EBAM Skye 441LP (ex EPI fund)
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EBAM Skye 441LP (ex EPI fund)
Any thoughts on the coming vote to extend the fund?
I'm trying to get my head around all the info being provided.
At 1million + fees per year, the fund is paying out a fortune and seemingly going nowhere, despite the market here being as good as it's going to get.
I know the Australian part of it is a mess, but it seems it's only in EBAM's best interests to allow the fund to continue to keep receiving fees. I could have sworn it was supposed be wound up some time soon, but now they're talking 2017.
What are your thoughts? Vote to bail now (is that an option?), or perhaps see if the aussie assets can be separated from the UAE assets, and sell the UAE assets to get at least some money back.
Financial gurus, hit me with your thoughts. (ummmm...second thoughts, nobody would have got involved with BC in the first place if they gurus)...but hit me with your thoughts anyway.
I'm trying to get my head around all the info being provided.
At 1million + fees per year, the fund is paying out a fortune and seemingly going nowhere, despite the market here being as good as it's going to get.
I know the Australian part of it is a mess, but it seems it's only in EBAM's best interests to allow the fund to continue to keep receiving fees. I could have sworn it was supposed be wound up some time soon, but now they're talking 2017.
What are your thoughts? Vote to bail now (is that an option?), or perhaps see if the aussie assets can be separated from the UAE assets, and sell the UAE assets to get at least some money back.
Financial gurus, hit me with your thoughts. (ummmm...second thoughts, nobody would have got involved with BC in the first place if they gurus)...but hit me with your thoughts anyway.
Last edited by Kamelchaser; 6th May 2014 at 06:05. Reason: grammar and additional line
Join Date: Nov 2003
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I was hearing that the original 55k share, that became mid 20s when EBAM came to the rescue, is now 17k. Alot of the reason for the reducing "fund" share price is the extortionate admin fees!! To continue the fund would only incurr a further milking of the likely wind up fund amount to return to those robbed.
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Ebam has not been able to improve the situation. Now, they want to lock us in for ever (until they burned all of our money). I they can't sell the DXB and Abu Dhabi properties in this market for profit, they will not succeed with more time. They also remove the performance bonus; now they have zero reasons to wrap up this thing. They will make 1 000 000 USD pa until the funds are gone. Time to liquidate and lick our wounds.
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So is there an option to vote for the liquidation of the UAE assets, and leave them to try to recover value from the shocking Western Australian quagmire?
BC has a lot to answer for..loaning 10million dollars of the funds money on an asset worth far less.
Is he still drawing fees? 8% per annum to whoever really p**s*s me off! Bleeding the fund dry. What a scam.
BC has a lot to answer for..loaning 10million dollars of the funds money on an asset worth far less.
Is he still drawing fees? 8% per annum to whoever really p**s*s me off! Bleeding the fund dry. What a scam.
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From Julia Sykes
I contacted Julia directly because I, too, am confused by all of this and this was the response I received and lacking anything better is what I am doing:
"Thank you for your email.
To obtain the best value, regardless of the time taken to reach windup we need to reduce the fees. To do that we need to remove the General Partner and change the structure therefore please vote FOR the changes.
You can simply scan and email it to me.
[email protected]
Regards
Julia Sykes"*
+971566911233
"Thank you for your email.
To obtain the best value, regardless of the time taken to reach windup we need to reduce the fees. To do that we need to remove the General Partner and change the structure therefore please vote FOR the changes.
You can simply scan and email it to me.
[email protected]
Regards
Julia Sykes"*
+971566911233
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A vote FOR is electing to wind up the current structure, reduce the fees by around $850,000 pa , and fees will be based on NAV not original value (if the value goes down we will get paid less), allow cash redemptions from 4th January 2016 as well as its conversion to an open ended fund (open ended means you can go in and out at any time –usually monthly)
A vote AGAINST is to continue the structure as is whilst we sell assets. The official date of closure under the CURRENT LPA you signed is 2017 (see section 11.1) Unfortunately the fee structure (now we have overcome most of the legal hurdles) is stripping the value faster that we can make it (last year the Secured Fund Holding that the fund has invested in made about a million dollars and that was all eaten up by fees).
A vote AGAINST is to continue the structure as is whilst we sell assets. The official date of closure under the CURRENT LPA you signed is 2017 (see section 11.1) Unfortunately the fee structure (now we have overcome most of the legal hurdles) is stripping the value faster that we can make it (last year the Secured Fund Holding that the fund has invested in made about a million dollars and that was all eaten up by fees).
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4 days to go to get your scanned vote in or attend. How will people plan to vote, a consensus here maybe? A 2 edge knife here, keep it going and hope for the best which if we keep it going we will see the fund get further swallowed up in admin fees!!
Vote to end the madness and just cut our losses and take what is left before the admin fees continue to drain the fun to 0 which might happen in any case?
Vote to end the madness and just cut our losses and take what is left before the admin fees continue to drain the fun to 0 which might happen in any case?
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I don't believe this vote will have a material effect on when the scheme winds up; it's in place to 2017 nor will it really affect the sale of assets; the vote is to re-organize, cut out the general partner and reduce the fees that the Scheme has to pay (fees that you are, in effect, paying).
The market is recovering substantially from where it was at the low point of the fund and since I wrote off the money years ago I'm going to give it a chance and try to let it get back up. I don't need the money to eat.
The market is recovering substantially from where it was at the low point of the fund and since I wrote off the money years ago I'm going to give it a chance and try to let it get back up. I don't need the money to eat.
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Ok, now I've read it....
It's an EGM, only one item is being voted on.
Yes - restructure and fees reduce.
No - fees stay the same
Neither will get you a cheque next week for your 'share'. Personally, I like the option where the fees reduce.
It's an EGM, only one item is being voted on.
Yes - restructure and fees reduce.
No - fees stay the same
Neither will get you a cheque next week for your 'share'. Personally, I like the option where the fees reduce.
Join Date: Dec 2012
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Whose the psychopath?
Perhaps alcohol (his own confession) has a role to play in posts from this 411A wannabe.
At least the latter was able to add some facts and substance to his posts.
Perhaps alcohol (his own confession) has a role to play in posts from this 411A wannabe.
At least the latter was able to add some facts and substance to his posts.
Last edited by myekppa; 13th May 2014 at 02:26.
