Storm Financial Group

[shanew]

HI All,
Just wanted to thank all those that have subscribed to this thread you have answered many questions and I'm now well informed about the situation many of us find ourselves in. I for one have received the offer but will be looking closely at my options.

 

[Solly]

Something seems to be up at http://sicag.info/

They are stating that Ross Goodridge has accepted an invitation from Stuart Levitt to attend the rescheduled information meeting in Townsville on Saturday 27th March.

My Stormer friends are not SICAG members.

Is anybody willing to share and give more info about what this is all about ?

 

[Solly]

I chanced upon this letter from EC online. Just posting it as I dont believe I have seen it posted here before..

http://www.theage.com.au/ed_docs/response_to_Michael_West_article.pdf

The part where he talk about client "mass client briefings" as been not true, but rather an investor update in october is a load. I went to a briefing along with about 400-600 other stormers in Brisbane, Ithink the date was th 4th of november, can anyone confirm.

Anyway, this is just a bit of trivia really, posted purely for others that have not seen it.

Monario, maybe this will jog a few memories...

 

[Mindstorm]

Thanks for this Monario

MS

I chanced upon this letter from EC online. Just posting it as I dont believe I have seen it posted here before..

http://www.theage.com.au/ed_docs/response_to_Michael_West_article.pdf

The part where he talk about client "mass client briefings" as been not true, but rather an investor update in october is a load. I went to a briefing along with about 400-600 other stormers in Brisbane, Ithink the date was th 4th of november, can anyone confirm.

Anyway, this is just a bit of trivia really, posted purely for others that have not seen it.

 

[Smiley]

Something seems to be up at http://sicag.info/

They are stating that Ross Goodridge has accepted an invitation from Stuart Levitt to attend the rescheduled information meeting in Townsville on Saturday 27th March.

My Stormer friends are not SICAG members.

Is anybody willing to share and give more info about what this is all about ?

Relationships with lawyers are business arragngements but some people are looking for a saviour.

This is all about lawyers seeing $ available . . . Firths, thus Goodridge tied up with Cassimatises, who by the way offered to fund Sean McArdle's legal actions and to whom he has talked regularly in the last year (he has stated).

Levitt and Robinson are lawyers for ex-storm advisers - why sign up with them? And isn't there a conflict of interest here? Want $10,000-$15,000 per client to launch a class action against CWB. My info is that this is not their area of expertise.

Some stormified think that they should get back their portfolio, which was mainly margin and home loan/s because of high LVRs.

The saga continues

 

[Monario]

Monario, maybe this will jog a few memories...

Thanks for that Solly, impeccable data as always. Still not sure about the date though, anyone?

 

[Solly]

Relationships with lawyers are business arragngements but some people are looking for a saviour.

This is all about lawyers seeing $ available . . . Firths, thus Goodridge tied up with Cassimatises, who by the way offered to fund Sean McArdle's legal actions and to whom he has talked regularly in the last year (he has stated).

Levitt and Robinson are lawyers for ex-storm advisers - why sign up with them? And isn't there a conflict of interest here? Want $10,000-$15,000 per client to launch a class action against CWB. My info is that this is not their area of expertise.

Some stormified think that they should get back their portfolio, which was mainly margin and home loan/s because of high LVRs.

The saga continues

Smiley you've said some things that have caught my attention.

I suppose I'm being too hopeful but it would be good to see a post on ASF from Sergeant Sean...

Yes the saga does continue.

 

[Garpal Gumnut]

It may be worth summarising some lessons from this debacle.

1. don't trust financial advisers/financial houses/lawyers.
2. don't trust banks
3. do your own research
4. don't put your house up as collateral for a margin loan.
5. if you don't know anything about investing don't invest.
6. don't trust anybody.
7. don't believe people based on emotion, gut feeling.
8. avoid cults
9. read all posts on aussiestockforums and then read again before investing.
10. those who have been ripped off are also likely to be further ripped off by some of those offering to help. (go to 1. and keep on repeating.)

gg

Just a reminder to those who are still to commit funds to lawyers in an attempt to recoup their Storm losses, posted in January 2009.

gg

 

[Monario]

Just a reminder to those who are still to commit funds to lawyers in an attempt to recoup their Storm losses, posted in January 2009.

gg

Yes GG, and a lesson I have learned(not from personal experience thank goodness) is. Good Money After Bad = Stupid.... There are free alternatives which people should be following...

 

[Mash]

Everyone affected by this debacle are welcome to attend. We have options now. Don't jump into the depths of the RS (resolution Scheme) without at least hearing what others have to say.

Please pass this on to anybody who may benefit
.
Townsville meeting Stuart Levitt

All meetings to this point have resulted in very positive feed back which clearly indicates people have felt some relief as a result of the information passed to them.

Confirming that the time and place for the meeting remains the same for the 27th ie

Saturday 27th March
10am - 1pm
Townsville RSL
139 Charters Towers Road
Hermit Park QLD 4812

People must register on (02) 9286 3133 if they wish to attend.

Ross Goodridge will be attending.

IF YOU ARE STRUGGLING WITH THE ENORMITY OF THIS DECISION, WE UNDERSTAND AND WE WANT YOU TO FEEL FREE TO BRING ANY PERSON YOU FEEL CAN ASSIST YOU IN YOUR PERSONAL DECISION.

THAT INCLUDES FAMILY, FRIENDS, LEGAL COUNCIL AND ACCOUNTING PROFESSIONALS. IN FACT WHO EVER YOU WANT THERE IS WELCOME.

WE DO NOT HAVE TO KNOW ANYTHING ABOUT ANYONE ATTENDING AS THIS IS A FULLY TRANSPARENT MEETING, FOR YOUR BENEFIT.

JUST LET US KNOW NUMBERS SO THAT WE CAN ARRANGE SEATING AS BEST WE CAN.

 

[Mash]

Smiley
As has been quoted before. Levitt has been heard to say re Cassimatis and ex storm planners (also those who have been sacked by CBA )

"keep your friends close and your enemies closer"

 

[pilots]

Just a reminder to those who are still to commit funds to lawyers in an attempt to recoup their Storm losses, posted in January 2009.

gg

GG, How true your post is, come back here in two years and we will see the same people crying about how they have been milked again.

 

[DocK]

Your post is so true.
To all of you who think they will win against the banks, you are in for a shock.

GG

I dont believe there is any more bad news for Storm Investors per se - perhaps some news that may worry certain Storm Directors and a Qld bank.

I do see that the AFR are reporting that the Bank of Qld will be first cab off the rank in the Slater and Gordon action:

"BoQ in eye of first Storm case
Wednesday, 22 April 2009 | The Australian Financial Review | Duncan Hughes

Bank of Queensland will be sued for negligence and several breaches of the Trade Practices Act in the first case for victims of the collapse of Townsville-based Storm Financial Services."

http://www.afr.com/home/login.aspx?ATL://20090422000031066180&section=Financial Services

The AFR certainly have their teeth into the Storm / CBA / BOQ saga!!!

To all those Storm clients - hang in there!!! I know u are doing it tough but there are a number of good people in there fighting for u and we all knew up front this would be a tough fight.

My bet is you will find that the banks have WON, and the storm holders will get shafted AGAIN.

You are going to bring the banks to justice, Mate, you MUST be on DRUGS.
You have been screwed by sales people, get over it.
If for one minute you think you will win against the banks, bend over you are going to get screwed again.

As long as a lawyer some place can still make out of this it will never be over, the ONLY thing thats over is any hope of the punters getting ANY money back at all.

Carey, you say that Storm holders will get some thing, I will tell you what they are going to get, they will be conned out of more money, by the way I have a real big bridge for sale in Sydney will make you a lot of money, are you interested??

Just a word of caution to any ex-stormers who may be inclined to take any notice of Pilot's wisdom - he (and several others) obviously believed that none of us would see a single cent in compensation from any bank - that view has since proven to be incorrect, as the outcome of the Slater & Gordon/CBA resolution has shown.

I'd urge any of you to make up your own minds, assisted by advice from those qualified to give it if desired.

 

[Monario]

Hi all.

I need a little help with a report that I am writting.

Does anyone(hopefully all will) recall the comments that the online information regarding gearing levels etc. available to clients of Macquarie and CBA as been incorrect. Can anyone supply a little more detail on this, dates this was happening, has it been confirmed etc.

Thanks

 

[carey ramm]

Hi Everyone

Been a while and thought i would drop by.

It is good to see ASIC now placing pressure on the other banks to implement resolution schemes which should bring relief to those who have been left in the cold till now.

I have seen quite a few CBA deals and they look pretty fair IMHO. I should point out that they were brokered by a former High Court Judge who is very well respected so in reality the outcome achieved is similar to running a very long and expensive court case that is ultimately decided in the High Court. People seem to have forgotten this - both CBA and Slaters agreed to be bound by the decision. They also need to remember that a very large proportion of their portfolio was debt not equity and that a lot of equity was lost due to falling markets that impacted everyone not just Stormers.

Some of the clients i have seen take settlements are now back in the market which is close to where they were when they sold out (without the margin loans this time!!!) so they stand to gain as the market recovers.

I also hear that 60 Minutes are sniffing round so that should be very interesting. There is plenty more to come out still.

Also congrats to Duncan Hughes of the AFR for winning the walkley award for his storm coverage and Tony Raggatt of the Townsville Bulletin for winning News Ltd business journalist of the year again for his storm coverage. It is investigative journalism by all that have covered this saga that has been responsible for much of the progress acheived to date. Lets hope it continues till everything has been exposed.

 

[Monario]

Hi all.

I need a little help with a report that I am writting.

Does anyone(hopefully all will) recall the comments that the online information regarding gearing levels etc. available to clients of Macquarie and CBA as been incorrect. Can anyone supply a little more detail on this, dates this was happening, has it been confirmed etc.

Thanks

Mr. Ramm, I was actually thinking of you when I wrote this, do you have any details, I was trying to contact you through a close friend of mine in townsville. An old VET that has been rather vocal throught this ordeal.

Do you have any info regarding this?

 

[pilots]

Just a word of caution to any ex-stormers who may be inclined to take any notice of Pilot's wisdom - he (and several others) obviously believed that none of us would see a single cent in compensation from any bank - that view has since proven to be incorrect, as the outcome of the Slater & Gordon/CBA resolution has shown.

I'd urge any of you to make up your own minds, assisted by advice from those qualified to give it if desired.

Wow, so sorry, would you mind telling us of just one person who has got some thing back yet??? many thanks in advance.

 

[Solly]

Hi Everyone

Been a while and thought i would drop by.

It is good to see ASIC now placing pressure on the other banks to implement resolution schemes which should bring relief to those who have been left in the cold till now.

I have seen quite a few CBA deals and they look pretty fair IMHO. I should point out that they were brokered by a former High Court Judge who is very well respected so in reality the outcome achieved is similar to running a very long and expensive court case that is ultimately decided in the High Court. People seem to have forgotten this - both CBA and Slaters agreed to be bound by the decision. They also need to remember that a very large proportion of their portfolio was debt not equity and that a lot of equity was lost due to falling markets that impacted everyone not just Stormers.

Some of the clients i have seen take settlements are now back in the market which is close to where they were when they sold out (without the margin loans this time!!!) so they stand to gain as the market recovers.

I also hear that 60 Minutes are sniffing round so that should be very interesting. There is plenty more to come out still.

Also congrats to Duncan Hughes of the AFR for winning the walkley award for his storm coverage and Tony Raggatt of the Townsville Bulletin for winning News Ltd business journalist of the year again for his storm coverage. It is investigative journalism by all that have covered this saga that has been responsible for much of the progress acheived to date. Lets hope it continues till everything has been exposed.

Carey, I can hear the Tick, Tick, Tick from here...

For those who would like a replay of a previous 60 Minutes story of interest...

http://sixtyminutes.ninemsn.com.au/stories/757649/the-perfect-storm

And CBA's response...

http://www.commbank.com.au/about-us/news/on-the-record/2009/02032009-stormfinancial.aspx

I wonder where will we be in another 6 months ?

I believe the landscape will be very, very different.

 

[Solly]

And maybe it's time to look at a bit more history...

http://video.ninemsn.com.au/video.aspx?vid=f88b915c-ac1a-4ad4-a049-7fae11de7dea

 

[DocK]

Wow, so sorry, would you mind telling us of just one person who has got some thing back yet??? many thanks in advance.

Apology accepted I have got something back, and am aware of several others - although it is not for me to publicly provide details discussed in confidence. I hope Ironhalo doesn't mind me using an old post of his as a further example:

I had this response:

snip

As for the CBA/Colonial, while I have no doubt that they are not acting in my best interests, at least they had the temerity to ring me up, apologise, and ask how they could remedy the situation, and fix the errors they incurred. Which is more than can be said for some. My mother was one of the test cases and has been awarded a six-figure settlement. It would be fair to say that this is just.

snip

There have also been several media articles attesting to the fact that compensation agreements have been entered into, such as the following:
http://www.smh.com.au/business/asic-talks-with-storm-collapse-victims-20100319-qmbk.html

CBA has so far made settlement offers to 350 of Slater & Gordon's clients whose claims involved margin loans. More than 150 clients have accepted the offers.

The 350 offers referred to in the article are only the first "batch" - CBA hopes to have all offers made by the end of May apparently.

Whether ex-stormers accept the offers made, decide to wait to see what ASIC comes up with, or pursue an alternative legal remedy is up to each individual.

When I read this sort of venomous post -

(originally posted by Pilots... ) GG, How true your post is, come back here in two years and we will see the same people crying about how they have been milked again.

it reminds me that there have been many posters on this thread who unequivocally stated that nobody would ever see any compensation from a bank, and neither should they. Many felt that any compensation wasn't "deserved" even though they clearly could not possibly be aware of each person's circumstances. Some even appeared to be personally affronted that compensation could be granted. Some seem to find it difficult to swallow that compensation could be granted to ex-stormers, who clearly have only themselves to blame , when they've had to bear the cost of their own past mistakes uncompensated.

I've often wondered if some people would be capable of entertaining the idea that that banks bear some culpability in "the storm affair" even if Ralph Norris himself personally told them so - as it is contrary to their own opinion of how things ought to unfold.

Pilots, you certainly haven't been alone on this thread in voicing the opinion that ex-stormers had it coming and shouldn't expect to receive any compensation for their own stupidity (although you have been one of the most derogatory).

Personally, I would like to thank those such as Carey Ramm who provided some much needed positive words at times when many of us needed some encouragement to continue to hope for a fair outcome. There are indeed many of us today who are in a much better position than we were a year ago, despite many assurances that we would (and should) get nothing.