LM Wholesale First Mortgage Income Fund

Trilogy is the Responsible Entity for the LM Wholesale First Mortgage Income Fund. If you’re currently a unitholder, please see below all relevant updates.For more information, check out the LM First Mortgage Income Fund website.

Update to members dated 11 October 2019

We are pleased to advise that judgement in the legal cases affecting the LM  Wholesale First Mortgage Income Fund were handed down at the end of last week by Justice Jackson.

The preliminary conclusion of our legal advisers is that the judgments are favourable for LM Wholesale First Mortgage Income Fund unitholders, in that David Whyte, receiver for the LM First Mortgage Income Fund, is now authorised to make a distribution to unitholders in that fund which includes the LM Wholesale First Mortgage Income Fund.

However, it is important to note that an appeal period does apply and that the parties adversely affected by the judgment may still appeal the judgment.

In the meantime, we will update unitholders with information as it comes to hand, including updates from Mr Whyte and any material information from other parties.

Update to members dated 30 September 2019

Update – LM Court Proceedings

The Court has directed that Trilogy, as the Responsible Entity of the WFMIF, and Trust Company as the Custodian of the property of the WFMIF, are justified:

  1. in settling Supreme Court of Queensland Proceedings 13534 of 2016 (the Feeder Fund Proceedings) on the terms set out in a Deed of Settlement and Release as varied by a Deed of Variation (Deed of Settlement); and
  2. into entering and performing the Deed of Settlement.

We will update you once we receive any further information on possible distributions from the LM First Mortgage Income Fund.

LM Court Proceedings

Notice to WFMIF members dated 2 May 2019

Affidavit of Philip Ryan sworn 30 April 2019

Affidavit of Susan Goodman sworn 30 April 2019

TAKE NOTICE that Trilogy, as the Responsible Entity of the WFMIF, and Trust Company as the Custodian of the property of the WFMIF, have applied to the Supreme Court of Queensland for directions as to whether they are justified:-

  1. in settling Supreme Court of Queensland Proceedings 13534 of 2016 (the Feeder Fund Proceedings) on the terms set out in a Deed of Settlement and Release as varied by a Deed of Variation (Deed of Settlement);
  2. in causing Trilogy as responsible entity of the WFMIF and Trust Company as Custodian of the property of the WFMIF to enter into and perform the Deed of Settlement.

This application is set down to be heard by the Supreme Court of Queensland at Brisbane on 2 May 2019 at 9.30am.

The Notice to Members of the WFMIF in relation to the application, together with a copy of the application and supporting documents, can be found below.

Notice to WFMIF members dated 22 March 2019

Interlocutory Application dated 1 February 2019

Affidavit of Philip Ryan sworn 1 February 2019

BDO reports to investors

To access BDO reports to Investors, please head to the LM First Mortgage Income Fund website.

Unit holder reports

Annual Report 30 June 2018

For an overview of the LMWFMIF as at 30 June 2018, download the full report.

29 August 2018

The most recent updates to the fund, including the set date for mediation, can be found below.

10 July 2018

Claim by LM First Mortgage Income Fund against LM Wholesale First Mortgage Income Fund.

The most recent updates to the fund can be found below, including current status of claims and next steps.

18 May 2015

LM First Mortgage Income Fund Receivers application to Supreme Court:

Annexure A is available for download below regarding a question that has arisen between the liquidators and Mr Whyte as to the extent of Mr Whyte’s powers.