EPI Bust

[fliion]

The Perth property investors were informed via letter that the fund has gone into admin and the value of each $55,000 share is no worth $0.

BC no longer contactable.

Sad.

PS. Sitty no one is interested in your ramblings

f.

[CAYNINE]

I wonder if the bandidos or the hells angels could find him to have a chat.

[fliion]

Dunno whether to yawn or laugh. One little teaser because I knew you were sensitive ...and hey presto another emotional outbreak on cue as usual.

This is comedy.

Back to thread:

Any recourse available Ladies & Gents.

f

[Payscale]

If I had listed to my banks advice and done the exact oposite I would also have made money

[Schnowzer]

It is true took out a $9m loan on a property worth $9m so god knows what happened to investors money. Then again as he was paying himself I guess we do, sadly turned to the dark side, done a runner and proved to be a crook!

[CAYNINE]

Sittingbullsh#t......

If you have nothing to do with Carnell then why defend him????

Climb back into BC's warm little ars$ where you feel nice and secure.

He's a crook and a thief, nothing more.

The big orangatan that conveniently departed certainly has something smelly on his hands as well.

[kingpost]

Gents, to those of you who invested in an EPI syndicate, did you sign anything to allow EPI to finance the Perth syndication? If not, then nail him because it's not allowed without the permission of the syndicate holders.

And why you're at it, has anyone ever seen any audited financial statements from when a fund made a profit - it sounds to me like a bit of a ponzie scheme......and now he has done a runner, funny that!

Nail him while you can!

[GoreTex]

I met 3 scam artists in EK so far, a jamaican who told everybody he is worth millions and just wants to get his command and then retire, an austrian and BC, they all burned their clients money, did anybody ever check their qualifications and experience before giving them money?

[SOPS]

Is there any money left in EPI, or has it all gone?

[atiuta]

There's money left.

Comments from others are half truths or pure conjecture from those not involved and with too much time (or something else) on their hands.

Those that need to know, do, and this is not the forum to achieve anything constructive.

[CAYNINE]

"There's money left."

Yep but not much..... let me see, 8m divided by 1.4m....is......5 yrs and 8 months.

Lets see, oh yes there was 55m to start with wasn't it.

SOB POS :mad:

[atiuta]

No time on your hands.

[Schnowzer]

How's this, Carnell appears to be a crook by word and deed. What happened to the cash put in, why is there an 11m loan?

Dear Fellow Investment Partner,
*
Current Property Value:* *********************** approx. A$* *5-6 million
Current Loan Commitments: ***************** approx. A$ 10.9 million
*
Investor equity Value: ************************** USD *** 0.00
*
From the last update you will remember that the Miami Waterfront Developments, in which the Oceania Property Syndicate (OPS) is a major shareholder and investor, had restructured its lending to remove the threat of foreclosure by National Australia Bank.The project would have been a complete loss if this had not been done, as the previous lending plan, requiring interest payments on a quarterly basis, was unsustainable.
*
The replacement loan which settled the NAB loan was provided by the EPI Foxtrot Syndicate Limited Partnership in exchange for a first charge mortgage over the property. A short-term loan of A$9,000,000.00 was extended to Miami Waterfront Developments Pty Ltd based on a similar property value with interest accruing as a balloon payment over the loan period until the property could be sold or a new longer term creditor could be found.* The prime goal has been to remove the debt that is carried by Miami Waterfront Developments.
*
Although the interim loan period was short it had been hoped that that this would offer a possible recovery where none was possible before.As per the previous update at the end of last year EPI had commissioned an independent re-evaluation of the site as well as a market analysis of the area. This has now been completed and unfortunately does not make for happy reading. At current estimates the property value has continued to decline and has been valued at somewhere between A$5-6 million which is well below its prior valuation the preceding year when it was valued at approximately A$9 million and shows a decline of an additional 30% from its previous market value.
*
As the General Partner of the Echo Syndicate I have received a formal notification from the lawyers of the new managers of epi Foxtrot Syndicate Limited Partnership, the Lender, advising me that it will issue Miami Waterfront Developments (Pty) Ltd and EPI Echo Limited Partnership loan default notices within the week. In Accordance with the terms of the respective loan agreements the loans will become immediately due and payable on serving of this notice.
*
It is our opinion that neither party will be able to meet the demands for the immediate loan settlement and this will result in a complete loss of investment by the Partnership as the Lender seeks to enforce its security in respect of the loans.
*
As General Partner I will therefore be taking the necessary steps to appoint an independent administrator to act on behalf of the Partnership and who will be handling the negotiations for the disposition of the Partnerships assets when the sale of the property completes in due course. They will thereafter provide a final report to all Limited Partners including the accounts and notice of final distributions, if any, on the winding up of the Partnership. The administrators will be provided with all the relevant Limited Partner information and will be in contact in due course to introduce themselves and provide all Limited Partners their contact information.
*
We realise that the outcome of this syndicate is not what any of us wanted. There is no realistic outlook for a recovery in the real estate market in outer West Australian region and EPI Echo and Miami Waterfront Developments have exhausted all their remaining options to find an alternative lender. The continued decline in the property values in WA has made it impossible to sustain a leveraged investment in the area.
*
Yours Sincerely
*
Brett Carnell
GP
EPI Echo Limited
*

[Wizofoz]

Schnowzer,

It was always a leveraged investment, our money forming part of the deposit with the bulk of the money borrowed. That was never a secret and is there in the original documentation.

Don't worry, I'm just as p1ssed as you, but it is thee fact that a property was bought for 19 mil and is now valued at 6 that has shafted us.

MAYBE EPI should have seen the writing on the wall a lot earlier and gotten out while there still WAS some value- I remember a certain red-Headed guy saying, in a meeting, that a sale at that point would mean a 15% loss, but that staying in would achieve a return after 5 years instead of 3. In retrospect he must have been smoking something REALLY good.

What I am pretty sure of is that the Foxtrot syndicate guys have a VERY good case for making someone pay- invest in a UAE property fund, then have your money loaned to a failing Australian development that the directors of BOTH funds happen to have money tied up in- Now There's an interesting scenario!

The Oceania fund was downed by the GFC, but I'm very upset to think friends and colleagues money invested in the Foxtrot scheme- which was largely liquid and could simply have been refunded with a small loss- has been lost in a "Good money after bad" desperation move.

[SOPS]

Wiz, the words "Mahdoff" and "Ponzi" come to mind.:ugh:

[Jetaim]

Ah ah ah... you cannot imagine how pleased I feel. I remember all the flyer in my mail box, the shady relation between EPI and EPC and I always thought it was a scam... Greed might or might not send you to hell but for now it is a very well deserved earthly punishment . Sorry mates...what to do? That money was anyway originally stolen from the various type of second and third world worker still enslaved in Dubai. It could have been much better spent in higher salaries and a pension scheme for them than drained down the toilet by a bunch of suckers.

[ScamDoctor]

Hi Everyone. I'm new and I'm looking for information about your old pal Brett Carnell of EPI fame. Do any of you have an update about his activities? Has he set up another "property investment company" from his cushy, luxury retreat in Queensland? Certain people from the ASIC and investigative journalists are keen to touch base with him. Keep me posted. Thanks.

[CAYNINE]

And let us also say that wonderful upstanding citizen of the most admirable ethics, (the red haired guy) is also equally responsible for this.

[atiuta]

Unlike some, I'm not going to pretend to keep personal likes & dislikes aside.

sittingdly is a loser.

Best you never disclose your handle for fear of a defamation case and an adverse reaction from your work colleagues that will make solitary confinement look like treasure island.

I'm not defending anyone, but those claims are outright inflammatory, unproven and hope to achieve what?

A little insecure are we?

[CAYNINE]

Nope, haven't said anything defamatory, he was a senior joint director with BC (whom has been mentioned by name over and over) just stating that ALL the directors were playing God with others money and spinning a very convincing line to their colleagues and friends.

Just because BC, (don't say his name:=) is the sole remaining director doesn't mean that he made all the decisions. I would just like to know what transpired during the transactions that are being questioned as unusual, which, if it makes you happy Atiuda or whoever you pretend to be, why then does the unmentionable name appear as the signatory to one of the main dodgey deals in question???

If it makes you happy little guy I'll change it to your handle.

[White Knight]

It's ok Caynine; there was a post after yours which has been pulled, so I guess Atiuta wasn't referring to yours....

[atiuta]

Relax caynine. If you'd seen ****inhead's post, you would understand.

I don't disagree with your post at all. The post that was above mine, had taken a rather large step over an ethical line regardless of the subject individuals possible involvement with the thread subject. To be honest, it fell into the category of pot....kettle....black. Despicable, low, nasty, unsubstantiated accusations on personal medical issues that had no relationship to the threads theme. A vain attempt was made to claim personal dislikes were not a factor.

By in large, I could never be bothered to read or attempt to understand ****inhead's lunatic raving in the past. I just considered his post to be in the grounds of legal defamation and completely unethical. For his sake I hope he retains his anonymity.

One could argue that my terms are defamatory but there's a big difference between legal defamation and calling someone a loser. Prune or to his face, the message will be the same.

I reiterate, this is not about any ex directors actions. It's the fact that someone could stoop that low and still claim the moral high ground.

[SOPS]

Holiday Rental Academy | Simple Systems That Work - Holiday Rental Academy (http://holidayrentalacademy.com)

Just in case you missed it.

[SOPS]

He is now the holiday property rental master.....words fail me.

[motley flight crue]

Scumbag asshole

[harry the cod]

Modest man he is certainly not. Glad I didn't go anywhere near that 'investment' at the time. Would be good if someone attended and asked a few probing questions. Is the Jamaican con man from F1 still amongst us?

Harry

[Cantbebothered]

Post from 2008...http://www.pprune.org/middle-east/352242-can-epis-promises-kept.html

[High 6]

Why isn't this man behind bars, and I don't mean the ones that serve drinks. He stole a lot of peoples money, luckily not any of my hard earned shekels.

[Thridle Op Des]

@HTC - yes he is.

[Fugazi]

With all due respect many of you who have lost money simply do not have the balls to "discuss" the matter with the individuals concerned face to face.........It's not like they are in hiding........Grow a pair, and if these individuals are solvent ( which they plainly are) go and get back what is owed to you.

[777-200LR]

Next time you go to Vegas and lose your cash on the Poker or Blackjack table, make sure to put the dealer behind bars as well.....