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3 minutes

Published:

27 February 2004

Notice to NII Creditors

From Denise Brailey

From Denise Brailey
President
Real Estate Consumers Association (Inc)

Re: VOTING NATIONAL INVESTMENT INSTITUTE (“NII”) INTO LIQUIDATION

THIS IS YOUR LAST CHANCE TO CAST YOUR VOTE BY PROXY IF YOU HAVE NOT ALREADY DONE SO.

You have read the Administrator’s Reports and our own letters. We urge you to trust only your best instincts in this matter.

As you are probably aware by now I have been busy appearing before Justice Goldberg in the Melbourne Federal Court after Henry Kaye made application to gag me from talking to creditors and to stop my use of proxies.

Mr Kaye also attempted to force me, on your behalf, to vote for yet another adjournment of the Wednesday meeting of NII creditors.

I am pleased to announce that the Judge has rejected Kaye’s bid to intervene with the rights of creditors in this way. One of the reasons that the Judge refused to assist Kaye was that Kaye was seeking to affect your rights, and you had not been represented at that proceeding.

The Wednesday (tomorrow) meeting will be held as scheduled. Now that this decision has been handed down, I am free to represent you at the creditors’ meeting. I still have very serious concerns about the DOCA (Henry’s deal) and will be voting for liquidation of the company.

I will attend, and am therefore able to use the proxies we have, as instructed by some 500 creditors. Clearly, those instructions are to vote for the liquidation of the company known as NII. We have no knowledge as to how the vote will fall until after those who attend make their views known.

If you wish to understand more on this issue, we suggest you read the item written by Andrew Dodd, in the Weekend Australian on 14th February 2004. Or you may wish to read another item by Tina Perinotto of the Australian Financial Review on 13th February 2004.

There are further stories on the Jenman Group website at www.jenman.com.au. It is “approved” real estate agents associated with the Jenman Group who came to our rescue.

We intend to make the outcome of the meeting as public as possible in order for you to understand fully how all of these issues may affect you in the future. I will be following this email up with another letter within a week. We are, and have been for seven years a support group and will continue to assist you with as much appropriate information as we can gather.

WE IMPLORE YOU
Please DO NOT phone Carol Perry or myself, unless absolutely an emergency. With over 3000 people caught in the NII debacle, plus those caught in Investmentsource Pty Ltd, we are unable to cope with hundreds of phone calls. Emails are the ONLY WAY for us to provide adequate assistance – on a budget.

We now intend to delve more fully, into the AFD and Toorak matters.

Kindest regards

Denise Brailey – President
Real Estate Consumer Association (Inc)

If you wish to send a question or comment to Neil Jenman you are most welcome. Neil tries to read every e-mail and respond personally. We have posted some of the common questions together with those we feel may help you. Thank you for your interest.
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