LM Investment Management - Lack of confidence
- Thread starter dinga
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How about we compromise?
MW is a mostly accurate self-interested jerk.
Quotes to remember:
MW, "See, Phil Sullivan's suing us too, so I'm not going to go and do an article that is going to enhance his interests"
MW, "I'm hardly going to bag his (Phil Sullivan's) opponents (Trilogy) for him while he's suing us"
MW, "It's not a matter of being unbiased. I'm not going to put the boot into Trilogy when he's (Sullivan) suing us and Trilogy. It's not a matter of being biased, it's just reality."
FTI - Administrators Down at LMIML
http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10873364
Shift of tone:
From:
"The voluntary administrators are working in co-operation with LMIM senior management to produce a comprehensive strategy to meet all obligations to its investors and creditors."
To:
"The voluntary administrators are working in co-operation with LMIM senior management to produce a comprehensive strategy to address obligations to its investors and creditors."
much ado about nothing - "meet all" to "address" - they can only do their best.
http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10873364
Shift of tone:
From:
"The voluntary administrators are working in co-operation with LMIM senior management to produce a comprehensive strategy to meet all obligations to its investors and creditors."
To:
"The voluntary administrators are working in co-operation with LMIM senior management to produce a comprehensive strategy to address obligations to its investors and creditors."
much ado about nothing - "meet all" to "address" - they can only do their best.
I have just received a letter from the voluntary administrators. This was the first I had heard of any problems. I have quite a large sum invested in this through a policy with Friends Provident. I had tried to en-cash it a few months ago but due to **** ups with financial advisors and FP got nowhere. I was in the process of trying to change the funds my money was in or cash it all in as about to move house and wanted to use funds.
So basically my very large concern is that I am now about to lose thousands and thousands - will investors just lose their money?
Just shows your money is far better off under your mattress thee days and financial advisors not worth a penny.
So basically my very large concern is that I am now about to lose thousands and thousands - will investors just lose their money?
Just shows your money is far better off under your mattress thee days and financial advisors not worth a penny.
FTI - Administrator of LMIML
http://www.lmaustralia.com/Downloads/documents/8974r4Circular-to-Investors-E-Letterhead.aspx
The errors are disappointing:
"applicable laws.. Both LMIM"
and
"the v Voluntary Administrators conduct"
not a good start showing attention to detail.
http://www.lmaustralia.com/Downloads/documents/8974r4Circular-to-Investors-E-Letterhead.aspx
The errors are disappointing:
"applicable laws.. Both LMIM"
and
"the v Voluntary Administrators conduct"
not a good start showing attention to detail.
RAchelG if you are in Australia I would suggest you contact Slater and Gordon in Melbourne as they are running an action against advisers who recommended LM.
I would also call Piper ALderman Lawyers in Sydney to register to be part of their claim against LM's Professional indemnity insurance.
Class Actions Galore
Hi Irishdan, do you have links to the action S&G are running, or hasn't it made it to the starting blocks yet?
Also, I'm sure you mean Piper Alderman's spruiked class action against LMIML (in administration) in the hope of finding comfort from an insurer.
I guess each of S&G and PA will have to find the basis of a claim first - has a claim been lodged?
Watch out for upfront investigatory fees.
If No Trust is watching: how's PA's spruiked action against Equititrust Limited going?
Don't get your hopes up with litigation until you read the claim and have certainty about an insurer in the firing line.
http://www.moneymagik.com/litigation.php
Hi Irishdan, do you have links to the action S&G are running, or hasn't it made it to the starting blocks yet?
Also, I'm sure you mean Piper Alderman's spruiked class action against LMIML (in administration) in the hope of finding comfort from an insurer.
I guess each of S&G and PA will have to find the basis of a claim first - has a claim been lodged?
Watch out for upfront investigatory fees.
If No Trust is watching: how's PA's spruiked action against Equititrust Limited going?
Don't get your hopes up with litigation until you read the claim and have certainty about an insurer in the firing line.
http://www.moneymagik.com/litigation.php
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Irishman, is there a class action in N.Z. for the currency protected fund?
No Trust
JUSTICE IS COMING...
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Class actions take time to commence and given the complexity of the structures and multiple receiverships and liquidations of the various entities the lawyers will not commence the action until everything has been unraveled. The Piper Alderman Class action against Equititrust is still on foot...
Piper Alderman's successful class action against Lehman Bros took years, expect the same in these matters...
Piper Alderman's successful class action against Lehman Bros took years, expect the same in these matters...
Class Actions
ok, so no class action yet after all these months - just talk of one for Equititrust investors. Are they asking for punters to ante up? forgive me for being the skeptic, but I guess any successful action comes down to two major ingredients, (1) evidence, and (2) a bag of loot from which to recover, and of course, sometimes the willingness of investors to put some $$$ into the kitty.
When investors lose money they naturally think those losses are recoverable, but that may not be case. If there's no negligence, there'll be no recovery. There'll be no recovery for mere bad management decisions.
ok, so no class action yet after all these months - just talk of one for Equititrust investors. Are they asking for punters to ante up? forgive me for being the skeptic, but I guess any successful action comes down to two major ingredients, (1) evidence, and (2) a bag of loot from which to recover, and of course, sometimes the willingness of investors to put some $$$ into the kitty.
When investors lose money they naturally think those losses are recoverable, but that may not be case. If there's no negligence, there'll be no recovery. There'll be no recovery for mere bad management decisions.
I did send an email to Slater and Gordon but I am not in Australia, I am a British citizen currently living in Europe. From my reading the class action suit is probably only for investors that were duped into investing more recently - after company already faced difficulties, but might be wrong on that.
I put money into the LM fund through a life policy with Friend's Provident back in 2009. Was actually going to withdraw the lot a year or so ago but the encashment charges were so high decided to leave it until these dropped in a year! Was just in process of looking to move funds to a different fund as could alter them under the policy. Guess no need to bother looking into that any more!!!
My financial advisor (not the same one that suggested the fund in the first place!!!) said that as funds are segregated, likely administrators will just try to sell off to new management and should not suffer too much loss. Might be a tad optimistic, given I had to actually alert him to the matter! But fingers crossed, not getting any further info from administrators or Friends Provident at the moment, told to wait until first meeting on 2nd April.
The main concern according to the FA was that funds could be tied up for a long time, but given I could not really get them for a year anyway even if nothing happened, so long as no major losses, will just be happy to get money out and away from LM and definitely Friends Provident, who are awful.
I put money into the LM fund through a life policy with Friend's Provident back in 2009. Was actually going to withdraw the lot a year or so ago but the encashment charges were so high decided to leave it until these dropped in a year! Was just in process of looking to move funds to a different fund as could alter them under the policy. Guess no need to bother looking into that any more!!!
My financial advisor (not the same one that suggested the fund in the first place!!!) said that as funds are segregated, likely administrators will just try to sell off to new management and should not suffer too much loss. Might be a tad optimistic, given I had to actually alert him to the matter! But fingers crossed, not getting any further info from administrators or Friends Provident at the moment, told to wait until first meeting on 2nd April.
The main concern according to the FA was that funds could be tied up for a long time, but given I could not really get them for a year anyway even if nothing happened, so long as no major losses, will just be happy to get money out and away from LM and definitely Friends Provident, who are awful.
Trilogy
Yep, about as concerned as a wolf would be that the sheperd had locked up all the sheep for the night. I'm sure that the management fee wasn't even on their minds. Yep, they're concerned about you.
http://moneymagik.com/three_part_trilogy_funds_management_tragedy.php
Yep, about as concerned as a wolf would be that the sheperd had locked up all the sheep for the night. I'm sure that the management fee wasn't even on their minds. Yep, they're concerned about you.
http://moneymagik.com/three_part_trilogy_funds_management_tragedy.php
Concern & Intrigue
Seems Piper Alderman's also concerned - it seems to be out seeking proxies from financial advisors in order to attend the meeting of creditors - many of those same advisors Slater & Gordon has spruiked chasing for investor losses.
Intrigue - two sources told me that that same Mr. Coburn who was engaged by Trilogy to get the goods on LMIML has been employed by FTI, that same crowd now administrating LMIML. So I looked it up, and there he is, "Managing Director" no less.
http://au.linkedin.com/pub/dir/Niall/Coburn
I wonder if Drake et al knew about that when he put LMIML into FTI's doubtlessly capable hands?
Seems Piper Alderman's also concerned - it seems to be out seeking proxies from financial advisors in order to attend the meeting of creditors - many of those same advisors Slater & Gordon has spruiked chasing for investor losses.
Intrigue - two sources told me that that same Mr. Coburn who was engaged by Trilogy to get the goods on LMIML has been employed by FTI, that same crowd now administrating LMIML. So I looked it up, and there he is, "Managing Director" no less.
http://au.linkedin.com/pub/dir/Niall/Coburn
I wonder if Drake et al knew about that when he put LMIML into FTI's doubtlessly capable hands?
I'm not sure that's the right word for it, perhaps, perplexing.
As I see it, if a claim was made against LM, any shortfall may very well be scooped out of the fund itself. It seems to me that in such a case, the lawyers would gain a portion of the fund, which would of course offset any amount recovered from LM (and its directors) by investors. Subject to any directors' exposed assets, the investors would be, in fact, suing themselves. That is, if a successful claim is made, investors could only hope to recover part of LM directors' exposed assets.
I'll be brave and speculate that there's probably nothing for investors in litigation.
Some good news
I refer to my earlier posting # 531 about the first Capital Distribution
I have received my payment from Asgard yesterday, via Trilogy and LM My investment is in the WFMIF and the payment rate was $0.01788 - which was a little more than I had estimated
I suggest other Investors who may be entitled to this Capital Distribution may need to check with your FA or Platform provider for your payments.
I refer to my earlier posting # 531 about the first Capital Distribution
I have received my payment from Asgard yesterday, via Trilogy and LM My investment is in the WFMIF and the payment rate was $0.01788 - which was a little more than I had estimated
I suggest other Investors who may be entitled to this Capital Distribution may need to check with your FA or Platform provider for your payments.
Yes, a tad more than the (about) $0.17/unit I forecast in post # 473. Ah well, it was only a guesstimate and would always depend on how much Trilogy would retain for fund management and the exact number of units held in the wholesale fund itself.
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