No harm done in pushing them but ASIC is not going to move to freeze sales of PIF assets. Our misery helps them build a case to denigrate the integrity of the auditors to further ASIC's main goal of beating unethical habits out of the audit profession. ASIC's resources are allocated to a much higher target than us greedy risk taking investors. And ASIC also doesn't want to be on the hook for any damages Wellington Capital could sue for or publicly spin if a move to freeze sales blows up in ASIC's face.
Any ASIC victory over WC last week merely bought time and soiled Wellington Capital's glossy reputation by highlighting that Wellington Capital botched the windup by not even following basic procedure. ASIC kicked a point at an open goal after the WC Fullback tripped over her laces.
If we ignore our right to call an EGM then we'll need to apply to a Court for an asset freeze. Based on the evidence that is building up against the credibility of Wellington Capital's valuations that Hutson's WC crew is using to pay themselves?
The first thing a Judge will ask is why are you coming to me, why don't you call an EGM to vote on a resolution in line with the rights of unit holders spelt out in the Constitution. To give you time to call an EGM or intitiate a court action against WC? The next question will be: how long do you want the assets frozen. Any success at freezing asset sales will merely be an injunction preceding an EGM or legal action against WC
And if a Judge does decide to interfere with the rights of unit holders then we'll still have to face the WC propaganda machine at the public spectacle that is an EGM. Based on past performance I'd expect a denigrating 'disagree with the decision' or 'disappointed with the decision' from Hutson to neutralize any mileage we try and get from a favourable decision by Judge Freeze. You better be prepared to shove a belligerent WC to the ends of the earth because they'll use any of our weakness and hesitation as evidence in a public forum to bolster WC's case to unit holders. And there may again be Religious Cult style Attack-The-Attacker campaign against the individual players on our side just like last time through that ultra secretive PIF Reaction Group.
WC go all out to manufacture consent from lazy or busy unit holders. The spin works because the unit holders suck it all up despite all the red flags waved in unit holders faces. They're in a bad marriage. Nothing is ever WC's fault.
Alternatively, WC might just use a Freeze to issue a notice under S601NC to wind up the fund and then blame the low $ return on a judge's decision to Freeze PIF assets. Spin spin spin.
And who's going to pay to take our case to court? The newly corporatised legal profession aren't as interested in doing pro-bono work these days.
Face it. The PIF money is almost all gone. The cupboard is bare. Wellington Capital has outplayed us. But how do we walk away from this demeaning marriage with our integrity and at least enough $ for a pair of shoes? The only way to stop being completely annihilated is to scuttle dodgy WC exit plans. Keep WC on board and turn the other cheek. WC is not going to drill a hole in the bottom of the boat (lets call it the good ship '14 CENTS') when WC are still sitting in it.
IMLO no one is going to be able to help deliver us the 14c that Hutson threatened us with in 2008 to get control of PIF.
Money talks. We need that 14 Cents to shout that WC's time with PIF was a complete waste of money. Don't let any ARL's of this world confuse that message.
Basically, don't you all think that, of all the Specialists out there, that Hutson's '14c threat' means that WC is going to be more motivated than any one else to get more for us for the remaining assets.
If PIF is packed off to ARL then aren't we just the dopey town bike that got passed from Specialist to Specialist for a ride.
That's the view of this fellow sucker investor.
OCV Price at posting:
0.0¢ Sentiment: None Disclosure: Held
