stylee007, What have they offered different to Citypac? Nothing...

stylee007,

What have they offered different to Citypac? Nothing that's what. They are capitalising bottom feeders that are preying on us unfortunates, who were happy while the money was rolling in double digits, but unhappy when a high risk portfolio went south. Their offer is nothing more than an opportunistic ploy to reap fee's out of our principal while they "learn" how to deal with a tattered high risk portfolio.

And what experience does Balmaintrilogy have managing a billion dollars worth of commercial mortgages? Oh that’s right; they have the "Pocket Change" Fund, with gross assets of $20 million. Oh wait, that’s if you don't include the 2 million or so (20% of gross assets) that they can currently borrow against their clients capital; that’s funny, I though they said that the fact the fund had a facility with CBA was wrong? No matter, as stated it seems that some Citypac staff will be offered jobs at the Balmaintrilogy bringing much needed experience, which will of course lead to the great "change" to the way things are run they speak of.

The fact Balmaintrilogy can't even get their legalities right to call a meeting has to worry us; You see, were talking hundreds of millions of dollars of legally binding contracts between lender and lendee, and these "Professional" fund managers stuff up a meeting notice! What type of company doesn't sit down and read the relevant corporations act regarding convening a meeting for unitholders? Make your own judgement.

The amount of outrage shown on this site by people who claim misappropriation from Citypac on every facet of their business is staggering. The fact is their portfolio hasn't changed since the day you or I invested; high risk, high reward. No one ever wants to blame themselves, always someone else. We all knew when we were getting 10%+ interest that there had to be some risk involved even when they presented us with words such as "First Mortgage" and "Quality Assets", if anyone thinks differently they are in denial.

The end game of this saga is likely to be painful, whichever way the wind blows. But as the old adage goes I'm sticking with the devil I do know, rather than the one I don't.