Australian (ASX) Stock Market Forum

Storm Financial Group

Jump to new
And now this aspect has probably been thrown into the mix. All very complex.

http://www.theage.com.au/business/a...o-banks-over-margin-loans-20110118-19v92.html

Appeal win gives hope to banks over margin loans

A SYDNEY barrister's victory in a margin-loan case has been overturned on appeal, after three Federal Court judges ruled that banks which lend for stockmarket investment have wide rights when prices fall.

The appeal bench held unanimously that Macquarie Bank's standard margin loan agreement gave it discretion to reduce the time for its clients to meet margin calls from three days to one
Click to expand...
 
Judd said:
And now this aspect has probably been thrown into the mix. All very complex.

http://www.theage.com.au/business/a...o-banks-over-margin-loans-20110118-19v92.html

Appeal win gives hope to banks over margin loans
Click to expand...

Agreed Judd, it is all very complex, although,

This provision, which reflects part of the Trade Practices Act which applies to businesses generally, has been a feature of other lawsuits prompted by the global financial crisis. It was used unsuccessfully by aggrieved clients of the failed Lift Capital Partners in a recent case cited as a precedent by the three appeal judges this week.

It also forms part of the claim filed last month by the ASIC on behalf of clients of Storm Financial, although this case also relies on a related provision, not considered in Mr Goodridge's appeal, which prohibits a lender exploiting a borrower's ''special disadvantage''.
Click to expand...

More here in The Age.

http://www.theage.com.au/business/investors-must-heed-margin-lenders-call-20110119-19wmo.html

 
Solly said:
Agreed Judd, it is all very complex......
Click to expand...

it's very, very messy.

And I seem to recall that there was a court decision in WA where clients took on Macquarie over mortgages to invest in the market. If I remember correctly, the case failed and the court determined in favour of the bank because the relevant consumer protection provisions did not apply where the loan was to be used for business or investment purposes and they were taken out before those provisions were altered.

As is always the situation, most of the law is not about people but about property. You never know what the judges will finally decide. If possible, avoid litigation whenever you can.
 
Does anyone have any inkling of any Criminal Charges pending against any of the major players in this saga.

I do know that the DPP have an interest but are waiting for more to pan out.

There has to be some criminality for so many people to lose everything in a scam of this magnitude.

gg
 
Garpal Gumnut said:
Does anyone have any inkling of any Criminal Charges pending against any of the major players in this saga.

I do know that the DPP have an interest but are waiting for more to pan out.

There has to be some criminality for so many people to lose everything in a scam of this magnitude.

gg
Click to expand...

GG,
I have wondered about this as well. I remember there were some reports suggesting that criminal charges may be laid after the Worrells Inquiry.
Maybe there is more to come. I wonder what has been uncovered during discovery for the Civil case.
I believe there are interesting times ahead.
 
Solly said:
GG,
I have wondered about this as well. I remember there were some reports suggesting that criminal charges may be laid after the Worrells Inquiry.
Maybe there is more to come. I wonder what has been uncovered during discovery for the Civil case.
I believe there are interesting times ahead.
Click to expand...

Perhaps Storm will follow the path of ABC Learning. From today's Australian.

http://www.theaustralian.com.au/new...earning-collapse/story-e6frg6nf-1225995778312



FAILED childcare tycoon Eddy Groves is due to face court today on a criminal charge relating to the collapse of ABC Learning.

Mr Groves, who founded Australia's biggest childcare chain and managed it as the global chief executive, and former director Martin Vincent Kemp, who ran the Australian operations, are both listed to appear in Brisbane Magistrates Court this morning. They are expected to be charged with commonwealth criminal offences, arising from an Australian Securities & Investments Commission investigation.

It is anticipated that both men will be charged under Section 184 of the Corporations Act 2001. Offences under the act carry a maximum jail term of five years.

The Australian understands that Mr Groves will be charged with one offence, and Mr Kemp will be charged with three.

Mr Groves is expected to be charged under subsection 1 of Section 184, which states that a director or other officer of a corporation commits an offence if they are "reckless or are intentionally dishonest and fail to exercise their powers and discharge their duties in good faith in the best interests of the corporation or for a proper purpose".
Click to expand...

We are certainly in for interesting times.

gg
 
Garpal Gumnut said:
CBA, BOQ or MQG for a loan mate? Looks nice. Lady P would enjoy the balcony.

It's good to move every now and then. Everyone should do it.

gg
Click to expand...


Yes GG,

Lady P is a bit partial to the balcony but then again
"I Am the Very Model of a Modern Major-General" :p:
 
Solly, it might be good to explain before we click on the link that to actually read the story we will have to subscribe to "The Monthly".
 
Julia said:
Solly, it might be good to explain before we click on the link that to actually read the story we will have to subscribe to "The Monthly".
Click to expand...

Good point Julia, I am probably a little too close to things and assumed that people would know that it's a sub site. I'll flag it next time.

Also with Rupert's new digital news model rolling out, access to other free news may be about to change.

But then again Scribes & even Hacks need to buy food & be able to have a few rounds with mates @ the Ross River occasionally :)
 
Solly said:
GG,

Did you get an invite to the housewarming ?

Just wondering what a suitable welcome to the neighbourhood gift would be..

S
Click to expand...

I saw Manny in Queen St. BNE, yesterday, wearing a baseball cap and he did not look a happy camper. Lowes is not a good outfitter. Lennons is still on.

gg
 

Similar threads

TiminOz
The dynamics of money and TIME: crimping cashflow for a period
Replies
3
Views
867
TiminOz
TiminOz
BossMan.
The planning of a portfolio
2
Replies
29
Views
1K
Value Collector
Value Collector
basilio
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
2K
sptrawler
sptrawler
ducati916
February 2025
2 3 4
Replies
62
Views
6K
ducati916
ducati916
Garpal Gumnut
Mayfair 101/Mayfair Platinum
2
Replies
35
Views
5K
Dona Ferentes
Dona Ferentes
Top