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Storm Financial Group

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Has anybody got any information on the dispute resolution process
with former High Court judge Ian Callinan regarding the position of CBA
with the compensation issue for Stormers with margin loans ?

I believe this was discussed yesterday on 29/11.

I asked my Stormer mate he hasn't heard anything.
 
I believe that no decisions have yet been made on any of the cases before the panel, and a further meeting has been scheduled for 3rd December.
 
Solly said:
"Worrells delivers report on Storm
Findings confidential"

The liquidator of Storm Financial has delivered the findings of its investigation into the failed advisory firm to ASIC.

More by Kate Kachor in Investor Daily here;

http://www.investordaily.com/cps/rde/xchg/id/style/8091.htm
Click to expand...

From the linked article:
Due to the confidential nature of the report, details of the findings could not be disclosed, the spokesperson said.
Click to expand...

Curiosity killed the cat, and I'm damn curious. Solly, as the source of almost all media links re the Storm Situation, I'd be eternally grateful if you could use your superpowers to divine the nature of the report :D
 
Silly question, but can anyone explain to me why / how the findings of a publicly financed inquiry ( to the tune of some $ 500 million ) can remain confidential ?
 
I hope it's not to protect the banks. There's a lot us us ex-stormers waiting and hoping for some good news so we can have a better Christmas than last year
 
Rainbow said:
I hope it's not to protect the banks. There's a lot us us ex-stormers waiting and hoping for some good news so we can have a better Christmas than last year
Click to expand...

I hear that! I'm sick of waiting for an outcome to the Slater & Gordon/CBA resolution process - seems to be taking forever. I know these things take time, but impatience is one of my larger flaws. I suspect that my initial suspicions that the lawyers will benefit much more than I will, will be proven correct. Hope not, but I'm mentally preparing myself for another shafting for Christmas.
 
Solly said:
"Storm Financial victims eye indemnity policies"

"MORE than 250 Storm Financial victims have flagged interest in funding legal action to recover what they believe is up to $50 million from insurance policies tied to the failed advisory firm."

More by Anthony Marx in The Courier Mail here;

http://www.news.com.au/couriermail/story/0,23739,26442710-3122,00.html
Click to expand...

But lawyer Stephen Russell, who represents the Cassimatises, cautioned SICAG members about joining the legal actions.

In a letter, Mr Russell said a claim had to demonstrate that "the client received nothing of any value whatsoever for the fee paid". He said this proposition was "difficult to sustain" and he recommended Storm clients seek alternative advice.

Mr Anderson took exception to Mr Russell's intervention, stressing that Mr Russell defended the Storm investment model even though it could not withstand the worst of the global financial crisis last year.

Mr Scattini noted that Mr Russell was acting for both company founders and victims in lawsuits against the Commonwealth Bank.
Click to expand...

This is a very tangled web.
SICAG need to give Stormers definitive advice.
To go with Slater and Gordon or to stick with the Cassimatis lawyers.
It is not surprising it has come to this.
The Storm model of payment is still endorsed on their website.
A mate says the opinions are all over the shop between lawyers and Stormers themselves.

gg
 
You really are confused aren't u GG.... "stick with the Cassimatis Lawyers"...:confused:
Have u not cottoned on to the fact that Stephen Russell is the foe..... he represents EC & JC and their puppets and the few poor souls who still think Manny is master ....
I would think that SICAG will not be giving people advice on exactly what they should do... they are simply getting out what information comes to hand and allowing us to make our own decisions.... you really must grab some mortein and get rid of that bee in your bonnet...... you still mystify me with your SICAG model rubbish... what do you mean !!!!... No silly of me to ask really... I know you won't answer that... guess you just like playing the role of SICAG basher in this saga... go ahead knock yaself out...those of us who really are affected by this know just what SICAG has done for us and your opinion matters little.
Mash
 
Mash said:
You really are confused aren't u GG.... "stick with the Cassimatis Lawyers"...:confused:
Have u not cottoned on to the fact that Stephen Russell is the foe..... he represents EC & JC and their puppets and the few poor souls who still think Manny is master ....
I would think that SICAG will not be giving people advice on exactly what they should do... they are simply getting out what information comes to hand and allowing us to make our own decisions.... you really must grab some mortein and get rid of that bee in your bonnet...... you still mystify me with your SICAG model rubbish... what do you mean !!!!... No silly of me to ask really... I know you won't answer that... guess you just like playing the role of SICAG basher in this saga... go ahead knock yaself out...those of us who really are affected by this know just what SICAG has done for us and your opinion matters little.
Mash
Click to expand...

Mash mate, you are entitled to your opinion.

The whole saga is very murky though and the ordinary Stormer doesn't know who to believe.

Any more info on the Secret 60. I have 17 names now.

Surely SICAG must know.

gg
 
Just to let all on the thread know that there is information coming out from left field sometime in the next two weeks that will probably lead to criminal charges.

I am unable to divulge any more information at present.

I heard it on good authority from one of the Secret 60 over a few beers at lunch today at the Marina. There may be less than 60 in the Secret 60 by the way. 59 anyway.

I don't like having food or drink on boats unless I'm fishing on the reef and completely pissed for four or five days, but I made an exception in this case.

gg
 
Garpal Gumnut said:
Just to let all on the thread know that there is information coming out from left field sometime in the next two weeks that will probably lead to criminal charges.

I am unable to divulge any more information at present.

I heard it on good authority from one of the Secret 60 over a few beers at lunch today at the Marina. There may be less than 60 in the Secret 60 by the way. 59 anyway.

I don't like having food or drink on boats unless I'm fishing on the reef and completely pissed for four or five days, but I made an exception in this case.

gg
Click to expand...

gg, thanks for the heads-up on this, I eagerly await more.

I wonder if it has anything to do with Section 184.

I wonder what information Worrells have been able to give to ASIC.

I just hope that what ever direction this saga meanders I really hope that there will be some beneficial outcomes for the poor battered Stormers.
 
"The Storm nightmare continues"

"December 10, 2008 will be a day forever etched into the minds of thousands of Storm Financial investors and their families"

Mitch Gaynor's article on page 72 of The Sunday Mail today gives an overview of the affects that the collapse has had on some of those involved.
 

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