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LM Investment Management - Lack of confidence

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Re: Good Grief - what a winner for LM and the IFAs


I was conned into the LM Performance Fund by a trusted friend and I have lost over $250,000 which
happens to be my retirement and this FA is now hiding on his yacht in Canada and hides in Panama
to avoid taxes. I will probably be working until I am 80 yrs old and this FA will screw more people
with his other scams.
 
www.moneymagik.com

Hi Guys,

A threat to institute legal action by Trilogy has caused me to close www.moneymagik.com tomorrow at 10:00am.

The audio recordings of the info session meetings were made by fund members and not copied from any Trilogy document, but in order to settle the matter, those recordings will be brought down from the site. Also the conversations between Steve Menzel and Rodger Bacon will be taken down.

There is little point continuing along by myself to take all the risk - I'm not prepared to do that.
I am mindful that my ex is also a director of the company - to involve her in protrated risky litigation would be totally unfair to her.

I didn't get much thanks from PFMF members for it anyway.

The facts are all around - they won't change.

Best of luck.

Allan
 
Re: www.moneymagik.com



Dear ASICK/Allan - I hope this isn't a sign-off from ASF. I, and I am sure many others, have profited immensely from reading your analyses and insights and would be very sorry if you were to stop posting - especially with so much more yet to unfold on the LMIM front. That aside, very best of luck in dealing with Trilogy. Best regards.
 
Re: www.moneymagik.com


Hi Taja,

Discretion is the better part of valour. The facts are all out there, and as I said, those facts will not change. I will most certainly speak to facts.

Some time ago I was involved in a protracted legal matter and it cost me about $1m in costs - I (and my business partner) had an opportunity to settle for some, but we wanted all: that wasn't a good move.

They say "when principle comes in the front door, common sense jumps out a side window", and so it did for me on that occasion. In the end, taking into consideration tax benefits and a deal here and a deal there, the outcome was a slight profit.

I don't mind a tussle, but I'm not single-minded anymore and I'm willing to allow common sense to over-ride principle.

www.moneymagik.com is still active and I'll be seeking (legal) advice as to what content I'll put back - for sure it will be factual - I have no desire to spend my treasure in a courtroom determining what the word "and" means.

Because of the intermingling of factual documents, audio, and comment, I removed all of the content on the site to ensure I complied with my undertaking.

Also, I'm mindful of the integrity of this forum, and that's why I used links to www.moneymagik.com. In the event of a problem, all I would have to do is the remove the content at the link - which I done.
 
Linkage?

Can anyone provide source information (reference) on how the various LM funds are linked to each other? I've seen a lot of information coming out that they are linked but I don't understand it, and was hoping I could see for my own eyes what people are talking about...
 
Re: www.moneymagik.com

ASICK said:
Hi Guys,

A threat to institute legal action by Trilogy has caused me to close www.moneymagik.com tomorrow at 10:00am.
Click to expand...

Asick, it's a real pity about your threats by Trilogy but I hope it won't affect your invaluable contributions to this thread. I think you have been through the mill enough before to know when to stop, but it's a sickener when they can suppress the truth and freedom of information like that.

You must be hitting a nerve with all those details that they wouldn't want the punter to be aware of. Those Trilogy guys really are a bunch of bastards, but it appears that's the whole of the Gold Coast's financial and property conmen for you.
 
Hi Loiner,

Thanks for your kind words. Everyone is entitled to assert rights they feel they have. I complain not. I made my choice, but in saying that, I think it would be a foolish individual who believes that truth can be stifled by gagging one puny individual. The internet is a new battleground which has more twists and turns than most of us could ever fully understand.

At this time I'm looking forward to the LMFMIF matter going to court and looking forward to seeing either one of FTI or ASIC herald a convincing win.

 
Last edited by a moderator:
Re: Good Grief - what a winner for LM and the IFAs


And your plan?
 
Grieving, but not out of it yet.

Well firstly, I plan to register with these people:

The Banking & Finance Consumers Support Association

They have taken up our case. If you visit their website (http://bfcsa.com.au/index.php/action/ag-lm-investments) there's a page for LM Investment Victims under the Action Groups drop down. It's early days for them, but they are trying to drum up support for some sort of Class Action. It may be worth registering with them. I will be, if only to see what their plan is.

Secondly, I'll be creating as much **** as possible for Drake & Co; those Irresponsible Entities; and the IFAs.
 
Gagged

My friend gave me his legal opinion - gagged. I think I'll give it all a miss and go back to my retirement. Good luck to you all.
 
Re: Linkage?


ASICK did a picture chart that shows the relationship between most funds. Its available through this forum on his earlier postings. The chart is helpful, but to understand more you will have to read each of the Audited Returns, and RG45's
 
Re: Gagged

ASICK said:
My friend gave me his legal opinion - gagged. I think I'll give it all a miss and go back to my retirement. Good luck to you all.
Click to expand...

Hi Allan,

Thanks for all of your support and advice.
Enjoy your retirement.
In the words of Kenny"you gotta know when to walk away and know when to run"

Best Wishes

Sht4branes
 
I'm an LM investor who has been watching these forums for a while. I am in the same boat as a lot of you and thought I should throw my hat into the ring.

Two trains of thought.

One.

I made a bad choice. Me. The only way to move on from this is to accept that, and to radically change my relationship with money. These IFA told us about LM, but who chose the amount we put in ? We did. I could have put in £1000 but I didnt. Why? My greed! I got my calculator out, did the maths and my eyes burst. Isn't that what we all did? If I had invested £1000, well I wouldn't be on here would I? To some extent (and ASICK's revelations prove it) we are banging our heads against a wall. A big one. We put our chips on red and we lost. You want to blame others. Fine. But you can't move on until you get over that.

My relationship with money clearly cannot be the same as before. Firstly because I don't have it anymore and acceptance might help me live with my new financial position. Second, because it might help me deal with this in terms of my health.

No one has really mentioned that on here. Maybe its not the place. Whilst I thank ASICK for his contributions, people need time to come to terms with their situation and ASICKs revelations might have come too soon for many. Only now, after nearly 4 months, have I accepted it. Being told early on I might get 10p/£1 back might be true, but it was not helpful at the time as part of the process. You might want to inform us ASICK, but is it also about feeling better yourself ? About what happened to you ? If that's your process, fine. I'm not angry at you, you clearly know what you are talking about. Just asking that you let people reach a certain stage in their own process, their own "journey" before you tell us (as Puss in Shrek 4 so perfectly put it) that we are "Royally f&£ked".

Second.

So, the MPF invest millions in projects. LM takes fees that make your eyes bleed (have you actually seen the amount LM charged us - from update 7 I think?) but these fees have actually been paid for the incredibly poor management of these millions. Our money! Wow. That's genius isn't it ? Charging us fees from our money for such a poor job with our money? Where's Drake risk in that deal?

And to top that, whatever us investors do, we get little from Maddison unless we pour money into the new entity, NewCo. How did that happen? I mean why do we have no part of the deal anymore? SunCorp leave, fine, but why is that so bad for us? Do we not own any of it? How could Drake put us on that position? That risk?

Oh yeah, Drake, as the owner of the Developers, makes money regardless. He owns the developer so of course he wants the project to continue. Is any of his profits from his house sale, from his developer business, coming back to poor me and you? That money he lent from the fund? The huge cash movements just prior to March? Have you actually seen and studied those figures?

Regardless of Part One of my rant, I am interested in f@&king Drake from behind. Hard! I just dont know how. I'm not immediately interested in dragging this out with lawyers. Those that do, keep me in the loop but let's not get into lawyers unless it's in our favour. S£&t, is everyone else but us making money here? What do these lawyers want? Are they feeling sorry for us or in need of a generous dose of Good Karma? I doubt it.

For the sake of your helath, come to terms with what you have done and what has been done to us in your own way and your own time. Once that's done. Well, who knows?
 
Any news on the Suncorp decision for MPF? What is KM doing as it is past the deadline?
 
Expats from Dubai

I am looking for investors of the LM Performance Fund from the Middle East
between 2007 and 2009. Please email me bapple_2001@yahoo.com so we
can discuss our situation.
 
Re: Grieving, but not out of it yet.


I'm sure if someone with the time, energy, experience and skill set such as ASICK got taken to the cleaners, I'm sure Drake & Co will be quaking in their boots with your action plan.
 
Re: Grieving, but not out of it yet.

sht4branes, are you going to start in fighting with one of the few people on here (Loiner) who is up for doing something ?

Loiner, keep at it. You are the type of person I want to converse with.
 
Re: Good Grief - what a winner for LM and the IFAs


Pretty obnoxious. Poorly directed bile never helped anyone.

I'm awaiting the result from the court case later this month from the ASIC action regarding the LMIF . If this results in selling down the fund, this will provide some return on investment.Something is better than nothing and if this is achievable without all of the added costs of ambulance chasing lawyers, so much the better.

I have not invested in the Performance fund so you guys will need to decide on your own strategy. I agree entirely with your earlier post about health which doesn't preclude going after LM in some way if possible.

My point:if ASICK was unable to achieve a favourable outcome, what hope have I got other than to vote against Trilogy from taking over the LMIF and hope the courts to sell down the fund ASAP. However, we all must choose the course that best fits our needs.

Without ASIC's informed opinion, I will not be involved in this forum any further.
 
Update Number Nine

I've just now received the ninth update from KM regarding the MPF. The upshot of it is that there is no money in the fund itself (surprise!). They are looking at recovering funds through litigation and suing. They also demanded the loan back from Peter Drake and the millions that the previous trustee took. Definitely a very pointed update. They also published a long itemized list of exactly who is working for KM and how much they are being paid for services.
 
Re: Update Number Nine

Yeah but for all his millions in fees, his developer business and his house, he says he can't pay it back.

Really ?
 
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