The opinions stated here are the opinions and comments of Mick Patric. If you would
like to research any of this information, then please make your own investigations.
This is how I understand events to have occurred.
Don Fleming is a highly successful businessman, and a "big league" philanthropist.
To see many of his successes, see Shulamite Pty Ltd. Details of his philanthropic
activities can be found on another web site
http://donaldbrownliefleming.com.
I think it helps to clear up a report held by ASIC about one of his business dealings.
The issue was with a tax-effective project by the name of Perpetual Plantations,
Peebinga Pistachios.
Donald became involved in the project to resurrect the company AFTER
the investors, who had placed money in the company, approached him to help,
as they were in debt and would have to wind the company up.
For proof of this, please see following the ASIC info: showing that the date the
Tax investors went into the scheme with United Tree Farmers, was BEFORE
Donald or Dee even knew the company existed.
The old quote "You can give a man a fish which will feed him for a day, but if you
teach a man to fish he can feed himself for a life time" says it all.
Don and Dee did everything humanly possible to resurrect a company in its dying
stages. They were the saviors of the company, not its downfall
It was 12 years after the company was formed and had already received the Tax Investments
from the investors, that Don and Dee Fleming purchased the company, which owned
the land, house, plant and equipment, irrigation, water licences and a majority
of the pistachio trees. Don and Dee were not made aware in any way, shape or form
of any pending action by ASIC. This information was not disclosed at the sale of
the company to one of Don and Dee’s entities. Not by the Company’s lawyers, accountants,
chairman of the board or the previous management team. Although has since been disclosed
by ASIC that the Company was notified prior to the sale to Don and Dee. In short,
they were lied to.
As it was originally tax-effective investment, whatever the investors put into the
scheme, before Don and Dee Fleming were involved, they had already received a benefit
of 100% tax deduction.
A few months after Don and Dee had taken over the company, as the Directors, ASIC
notified them that they were now the proud owners of a “Non Complying Managed Investment
Scheme” and they had to shut it down. Through their Lawyers Don and Dee contacted
ASIC and applied for time to make the scheme complying, so that the original investors
would not lose their investment in the trees.
ASIC granted this with the following provisions:
• There would be a time frame
• There would have to be reporting to ASIC of the steps being taken
• There would have to be cross guarantees from all of Don and Dee’s other entities
to cover any costs associated with the compliance and the ongoing working and capital
costs.
• There would also need to be an “Enforceable Undertaking” signed by both Donald
and Dee Dee Fleming, meaning that if the compliance was not able to be achieved,
that the scheme would be closed down.
After months of trying to get the scheme to be complying, paying the farms working
expenditure, lawyers, valuers, and accountants bills to the tune of $500,000. Don
and Dee were unable to make the scheme compiling, they notified ASIC, they were
going to make an attempt to buy all the previous Tax investors out, at the dollar
value, that an independent Valuer had valued their trees. There were approximately
500 Tax Investors, most of who accepted, and were paid out in cash by Don and Dee
Fleming. A group of approximately 198, called the PPSG, whose president Doug Thompson,
refused, on behalf of himself and his group, to take the agreed independent Valuer’s
report, (Doug actually was involved with instructions and meetings with the Valuer).
At this stage Don and Dee had done everything they could do to save the Tax investors
their money and to keep the Pistachio Farm running, as they had signed an “Enforceable
Undertaking” with ASIC, they had to shut the scheme down and put the scheme into
Liquidation.
They were the ones who lost the most, and out of THEIR money most of the original
Tax investors got paid out the independant value of their Tax investment.
If it wasn't for Don and Dee, none of the investors would have been paid out.
The truth is that the President Doug Thompson, of the PPSG, wanted more than what
was being offered, convincing the PPSG to reject the offer, which was what the trees
or investment, was valued.
The “Enforceable Undertaking” agreement with ASIC meant that if Don and Dee Fleming
were unable to make the scheme complying, which meant, (100% of the tree investors
sold to Perpetual Plantations), that the whole project had to be shut down.
Don and Dee spent a large sum to make the company legal, and it all was thrown away
because Doug Thompson and PPSG, did not accept the Independent Valuers payout figure.
The only Tax Investors who did not receive the payout were Doug Thompson and his
PPSG
To add insult to injury the Doug Thompson then placed a Hansard in with the government
suggesting that ASIC did not do their job correctly by not charging Don and Dee
Fleming. ASIC did everything by the letter and tried in every way to assist the
compliance of the scheme. Doug Thompson and his PPGS had already had a 100% Tax
Deduction on their original investment with the company, prior to Don and Dee even
knowing of its existence.
Amongst all the lies and deceit it was Don and Dee who got injured the most, by
far. Don and Dee were the victims of an elaborate plan to extract money from them.
Fortunately, at least the majority of the original Tax Investors, Don and Dee were
able to pay out before the company had to be liquidated.
To say that Don and Dee had any ill intent is ridiculous to say the least.