EPI Bust
Thread Starter
Join Date: Dec 2002
Location: usa
Posts: 1,005
Likes: 0
Received 0 Likes
on
0 Posts
EPI Bust
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.
BC no longer contactable.
Sad.
PS. Sitty no one is interested in your ramblings
f.
Thread Starter
Join Date: Dec 2002
Location: usa
Posts: 1,005
Likes: 0
Received 0 Likes
on
0 Posts
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
This is comedy.
Back to thread:
Any recourse available Ladies & Gents.
f
Join Date: May 2005
Location: Mars
Posts: 527
Likes: 0
Received 0 Likes
on
0 Posts
It is true took out a $9m loan on a property worth $9m so god knows what happened to investors money. Then again as he was paying himself I guess we do, sadly turned to the dark side, done a runner and proved to be a crook!
Join Date: Nov 2000
Location: The Pilot Grinder
Posts: 362
Likes: 0
Received 0 Likes
on
0 Posts
Sittingbullsh#t......
If you have nothing to do with Carnell then why defend him????
Climb back into BC's warm little ars$ 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.
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.
Join Date: Apr 2006
Location: In the seat
Posts: 284
Likes: 0
Received 0 Likes
on
0 Posts
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!
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!
Join Date: Sep 2006
Location: not in Dubai anymore
Age: 94
Posts: 713
Likes: 0
Received 0 Likes
on
0 Posts
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?
short flights long nights
Is there any money left in EPI, or has it all gone?
Join Date: Nov 2001
Posts: 246
Likes: 0
Received 0 Likes
on
0 Posts
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.
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.
Join Date: Nov 2000
Location: The Pilot Grinder
Posts: 362
Likes: 0
Received 0 Likes
on
0 Posts
"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
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
Join Date: May 2005
Location: Mars
Posts: 527
Likes: 0
Received 0 Likes
on
0 Posts
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$9 million and shows a decline of an additional 30% from its previous market value.
*
As the General Partner of the Echo Syndicate I have received a formal notification from the lawyers of the new managers of epi Foxtrot Syndicate Limited Partnership, the Lender, advising me that it will issue Miami Waterfront Developments (Pty) Ltd and EPI Echo Limited Partnership loan default notices within the week. In Accordance with the terms of the respective loan agreements the loans will become immediately due and payable on serving of this notice.
*
It is our opinion that neither party will be able to meet the demands for the immediate loan settlement and this will result in a complete loss of investment by the Partnership as the Lender seeks to enforce its security in respect of the loans.
*
As General Partner I will therefore be taking the necessary steps to appoint an independent administrator to act on behalf of the Partnership and who will be handling the negotiations for the disposition of the Partnerships assets when the sale of the property completes in due course. They will thereafter provide a final report to all Limited Partners including the accounts and notice of final distributions, if any, on the winding up of the Partnership. The administrators will be provided with all the relevant Limited Partner information and will be in contact in due course to introduce themselves and provide all Limited Partners their contact information.
*
We realise that the outcome of this syndicate is not what any of us wanted. There is no realistic outlook for a recovery in the real estate market in outer West Australian region and EPI Echo and Miami Waterfront Developments have exhausted all their remaining options to find an alternative lender. The continued decline in the property values in WA has made it impossible to sustain a leveraged investment in the area.
*
Yours Sincerely
*
Brett Carnell
GP
EPI Echo Limited
*
*
Current Property Value
*********************** approx. A$* *5-6 millionCurrent 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
*
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.
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.
short flights long nights
Wiz, the words "Mahdoff" and "Ponzi" come to mind.
Join Date: Apr 2010
Location: hearth
Posts: 125
Likes: 0
Received 0 Likes
on
0 Posts
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.
Join Date: Sep 2012
Location: London UK
Posts: 1
Likes: 0
Received 0 Likes
on
0 Posts
Brett Carnell EPI
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.
Join Date: Nov 2000
Location: The Pilot Grinder
Posts: 362
Likes: 0
Received 0 Likes
on
0 Posts
And let us also say that wonderful upstanding citizen of the most admirable ethics, (the red haired guy) is also equally responsible for this.
Last edited by CAYNINE; 31st Oct 2012 at 06:28.
Join Date: Nov 2001
Posts: 246
Likes: 0
Received 0 Likes
on
0 Posts
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?
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?
Last edited by atiuta; 31st Oct 2012 at 13:34. Reason: To ensure correct individual is identified.
Join Date: Nov 2000
Location: The Pilot Grinder
Posts: 362
Likes: 0
Received 0 Likes
on
0 Posts
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.
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.