From Baker Street Capital Management and George Kerr to the IEF

There has been a lot of changes at ING Real Estate Entertainment Fund, (IEF) which is listed here on the Australian Stock Exchange. Our contributors' focus shifted to this entity for the time being in an effort to follow the money. Readers will recall from an earlier post that PGC directors were found out borrowing money from the trust company, Perpetual's Cash Fund. At the time, before they were forced to replace the money, a significant amount (more than $10m) were transferred here to Aus. One of the Australian entities where Mr Kerr was active at the time was the underwriting (via Torchlight) of a A$15m rights issue for IEF. I understand we can expect more action in these vehicles, so it makes sense to get an idea of the lay of the land. 

By now you cannot be surprised to learn that the corporate structure and relationships are numerous and confusing and goes hand in hand with several name changes of various entities.

Torchlight GP Limited moved to the Cayman Islands?

We shared with you in November that we will be moving to where George Kerr and his dwindling entourage is setting up shop. I expected it to be Melbourne or Sydney. Europe seemed a bridge to far for Mr Kerr and with all the recent activity in ING Real Estate Entertainment Group, now renamed Lantern Real Estate Trust and not to be confused with Bodiam Re, I apologise, scratch that. Bodiam Re has now been renamed Lantern Hotel Group. Ok, I know I am confusing you, so with all the recent activity in Lantern Hotel Group (new ticker LTN on the ASX) we already started looking around for a place to rent in Sydney when we realised it might not be a good idea. The Cayman Islands might be a safer bet.

The Cayman Islands you ask? Yes indeed.