With so much owed to the bank I wonder how much will be left for investors.Missing conwoman Melissa Caddick’s victims vie with her parents for the money
Investors fleeced of millions by missing fraudster Melissa Caddick fear her parents will get preferential treatment with sale of Edgecliff penthouse imminent.
Her parents, Ted Grimley, 87 and his wife Barbara have been given formal notice that the home they thought Caddick had bought for them is going to be sold along with Caddick’s multimillion-dollar Dover Heights mansion.
The 23 trusting investors who lost $23 million have had their lawyer write to the Federal Court in a letter handed up on Monday to protect their position, but Justice Brigitte Markovic stressed that their letter was not in evidence.
The court has heard both properties are heavily mortgaged, with default interest added to what is owed, and there are taxes to be paid which could include capital gains tax, land tax and goods and services tax. There are also the costs of the sales and marketing campaign.
Justice Markovic said the sale should “proceed post haste”.
Found Deceased Australia - Melissa Caddick, 49, Sydney, NSW, 12 Nov 2020 #8
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I think they could be a bit generous, given that MC's parents have the added heartbreak of losing their daughter, as well as their money.
IIRC, mortgage on the Dover Heights house is around $4 million. Add to that the year of non-payments while the squatter resided there, and the accrued interest associated fees and charges. Let's say that $5 million is owed to NAB.
I believe that the mortgage on the Edgecliff penthouse was smaller.
I believe MC paid $2.55 million for the penthouse. Given that she apparently didn't pay in the $1 million of her parents' money, then I guess the majority of that mortgage would be in place.
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I have said for some time that the parents should be on the list of her victims. However, whereas the 'investors' have documented proof of outright fraud, as I understand the situation the parents don't really have that. I'm not aware of any written agreement between MC and her parents although they say there was a 'binding' agreement.
Caddick’s failure to properly use the funds given to her by her parents, the statement says, “amounts to a breach of the binding agreement between them; and was done by Melissa dishonestly and fraudulently”.
If there was an actual contact of sorts, then I'm pretty sure it would have been mentioned by now.
Caddick’s cruellest con: How fraudster scammed money from her own parents
Melissa Caddick’s closest friends and confidants have admitted they were duped by her. Now, her parents have too.
7news.com.au
“Koletti, a hairdresser and sometime DJ, has been told the house was valued between $15 million and $17 million. However, other agents have offered valuations ranging from $10 million to $12 million.
The judge approved Gleeson’s application to use the proceeds from the pending sale of the Wallangra Road property to discharge the mortgage on an Edgecliff apartment Caddick purchased in 2016 for $2.55 million. The mortgage on both properties have been attracting default interest payments since Caddick’s disappearance.”
The judge approved Gleeson’s application to use the proceeds from the pending sale of the Wallangra Road property to discharge the mortgage on an Edgecliff apartment Caddick purchased in 2016 for $2.55 million. The mortgage on both properties have been attracting default interest payments since Caddick’s disappearance.”
I think you are right based on the SMH article: Melissa Caddick’s investors, parents face off in battle over claims
Ted Grimley, 87, and his wife Barbara, claim that they had an agreement with their daughter to be able to live in the Edgecliff apartment rent-free for the rest of their lives.
... I'm willing to bet that was a verbal agreement and the liquidator's barrister will probably tell the court that it's worth the paper it was written on.
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This is why the articles are calling it the battle between investors and the G's:
The couple’s barrister, Robert Newlinds, said the letter from the investors was “misconceived”.
“If someone wants to contest my clients’ propriety claim, I’ll say it openly, they should bring it forward and we’ll have that case,” Mr Newlinds said.
“We don’t propose to correspond with out-of-pocket investors.”
https://www.news.com.au/national/ns...s/news-story/40ab90cadd5e691ca4ae1e8eee94a308
Personally I wouldn't want to be in a court battle with anyone in my 80s... But if I manage to live that long, I would be living in aged care anyway. Well I suppose those who do taichi are a bit different.
The couple’s barrister, Robert Newlinds, said the letter from the investors was “misconceived”.
“If someone wants to contest my clients’ propriety claim, I’ll say it openly, they should bring it forward and we’ll have that case,” Mr Newlinds said.
“We don’t propose to correspond with out-of-pocket investors.”
https://www.news.com.au/national/ns...s/news-story/40ab90cadd5e691ca4ae1e8eee94a308
Personally I wouldn't want to be in a court battle with anyone in my 80s... But if I manage to live that long, I would be living in aged care anyway. Well I suppose those who do taichi are a bit different.
Included in one of the court documents were emails between Melissa and her parents where she sets out the terms of their agreement.I have said for some time that the parents should be on the list of her victims. However, whereas the 'investors' have documented proof of outright fraud, as I understand the situation the parents don't really have that. I'm not aware of any written agreement between MC and her parents although they say there was a 'binding' agreement.
Caddick’s failure to properly use the funds given to her by her parents, the statement says, “amounts to a breach of the binding agreement between them; and was done by Melissa dishonestly and fraudulently”.
If there was an actual contact of sorts, then I'm pretty sure it would have been mentioned by now.
Caddick’s cruellest con: How fraudster scammed money from her own parents
Melissa Caddick’s closest friends and confidants have admitted they were duped by her. Now, her parents have too.
Edit: I've spent nearly an hour searching and I don't find the email exchange. But I have read it.
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Are the Grimleys seeking to continue to live in the property rent free? But who will pay the mortgage? If the judge has signed off on the proceeds of Dover Heights discharging the mortgage on Edgecliff, then they have benefitted significantly (if allowed to remain).
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Is it in the Concise statement filed by Edward Grimley, 7 April?
Yes in the file above, they propose to live in the Edgecliff apartment for life, rent free. And since the Receiver decides to repay that mortgage with the proceeds from Dover Heights, interest free as well.
In any such proceedings, the Court should declare that Melissa (and through her, the Receivers) are estopped from denying: a. that $1,000,000 of Barbara and Ted’s funds were applied in reduction of the NAB debt in respect of Edgecliff; b. the existence of the Life Estate; and c. Barbara and Ted’s 37.37% beneficial ownership of Edgecliff.
Barbara and Ted recognise that, in seeking equity, they would have to do equity. Barbara and Ted hereby undertake that they will, for the duration of the Life Estate: a. maintain Edgecliff to a reasonable state of cleanliness and repair; b. pay outgoings (namely utilities, rates and strata levies) in respect of Edgecliff; and c. pay 37.37% of the interest payable from time to time in respect of the debt due to NAB in respect of Edgecliff (other than any default interest that has accrued, or other fees, charges or penalties imposed, since 10 November 2020).
No. It was in a bunch of attachments to one of the documents, there were letters and emails from various parties. It might be among material that got redacted after initial release. Some of those documents have pages and pages completely blacked out.
As to Sunnybree's question, I don't know the answer, but I don't think I agree with you Via Marple. I think in that document they are asking the judge to recognize that they have an interest and decide what it amounts to, but not to decide specifically what is to be done about it. Then in the most recent interlocutory application they are applying for mediation between themselves, the receivers and the bank. Perhaps a sign they're recognizing their legal position is not as strong as they'd like?
Edit: I think the receivers' response to the Grimleys' Concise Statement clarifies what the Grimleys are seeking. See this part:
Response to the Explanation of the Legal grounds for the Relief Claimed in the CS.
5. The Court Receivers, having now received the CS and the documentary material relied upon by Mr and Mrs Grimley in support of those claims:
a. do not accept that that material establishes the existence of a Life Estate, as
opposed to a mere right to occupy, the Property;
b. deny that the existence of such a right to occupy precludes the immediate sale of the Property,
c. do not accept that those matters establish the existence of the 37.37%
proprietary interest in the Property; and
d. intend to conduct investigations, including by seeking to conduct public
examinations of third parties and, potentially, of Mr and Mrs Grimley so as to
enable them to form a view as to the existence and validity of the claims made in the CS
BBM
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So apparently they did tender some form of documentation (email or whatever) but it seems that, as far as the receiver is concerned, prima facie it isn't worth a proverbial pinch.
I guess it's hard to establish equity when you don't have a bank statement showing your deposit against the mortgage.
I guess it's hard to establish equity when you don't have your name on the title.
That, too:
The Grimleys contend that they struck an agreement with Melissa that she would buy the apartment in her name, to be held on trust for her parents, who could live in the property until they died.
The agreement was that the million dollars they received from the sale of their home would be used by Melissa to reduce the loan on the Edgecliff apartment. This agreement was reflected in their daughter’s will, their statement said.
As regards her will, I'm not sure of its legal status until and unless probate has been granted and, among other things, application for probate requires a death certificate to be supplied to the court. AFAIK, her death has not been declared pending the upcoming coronial inquest.
Parents of Melissa Caddick admit they were fleeced by fraudster daughter
In a statement filed in court, Barb and Ted Grimley say “Melissa dishonestly and fraudulently” took $1.2m they gave her to acquire a stake in an Edgecliff flat.
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If MC parents really had no idea, I feel really bad for them. It would be very confronting having to accept your child took not only others but you too for a ride like that. And then for her to also vanishThat, too:
The Grimleys contend that they struck an agreement with Melissa that she would buy the apartment in her name, to be held on trust for her parents, who could live in the property until they died.
The agreement was that the million dollars they received from the sale of their home would be used by Melissa to reduce the loan on the Edgecliff apartment. This agreement was reflected in their daughter’s will, their statement said.
As regards her will, I'm not sure of its legal status until and unless probate has been granted and, among other things, application for probate requires a death certificate to be supplied to the court. AFAIK, her death has not been declared pending the upcoming coronial inquest.
Parents of Melissa Caddick admit they were fleeced by fraudster daughter
In a statement filed in court, Barb and Ted Grimley say “Melissa dishonestly and fraudulently” took $1.2m they gave her to acquire a stake in an Edgecliff flat.www.smh.com.au
Snipped for focus. That doesn't read to me as an agreement to give the parents equity. It says she will use their money to reduce her loan on her property and in return the parents will have the right to live there until they die. Arguably, that the agreement was reflected in Melissa's will, confirmed there was a mutual understanding that Melissa was the owner, not her parents. I wonder if the parents' wills reflected any sense that they had equity.That, too:
The Grimleys contend that they struck an agreement with Melissa that she would buy the apartment in her name, to be held on trust for her parents, who could live in the property until they died.
The agreement was that the million dollars they received from the sale of their home would be used by Melissa to reduce the loan on the Edgecliff apartment. This agreement was reflected in their daughter’s will, their statement said.
Parents of Melissa Caddick admit they were fleeced by fraudster daughter
In a statement filed in court, Barb and Ted Grimley say “Melissa dishonestly and fraudulently” took $1.2m they gave her to acquire a stake in an Edgecliff flat.
Equity of 37.37%--did they think the bank held the remainder, or Melissa, or a combination?
The equity percentage is curious. Reportedly, the penthouse cost $2.5 million and the Grimleys contributed about $1.1 million towards it (or thought they did) so that would be roughly 44% financial equity.
I'm guessing that slippery Melissa factored in forgone rent for X years that her parents would live in "her" property and arrived at the 37.37% figure.
I think there was something said about rent payments earlier. The parents were paying Melissa rent anyway? and she refunded the money to her parents as living expenses?
AVO dropped against Melissa Caddick’s husband
In May, as [Koletti] departed his Dover Heights mansion for a two-bedroom apartment in the neighbouring suburb of Vaucluse, he told Channel Seven he was planning legal action against the corporate regulator.
“I’m going to sue them for everything they’ve got. Look, I’d be happy with a few million dollars so that I can get on in my life ... Yeah, a few million dollars would do that.”
Anthony Koletti sings on: AVO dropped against Melissa Caddick’s husband
The embattled husband of missing con artist Melissa Caddick, has finally had a victory – of sorts.
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