question re mfs posed to au treasurer in uk, page-5

There you are Seamisty,
Yes I have to agree with so much of your post.
Yes I am amazed at the ASIC back off re Storm.
Bankers seem to have a lot of power in these things,imo.

You ask....
"Does the govt need to set up an additional independant regulatory body that oversees and regulates and has wide sweeping powers and ..." LEGAL CLOUT.
Exactly ,my thoughts too.

No-one seems very satisfied with ASIC.

Getting the required detailed information to win legal proceedings would be pretty difficult for a govt body , I imagine.

I see the Stella resort has been 'Raided' {executed warrants}.?

Private cos dont want every-one knowing confidential business..not even shareholders or unit holders.
Legal proceedings are lengthy and costly and as we see now with PTQ persuing justice...that even gets undermined/condemmed because it might decrease dispursments.??
It might claw back X in a certain situation but people dont like further losses or delays.
Who's motivated enough and qualified enough?
This might be a unique Company though because so many people involved could be well qualified and well motivated and also be wearing many hats.

The mums and dads are becoming more informed but still arent in possession of all the facts imo and without serious professionals investigating these situatuations they are sure to replay over and over.imo.
Thats got to be impressed upon our Regulators.


The Annual practacle insolvency galla dinner should invite some BROKERS as speakers too so they learn how to cellar box and short sell a company that is margined to death and then blame the Directors for the demise.

ASX doesnt impress either.No demands for proper anns re trading and loose wording re substantail SHs reporting their "Change of S. holding"
Meanwhile they can shortsell all day but if they end up with the same number of shares maynot have to report it.?

PIF would not have been frozen without the dramatic SP fall and it is important to understand fully what happened re trading there.
I can understand your disappointment with dud lending..Can you understand my dissapointment with fireselling not 50 but 65% of Stella!!

I read one sad sentance in 27/02/08 ASX ann just after the crash when City Pacific ends due dilligence of MFS.
They had been hovering around MFS books for weeks and in the end made a statement not to proceed with a takeover? and said that City Pacific owed its success to lending to the right developments secured by first mortgages over REAL property in Australia.
REAL property??What pray tell did PIF have mortgages over UNREAL property?? No-one has been given any details.Right?



There's something about the govt supporting developers by assisting with refinancing through ABIP..page 16 AFR. but dont know if this will help PIF.
Theres something about lending to 'listed' property trusts..
JH might have put you in the right catagory..I just dont know enough about such things..
Thats pretty obvious.

This could take ten years to pan out Seamisty so we must have some other interests too.

Cheers,
Researcher100