BCS - BrisConnections Unit Trusts

[Prospector]

Re: Brisconnections shareholders - financial ruin

So Commsec had no "unpaid $2" warning then, but NAB and E*Trade did. Perhaps that is an avenue to attack this. Hey Julia, I am with NAB. Rocket is with Commsec. It would seem that if Commsec changed their page now, that would suggest they were at fault in not having this warning; if they still havent changed then why do ANZ and NAB show it and they dont!

 

[Julia]

Re: Brisconnections shareholders - financial ruin

Rocket's screenshot clearly show "$1 PD" which I understand to mean "$1 Paid". There's no mention of the unpaid component, but that'd be enough to make most people stop and wonder... Since normal shares don't say this, what does it mean?".

The equivalent page on E-trade does not show the remaining payments to be made either.
But as my screenshot shows, this is very clearly stated if you read through the Buy Order before actually lodging the order.

This is what I'm trying to establish from you, Rocket: are you telling us that the screen posted by Prospector which appears before you actually insert your password and hit the Buy button is not the same as that which you saw when you bought????

Or are you saying that you didn't notice that detail?

 

[rocket12]

Re: Brisconnections shareholders - financial ruin

Further to my previous post, Rocket are you saying that the screen Prospector posted is not the same as that which you saw?
Clearly, Prospector did not "hit the buy button" yet there is a clear detail about the further payments on that screen.

So, either Comsec have changed their website since you purchased or not?

Another question: did you have a look at the chart which showed the descent from $1 right down to the price at which you decided it was a good buy?

Prospector posted a screencap from E-trade. I used Commsec. Here are some of the Commsec screencaps, the buy page makes no mention at all, and the chart page mentions $1.00 pd. Adding $2.00 unpaid may have made a bit more sense.

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

Prospector posted a screencap from E-trade. I used Commsec. .

NAB NAB NAB!: Julia is with E Trade

 

[Julia]

Re: Brisconnections shareholders - financial ruin

So Commsec had no "unpaid $2" warning then, but NAB and E*Trade did. Perhaps that is an avenue to attack this. Hey Julia, I am with NAB. Rocket is with Commsec.

OK, sorry. Thought you used Commsec. Can someone who is with Commsec please do a pretend order for BCSCA , taking it to the final screen before you have to type in your password and post a screenshot?

(You can't be at risk of buying the shares if you don't complete the last step.)

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

OK, sorry. Thought you used Commsec. Can someone who is with Commsec please do a pretend order for BCSCA , taking it to the final screen before you have to type in your password and post a screenshot?

(You can't be at risk of buying the shares if you don't complete the last step.)

Yes, that is what I was thinking was a good thing to do. Rocket has shown a 'before the issue became recognised' screenshot, if they have since changed their warnings (and do what NAB and ANZ do), then surely that is something that you guys can challenge.
Rocket, did you buy $2000 worth?

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

I saw nothing on COMSEC either, Do you think there is an avenue here.
I had to call them up to list my shares for sale because there wasnt enough value to list them electronicly
The Guy was only too pleased to help and listed them with Zero Brokers fee.
The ASA sudgested complaining to COMSEC as a starting point

 

[rocket12]

Re: Brisconnections shareholders - financial ruin

OK, sorry. Thought you used Commsec. Can someone who is with Commsec please do a pretend order for BCSCA , taking it to the final screen before you have to type in your password and post a screenshot?

(You can't be at risk of buying the shares if you don't complete the last step.)

Look above a couple of posts I have posted them. They are still the same. They cant change them now.

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

I saw nothing on COMSEC either, Do you think there is an avenue here.
I had to call them up to list my shares for sale because there wasnt enough value to list them electronicly
The Guy was only too pleased to help and listed them with Zero Brokers fee.
The ASA sudgested complaining to COMSEC as a starting point

Well, you certainly now have some evidence that other online trading banks are doing things differently to Commsec!

Look above a couple of posts I have posted them. They are still the same. They cant change them now.

You spoke to a person in Comsec to place the order and they didnt mention the liability! That is outrageous!

I think a lawyer could do something with this. I really hope so.

 

[rocket12]

Re: Brisconnections shareholders - financial ruin

No that was to sell them he had to ring, but wonder why he was able to buy them without ringing?? That's something else.....

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

The thing that makes me almost Laugh in the Brisconnections Fact Sheet is this bit " When purchasing stapled securities Investors ASSUME a Legal obligation and liability to pay the installments"

er.. No Investors assumed the bloody opposite.

Also Have a look at some of the spelling in the letter, its worse than mine.
Obviously written by a right meat head!!

What Is a vigorous approach to Collecting Payments? Are there not laws about this kind of thing?
Its a very Bully Boy approach that will look bad in court.

 

[Julia]

Re: Brisconnections shareholders - financial ruin

Look above a couple of posts I have posted them. They are still the same. They cant change them now.

Rocket, sorry if I seem to be harping on but it could be an important point.
What I'm wondering is if the screen you have posted above is the absolutely final thing you see before committing to buy?

E-trade have this screen below which gives no mention of the additional payments. This precedes the page I posted earlier which clearly states the additional obligation and which you would think anyone would read before inserting final password to Buy.

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

I bought them without ringing because my transaction was over $500.

Will PM you Rocket

 

[Julia]

Re: Brisconnections shareholders - financial ruin

The thing that makes me almost Laugh in the Brisconnections Fact Sheet is this bit " When purchasing stapled securities Investors ASSUME a Legal obligation and liability to pay the installments"

er.. No Investors assumed the bloody opposite.

Also Have a look at some of the spelling in the letter, its worse than mine.
Obviously written by a right meat head!!

What Is a vigorous approach to Collecting Payments? Are there not laws about this kind of thing?
Its a very Bully Boy approach that will look bad in court.

No, thermalmonster, in the sense that ASSUME is used in the above context it means "take on". i.e. "When purchasing stapled securities investors take on (or undertake) a legal obligation and liability to pay the installments."
Sorry, but that is completely clear and correctly expressed.

 

[jackson8]

Re: Brisconnections shareholders - financial ruin

OK, sorry. Thought you used Commsec. Can someone who is with Commsec please do a pretend order for BCSCA , taking it to the final screen before you have to type in your password and post a screenshot?

(You can't be at risk of buying the shares if you don't complete the last step.)

Order Details (Buy)
g********on, details of your order are shown below for your approval and confirmation.

I wish to buy

Quantity 500000
Security Name BRISCONNECTION TRUST CTG (BCSCA)
Price At $0.001 per share
Order Style Default Expiry
Please check all details carefully and then confirm that you wish to proceed with the order by clicking on the `Confirm` button. Please note your instruction will be actioned on the market only when the ITS (Equities) is open.


now im not prepared to click on the confirm button but as far as i can see there has been no warning as to the ramifications of this purchase .
if they have a warning after you hit confirm i feel it may be a bit late. and even though it is the weekend and therefore not trading if something happened to me in the next five minutes which would stop me from exiting my order i would be trully stuffed....

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

As Julia says, the screen you need to get to is the one where all of the details of the trade are summarised and you insert your trading pin to confirm the transaction. Did this page not have any 'unpaid $2' on it?

Jackson, that would seem to be the page we are talking about it, selecting confirm would buy them I would think! Price At $0.001 per share - that is just wrong!

 

[thermalmonster]

Re: Brisconnections shareholders - financial ruin

The only time I have seen the $1.00 paid and $2.00 unpaid is when I found all this out and looked at the trading certificate.

 

[Julia]

Re: Brisconnections shareholders - financial ruin

Thanks Jackson.

Anyone else able to post an actual screenshot of the final screen which appears as at today's date before the Buy commitment is made?

 

[Julia]

Re: Brisconnections shareholders - financial ruin

As Julia says, the screen you need to get to is the one where all of the details of the trade are summarised and you insert your trading pin to confirm the transaction. Did this page not have any 'unpaid $2' on it?

Jackson, that would seem to be the page we are talking about it, selecting confirm would buy them I would think! Price At $0.001 per share - that is just wrong!

That's why we need to see a screenshot of the FINAL page as of today to compare with Rocket's taken in November.
And Rocket, you still haven't actually clarified if the screenshot you posted was the one preceding the final one. We must have other Commsec users here who could walk through the pretend trade?

 

[Prospector]

Re: Brisconnections shareholders - financial ruin

Here you go...The buy page I showed you has the proceed button, click that and this is the last chance.

I reckon this is it Julia? Rocket, do you not have to insert a trading password when you buy shares or has that already been done, and then you just click the Confirm button and the order is entered?