pin-pif progress crawl; , page-3

Good evening targav8,

All the relevant info re CA was placed here.
The last action ordered by J Perram was for Defendants, read KPMG to file a claim, or thing to that effect, for part of liability from Plaintiffs.
In simple terms KPMG says the Plaintiffs were negligent in some respect and should pay for it.
J.P directed parties to provide alteration to the Statement of Claim, etc.
My beef is that after some dozens of directions from J.P to slim down our S of C, the learned Judge did not prod the Parties to work out this part of the process.
So the start of presentations is delayed again.

ASIC's recovery action for $147.8, had some 135 mil accepted as due to PIF.

And ASIC's judicial interference into ARL-WC split is on a slow burner waiting for further prod from somewhere.
My take is that ASIC wants WC to hold PIF in its bosom in its entirety. Read my "Secret Love" mirth and consider these actualities in WC- PIF chronology:

1. To date ASIC left untouched the many complaints about how WC came to "own" PIF without other tenders surfacing. ref C. Nichols article on Mellon Global Investments
2. To date ASIC remains unwilling rather than unable to condemn WC for July 2011 member meeting to oust her. In clear breach of S601 stating that in a conflict with a client; Clients position has priority.
No IFs and Buts, Legislation directs RE to accede to members voting outcomes. She sabotaged the meeting under ASIC's (they were there as "guests") vacant gaze.
3. ASIC re-appointed PWC as Auditors despite being aware: that PWC was inefficient when in WC "employ"; that PWC was heading for a hefty penalty in Sotrm proceedings for its Audit role..

An ex PIFAG executive has recently wandered on these pages as to how soon some assets in ARL control will be gifted by Dgenny to some of her Business cronies.
I would rather say, that ASIC action to oppose the ARL split is motivated by the end of Rytelle claim against Dgenny. Now that the offending asset is in no danger of being lost in a court case, "let's do WC a favour and re-unite all PIF babies under one comfy bosom".

I stress, this is my take.
But the trend of ASIC favouring WC over a number of anti-PIF events is unmistakable.

And ASIC said so without blinking:
“Wellington Capital confirmed to ASIC that it considers the amendments to be within its power and in the best interests of the members of the PIF. In these circumstances ASIC is not proposing to take further action in relation to the specific issues raised in relation to the Placement and Non-Renounceable Rights Issues”

For ASIC, read un-elected Chairman G.Medcraft, what and when Dgenny says, is an impenetrable Truth, unquestionable and not subject to scrutiny.

And that's what is in a letter sitting on Mr Bill Shorten's
desk for which he signed on 14 March 2013.

Hopefully this abridgement is helpful. If there are any factual errors apparent to readers, please correct me.

Regards,

U may slip on a banana, but you slip twice as fast on a banana on ice.