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.

The main thread is that Baker Street Capital Management and Mr George Kerr control AEP (Australia Equity Partners), which controls PGC, which controls Torchlight Fund (this is where the real money is sitting) and this entity has now taken control of ING Real Estate Entertainment Fund via the Lantern Hotel Group. 

We learned from the previous post that Torchlight Group has recently been moved to the Cayman Islands; bear that in mind when you look at the following. Tip: Download the document to view if the text is not clear. 

BakerStreet IEF by transparency6

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Cheerio!
jA

Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.