Storm Financial Group

[Solly]

If there is a good turnout this week, it will be huge next, I'll get the chef at Lennons to pack some some bacon sarnies in my picnic basket.

From the ASIC website some background to proceedings this week and next.

https://storm.asic.gov.au/storm/storm.nsf/byheadline/Next Court Dates?opendocument





gg

GG

Yep, I reckon you are right on the money. Gee, the Stormers do look like a focused bunch. I overheard some general chatter in the foyer, I did once think that their resolve may wane with time. I do now firmly believe that they are getting their second wind. They are definitely out to see a fairer outcome and for justice to be well and truly served.

They are still maintaining their rage and really seem to be a cohesive bunch. I've heard some really sad stories, since this saga commenced. I hope Themis does her work.

S

 

[Solly]

If there is a good turnout this week, it will be huge next, I'll get the chef at Lennons to pack some some bacon sarnies in my picnic basket.

From the ASIC website some background to proceedings this week and next.

https://storm.asic.gov.au/storm/storm.nsf/byheadline/Next Court Dates?opendocument





gg

FEDERAL COURT OF AUSTRALIA
Queensland Registry
Tuesday, 14 June 2011

Harry Gibbs Commonwealth Law Courts Building
Level 6, 119 North Quay
BRISBANE, 4000
Justice Reeves Court No. 5, Level 7

10:15 AM Hearing and Notice of Motion

ASIC v EMMANUEL GEORGE CASSIMATIS & ANOR

BTW GG, I sent a telex, the bacon sarnies are locked in

 

[Solly]

"Big banks try to quash ASIC Storm case"

ABC's Annie Guest meets with two former investors, Frank Ainslie & Helen Gillies.

http://www.abc.net.au/am/content/2011/s3241568.htm

 

[Garpal Gumnut]

FEDERAL COURT OF AUSTRALIA
Queensland Registry
Tuesday, 14 June 2011

Harry Gibbs Commonwealth Law Courts Building
Level 6, 119 North Quay
BRISBANE, 4000
Justice Reeves Court No. 5, Level 7

10:15 AM Hearing and Notice of Motion

ASIC v EMMANUEL GEORGE CASSIMATIS & ANOR

BTW GG, I sent a telex, the bacon sarnies are locked in

The telex brings back fond memories of my time with WUTC and other spooks.

It is so cold in Brisbane, I had to transit there on my way back from quoting on a fit out for some accommodation in Nauru. I am unable unfortunately to be in Bne this week, as I am moving out of my eyrie for the V8's, and have elected to go to the Creek to make up for unpaid fines, for a month or so. It will give me a chance to catch up on my PhD.

While there I shall educate the populace of Stuart Creek on a possible influx of new inmates, from the financial class of 2008/9. According to my calculations they will hit intake in September 2012.

The wheels of justice move slowly. The loot gets taken from the guilty via barristers, fines and court fees. Then they go for criminal charges. Slowly they sell down their assets.

It is so unfair that the victims are not afforded the luxury of that time space.

"Big banks try to quash ASIC Storm case"

ABC's Annie Guest meets with two former investors, Frank Ainslie & Helen Gillies.

http://www.abc.net.au/am/content/2011/s3241568.htm

Frank and Helen are good people and deserve better in a more timely manner from ASIC.

gg

 

[Solly]

The telex brings back fond memories of my time with WUTC and other spooks.

It is so cold in Brisbane, I had to transit there on my way back from quoting on a fit out for some accommodation in Nauru. I am unable unfortunately to be in Bne this week, as I am moving out of my eyrie for the V8's, and have elected to go to the Creek to make up for unpaid fines, for a month or so. It will give me a chance to catch up on my PhD.

While there I shall educate the populace of Stuart Creek on a possible influx of new inmates, from the financial class of 2008/9. According to my calculations they will hit intake in September 2012.

The wheels of justice move slowly. The loot gets taken from the guilty via barristers, fines and court fees. Then they go for criminal charges. Slowly they sell down their assets.

It is so unfair that the victims are not afforded the luxury of that time space.



Frank and Helen are good people and deserve better in a more timely manner from ASIC.

gg

GG,

I hope your field work for your thesis submission is productive. I am a little apprehensive to ask what is your professional area of expertise but I have a hunch. The Creek, I hear can provide good structured solitude while affording time to brush up on horticultural skills.

Are they still "top and tailing" in high security or has Mr Fraser made provisions in the previous budget for extra bunks ?

Your prediction about the future of the masters of the financial fantasy alumni may well be proven to be true.

I look forward to tomorrow, I am very eager to see the case that ASIC presents. I also look forward to the arguments of rebuttal.

I have trust in Themis to deliver the unbiased outcome.

S

 

[Judd]

Sometimes you win and then, darn it, you lose. Isn't this the fella who has had some input to action by former Storm clients against the CBA and other banks?

With legal action the outcome is never certain no matter how much you think you are in the right.

Barrister loses case over margin call
Elisabeth Sexton
June 11, 2011

A SYDNEY barrister has been refused special leave to appeal to the High Court over a claim that his margin lender improperly sold a large parcel of units in Macquarie CountryWide Trust at the bottom of the market in February 2009.

Ross Goodridge initially won his case in the Federal Court against Macquarie Bank and Leveraged Equities, a subsidiary of Bendigo and Adelaide Bank which bought most of Macquarie's margin loan business in January 2009.

The finding in his favour, which was interpreted as setting a helpful precedent to other investors with grievances against margin lenders, was overturned in a unanimous appeal ruling by three Federal Court judges in January.

Yesterday two High Court judges said Mr Goodridge's claim did not ''enjoy sufficient prospects of success to warrant a grant of special leave''.

Read more: http://www.smh.com.au/business/barr...margin-call-20110610-1fww2.html#ixzz1PBqAXrg1

 

[Mash]

Goodridge was a shot in the arm when we needed it..... huge difference is he got a margin call (timing was the issue) and he had a direct relationship with the Margin lender.... the Storm victim's case is based on the unregistered investment scheme... the banks and storm were partners... the investors the fodder..as admitted by Ralph Norris... CBA lost sight of who the client was..Storm was their client and the investors were of little significance ... the banks are doing what they can to stave off the inevitable... we have so much evidence against them and they know it... they will not allow all of that evidence to come out..it will hurt them too much.... they will capitulate!! It will just take time.... The ant army are a patient bunch...still very angry ... but patient!

 

[Solly]

In the Eye of the Storm
THE COLLAPSE OF STORM FINANCIAL

An Essay by Paul Barry in The Monthly
http://www.themonthly.com.au/collapse-storm-financial-eye-storm-paul-barry-2980

The above link now takes you to the complete essay.

 

[Julia]

The above link now takes you to the complete essay.

Perhaps this should also appear in the Financial Advisers thread, Solly?

If there was ever a tale of misery which should act as a brake to anyone thinking of totally trusting any financial adviser, Storm is it.

 

[Garpal Gumnut]

Perhaps this should also appear in the Financial Advisers thread, Solly?

If there was ever a tale of misery which should act as a brake to anyone thinking of totally trusting any financial adviser, Storm is it.

Hear hear , Julia.

gg

 

[Solly]

"Margin loan claims 'should be struck out'

TWO Sydney doctors should not be allowed to sue the Commonwealth Bank for lack of good faith or unconscionable conduct over margin loans they took out while clients of Storm Financial, the bank told the Federal Court yesterday."

More by Elisabeth Sexton @ http://www.theage.com.au/business

 

[Solly]

"ASIC ordered to amend Storm claim
Case against founders continues

ASIC has until next week to file notice of changes to its statement of claim in its legal action against the founders of Storm Financial."

More by Kate Kachor @ http://www.investordaily.com.au

 

[Solly]

Now that Greg Medcraft has taken over the reins as the head of ASIC, I wonder how his approach to the Storm matter will differ from his predecessor, Tony D'Aloisio ?

GG, do you have any intel ,background about Mr Medcraft that you are willing to share ?

 

[Solly]

"Unconscionable conduct still a grey area
Buyer beware ... the declarations margin loan customers sign can work in a bank's favour in court."

More by Elisabeth Sexton @ http://www.theage.com.au/business

 

[Solly]

"Storm Financial victims to be in a documentary that began filming last week

"It's an opportunity for the people who were victims of the Storm affair to tell their own stories in a way they would not have the opportunity to do in a class action," Mr Levitt said."

More by Daryl Passmore @ http://www.couriermail.com.au

 

[DocK]

"Storm Financial victims to be in a documentary that began filming last week

"It's an opportunity for the people who were victims of the Storm affair to tell their own stories in a way they would not have the opportunity to do in a class action," Mr Levitt said."

More by Daryl Passmore @ http://www.couriermail.com.au

Although I'm sure it would be an eye-opening doco for some, I'm wondering (perhaps too cynically) if the real reason for Mr Levitt's press release re proposed doco is to give the banks a nudge towards maybe settling out of court and avoiding the extra negatuve exposure. I wonder if plans for the doco might be shelved if the banks came to the party???? Could be $250 well paid for the stormers who've funded it if it results in a speedier resolution to their claims.

 

[Garpal Gumnut]

Now that Greg Medcraft has taken over the reins as the head of ASIC, I wonder how his approach to the Storm matter will differ from his predecessor, Tony D'Aloisio ?

GG, do you have any intel ,background about Mr Medcraft that you are willing to share ?

Not much to share, I've heard nothing adverse.

He will pursue those guilty in the Storm debacle. Not a bad turn of events, although it may not change much all that quickly.

gg

 

[Solly]

Although I'm sure it would be an eye-opening doco for some, I'm wondering (perhaps too cynically) if the real reason for Mr Levitt's press release re proposed doco is to give the banks a nudge towards maybe settling out of court and avoiding the extra negatuve exposure. I wonder if plans for the doco might be shelved if the banks came to the party???? Could be $250 well paid for the stormers who've funded it if it results in a speedier resolution to their claims.

DocK, I'm sure that there will be some very interesting angles captured. The media game is changing, sure it is fine to produce a tight well cut doco and maybe it will find some prime time airtime as well. I've seen a lot of change while I've been around this game.

But the wired world is changing quickly, especially now in the social media space. The one thing that is very different now is that everybody with a smart phone is their own ENG unit, with an instant uplink to the world. You don't need a 3 man crew and an hour in post to send a message to the world any more.

I don't know what Stewart has storyboarded or who the talking heads will be but maybe these days that is not so important. Reputation and customer perception is what is driving many in the corporate world today, especially where offerings are so similar and hard to differentiate.

Maybe a few well edited grabs on some key matters in this saga which expose the corporate wrongs, that may very well go viral is all that is needed to put a lasting dent in the corporate pride and integrity.

You may very well be right, this may be the best $250 the Stormers have ever spent.

 

[Garpal Gumnut]

More by Daryl Passmore @ http://www.couriermail.com.au

re Levitt's movie.

Will you be starring, Solly?

Someone from ASF should go, I will be doing a commercial with Cate and the bloke from the Castle for a new cigar about to hit our blessed carbon shores, otherwise I'd put on me pumps and hose.

We were leading men when the others were taking elocution lessons from the Athen's School of Drama and Investment on the Terrace.

gg

 

[Solly]

re Levitt's movie.

Will you be starring, Solly?

Someone from ASF should go, I will be doing a commercial with Cate and the bloke from the Castle for a new cigar about to hit our blessed carbon shores, otherwise I'd put on me pumps and hose.

We were leading men when the others were taking elocution lessons from the Athen's School of Drama and Investment on the Terrace.

gg

GG

I haven't received an invite but I will keep an eye on my inbox. Although I probably wouldn't get clearance unless I appeared in silhouette and used a Stephen Hawking-esque vox filter. You know what corporate are like these days.

It will be very interesting to see the final cut or even some leaked rushes of the Levitt movie. I suppose you just never know what ends up on YouTube these days.

Good luck with your shoot, I believe you do have a bit of a rep of nailing your lines in one take.

S