows how close one can sail to the wind.

Either that or WC is really quite bad at managing our fund. And bad at balancing the interests of PIF investors against the interests of WC staff and WC share holders. For anyone who has read 'The Warren Buffet Way' will understand how vitally important it is to investors that the managers get the balance (interests of investors, customers and staff)right. Getting it wrong means the death of your wealth. Just look at the discount of the NSX price compared to WC's valuation of the fund.

Either way, WC is a nightmare for unit holders.

I hope I'm wrong seamisty.