What You Think


Selected Unitholder Correspondence

Correspondences are like small clothes before the invention of suspenders; it is impossible to keep them up.

- Sydney Smith

I tried to edit out all words which might identify a particular person.  I picked a fairly representative sample - the negative remarks as well as the positive.  They are presented in the order I received them.

Excellent work so far.  Annoyed because original idea was sound.  Pinned hope on Doug Somers-Edgar because he said he was taking action.

Very informative.  It's possible the estate could be a party to a class action.  He needs to see an opinion from counsel as to whether it is likely the action would be successful though.

Her husband wrote.  He admires what we're trying to do but hasn't much hope of a positive result.  He went through this with Goldcorp about 10 years ago.  Not clear if the sudden evaporation of our money was incompetence or fraud.  Interested to be kept

Surprised anything could be extracted over this.  Particularly interested in proceedings.  Where would compensation come from?  Sceptical.  Interested to see relevant parties to the mismanagement of this trust be made answerable and to see if fraud is inv

"Hardly possible to lose everything unless something nasty was lurking in the woolshed.  They sent in an extra cheque to cover brokerage for 3000 units and the Manager instead deducted brokerage from each cheque, leaving them only 2997 units.  Should have known from this that

Interested in action regarding this fiasco if legal costs are acceptable.  Thought the SFO had it all in hand and unitholders would be advised in due course.

Sack all the non-performers!  Glad to hear of our actions.

"Bought on recommendation of their financial adviser.  Reluctant to throw good money after bad.  Not excited about pursuing a recovery.  Unlikely to come to meeting.  Appreciate actions, would like to hear progress."

Enclosed a Money Managers article wherein Doug Somers-Edgar said he was advised that taking legal action would be fruitless.

Does this mean unitholders would sue Trustee and Manager personally?  What is source for recompense?  (These are frequently recurring questions.)  Expressed high interest.

Wonder at the incompetence or dishonesty displayed.  They encourage us in the pursuit of accountability.

Wants a really good reason before putting any more money into this miserable business.  Doesn't believe in giving a class action lawyer free rein.  Would try to attend a meeting of unitholders.  He thinks the SFO report will be crucial.

Sent Word document with a change of address.  Expressed continued support.  Wrote both Trustee and SFO.  Will attend unitholder meeting.

Congratulated us on being persistent.

Someone should carry the can for this fiasco.

"Given up hope.  Felt cheated, but didn't know what to do.  Likely to contribute if cost is small.  Wouldn't be able to attend any meetings."

Discarded correspondence except a letter from Rod Templeton dated 29/07/98.  Keen to see guilty parties brought to justice if fraud is involved.

"Appreciate work so far.  Given up hope, assuming rogues at Fay Richwhite (who promoted the Trust to them) and, they think, PGG, had ruined a potentially sound investment.  Discarded documentation in disgust."

Thanks for sterling work.  A disgrace the way our investment was handled.  Over the years he's been burnt badly with many holdings.  Great to see somebody fight it.

"Enthusiastic support.  If there's any suggestion the business dealings surrounding the Trust were other than proper and demonstrating good stewardship of funds, then they'd be keen that those responsible be held accountable.  Unaware of SFO investigation."

Bought from Doug Somers-Edgar at Money Managers.  It's been about a year since they first heard that he was looking at a class action against the Trustee.  They called him after receiving my letter and he said he had not heard of our action.

"Very pleased, certainly interested; unable to attend a meeting in Wellington, but full support for action considered appropriate."

"My ability to assist your investigation will be limited, however please be assured that I will contribute as much as my circumstances permit when required."

"Thank goodness people who sit back and take it have determined folk like yourselves to take up a cause to see justice done."  They said they enjoyed my "well written letter" - I LIKE these people!

"No hope, but in spite of that, if there's a good chance of a legal action obtaining a worthwhile result they will seriously consider joining."

Very nice letter.  Addressed letter to Ruth Hatch (Excellent Person)!  Sent $10 cash "for a glass of wine."

The SFO's track record does not inspire confidence in them.  They would make every effort to attend a meeting with the Trustee.

Very negative letter.  His investment advisor said a major Asian shareholder was taking action on his own behalf and his case would determine if fraud or negligence is involved.  Hates lawyers because they're the only ones to make any money.

Pleased to hear some action has been taken if costs are not too great.  Interested in participating in possible action.  Happy to give support.  Many thanks.

Prepared to front up with money after a favourable report.  He enclosed an article from The Press about possible unitholder action.

"It seems this trust was well-named - performance flat and rocklike as in dive from a height."  Would appreciate the possibility of recovering some money.  He feels we weren't fully informed of the Manager's actions or the likely consequences and also that

Had given up on Flat Rock but our letter out of the blue gives a glimmer of hope.  Certainly prepared to support a class action providing the cost is reasonable.  Interested in my comments regarding the role of financial advisers and their liability.

Delighted and impressed.  Invested after reading a very enthusiastic handout issued by Equity Research.  Bewildered as to what went wrong.

Confirmed her interest in pursuing a class action against the Trustee.  Tried to redeem units to no avail.  Has correspondence surrounding this attempt.

Their investment was to pay for children's trip to Disneyland.  He said he asked the Manager on the phone if he'd be resigning from his position after losing everybody's money.  "He replied that FRFT was only one of many that he controlled and his resig

We had a lengthy conversation.  He seemed knowledgeable in the general NZ culture and history that spawned a raft of get rich schemes during the 80s (and beyond).

Suspicious of both the Manager and Trustee

Consigned all records to rubbish bin in disgust.  Will possibly contribute.

Sent interesting file which I forwarded to the SFO.

He said the trust was a rip-off.

Pleased to hear someone is taking up the cause and hopes we can achieve something.  Mystified how a conservative investment could end up with nothing at all.

Retired; spends winters on the Gold Coast.  Should return mid-October.  Too many unanswered questions!

Why did we borrow to buy more forests?  How many highly paid people were needed to run this?

Enclosed an interesting correspondence file which I forwarded to the SFO.

Applauds our intention to probe mismanagement.

Feels the loss is due to a lack of management skill.  Feels the bank should have allowed the trees to continue growing (this presumes they grow faster than interest and charges accumulate).  Interested in what action could be taken.

He has the name of a Wellington lawyer who takes cases for a percentage of the fee if we can't raise enough money from the unitholders to proceed.  He's pleased we are ""hounding the arrogant gods from Perpetual Trust."

Enclosed a list of warped homilies (examples: "If at first you don't succeed, then skydiving isn't for you.  99% of lawyers give the rest a bad name.") called For Those of You Who Take Life Too Seriously.  (Obviously has a sense of humour.)

Small note attached: "My personal view, this was just a complete fraud right from the start."

Enclosed a letter from John Mallon, Perpetual Trust which said, "We advised in our previous correspondence that the Trustee investigated the financial alternative available to the Trust, which included refinancing the existing bank debt or recapitalisation.

Invested through Reeves Moses of Auckland after her husband went to a seminar that indicated this mid to long term investment couldn't fail - even if the forests were destroyed, there would still be the land value.  Three of their four children are at university

Enclosed letter.  Thinks Doug Somers-Edgar is working on some sort of action.  Supportive.

"I prefer not to commit myself to a further financial burden at this stage - this is not to say I may consider this at a later date."  Presumably she meant she may re-consider at a later date.  She wished us the best of luck.

Interested in joining a class action provided legal advice is received expressing some degree of optimism in relation to the case.

Pleased to learn that someone was prepared to take action.

"I am interested in joining in any class action that may be taken against the manager & Trustee and I am willing to pay my share of any costs."

On learning that cash was required to cover essential outgoings, he was horrified to learn that prime blocks were being sold for units in a managed fund operated by the same promoter and not for cash.  He protested but received no reply.  He wrote to the

Very very angry and upset, they wish us the best of luck.

Congratulated us on our efforts to bring this matter to some resolution against rather daunting odds.  He said he might be helpful in some way or other in our search for information.  Would like to meet with us with his senior advisor in attendance.  Plea

Definitely interested in being involved in considering appropriate action.  Was told by Trustee that he could inspect a copy of the unitholder list in Wellington.  (They at first told me that I could inspect a list at Registry Managers in Auckland.)  Plea

Prepared to contribute if court action was considered favourable.

"I would consider being part of a class action of unitholders but would need more information on the likelihood of success and the cost before making a firm commitment."  He included an interesting letter he wrote to the Trustee along with their reply.

Keen to see us win this case.  Tossed most of the details of ownership.

Always thought the way the trust folded was most peculiar.  Doesn't feel like throwing good money after bad (almost entirely supported by superannuation) but wished us well, asked to be kept informed, enclosing a cheque for $10 to cover postage.

Very nice letter.  Apologised for not contacting us after the first letter.  Fully support our approach. Interested in joining a class action claim.  Ready to contribute financial support as and when specific propositions emerge.

Transaction was effected through Money Managers of Dunedin who no longer enjoy their confidence on money matters.  A previous investment, also through a "Trust" company, took 10 years but emerged with a 75% recovery.

Interested in contributing to any fund to assist in work-to-date and future costs.  "A financial adviser told me to sell my units as the Trustees, Managers, its contractors who pruned trees, the milling contractors etc. formed an incestuous relationship."

Will not be at any meetings but would appreciate keeping in touch.  Not in a position to contribute much money but will do what she can.

"Brief note, no date.  He said other legal advisers were unwilling to pay part of his legal costs so he dropped his pursuit of the Manager.  Said he is away until 10/11, but will help contribute.

He will never invest in forestry again.  He intended to buy more but is now pleased he never got around to it.  Enclosed copies of two registrations - for some reason, he was apparently given two certificates.  He also enclosed a copy of a newspaper article

Terse letter: "We would be interested in continuing to receive your corresp0oondence but have severe reservations about commencing any action against the Manager or Trustee without a very good legal opinion."

He recommended we seek the aid of the MP in our area.  He hopes he can help with our costs.

Will join in an action against them though they are both on a pension so have limited means.

Fully support and is willing to help in some small way with costs.

Now retired.  This investment being a total write-off has left them with lower funds than expected.  Difficult for them to say whether they could afford to participate or not.  Please let them know how it is going and they might possibly sometime be able

"I am not optimistic of success but wish you well."

Both are prepared to 100% support any action that is worthwhile.

Very supportive.  Will give money no matter what.

Undated letter.  Delighted to know that something is being done.  Unable to attend meetings, ready to pay her share of the costs involved.

Wants to know the legal evaluation of the merit and strength of action.

In favour of supporting further investigations.  They asked to be notified of their share in financial responsibilities.

Interested in participating in a class action suit depending on the cost (as they are relatively small investors).

Interested in a unitholder meeting.  Can't say at this time if she would be able to support us.

Would try to attend a meeting with legal counsel present.  They eagerly await more details.

"Hope you succeed in recovering some or all of our money."

Subject to an indication of cost, he would be interested to be included in a class action to try and recover some of the capital invested. He threw his certificate away and wonders whether this will debar him from participating.  In the meantime, please

Delighted someone is trying to bring people to account.  When accounts were published back in 94, he approached the managers for explanations because they did not make sense.  Their response and a subsequent meeting held in the offices of the financial ad

Undated letter enclosed with copies of their acknowledgement, registration, and certificate.  Apparently this acknowledgement, from G H Perkins, was sent to all who bought under the Prospectus because Perkins attempts to correct what he feels may be a false

Experienced in class action.  They settled out of court and got back 100% of their investment plus expenses.

His view is he's reluctant to throw good money after bad but would like it if I keep him posted.  He said to use his email address, so I have.

"Most interested in developments, especially with the SFO.  Would contribute to legal aid but would be limited in amount."

Enclosed a copy of "Report to Unitholders to 31 January 96" which said FRFT was a member of the Unit Trust Association of NZ.  Also enclosed a copy of their statement of holdings and an urgent memo from G H Perkins to all principals and executives of financial

Nice to receive mail re: FRFT that is NOT depressing.  They have felt angry and let down.

Interesting in supporting legal action to recover some return.  Sorry affair.

"Unitholders are at least entitled to some explanation."

"I support your actions wholeheartedly.  A meeting with, and explanations from, the Trustee are due.  Interested in legal advice and pleased to be financially supportive."

Intrigued as to what the case is.  Had bought into the official party line.

Full of admiration for the effort we are making.  They wanted out in 94, but Briggs discouraged them.  Let them know if there is any way they can be of assistance.  Their daughter now feels that "under the mattress" is the only safe place for money.

"I am prepared to make a reasonable contribution towards the cost of the investigation of our position."

Thanked us for our energy in following up this debacle.  Has thrown out records.  Interested in exploring the class action option if it looks feasible.

She confirms interest in pursuing all avenues to try to reclaim some investment.

Supports efforts to get justice.  Pleased to offer financial support if needed.  Invested through Money Managers Dunedin.

Pleasantly surprised - had lost all hope.  Prepared to contribute to the cost of any legal action.

He said they were trustees for a family trust, so I added that in the third line.  The postal code needs to be verified.  He works by Higher Sensory Perception.  Has been feeding energy into a focus point near Wellington to get rid of deceit since 21/01/09.

Participation would depend on cost.  Feels strongly that people handling other people's money should be held accountable.

Prepared to put up a fight for some form of retribution.  Willing to help in any way possible.

Enclosed a business card.  The investment was highly recommended by Money Managers.  Nowadays, they accept only their own recommendations.  They would try to come to a meeting.  They would consider a contribution toward costs.  They'd like a copy of the

Grateful there are people prepared to seek answers to poor management (difficult to imagine a greater mismanaged enterprise).  We have their support in seeking a meeting and they are positive about our search for the truth which could lead to legal action

Always been interested in trees.  Her husband died in Apr 95.  She is in her 70s.  She suggests all interested [parties] "donate a small sum of money initially to help with costs involved now."

Possibly interested in contributing to class action against the Trustee/Manager dependent on cost.  Asked how we were able to obtain a list of unitholders.

"Subject to my having the opportunity to peruse the report from the solicitors you have instructed as to the likelihood of success in a Class Action against the Trustee, the Manager or both, I would be prepared to consider contributing towards the funding."

Copy of her letter to Money Managers, together with Doug Somers-Edgar's telephoned response enclosed.  Apparently Somers-Edgar told her he was trying to secure a tax rebate to compensate for losses.  Subsequent followup not encouraging.

Interested to hear more about action taken on the Trust.

Originally invested in NZFT.  "In retrospect I am now wondering at the time of the change Flat Rock had sufficient financial difficulties (obviously not disclosed to me), which should have warned the promoter that it would have been fraudulent to offer Flat Rock units instead

Enclosed copies of certificate, statement of holdings, and a letter to unitholders from Steve Reidy dated 01/09/93.  This unitholder feels Forme should bear some of the blame.  Will be interested in a class action if the situation for recovery looks good.

Indignant.  Enclosed copy of statement of holdings.

Will give support if he can to get some equity back to unitholders.  Difficult to attend a meeting in Wellington from so far away.

Will be moving to Tauranga by the end of the year.  Hopes we will be able to hold an additional unitholder meeting in Auckland.  Will do what she can to support us and the other unitholders.  Offered sincere thanks for splendid effort.

Great to know something is being done.

Wrote a note no the bottom of the newsletter: "Congratulations on your initiative and the energy you arte putting into this."

"Obviously valiant effort."  Old man; the loss of capital was of some moment to him.  Purchased under the enthusiastic advice of Equity Research, Auckland.  His age doesn't cope with computers generally, he said.

Wrote a note on the bottom of the 25/09/99 newsletter.  "It's good to know someone is prepared to do something."

"I applaud and support the action you and your husband are taking.  I have felt all along that there must have been mismanagement, poor judgment, or straight out dishonesty at some point.  Nor was I impressed by Rod Templeton's letter of 10 September."

Wrote a note on pg 2 of 25/09/99 newsletter Supportive and interested but want to be sure they aren't throwing good money after bad.

Thanked me for my "well written letter".  Included copy of letter sent to the Trustee and of the Trustee's reply.  Due to the total collapse of the Trust, he assumes there is no money to compensate unitholders, therefore he would be reluctant to pour good

"...an anonymous advertiser in the Dominion invited replies to a proposal that unitholders meet and discuss the past present and future of the Trust. We responded but did not hear anything further."  They feel the solicitors might need more to be special

Bought through Reeves Moses Investorcare.  Said she was posting copies of correspondence (which, in fact, she did).  She thanked us twice for all our efforts.

He has an ongoing interest in ensuring this process is conducted in a proper manner and would support a group action and associated expenses provided they are approved by him prior to any action.

Keen to support us financially but since investment is relatively small are not interested in laying out considerable amounts to lawyers.  Will pledge at least $250 if there's a good chance of getting anything back.  Wished us luck.

Pleased.  Mystified how a conservative investment could end up with nothing.

Recently destroyed his documentation.  Will go to financial adviser for replacement copies.  Where will meeting be?  What redress is available?  What would be left for us?  Thanks and congratulations.

Requested to know if I had any financial or legal background.  Unless SOMEONE did, he felt we were wasting our time.  He asked for proof of the SFO's involvement and for a copy of the Frank Pearson article.  Then he thanked me, "whatever happens."

"Regardless of SFO inquiry, can we pursue the Manager's directors personally?"  Thanked us for our efforts.

He received the following from Richard Starke at Money Managers: "With regard Flat Rock I do not have the latest situation but understand there has been work going on behind the scenes to see what avenues may be open to pursue recovery and believe the con

He has copies of correspondence to Doug Somers-Edgar expressing displeasure that they recommended FRFT as sound.  Doug was basically uninterested, reminding him that loss was a fact of life in the investment world.  Disturbed by the contents of the financ

All for keeping people accountable for their actions - especially Trustees.  Bought from Money Managers who seemed to have quite a lot to do with this Trust, or so she understood at the time.  "Does Doug Somers-Edgar have any info?"

"Well done!"  Great to see someone doing something constructive in what seemed a hopeless situation."  Surprised to lose all his money and even more surprised at the lack of suitable explanation for the loss.  Unbelievable so much money could just disappear.

"At this stage I do not feel [like] spending good money after bad.  Should you go ahead with a case to try and recoup some of your losses and it is successful financially as far as I am concerned I would gladly give you 10% of anything I received back."

He was supportive and wants to come to a meeting.

Thanked us for our initiative.  He will consider contributing to the cost of a class action and would derive satisfaction from seeing the Trustee force to cough up to the investors who lost a lot.

Great admiration for what we are doing.  His brother was the original owner of these units which he inherited when his brother died in 1994.  Unitholders deserve a better explanation than what has been offered.

Encouraged by our energy and focus.  Promoted in association with a leading financial institution and absolutely watertight because of the land guarantee which would back up the fund in addition to the trees.  She was not experienced as an investor and felt

I took the date off the letter, but I believe 01/11/99 was intended.  Bought through Reeves Moses on the advice of a friend whose husband works there.  "Delighted...interested...full support."

Went along to a Joseph Banks presentation at Financial Advisor Kathy Jarrett's office in Palmerston North.  Considered going into a private forestry investment project starting from scratch, but at the time this appeared far more secure.  Interested in class

Brief note explaining the history of her holdings.  Very friendly; offered to help in any way she can; looks forward to news.

Sent change of address and phone.  Admires our perseverance, though he can't be of any help because his personal files are "still packed away."

Sent document file.  She applauds our efforts.  Her holding was transferred to family trust 29/10/96.  Would weigh the cost of a class action should it come about.  They said the date of purchase was 21/06/99 (clearly a typo).

They feel the Trust mismanaged the entire fund.  Impressed by our letter, feel we have done excellent work, and are interested in a meeting.

Decision to contribute to a class action will depend on advice and cost.  Thanked us for our letter and efforts and then thanked us again.

Interested in participating in possible legal action; had given up hope.

Extremely interested in future developments with the Flat Rock debacle.

His transmission contained a virus (I notified him).  He's interested in further information.

His father bought the units which he inherited in 1995 upon his father's death.  The proceeds were to be set aside as his father's gift to his grandchildren.

Interested in case and in a unitholder meeting.  Wants to know more.

"Pleased.  Subject to cost versus reward, keen to have a go."

Yes, he is interested, yes he would like to stay on the database, yes he would be interested in contributing to a class action once details are clear.  Two thank yous.

Overseas until 12/12/99.  Enthusiastic.  Happy to contribute towards an action fighting fund.

Interested in a class action but, as investment is small, would not want to spend too much.  Keen to see something done and thinks a successful class action may help as a deterrent.

"Many thanks for standing up and getting things moving.  We've been lackadaisical, too busy with our careers to pay attention to more important matters.  Pleased to offer any support we may need.  They also look forward to hearing further developments."

He had been impressed because there were no borrowings forecast.  He feels the purchase of ""bare land from J Medlicott near Wanganui and near Lake Alice Hospital, Marton using money borrowed from Countrywide Bank were the start of the Trust's problems."

They shredded their certificate when they first learned it had failed.  Interested if there's the possibility of recovering something from this fiasco.

Now lives in Melbourne.  Had given up.  Impressed with our efforts, would very much like to keep up-to-date on events.

Because holdings are modest, he had not looked into causes, nor whether anyone could be held liable.  He is a barrister based in Auckland with experience in class actions.  He offered the following

Pleasure to hear from us.  Felt the Trust needed looking into but hadn't taken any action.  Recommended by Joanne James who worked with Colonial in Hamilton at that time.  Prepared to support court action if the legal opinion is that there is at least a 50%

They feel the Manager should've considered other options [than selling all the assets to pay the bank].  They did not have the time to dig into the matter further.  They fully support our attempt to get a special meeting and to get answers from the Trustee.

"Great to get a letter and know there's a glimmer of hope."

Wrote a scathing letter to the Trustee.  Didn't get a reply, possibly in part because he said their masthead should really read "Trust Is for Never".  He thinks there are some questions that need to be answered and he's behind us.

Keep them abreast of developments.  They may be interested in joining a class action against the Manager, etc.  Email or phone for communication preferred.

"YES!  Pleased someone is doing something about the fiasco.  They got away with the money far too easily."  Unlikely to be able to attend a meeting but supports whatever action unitholders think appropriate.  Would like to be kept up-to-date.  Email is fine.

Interested.  His original investment was made through Money Managers Limited.  He thinks it may be worthwhile trying to get them to participate in any action that may be taken.

Good to see someone has initiated a move to investigate the failure.  "Strange a forestry investment could fail to the point of being worthless.  Good luck."

He said his wife had 5000 units.  She applied for them to be repurchased 2 months before the moratorium on redemptions but they never saw a refund.

They support our efforts.  Would support a move to set up a fighting fund to help finance our work as well as the cost of obtaining productive legal advice.

They are very interested in trying to recover some or all of their investment.  They would like to be present at a unitholder meeting.  They look forward to receiving some good news in the not too distant future.

Certainly interested and appreciative of the time and effort we are putting into what they had previously considered a lost cause.  Prepared to support us but, as they are now retired, winning would need to be within the realm of reality with a good chance

Pleased to know we have decided to investigate.  She supports this action wholeheartedly. She thinks she has destroyed her records.  She thinks she invested about $3000 in 91 or 92.  Looks forward to progress reports.

Interested in joining our quest to get some justice out of this mess.  Always felt the unitholders were badly represented in the whole fiasco, but in this country with its extremely questionable business ethics, they felt powerless.  Disappointing to watch

He endorses the content and sentiments expressed in our letter.  The reporting to unitholders (or lack of it) had concerned him for some time.  Also was quite surprised at the way the wind-up proceeded - no communication to outline possible courses of action

Unlikely to attend a unitholder meeting but we have her support; she wishes us well.  "Even if we never see any of the money again there would be much satisfaction if the SFO could provide some answers."

Most definitely count him in on a class action suit against the Trustee and manager.  The comment about the SFO interested him.  He is a Chartered Accountant and is happy to assist in the interpretation of financial data.  He feels if fraud is not proven

He is heartened there was reasonable chance of success to minimise some of their loss on this deal.  The investment represents a considerable amount to them.  Would like to know of a possible unitholder meeting.

Please to receive letter; grateful someone is trying to sort out the Flat Rock rip-off.  Shocked when the company went belly up so rapidly.  Willing to help with and be a part of any actions against the Manager and Trustee.

Interested in pursuing their investment in the fund and would like to be advised of the results of the legal evaluation.

He is a Certified Financial Planner who had good expectations of the Trust.  He is interested in our views and would like to know more of the situation with the SFO.  He says in his experience it takes an interminable time to produce any real result.

Received our letter after three readdresses.  Bought units under advice of Reeves Moses Auckland.  They had thought the Trust management was probably just incompetent.  They thanked us for our efforts and await with interest.

I received this after the phone conversation though he sent it prior to calling.  Depending on the chance of success, he would give favourable consideration to contributing to a fund to finance such action.  They would probably not attend a meeting of unitholders

Pleased to support efforts to recover some or all of the money if we have a good case and the economics are there.  He says he's a very positive person and he appreciates what we are trying to achieve.  If there is hope, we have his full support.

Reply delayed due to moving (sent change of address).  He had a relatively small investment but applauds our actions in putting some heat on the Trustee

Marvelous to hear that we are "kicking a bit of butt where it might hurt some."  He says he's a starter if there's anything significant we could do jointly.  If he can help, please let him know.

Willing to contribute to any legal costs regarding this matter.

Interested in future information.  Often wondered why Joseph Banks opted out early in the scene.

Our letter was a pleasant surprise.  He applauds the sentiments.  He had thought, when he didn't hear more from us right away, that the challenge had been too difficult legally.  He's pleased there's a prospect of accountability upon the Trustee and Manage"

They had thought they had heard the last of their sad investment in it.  Please keep them informed of any progress in actions against the Manager and Trustee.

Thanked us for the possible further action of unitholders to recover some of the losses incurred.  He is pleased to be kept informed of developments and possible involvement in a class action.

Interested.  They bought on the basis that the units were low risk and high return.  Will be moving sometime in the next two months, so email is the best way to contact them.  He knows some of the people at Perpetual and one of his brothers is in the farm

He went into a bit of forestry investment on the grounds that it was dull boring and growing for the long term.  Nobody expected it to be spectacular, but they were given to understand that it was at the safe end of the spectrum.  It is clear that there

Threw his files away in disgust already.

Has lived in Australia for the past 10 years.  He found it to be a continuing shock to see what had looked like a good investment turn to vapour.  He now ranks Perpetual Trust on a similar level to Fay Richwhite who also spent his money and gave nothing back

Their loss has hit their retirement seriously and they agree that someone should be found accountable.  They would be willing to make a small contribution within their means if the action has some chance of success.

Interested in the possible future return of their investment.  Probably can't attend any special meetings but will be interested in the outcome.  Congratulated us on our efforts.

He finds it difficult to see how actions could be taken to recover some money, but he is certainly interested in the possibility.

He is dissatisfied with the way unitholders were informed about the demise of the investment.  He is interested in helping to bring to justice those guilty of any wrongdoing.  Please keep him informed about the outcomes of the investigations and meeting

Most interested in pursuing the matter having already had contact with NZTIL with absolutely no joy at all.  He feels, though his investment is minor, that it is unacceptable to essentially be told, "Forget it!  There is no chance of any realisable funds."

Keen to see what can be recovered from this situation.  He knows the work is hard and sends his sincere thanks.

They support the steps we are taking at present and will research their files to see if they have any material we could use.

Thanked us for all our work regarding the FRFT disaster.  They had decided to look at it as a learning experience.  Delighted we are willing to invest the energy to take it further.  They look forward to being involved at whatever level is appropriate and

They've moved residence several times in the last few years, and the letter took a long time to reach them.  They thanked us for our efforts and they support us.  They look forward to being kept up to date.

Interested to hear what the SFO has to say.  "What, other than satisfaction, can be achieved?  Is it throwing good money after bad?  Please reply."

Pleased to read of our progress so far and supports our actions.  Thinks a web page is a good idea.  Appalled at the receiver's cost.  Doesn't understand why current investors weren't given the chance to buy the forests.  But he's just a novice in these matters

Thanked us for our interesting letter which had finally reached him.  He had long ago written off his investment and added it to his long list of similar failed get rich quick schemes.  Happy for us to add his name to our list of unhappy investors.

Interested in remaining on the mailing list and admire our tenacity but are reluctant to throw good money after bad and would not be interested in making a major financial contribution towards any legal action.

He would like to stay on the mailing list and is prepared to put some money into pursuing what he had assumed was lost.

He requested we add him to our database of the ripped-off.

He feels frustrated by the concept that that people employed as Manager and advisers seem able to cream unitholders' money with no apparent ill effect.  He made his investment in good faith on what was touted as a low-risk investment only to lose the lot.

My letter reached him "...in a round about way."  He was initially disappointed, then angry.  He is glad we had the fortitude to do something.

Was not told a brokerage fee would be charged until after he purchased his units.  In his opinion, inadequate supervision by the Trustees led to a change in direction which has been a disaster.  Agrees with us and will support us.

She hopes she can stay with us to see a successful outcome of the class action.

She has been in the hospital which prevented them from responding before now.  Please keep them informed.

They have been offshore in their yacht.  Interested in a class action if the odds of success are reasonable.

"Thanks for the info, that does seem abnormal, regards."

They are in their mid-70s and both in failing health.  They will give what support they can.

Expressed his "many thanks" for going to the trouble to track him down.  He received only newsletter #3.  I emailed him the web page address.

Enclosed a brief letter which included his son's email address.  He thinks big business has no conscience.  He commended us for our efforts.

She said her husband had died recently and he had taken care of all the financial matters - she was still learning how to manage without him.  She is 62 years old and works only three hours a day.

Enclosed a small note from her husband who said they would cough up more money if there was hope of getting something back.  He thanked us for stirring the pot and said we'd learn a lot from this.

She found our newsletter interesting.  She said she invested through a financial advisor on the understanding that the then value of the LAND was adequate to cover the amount of total investment without forests

He said he thought I was wonderful.  (This is clearly a person with refined good taste.)

She had often wondered about the sad fate of the Trust.  She lives in a retirement village.

Thanked us for our letters explaining the situation.  They were quite upset to discover their money had been so poorly mismanaged.  They said they supported us even though it was a slim chance.  They said they

She hopes the huge task we've undertaken will be worthwhile.  She said she felt the Trust was not a good investment right from the start.  "As is common with these types of investments the only people getting

He had always thought there was something strange about the way the Trust was wound up.  He thought it was nice to see someone prepared to do battle.  He said the reason we had trouble finding him is because

He said the site was great.  (I like him already.)

He has had a stroke and seems to have lost his enthusiasm for living.  He lives alone, has never married, and has no children.  However, his niece looks in on him regularly.

Enclosed a brief but very nice note (she "truly appreciates" us).  And she has the most complex signature I've ever seen.  I emailed a response to be sure she had heard that the web page was up and running.

He said we were doing a fantastic job.  He said he was flabbergasted that our assets appeared to have been disposed of at fire-sale prices and that there was no consultation with unitholders.  He said he considers the Manager

She said her very first adventure on the Internet ever was a look at our web page - she thought it was amazing.  She said she was appalled and apologetic that New Zealanders would treat us the way we were treated

Thought web page was good.  Would like to know how we plan to get money back.

Amazing how much support and enthusiasm we have elicited.  Thanked us personally.

Low interest unless guaranteed of winning.  Wants law firm to underwrite effort in exchange for large percentage.

"Saw website, thought it was professional."

"Love the analysis of the people affected by this mess."

His letter covered the forestry market, stock exchange, dividends, off shore investments, goat farms, and "little square boxes".  Inquired about webpage.

Suggested we seek advice from lawyers that invested in Flat Rock to see if they are reasonably confident we have a case and that we should be able to receive some compensation

Responded through website.  Thanked us for setting it up, and they have spent time reading through it.  After what they've read they'll be wary of investing in NZ companies again.

Said he'd looked at homepage and "some" of the background of the webpage.  Feels his financial advisor mislead him, resentful he can't write off his loss.  Wishes us all the best.

I informed them they had sent me a virus.

Thanked us for all the work we are doing.  They really do appreciate it.

Her husband wrote to express skepticism about our chances and to question exactly what it might be that might have gone wrong in the Trust which needed investigating.  I emailed him to look at the web site.

Saw website and thought it was great.  Recommended adding donations by credit card.

We have his full admiration.

Enclosed a note saying, "Rang you 6:30 on the 25th January and want to talk more."  Unfortunately, I appear to have taken no notes of the conversation, though I recall we touched on some interesting topic at the end of the conversation that

They recently celebrated their 80th birthdays with up to 14 guests at once over the holidays with no time to answer before now (I guess not!).  His eyesight is failing.

Enclosed a sticky note telling us they "enjoy the webpage" and admonishing "persistence, persistence, persistence."

Acknowledged the tremendous amount of time we must be putting into our crusade.  He said he would be hooked to the Internet shortly and would view our web page.  During his 10 years in New Zealand, he found "investment

He said it looked likely to be a lengthy battle which may end up in a court case.  He trusts we have sufficient support.  He and his wife are no longer working

He thought the website was excellent and served its purpose well.

He phoned to ascertain the chances of winning a suit in Court.  I believe he decided the answer was very little.  (I hope he's mistaken on that score.)

He called after receiving newsletter #4 to offered words of (as he put it) "encouragement and appreciation."

"Many thanks for your email.  I'm sorry that it has taken me so long to respond, but things have been hectic here this week.  I had a quick look at the website and it is very good - I haven't checked all the pages yet, though, and I especially look forward

"Many thanks, Ruth, for all you're doing.  I look forward to hearing how things develop."

"I appreciate there were some initial printing problems but I still seem to have a problem with printing the Intro section.  The issue is that the full line is not printed.  Printing of all other sections appears fine.  Would appreciate any feedback please."

"I am only now catching up on personal matters such as this after a hectic end of 1999.  I will respond to the newsletter after discussing it with family members.  You sent me a message in addition to the newsletter (which may have been a reply to my earlier

"I have spent some time looking through the website - and I am impressed.  I also admire the strength of purpose you and your family have demonstrated in tackling the financial disaster you suffered through the trust.  I am not sure whether there is anything

"Thank you for the latest Newsletter.   I would be glad if you would omit from your data base my name, address and phone number.  I will be sending my donation towards expenses next week, in the meantime keep up the good work."

He wrote a brief email to say that he is a private person and would appreciate it if we left his name off the database.

He is 74.  He has been a rancher, and once tried to immigrate to the US.  He still owns property at Lake Tahoe.

She wrote thanking us for our newsletter and said she would support our efforts where possible.  However, she asked that her name not be listed online.

He wrote to thank us for our latest newsletter and to congratulate us on our perseverance.  He said his experience with the Trust had caused a huge amount of financial and emotional pain to him and to all the members of his family.  He said he'd like

Thanked us for our latest newsletter.  Would prefer their names NOT be listed online.  They've located the website and plan to read it in depth.

Thanked us for our most recent newsletter.  He appreciates our effort.  He does not wish to be included in the online database.

Thanked us for the information in our latest newsletter.  Does not want her name included in the online database.

Thanked us for our latest newsletter.  Sent a change of address.  Though self-described as "computer illiterate" she said she had no objection to us using her name online.  Thanked us for all our hard work.

Thanked us for our latest informative newsletter.  He lives alone and doesn't understand the wonders of computers.  He would prefer his name not be used in the online database.  Congratulated us on our wonderful efforts.  Hopes we will mail him further progress

Enclosed a letter saying he was recovering from a triple bypass operation.  Providing progress is being made, he is pleased to support our efforts with money.  He invested through Fay Richwhite.  He appreciates the effort we have put in. 

He would like to help in a small way with our "relentless struggle".  He enjoyed the website and thought it was a really good effort.  He said it's called the "silent majority" because most people are hesitant to make their thoughts public.  He

Thanked us for our most recent newsletter.  He thinks it would be prudent to attempt to establish a link between the manager and whoever it was that purchased the forests.

Sent an email via the feedback form on the website: "First time visitor and most impressed.  AWESOME.  Keep up the great work!"

"Many thanks indeed.  I will send a contribution in due course.  I've looked at the website and think it is just great.  My main interest apart from the High Court Inspector is the SFO activity.  I suppose they don't give interim updates?!  On reflection I

"THANK YOU heaps for all you have done for so many of us.  Next week, April 6, is another step forward and we send our best wishes for the appointment of the inspector.  We look forward to seeing the outcome in your news update.  We appreciate your efforts."

"Keep up the good work as it seems that none of the people who could help really want to know.  I guess that comes down to protective self interest."

"Ruth - I am happy to have my name (Keith R Ward, PO Box 663, Cambridge 2351, NZ) to be included on the website - note I am away in Europe from 14/3/00 to 20/7/00.....will keep an eye on website as I am taking my laptop with me...Best Regards."

Her husband wrote: "[We] have no problems with the recording of our details: the information is public as you say so I can't see a problem.  Keep up the good work.  We need to get our day in court and show these people up for what they are and

"Thank you very much for your continued efforts on our behalf; we appreciate this very much.  We will be very keen to hear the outcome of the hearing on the 6th April.  The Website looks great.  Kind regards."

She sent her email address.  She said she had checked out the website and found it "impressive."  Gee.  She said she was sorry, she didn't leave a message.  (I like her sense of humour.)  She said we should keep up the good work.

"I am a useless bastard because I haven't replied to your letter for the last 3 months.  Sorry about that I only just found it again the other day.  I am however interested in what you are doing.  I am not sure of my number of units off hand but it was

"We are about to go overseas for an extended period.  Please keep in touch by e-mail through this hotmail account.  I have sold my business so the old e-mail address is no longer appropriate.  My son holds my Enduring Power of Attorney, if anything needs to

He wrote to ask his number of shares as his papers have been mislaid.

He wrote to say that he does not object to the unitholder database.

Sent a change of address.  Said we were doing a great job and that it was okay with them to go on the database.

She admires our tenacity in pursuing this rather complex business and what we've uncovered so far has explained some puzzling questions she'd had.  She wished us luck.  She said she wasn't on the Internet, but she hoped to get access soon via friends.

He felt the Trustee should have been more vigilant and suspected the Managers had sold the trust forests at an inflated price.  He said Joseph Banks and ex-Joseph Banks people

He would like to be added to our email list so that he can receive updates.  He said our website was "well-done".

He said he is 70 years old and doesn't expect to live much past the end of the year.  He said he could really use the money if he got any back from his forestry trust investment.

She called to say that sending in money was difficult for her.  Eight years ago, when she and her husband were returning on a main highway from their daughter's wedding, they hit a black cow standing in the road after dark.  Her husband was killed and she

Sent new email address.  Included a note: "Great news on the appointment on an independent Inspector."  (I agree.)

"Thank you again Ruth for all your effort here.  We are prepared to make further contributions.  Could I suggest however that a little guidance on amounts (say per $10,000 of original investment) that you need would be a help.  Perhaps when you have estimated

She wrote, "I'm still coming to grips with the internet, without much success at this stage, so I'd be grateful if you could email me the web page with details of the judgement as offered in this newsletter.  Thanks,"  So I did (though it took me two tries).

"Congratulations on progress so far, and thanks for the update.  Please do not publish my name and address online."  We shan't.


He wrote: "You seem to have made a reasonably promising start to the legal high jinks."

"Great news!  And all credit to you for your persistence and for the amount of time that you have devoted to the interests of unit-holders.  I am not sure

He wrote suggesting a method for allocating costs for unitholders.  I wrote him back to give him the figure I calculated per unitholder per 10,000 units along with my assumptions.

He wrote, "...you have done very well in difficult circumstances, so my personal thanks for your efforts."

He wrote requesting the total number of unitholders so that he'd know the appropriate donation.  I sent him a detailed email with statistics.

She wrote asking that I email her a copy of the webpage with the Court Judgment on it so I did.

He wrote to say, "I share your sense of injustice and admire your dedication but I wonder at the end of the day what we (I) might get out of it - are there any estimates?"  I told him my knowledge is unfortunately

He wrote: "Well excellent progress I must say!!  Read the Judgment on the Website and feel the issues to be addressed have been clearly acknowledged.  Congratulations to you for your hard work and tenacity and to John Maassen.  Will follow the inspector

He wrote with his email address and asked that I email him a copy of the Judgment webpage which I did.

Sent email address and asked that I mail him the Judgment page, which I did.

He wrote to say I had done an amazing job.  (What a nice guy!)

She wrote to ask that we not use her name in an online database.

He wrote a letter of support.  He said he had printed the Judgment off the webpage and would sit down and read it in detail.  I thanked him.

Her father-in-law forwarded her our Dec 99 newsletter.  She asked to be included in our database.  I forwarded her copies of the unitholder letters that have appeared since and also directed her to the web page.

Enclosed a note saying he wished he could send more, but he is a 60+ beneficiary and limited in funds.

Enclosed note thanking us for the work we are doing.  They regret they are unable to send as much as they'd like at this time.  They hope to be able to send more in the future.

Enclosed a note thanking us for our optimistic recent email.  He hopes this reduces the tendency of New Zealand managers to "manage" for themselves.

He said, "Well done on your progress and very clear communication of 27 May."  He said he wasn't sure he readily accepted the idea of people being paid on proportion of units held as freeloaders win and it isn't very palatable supporting them.  For the moment

They wrote a brief letter to say they appreciated the excellent work we are doing.

Enclosed a letter which read, "Great to receive an update - well done!  Thank you also for all your hard work - keep it up - you have my continued support."

She enclosed a letter which thanked us for our great work.  She apologised for sending a small amount.  They don't have access to the web.  She wished us luck.

He enclosed a brief hand-written note which said, "I am paying for the expenses of keeping me on the mailing list and not encouraging you to spend money on lawyers."

Sent me a change of address getting their new address straight as I had introduced an element of error.

He wrote, "...I appreciate all the effort you've put into this matter, and hope that we all get a little something in the end (not that I'm particularly hopeful!)  Ruth, while I am happy to provide the occasional donation, I do not wish this to get out of hand

Enclosed a note saying he is ill-equipped to help with expenses.

He wrote, "Once again many thanks for the time and effort you have put in on our behalf.  I will be away until August on the retirement OE (Britain and Europe).

Enclosed a note which said, "Thank you very much for...the encouraging news of progress after the High Court sitting."  He asked for a hard copy of the proceedings as he didn't have access to the net.  (I sent that.)  He concluded, "Like many others,

He wrote, "...am delighted that the law has seen fit for us to proceed."

She enclosed a note saying she admires our tenacity.  She said she waits eagerly, as she's sure all the unitholders do, for the next development.  Gee.

Enclosed note wishing us luck and apologising that their donation wasn't bigger.

Enclosed letter addressed to "Dear Madam" explaining that this donation was all that I should expect.

Enclosed a letter saying thanks, that we have done wonders so far ("a shining light among unitholders").  He's a pensioner and unable to contribute a great deal, though he would like to.

He said he was in awe of us and feared we may have a tiger by the tail.

Suggested we enclose guidelines next time for how much of a contribution is expected.

She is unable to get online to the website and thus appreciated the newsletters very much.  She said she is willing to contribute more in the future as she is confident we have all been ripped off.

Enclosed a letter saying he had read our website with interest.  He congratulated us for doing such a good job.

They checked the website and read the Judgment on the hearing - complex but encouraging.  They've now settled into their new business and can afford to help a little more.

Enclosed a brief letter thanking us for the huge amount of time, effort, and money we have invested in the case so far.

Enclosed a letter saying well done, that she was impressed with our efforts.  She wished us well and expressed sympathy for the large investors who had been really hurt.

Enclosed a letter saying her husband had been the one to invest in Flat Rock - their first investment.  She says they lost $18,000.  Her husband died two years ago and she has since been dealing with the finances.  She is only able to work part time and

Thanked us for our efforts and hoped success keeps coming for us.

"Well done and thank you for all the effort you have put into a project which we thought was a dead duck."  They hope others are appreciative of our efforts and make contributions.  (We do, too.)

Thanked us for keeping them informed.  Congratulated us on our success to date - they read the High Court judgment with interest.  They would like to continue to be kept in the picture.

Impressed with our tenacity.  Hopes we can continue to enlighten him.

Congratulated us on our success so far.  Hopes the inspector can find something left in the pot at the end of the rainbow.

Thanked us for our continuing efforts.  Wants to know if it's been ascertained if the Trust has any money.  If not, he feels, we are chasing an empty pocket.

Enclosed a sticky which read, "Please continue with newsletter every 2 or 4 months."  (This comment was particularly appreciated.)

"I enclose a cheque to help with expenses - I must say I am flying blind as to the amount as I have no idea really as to how many of us are involved.  If this amount is way out of kilter, please let me know."

He said we were doing "...a champion job."

They wished us well in our efforts to achieve justice.  They have contributed their limit as they feel they have to cut their losses and move on.  They hope we get some joy from the inspector or the SFO.  They would like to think that the SFO could

Congratulated us on our efforts.  Has suffered further financial losses through medical claim costs.  Can fax newsletters if we wish.

"Surely our case is strong and it will be incredible if the Manager's explanations are valid and acceptable.  Your persistence is commendable..."  They look forward to our next newsletter.

He wrote to say that it looked to him as if we were making steady progress.  He advised us to keep up the good work.

He wrote to tell us what a marvellous job we were doing and told us to take care.

He said he admired us greatly for the work we have done and suggested that NZ needed "a lot more people like you and Jeff.  The country is rotten with corruption mostly within the so-called professional groups."  He thought Justice Durie had put a lot of

"You really are doing a marvellous job and sincere thanks should be coming from all unitholders."  He said he once worked with a lady named Ruth Hatch in Christchurch many years ago and wondered if she were any relation.  (She's not, but it would be interesting

"Enclosed is a modest contribution towards your enormous Flat Rock efforts.  Congratulations, well done to get this far in your uphill battle.  Best wishes."

"...a little encouragement for all your fine work.  My rod indicates that you have succeeded by 77% which is wonderful.  Kindest regards."

"My congratulations on your success in Court ..it is very well deserved following the huge amount of time and expense you have obviously spent investigating the collapse of the FRF Trusts."  She offered her best wishes for future endeavours.

He wrote that he had just returned from "an enforced spell in hospital" and had only recently returned home.  He said we were doing a great job.

"It's great news to know that the fight continues and progress is being made.  Your newsletters are appreciated and explain things so well."

"Thank you for your continued efforts on behalf [of] all involved in the Flat Rock Forests Trust.  Your investigations and subsequent reports are greatly appreciated."

He wrote to say he didn't know what size donation to make, but he made a statement of commitment to see this thing through.

Their cheque was returned "Account Closed" but they reopened the account and asked that I redeposit the cheque, which I did.

"Donation to help a little toward costs."  Horrified to read our story and submission.  They felt it reflects badly on the whole bureaucracy and country.  They enclosed a stamped, self addressed envelope and asked for a receipt if possible.  (Certainly.)

Thanked us for all the long hours we've put into this issue.  They wondered if the prudent path may not be to discontinue action.  He and his wife are "effectively pensioners" and not in a position to outlay large sums of money.  They feel other unitholders

She can't tell us how great she thinks we've been to have shouldered not only the responsibility but also the financial burden to date.  She said she truly admired us and sent best wishes for success.

They are pleased to know that an Inspector is to be appointed and will support us with any reasonable financial assistance.  They thanked us for all the work we went to to prepare the case and look forward to the next newsletter.

Enclosed a small donation to help things along as well as greetings and thanks.  He is quite heavily committed to community work and to helping others himself.  He included several inspirational verses for seniors.

Enclosed several questions regarding number of unitholders and average contribution.  They asked for the last four or five pages of the judgment and included a cheque to cover the cost of mailing it.

She said she was unable to search the website and didn't have an email address but greatly appreciated all the effort and time we had put in to this mammoth project.  She is grateful for the newsletters and is looking forward

Enclosed a contribution toward costs.  He said if the amount he had sent was insufficient, to let him know and he would send more.

They downloaded the judgment and read it several times with great interest.  They sent their warmest congratulations.  They were amazed at the huge amounts invested.  They hope we are successful in our quest for reparation.  They feel it seems impossible

Donation "to go a wee way towards your expenses for fighting Flat Rock Forests Trust for us all.  I really do appreciate your efforts."

"I would like to take this opportunity to thank you and your family for your efforts to date."  He would like to see the Manager and trustee held accountable.

"I wonder how things are going.  I would be prepared to make a donation if there is still a reasonable chance that some monies could be recovered."  He does not have email.

Thanked us for our newsletter; he said he appreciated all our efforts.  He felt we shouldn't beat ourselves up for being late with anything (I had apologised for being late with the last newsletter).  He said without us, most unitholders would be doing nothing

"With enormous thanks for all you have accomplished on everyone's behalf.  Would that we could send a cheque for 10 times as much."

"I admire your perseverance and skill in pursuing what must be a time consuming task.  May success crown your efforts - it took me 8 years in a similar type of problem with the IRD - a victory I cherish."

"Keep up the great effort to date.  We can't let them get away with this ripoff criminal mismanagement!"

He called to ask me what I thought a fair donation from him should be.  I discussed the latest developments with him and told him he would have to make up his own mind.  He said he would talk it over with his wife tonight.  He said he was involved in a

He wrote asking what I thought he should send as he was "somewhat confused." I replied that the amount was strictly voluntary - he need not send anything further and he would still be included if he asked to be.

He wrote thanking us for our latest update.  He said he was concerned at his lack of a contribution but he had no funds at present.  He wondered if he could sign over a portion of his holdings to me so that, in the event of a positive outcome, I would

He said he admires our stand on this issue and has been watching from the sidelines.  His experience has led him to believe that our crusade, while good intentioned, would not lead to any possible recovery.  However,

He thanked us for our letter and said he felt honour bound to send us a contribution - not because he thought we had a chance but because of the work and dedication we had shown.  He said he may be a cynic but he had lived a long time and knew how these

She wrote to say that she had been feeling guilty about not sending in any more money for a donation and was looking for my email address when our latest newsletter arrived.  She congratulated us on a good fight and said she really admired

He wrote to say that his "infernal machine" had crashed taking with it all his records.  He asked for the URL of our web page.  I responded immediately and thanked him for letting me know that someone still went there occasionally.

Thanked us for our update and said we must have tremendous reserves of patience.  He said we should never feel bad about "not doing more."  He said he thought Kiwis didn't do this kind of thing often enough.

He] sent a message via the feedback form on the webpage asking if there had been any progress and wondering if I had received his cheque.  I replied and apologised because I've gotten behind in communicating with unitholders.

Sent a message from the webpage.  Apologised for not getting in touch before now.  Said they would send money if I could assure them there was some prospect of financial success.

He wrote via the website in response to my message to all unitholders.  He said he thought the web was a wonderful way for unitholders to stay in touch, so he was sending some money to help keep it open.

"Thank you for your newsletter and all the best in your conquest for justice!"

"Thanks for your newsletter.  I don't completely follow your maths but I trust this contribution will help."

"Thank you for your last newsletter.  We are most impressed with your efforts on behalf of unitholders and are very grateful for all your time spent."  They said they would be happy to contribute further if we had any shortfall in funds. (!)

"It is certainly a frustrating time for you in trying to progress matters, and I hope progress can be made shortly to move things along and get some answers from those who have been doing everything they can to stall proceedings."

Thanked us for all our work.  She said they were quite ordinary - not wealthy - but they had invested $16,000 in Flat Rock in '93 on the advice of Reeves Moses.  She wondered if the cheque was enough for their "fair share" and said to email them and they

Thanked us for our newsletter and said our tenacity was appreciated.  They said they would keep in touch.

He wrote to say that our newsletters keeping unitholders informed were very much appreciated.  He said it took him a bit to work out the relationship between NZTIL and NZEB but with a little research he had discovered that NZTIL was a 100% subsidiary

"Sorry it has taken so long to respond - your efforts are appreciated.  I had given the investment up for dead a long time ago.  I concur about the appointment of an Inspector.  I expect that the other parties would think Bruce McCallum too experienced for

"I am pessimistic about your chances but the fobbing off responses from the Manager's and Trustee's lawyers encourage me to contribute another $20."

"Welcome to the world of delay, confusion, procrastination and misleading smiling shanks all at huge expense.  Good luck."

"Thanks for the newsletter.  We keep hoping!"

"I appreciate being kept up-to-date.  Congratulations for keeping the pressure on these scandalous immoral people.  It disgusts me that they are so nonchalant with other people's money while taking huge salaries for themselves.  I managed to read some of

"Thanks for the update - wish the enclosed could be more.  My husband is in private hospital (for good) after suffering a series of debilitating strokes - almost $3,000 a month goes out for his care - and this could go on for years.  Keep up the good work."

"Thanks for newsletter #6.  I meant to send a contribution earlier but forgot - you've pricked my conscience!  Keep up the good work."  He offered to try to help locate the missing unitholders.  He said we could fax newsletters if that would be easier.

"Thank you for your letter no. 6.  I am so grateful that you have personality and the drive for all unitholders! "

He had read about the appointment of inspector in the September issue of the Chartered Accountant's Journal.  He wondered if we shouldn't hold out for McCallum.  I responded.

He called twice (the first time his cellphone quit working).  He wanted to know what our chances of success were.  He said he would send more money in a couple of weeks - I think he wants to see if the court appoints Mc Cullagh or not.

Thanked us again for our latest newsletter.  He sympathised that we were being kept so busy.

"The whole affair reeks of secretiveness and skullduggery and I am pleased the investigation is not being passed by.  And thank you for the detailed newsletters.  They are appreciated."

He wrote, "Thank you for your very fine effort." on back of the cheque.  He said he had sold a considerable amount of Flat Rock [units] based on Mr Reidy's information and he doesn't feel good about it at all.  He feels the Trustee should come clean and

He appreciates very much the enormous effort we've put into investigating a very murky event.  He said he is prepared to contribute further.  He offered best wishes on our endeavours both on behalf of the other unitholders as well as ourselves.

He felt that, following the input of the inspector, contributions should be more forthcoming from unitholders.

Thanked us for the work we are doing and said they hoped that at some stage there would be a tangible reward.

Thanked us for our latest letter with encouraging news.  They hope everyone puts up money.  He thought we were doing a wonderful job and hopes his contribution helps out a bit.

Thanked us most kindly for the newsletter and said we deserved the highest praise.  Wished us the best of luck.

Thanked us for what we are doing and spending on everyone.  He said he knew there must be a lot of work, frustration and stress behind the scenes.  He says he has learnt that it pays to go the extra mile.  He sent me a couple of scriptural quotes.

Congratulated us on what we have achieved thus far.  He was made redundant three years ago and he is not yet old enough to receive government superannuation.  That, together with losing $8,000 in the forestry trust meant he had to watch his expenses.

He hopes the Inspector is soon appointed so an investigation can get underway; he's concerned that delay allows villains more time to hide/spend the assets.  If we couldn't obtain some financial payout, then he'd like to see someone go to jail.

"Your correspondence has been very revealing and we hope that some headway has been made since your unitholder Letter #6."

He sent me pages torn from a copy of Chartered Accounts Journal Sept 2000 which contained an article about Flat Rock unitholders getting permission from the Court to get an Inspector appointed.  I'll put a copy on the web page.

She wrote to say she had been away for a while and had only just read our "very informative newsletter."  She thanked us for our terrific sustained effort on everyone's behalf to see some sort of justice prevail.

They are not convinced there will be any financial payoff in the end.  However, he feels there is some gratification in "having our day in court" to hopefully see "a measure of legal justice prevail."  They admire and applaud our determination and all the

"Thanks a million for all your hard work."

She wrote to ask that we address the newsletters to her alone as her husband had died a couple of years ago.  She said she found our newsletters interesting.

"We admire your tenacity, knowledge and skill in what you are doing to uncover the truth about Flatrock.  We wish you every success.  Enclosed is a contribution from our superannuation."

Thanked us for our August newsletter and the previous package of information about the High Court judgement.  "Thank you very much for all your hard work."

"From the very beginning I did not trust the whole organisation and invested only a small amount in the venture in order to get rid of an uninvited 'financial advisor.'  I wonder if he lost anything in this fiasco.  While I do not expect to get

"Good luck and a big congratulations in having the determination to pursue common justice."

"Keep up the good work.  Sorry I can't afford more - it will have to be in dribs and drabs I'm afraid."

For news articles on the Flat Rock Forests Trust, forestry, the Serious Fraud Office, one immigrant family's experiences, immigration specialists, fraud, juries, logging, and more, check out the News Table of Contents.  Or you may wish to visit the Forestry Trust Table of Contents to read how a unit trust went bust.  Or the Topics Table of Contents which offers a different approach to lots of topics - among them poisonous insects, eating dogs, what's addictive, training vs teaching, tornados, unusual flying machines, humour, wearable computers, IQ tests, health, Y chromosomes, share options, New Jersey's positive side, oddities, ageing, burial alternatives, capital punishment, affairs, poverty, McCarthyism, the most beautiful city in the world, neverending work and more...

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