# LKM Capital Debenture Holders Action Group



## charles36 (14 December 2008)

LKM CAPITAL DEBENTURE HOLDERS ACTION GROUP. 

After discussions with a number of debenture holders it was decided to form the LKM Capital debenture holders action group to be known as LKM/AG.  Debenture holders will be able to access the group forum and outline their concerns, suggestions and remedial action if possible.  We all have a vested interest in seeing the best possible outcome is achieved for us so therefore it is necessary to take an active interest in our own fund.  We are the owners, without us there would be no fund.

I have received considerable interest from quite a few debenture holders and I hope to co-opt a few members to form a temporary advisory group until we can hold a meeting for all interested members at a mutually convenient location in the early new year. 

From the conversations I have had with a number of people there are certainly grounds for concern and in need of further investigation. 

CLASS ACTION 

There has already been contact made by some debenture holders with the Solicitors from Slater and Gordon, Coffs Harbour and I am informed that they are in the investigation stages to determine what action, if any, can be taken on behalf of debenture holders of LKM Capital.  It is necessary for any person with information or suspicion of wrongdoing to make contact.  Remember there is strength in numbers and knowledge is power.

I look forward to a fruitful and satisfactory outcome for us all. 

CAUTION.  DO NOT USE INSULTING, DEFAMATORY OR UNLAWFUL COMMENTS ON THIS FORUM.  NOT ONLY WILL THE FORUM, BE IMMEDIATELY CLOSED DOWN BUT MAY LEAD TO AN ACTION FOR LIBEL.   

LET US ALL BE CONSTRUCTIVE AND WORK FOR EACH OTHER.


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## charles36 (16 December 2008)

So far there over fifty interested debenture holders, at the moment I am trying to sort out my computer to place the email addresses in a group.  Be a bit patient with me.  In the meantime compile any documentation and information you have together with your concerns.


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## charles36 (17 December 2008)

I havbe been trying to send an email to the group of interested people but unfortunately five people have either supplied wrong email addresses or they have been lost in translation from the Coffs Harbour Advocate aqnd myself.  I hope the rest have received my email and start to communicate through this thread.  To make things easier to log on, try http/www.Aussie stock forums.com/forums/showthread.php?t=13717.


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## Diga (18 December 2008)

Hello Charles

Have you seen the latest from the LKM receivers? - BRI Ferrier   http://www.briferrier.com.au

http://www.briferrier.com.au/content/Creditor_Documents/Press_Release_LKM_Finance_081208.pdf

Seems we're not getting any sort of return until late January at earliest, March - maybe.  Rolf Koops was seen very recently having a slap up dinner with his family at an upmarket restaurant in Coffs Harbour - and not giving a toss who saw him.  Merrry Christmas Rolf.  I feel like taking a full page ad in the Coffs Coast Advocate wishing him a merry christmas - unlike the rest of us whose money he stole!  I doubt it would even make him cringe - the man obviously doesn't have a conscience.

Regards,

Richard Haynes


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## Don1111 (18 December 2008)

Hello Charles & Others,

Not sure what to think with this whole business. Only thing I noticed loudly was how quickly Rolf & Sandra shut up shop to "retire" strangely just around the time of the collapse. It would appear that that was an act of legal preservation on their part, particularly as I have heard Sandra is still working.

If a class action is to take place, obviously any extra recoupement is not going to come out of the burning wreck, but would come from either the personal wealth of Rolf & Sandra or if it is imaginable, any insurance that may be applied. (doubt that, just trying ideas here).

On the better side if there is one, this whole debacle was pulled up quickly enough to to see in the order of around 50% (at this stage) to come back. Albiet over some years, but often collapses yield virtually nothing back. So the question here is was it pulled up soon enough ?

Another question, how legal is it to sell a your own product of this type, through your own network. Big mistake not having an independant broker here.

Well there is some starters.

Regards
Don Mills


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## B&K Gilchrist (18 December 2008)

Thank you Charles, for starting the ball rolling.
      We Kaye & Bruce Gilchrist would like to join you and the other L.k.M..
      Capital Debenture holders in a group forum.
      We have most of our hard earned savings in the debentures, and as 
      we are now retired we have no  way of earning that money again.
      We support the idea of a group meeting so that we have some idea 
      of what is happening to our money.
      Tomorrow I will contact Slater & Gorden re the class action.
      We are interested to hear what others may have to say about our delimer

                                                          B & K Gilchrist


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## prawn_86 (18 December 2008)

Just a note on behalf of myself and the other moderators and admin.

Issues like this are complex, extremely drawn out and can create a lot of angst amongst various individuals. While threads like these are encouraged there are some ground rules that must apply:

No abuse of other members. This is standard ASF policy and there will be zero tolerance.

No multinics. Any user caught with multiple usernames will be banned without question.

Any material that places ASF in a position of liability will be removed.


Please understand that the moderators or administrator are not going to read in detail and acquaint ourselves with issues such as this, simply due to the amount of time it would take of our volunteer resources, so if any of the above rules are broken or if there are constant complaints about this thread it will in all likelihood be shut down.

Sorry to be blunt, but we have had problems with threads like this in the past so it is best to get some rules in place now.

All the best on the long road that you are all setting out on.

Prawn


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## Diga (18 December 2008)

Hi everyone,
My name is Richard Haynes - but you can call me "Diga" . It appears that we have a wealth of knowledge & life skills – I myself was a graphic reproducer, having worked on some of the largest magazines in Australia -  I am able to produce newsletters, magazines from design through to print. 

I say, we pool our skills (life & professional skills) we can empower ourselves and win back our dignity. 

I feel a  meeting of some sort will need to take place as -

A) there will need to be an elected group to represent us in  a clear, well presented, managed and focused approach to represent our issues..

B) There is the legal aspect of things to consider – legal aid ??? – or better still the more people that register with Slater & Gordon 
http://www.slatergordon.com.au/ 

The better our case will be.

Anyways food for thought.


Hooroo

Diga


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## charles36 (19 December 2008)

Thank you one an all for getting the ball rolling, it is what we need, more information the better.  Diga could you ring me when you have the time.  


To the moderator of the forum on behalf of members of the action group thank you for your kind words of warning.  We are sensible people and I will do my best as I am sure all the others will to keep this forum in a positive way.  Please note my initial post wherein I set the ground rules for the forum.  Thanks once again.


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## Diga (19 December 2008)

Hi everyone,

                    My name is Richard Haynes - those of you who have joined the LKM Debenture Holders Action Group will know me as "Diga".

I wish to propose a meeting of affected clients of LKM - at a date yet to be set, no costs involved, to be held at my home on the outskirts of Coffs Harbour.

The hope is to gather  6 - 7 people with research skills, professional writing, accounting etc. to put together questions which we then can put to the :- 

A) The Receivers - who are now called BRI Ferrier - and can be found at http://www.briferrier.com.au/pages/welcome.php
                            - sadly nothing to advise us the Debenture Holders of these changes, I myself have yet to receive anything about the fact that we will not be receiving any return,  yet it is posted on their new web site. - which can be found at 

http://www.briferrier.com.au/content/Creditor_Documents/Press_Release_LKM_Finance_081208.pdf

and I quote from their document - 

DECEMBER 2008 DISTRIBUTION 

The first distribution to debenture holders was budgeted to be paid in late December 2008. As you are aware this distribution was subject to expected settlement of loans prior to Christmas 2008. These settlements have not occurred. Therefore we are unable to make this first distribution before Christmas 2008. As a result we will increase the amount of the March/April 2009 distribution. 

Should you have any queries in relation to above, please do not hesitate to contact BRI Ferrier on 1800 679 069. - end quote. 



I firmly believe that we deserve better than this - after all it is our HARD earned money that is at stake.



B) Construct a campaign to Government Departments and the Minister/s, local & federal politicians.

There are other issues at stake such as the role of the Trustee and others.

Some of the stories I have heard have brought me to tears.
These people/families may not have lost "lots" but in some cases - it was all they had.

So, those who have the skills and are willing to join myself and others - who shall remain nameless at this stage - 
in doing what Australians do best - having a go and standing up against bullies.


I can be contacted by "Private Message"  through the https://www.aussiestockforums.com/forums/showthread.php?t=13717&highlight=LKM+Capital 

click on my name "Diga" and a drop down menu appears - then select " private message"

Cheers
Diga


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## Diga (19 December 2008)

*Re: LKM Capital*

Sorry but i just couldn't help myself, this is a beauty

http://www.anz.com/aus/Corporate/About_Us/PDF/InPerspective0606.pdf

page 8 will be of most interest.

Diga


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## jillp50 (20 December 2008)

Hello 
We are victims of LKM.  We retired young and thought life couldn't be any better.  When we received phone call re LKM in Receivership we were devastated and could not believe it.   

This action group can unite people.  And we look forward to meeting you.

Jillp50


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## STANM (21 December 2008)

HELLO EVERYONE.
                      I AM VERY PLEASE TO SEE SOMEONE DOING SOMETHING

ABOUT THIS CATASTRIFY THAT IS HAPPENED TO OUR LIVES.WE WOULD

LIKE TO HELP IN ANY WAY POSSIBLE.ALTHOUGH NOT A LOT OF EXPERTICE.

                                                   STANM


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## charles36 (22 December 2008)

Pleased to see more people logging on.  I will be absent over Christmas but in the meantime I wish everyone a Merry Christmas and a happy new year.

In the new year we will start to move alonmg and develop our strategies and hopefully make some in roads into our problem.

Diga could you give me a ring sometime when you have a moment, please.

Regards 
charles.


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## jillp50 (23 December 2008)

Hi everyone,

Pleased to speak with you Charles, and looking frward to meeting you mid Jan re action group.  My husband & I wish you all a Merry Christmas and hope 2009 will find some answers for all.

Regards
Jill & Col:


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## Diga (23 December 2008)

G'day everyone,
                       And welcome to everyone who have recently join our group.
Thank you for your support. 
Charles36 will be away over Christmas.

Should you have any questions - be they big or small please email or private message me (left click on my nick name), and i will get back to you.

Warmest Regards

 Richard "Diga" Haynes


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## Henry di Suvero (24 December 2008)

I have applied for an Age Pension because almost all my savings were in LKM Debentures.  Centrelink has two tests for determining if one qualifies and if so, to what extent.  The tests are known as the "asset" test and the "income" test.  Centrelink valued my LKM Debentures at their investment value (i.e 100%)--- !!! Despite the Receiver having frozen income and withdrawals from 5 Aug.  I waged a long battle with Norm Sillar, the head of the Processing Team for Age, Carer and Rural Pensions.  Finally last week with an appeal pending to the Social Security Appeals Tribunal and to be heard in early January, Centrelink caved in and valued the assets at zero.  I had argued they had no present value, were not transferrable, there was no futures market for them.  However, having demolished the asset value, now Centrelink is including the Allocated Pension that I don't get as part of my present income.  Am battling that.

Centrelink's Processing Team for Aged Pensions---- that is, the section that reviews all applications for Aged Pensions--- is located right there in a bunker in Coffs Harbour.  This is Norm Sillar's Fax : 66486 896.  What they have done for me may not be done for you.  You have my permission to cite my case as a precedent for a zero valuation of your LKM assets.(208 791 249 V)

I had to fight through an amazing set of nonchalant Centrelink call centres. Here's some advice if you call and finally get someone: after you id. yourself, ask for their name, where they work (what capital call centre) and for your telephone receipt number. If you live in Coffs, please go and sit in at Centrelink until you get to see Sillar.

There have been 4 "Internal Bulletins" in Centrelink on LKM valuation---- none of which are posted for the public. These "internal bulletins" dictate what the Centrelink position is on what the person can say to you.  The person answering has no discretion. Only Norm Sillar has that discretion.  If you are unhappy with a 100% valuation, file an appeal to the SSAT.  Find the SSAT on the net and you can file your appeal by fax.  Keep the pressure up on Centrelink. They have been outrageous with me. Your claim runs from the date you file your Age Care pension application.

Minister Macklin is no help.  She doesn't get involved with "individual cases". The junior minister in charge of Centrelink's delivery of services is Senator Ludwig in Queensland.  His office is of little help.  Macklin made a public statement in Oct saying she had asked Centrelink to expedite the re-assessment of assets for pensioners.  Political spin with no real implementation.  Centrelink is a bureaucracy gone beserk with its own callousness.

Henry di Suvero


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## breaker1 (24 December 2008)

:xmastreeHi Charles 36 and fellow LKM Capital Denture Holders readers:

I am breaker1 from ASF thread "Octaviar MFS Premium Income Fund" [thread and action group founder] https://www.aussiestockforums.com/for...ad.php?t=10937
Similar to what Charles has done here. I previously kicked off my thread in May. Our thread had over 200,000 hits. It proved a great instrument for our PIF investors, being tremendously successful in disseminating PIF related information, advice and investor / reader debate.

I wish you all much success in your LKM Action Group venture and trusting it brings some breakthroughs.

Your first step of course will be to collate an Action Group list with names, emails, date commenced membership and any other details members care to give. This is very time consuming to start with - allocate months.

It is important to eventually share the workload in all this and possibly start local groups where there is a concentration of members.

One point - be loyal to one another and try not to start other competing groups - this will likely bring divisive problems and time wasting arguments as it did in ours.

Being a friend of Charles and Charles being also in our PIF Action Group, I am only too happy to contribute assistance if required from the experience of the PIF AG.

Once again - best wishes to all!

Kindest Regards,
*breaker1
PIF Action Group*


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## John VK2 (28 December 2008)

Ladies & Gentlemen,

Having finally managed to to get registered on this Forum - after eight attempts - I have finally arrived.

To begin, quite coincidentally, I have just finished reading "The King of Torts' "  by John Gresham.  I find a great deal in the writing is very pertinent indeed to our present case, in fact I respectfully suggest that it is required reading for all those involved in the present situation with LKM CAPITAL.

Further please remember that NO firms of lawyers, solicitors or  accountants are going to act on a 'pro bono' basis. They are like every other firm. They are  there to make money for themselves, shareholders et al. It is worth mentioning at this point that Mr. Andrew Cummins of FGKS answered my question on fees charged as being between A$100,oo & A$550.oo an hour.

This of course is OUR money which will be deducted FIRST from whatever monies are finally available.  Simply put, our money is being used to get some of what we have lost, back to us. 

As far as I am concerned I think that Rolf Koops personally should be brought to book and is something I propose to seriously consider on methods to the used.  He, Rolf Koops, has openly stated  that himself and his firm are "very respected , long term residents of Coffs Harbour". 

He has also stated that  "I think there's a  good chance that people will get 100 cents in the dollar." 

"We've got very good assets and we're not a typical debenture fund with exposure to lots of development  loans."

"There's very very good prospects basically".  

"We are not racing off to Majorca or anywhere else just like that."

I find it strange that he should mention Majorca.  No why would people think he would go there??

Coming back to my previous comment of "methods to be used", I will be happy to discuss such matters OFF this Forum to avoid any clash of interests.
In the meantime if I can possibly provide any information whatsoever I shall be happy to do so.

My e/mail:  jwallvk2@tsn.cc


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## charles36 (28 December 2008)

Sorry that you had trouble in logging on. Any suggestions to make it easier John would be most welcome.  You have my phone number, give me a ring when you are free.   I am pleased to see positive people logging on to the forum.  Early in  the new year when holidays are all over we will develop our strategies for our group.   Regards Charles.


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## Diga (2 January 2009)

Hi Everyone,

Below is a link to “The Australian Institute of Company Directors” (AICD)

http://www.companydirectors.com.au/...trustee+provides+protection+for+investors.htm

Under the title ““HOW A TRUSTEE PROVIDES PROTECTION FOR INVESTORS”

One finds this reassurance:-

“In Australia and most other developed countries, trustees act independently to protect the interests of investors. Trustees have gone about doing this in a very quiet, non-public and diligent manner. 
The cost of having a trustee actively protecting a $10,000 investment in a managed fund is around $7 per annum. 
An investor in Australia who commits to investing in a managed fund (or unit trust) can take comfort in knowing that an independent third party is watching (with authority) over a series of complex trust issues”


A.) Does this mean that the LKM trustee ( Sandhurst) http://www.sandhursttrustees.com.au/public/
has insurance to cover these types of losses?

B)  Again I quote from this same "AICD" document:- 

“Generally a trustee's duties include:- 

Ensuring that assets are held in safe custody and independently of the "deal-maker" or manager.

Monitoring risk exposures for investors. 

Ensuring asset valuations are carried out properly and effectively. 

Appointing and supervising independent auditors in relation to the accounts of the fund. 

Monitoring fees charged to investors.

Undertaking "real time" monitoring of investments and investment trading rather than trying to take corrective action after the event.

Having significant involvement with issues that look after investors interests in an unobtrusive "behind the scenes" manner that facilitates good corporate behaviour in the interests of investors.”

If all the above is true, Sandhurst has failed in its “duty of care” 


cheers

Diga


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## Julia (2 January 2009)

Sorry to hear that you people are having difficulties.

I've never heard of LKM.  Can someone briefly outline the terms of the debentures and the interest rate?


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## John VK2 (3 January 2009)

I am getting ******* off with this system.  Having spent two hours trying to post, and when one goes to send  it comes back with "you are not logged in."  I give up.


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## Diga (3 January 2009)

John VK2 said:


> I am getting ******* off with this system.  Having spent two hours trying to post, and when one goes to send  it comes back with "you are not logged in."  I give up.




I had encountered the same problem. 

What I do is:-

1. Write the reply in my "writing" program e.g -  word  or whatever program you use to write letters etc. 

2. Login to the forum.

3. Click on the "New Reply" button.

4. "Cut and Paste" or "Copy"  the entire message from your "writing" program  in to the "Reply to Thread" box.

5. Click "submit Reply" button.


Cheers 
Diga


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## charles36 (6 January 2009)

I have received a number of interesting emails from group members and I have a great feeling about the members, all with positive attitudes.  I would ask the group members to share their information if possible with other group members by using the Aussie Stock Forum site.  This of course does not mean that you should not email me with information or any queries, pleased to hear from everyone at anytime.  Regards to all,  Charles.


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## Diga (6 January 2009)

Hi everyone,
		Todate 12 (Twelve) persons have bothered to lodge a complaint with ASIC. 

I can not stress this enough -  our plight depends on  ALL LKM Debenture Holders lodging a complaint with ASIC.

Also lodge a complaint with the Minister For Superannuation & Corporate Law.

 Senator Nick Sherry – he can be contacted via the web link below.

http://minscl.treasurer.gov.au/Main.aspx?PageID=089&min=njs

Regards
Diga


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## Diga (6 January 2009)

Hi everyone,

Please find below the details needed to make a complain to ASIC.

1.  Phone ASIC on – 1300  300 630

2.  Follow the prompts for "Making a Complaint".

3.  Reference Number – 4318102

4.  Make your complaint to the officer. 

5.  You will be issued with a Reference number.


Regards 
Diga


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## dave15 (8 January 2009)

"Happy" New Year to our fellow LKM Debenture holders, 

my wife & I are very interested in attending a meeting with you all ASAP, so that we can discuss a collective strategy.


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## Julia (8 January 2009)

Julia said:


> Sorry to hear that you people are having difficulties.
> 
> I've never heard of LKM.  Can someone briefly outline the terms of the debentures and the interest rate?




Any chance of one of you answering my question above?
I understand that it's in receivership, but I'm interested to know the terms/interest rate offered on the debentures, i.e. why anyone got involved initially?


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## charles36 (8 January 2009)

Message to Don Mills, could you please email me.  Your email address has been wrongly transcribed to me.  My email is Charles.Hodges@bigpond.com.


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## Diga (8 January 2009)

Julia said:


> Any chance of one of you answering my question above?
> I understand that it's in receivership, but I'm interested to know the terms/interest rate offered on the debentures, i.e. why anyone got involved initially?





Hello Julia

To answer your question 

“why anyone got involved initially?”

Please read my post

19th-December-2008, 04:15 PM.  And follow the link .. Pages 8 & 9 will answer your questions.

As for the rates terms etc... (without being rude) -  purely academic now.


Regards
Diga


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## Julia (8 January 2009)

Diga said:


> Hello Julia
> 
> To answer your question
> 
> ...



I have followed the above instructions and am no wiser.  Your post of 19 December tells me nothing.  Accessing the link (twice downloading the document) only brings up the first two pages with the list of contents of some ANZ publication.  I'm unable to access page 8.

Why are you being so circuitous and not just simply answering my very basic question.  You don't have to - just say you decline to comment.  All I was interested to know was what rate the debentures were offering.  Nothing more complicated than that.  Sorry to have been so exceptionally demanding and unreasonable.


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## charles36 (9 January 2009)

Hi Julia, could you please give me a ring on 0265552486 or email me @ Charles.Hodges@bigpond.com I think I have the information that you seek.  Regards Charles.


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## Diga (14 January 2009)

Hi everyone,
		I  have sought permission from the author of  this Blog post which may be found at

http://jillparker.blogspot.com/

Friday, September 12, 2008
LKM Investors 

We are self funded retirees since 2002 and now have been put into a devastating situation. We are feeling very angry not only with Lkm but with ourselves. We have always been self employed and any dollars we have has been our own. When we sold our business after 13 years 1989 to 2002. We placed it with lkm capital. We were never informed of any risk. It was always 100% guarantee. We knew the family and trusted Rolf would always overseer the company to make sure investments were secure. After the sale of our small block of holiday units in Coffs we thought we needed help with investing such a large sum of money so trusted the so called professionals. Wrong. At present we are waiting it out to hear from the receivers. We have lost faith in so called professionals. What now. Why should we have to sell off our assets so they can pay their debts. Maybe these professionals with all the brains should sell off their personal assets and pay off their own debts. We always paid our debts and if we were to go wrong, it would have been our own doing. These people have gong wrong big time and we are paying the price.

You may like to add your comments. 
Posted by Jill Parker at 9:15 PM 0 comments  
Labels: LKM Investors Coffs Harbour



Thank You Jill for allowing me to post your Blog.


Regards
Diga


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## Diga (15 January 2009)

I have had this email passed on to me -  it was sent by - Rob Souters 

Rob I did send a reply to this address in return I recieved this reply:

 Recipient: < s162@tadaust.org.au>
 Reason:    5.1.1 <s162@tadaust.org.au>: Recipient address rejected: User unknown

"Rob" post this reply to your in hope it answers your questions. 


        " I have had trouble with Aussie Stock Forum, so am sending this to you direct.

Hi Rob, Charles has passed your email on to myself as he is not real good with computers.  

         1  Did you receive copies of the paper work I sent you ?

This question I can not answer as I did not receive any attachments with you email.
Please feel free to ask me any question which you may have. 



2  70% of LKM investors live in the Sydney area about 825

This figure I am not aware of - 

1. Are you in contact with any of these Debenture Holders? 

2.Would you consider acting as the "Sydney" Rep for our group?


3  Report 4 from the receivers will contain a list of their expenses, so I was told by the trustee.

Please find below a link to Ferrier Green Krejci Silvia - the receiver.
The latest report to be found on their site is the 3rd report - dated 19th Nov 2008.

Should you have a copy of a 4th report would you email a copy to me please.

http://www.ghk.com.au/index.cfm/Creditor_Information


 4  Is it possible to obtain a list of debenture holders in LKM

I do not know the answer to this question - I will make a note of your questions and add them to the list which will be presented to the Trustee (Sandhurst) on the 28th Jan 2009 in Coffs Harbour. If you  or any other Sydney Debenture Holder is interested in attending this meeting please inform me by email.

        5  Has anyone queered why Stuart Malouf is still the Chief Executive of Bridgeport Financial Services ?

I will add this question to the list.

        6  Please advise all debenture holders that we are billed for each phone call on time to the receivers expenses, ( actual cost per minute I was unable to find out ) 

Yes - I will post your point on the Forum.

This is why the Forum is here to exchange information for the LKM Debenture Holders - with out incurring unnecessary 
costs.

I hope I have answered your questions, should you need further assistance please email me

Regards

Richard "Diga" Haynes


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## charles36 (16 January 2009)

Thanks to Diga for his tireless work for the Action Group.  Ladies and getlemen of the group I want to assure you Diga has been very involved in resarch with  one thought in mind, retrieve what we can of our hard earned money.  All assistance is welcome.  Thanks, Charles


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## dave15 (21 January 2009)

Congrats on a very productive LKM/AG meeting, great to put faces to names. We feel optimistic about our collective direction and look forward to receiving further information,

regards
Dave & Vikki


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## Diga (25 January 2009)

Hi Everyone,

		 Thank you Charles for your kind words, apologies for my tardiness in replying.

I have been a tad busy. 

The “hit” rate on this thread is  rather high at 1300 – and climbing!

Be Advised 


Our forum IS being monitored by parties who would prefer that this group not exist.



Regards
Diga


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## John VK2 (4 February 2009)

Statement from Mr Andrew Cummins of FGKS.
QUOTE:  "The rates charged by us are between $100.oo to $550.oo per hour, depending on the experience of individual staff members. There is no legal basis for the receivers fees to be paid by Mr Koops."UNQUOTE
Respectfully suggest that "The King of Torts" by John Grisham is required reading for all investors.

Is there any truth in the rumour that a certain person is proposing to go back to Indonesia and take his Mother and family with him?  Why is he selling the family home?  

Why were the investors never informed of the demise of one of the Board Members of LKM?

Oh for the return of the swinging "sixties" !


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## JWB (11 March 2009)

Hi Everyone,  We lost money to LKM as well.  Thanks for all the hard work being done by you.  We would love to help but are trying to run a business in these hard times.  Appreciate all the work being done.  Rec letter from BRI Ferrier yest.  with the news of the big 4%.: Our money was due out a couple of days after the Rec. took over.  We had even logged our instructions and had been talking to the girls at LKM, they didnt even hint there was a problem.  The ASIC report on the net hasnt been there all the time has it?


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## John VK2 (12 March 2009)

I note that the Bendigo Bank is running a series of commercials on television telling people how good they are.  Interestingly they are tied up with Sandhurst who just happen to be the Trustees for the failed LKM CAPITAL.
I wonder how many of them have Indonesien connections ???

Has you know who sold his house at Diggers Beach yet?  I wonder where he and the lady are  going to move to.   Indonesia perhaps ??


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## charles36 (17 March 2009)

To JWB please advise how to contact you if you would like to be part of the LKM Debenture Holders Action Group.  Charles.


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## JWB (17 March 2009)

Hi Charles,  I am having trouble sending you an email.  Maybe I have the wrong address.  I cant put my email on here as I have only had one post and the system wont let me until I have 10.  JWB,   Wendy.


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## JWB (7 April 2009)

Charles36,  I have just rec.  more paper work re LKM.  You can ring us on 0266449065 as I still cant leave my email.  Wendy.


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## Diga (14 April 2009)

Hi everyone,

I have sought legal advise about the amendments to the Trust Deed. 

I was advised that the motion – if passed will remove any civil action available against the Trustee or Company in relation to any negligent or inappropriate dealings in relation to :-

(a) interest on Principal moneys that has been accrued but remains unpaid;

(b) any interest that would otherwise have accrued on the Principal Moneys but for Amending Deed No 4.



If it is latter found that there was negligence or inappropriate dealings.

Criminal charges maybe pursued but the resolution (if passed) will act as a thorough defence against any Civil claim for damages ( which would be sought by damaged party. Ie shareholders removes possibility of monetary for damages.



Be damned if I will be accepting sheckles in return for a “get out of jail” free card.


See you at the meeting.

Diga


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## John VK2 (14 April 2009)

Hello Diga,

I have just read your comments and am in full agreement with you.  There is no way I am going to vote for this amendment.

It would be nice to know whether during the past nine months any progress at all has been made towards recouping the losses of the Debenture Holders or whether we are being charged to meet salaries of up $550 per hour solely for the privilege of contriving ways and means of absolving LKM from their responsibilities.

Needless to say it is our money that is being expended to get back what is ours in the first place and I for one strongly object to it being spent for the benefit of those who were responsible for misusing it.

The waters have been made even muddier by the fact that the original Receivers have been joined by another company and according to the logo, the new company, BRI would seem to have the upper hand with Ferrier [Chairman] in a position that means absolutely nothing.

Ther are also some questions that need to be answered.  Sandra Martin who is the "other half" of LKM has been given the title "Director of the Debts" whatever that means.  Further I wonder whether this Idonesian b*****d will have the guts to attend the meeting or is is funneling his ill gotton gains out of the country.  Is his house at Diggers Beach still for sale or has it been sold?

Lots of questions need answers and hopefully some answers will come forth on the 23rd April.


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## John VK2 (14 April 2009)

Further to the above "QUESTIONS THAT NEED TO BE ASKED", a report from ABC News dated 24 November 2008 stated,  Mr. Cummins says the investigation into the LKM collapse has identified some accounting anomalies. "We expect to be able to report to the debenture holders exactly what these issues are early in the New Year."  He said


Have these 'anomalies'????? been found?


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## John VK2 (21 April 2009)

Finally it seems that Koops himself is going to be investigated.  How come its taken all this time when a report way back in August by Mr Cummins who stated that "anomolies would be looked into."  

There has been a suggestion that he is going to skip, possibly to Indonesia and this is the reason he is selling Diggers Beach.

There is also no mention of the other half of Koops Martin, namely Sandra Martin, Koop's partner?????  Where is she hiding, and if she is the other half why is she not also being investigated?  

Further the latest report does not show the charges made so far.

One is conscious of the latest fracas re Keddies and I can only repeat that John Grisham's excellent novel "King of Torts" should be required reading for all concerned.


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## John VK2 (21 April 2009)

APOLOGY RE THE ABOVE.

The charges have been listed.  My error, I missed it in the report.


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## John VK2 (29 April 2009)

Anyone know where the meeting for the FIFTH REPORT has gone??

Good thing I saved it !


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## BARNEY01 (5 May 2009)

I am new to this game but from what I have been advised so far is that some time in June, 2008 LKM commenced discussions with BRIFerrier culminating in their appointment on 1 August, 2008.  I am concerned with the position of those debentureholders who reinvested during this period.  It appears to me that the Directors of LKM would have had a fiduciary responsibility to those investors to hold in trust those investments pending the outcome of their discussions with BRIFerrier.  I would like to know how many investors are in this position as it is different to those prior to when the discussions commenced.  These investors may be able to form a different class of investor with a claim on the Directors and possibly the Trust.  It would be interesting to know what advice BRIFerrier gave the Directors in relation to reinvestment during the period of their negotiations.

BARNEY01


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## JWB (6 May 2009)

Barney,  our money was due out mid August.  We had been talking to them on the phone early August and agreed to reinvest,  filled out the forms etc and then rec the notification of Rec'ship.  Nothing was mentioned to us on the phone , it was as if all was good.!!  Wendy


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## charles36 (7 May 2009)

Charles36      Barney O I have posted my telephone number on the private mail, please give me a ring.  You will find that the Action Group have been active and many of the complaints such as your complaint haveen referred to ASIC and are receiving attention.  The Principal, Directors and staff have recxeived appropriate attention from the receivers and in fact the Principal, Mr. Rolf Koops has been and is still being investigated.  The matters to date have been referred to ASIC and they have given permission for Mr. Koops and others to be the subject of a public examination at the Supreme Court, Sydney on the 18 May, 2009.  At this stage Mr. Koops is possibly the only being examined at this time. I hope this gives you some insight as to what has taken place since the 1 August, 2008.


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## Diga (6 June 2009)

http://www.optuszoo.com.au/channel/...-continue-into-collapsed-investment-firm.html


News
New South Wales / Coffs Harbour and mid-north coast
Investigations continue into collapsed investment firm
Jun 05, 2009 10:26am



There will be further investigations into collapsed Coffs Harbour-based investment firm LKM Capital.

LKM Capital collapsed almost 12 months ago owing $63 million.

LKM's director Rolf Koops was examined in the Supreme Court over three days late last month.

Receiver BRI Ferrier says the examination focussed on accounting anomalies.

The receiver says there were several matters arising from the examination that require more investigation, but that cannot happen until the court transcripts are released.

That is likely to take between four and six weeks. The receiver says debenture holders will then be briefed.


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## John VK2 (23 July 2009)

Going right back to the beginning of this Forum on LKM, could someone please explain WHERE Messers Slater and Gordon come into the picture?


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## Sister Act (29 January 2010)

Hi there, I am new to this webite and these forums. I am interested in Rolf Koops in relation to his having his passport confiscated. He was leaving to work in 'theatre' in the UK, presumably with his sister Elizabeth (Liz) who is a producer of the stage musical "Priscilla". Do you know of any other links between the two in your on-going confrontation?

Also, do you know that Koops has been mentioned in a 2004 ICAC investigation in which the financial services weren't delivered to the Koompahtoo Local Aboriginal Land Commission (KLALC) during a joint venture subdivision? The aboriginal community supplied the land and a company called Sanpine supplies the financial / management expertise. The commissioner in that case says, "You still couldn’t get the major banks to back you. I'm not saying anything about whether Mr Koops is a good man or not. You end up with a Coffs Harbour solicitor backing you which may be fine. But why couldn’t the KLALC, with your assistance, have done that?"


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## elizabeth taylor (9 October 2010)

Sister Act said:


> Hi there, I am new to this webite and these forums. I am interested in Rolf Koops in relation to his having his passport confiscated. He was leaving to work in 'theatre' in the UK, presumably with his sister Elizabeth (Liz) who is a producer of the stage musical "Priscilla". Do you know of any other links between the two in your on-going confrontation?
> 
> Also, do you know that Koops has been mentioned in a 2004 ICAC investigation in which the financial services weren't delivered to the Koompahtoo Local Aboriginal Land Commission (KLALC) during a joint venture subdivision? The aboriginal community supplied the land and a company called Sanpine supplies the financial / management expertise. The commissioner in that case says, "You still couldn’t get the major banks to back you. I'm not saying anything about whether Mr Koops is a good man or not. You end up with a Coffs Harbour solicitor backing you which may be fine. But why couldn’t the KLALC, with your assistance, have done that?"




I have just found this site and am a victim of the LKM collapse. Are you still active/making any progress? Can I be part of this?


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## badmedicine (13 April 2011)

elizabeth taylor said:


> I have just found this site and am a victim of the LKM collapse. Are you still active/making any progress? Can I be part of this?




I just read the last BRI Ferrier release and cant believe they do take up eBet's takeover offer to buy the shares. I just want a return now not in the long term. Sell the Odyssey shares now. It's just another associated business that was promised it would make us all money while is just goes backward.

Please accept the offer and send me some money.


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## John VK2 (27 April 2011)

Having just read the 10th report from BRI Ferrier, and am absolutely disgusted by the fact that no further payments are likely to be received until November 2011.  

This leads me to  a little line in their report at the end QUOTE: "Limited cash available needs to be retained to further the ongoing costs of the Receiver".  UNQUOTE

The Receiver of course being BRI Ferrier who charge up to A$550.oo PER HOUR for their services. At least they have no worries. It is also worth noting that it is OUR money that is being used to fund the means of getting some of OUR money back.  

There is something wrong with the system somewhere !


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## flywire (5 October 2021)

Advice in September 2018 from Meridian Lawyers was a final distribution of 30.23525%. I understand about 40% was returned before that. Can someone provide exact details of how much was returned and when?


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