Storm Financial Group

[Solly]

"Storm meeting to cover offer details"

"Coast investors in the failed Storm Financial group may learn this week how much they could get out of a proposed settlement offer."

More by Alan Lander in Sunshine Coast Daily here;

http://www.thedaily.com.au/news/2009/aug/10/storm-financial-meeting-cover-offer-details/

 

[abagnale]

I have been a long time observer of this saga and have been following this forum and media posts for some time.

I still have mixed emotions about where the real balme lies for this collapse.

I too have read the submissions and there a some truly terrible circumstances that these people have found themselves in.

 

[Solly]

"Bank of Qld reneges on Storm submission"

More from the ABC here;

http://www.abc.net.au/news/stories/2009/08/10/2651242.htm

 

[Solly]

"Storm Financial collapse plan outlined"

"Investors in the failed advisory firm Storm Financial will be given details of a proposed settlement deal with the Commonwealth Bank at the first of a series of meetings this week."

More here in Business Day by Paul Osborne;

http://news.brisbanetimes.com.au/breaking-news-business/storm-financial-collapse-plan-outlined-20090810-ef9y.html

 

[Garpal Gumnut]

Over 24hours without a post on Storm Financial.

Must be a record of some sorts.

gg

 

[nunthewiser]

off topic ...sorry

chelsea are great and the queen and garpal need a better soccer team to follow

thankyou

as you were

 

[Solly]

Over 24hours without a post on Storm Financial.

Must be a record of some sorts.

gg

gg, I'm itching to post, but I can't substantiate the details I have been told...

 

[Garpal Gumnut]

gg, I'm itching to post, but I can't substantiate the details I have been told...

If they are the same I've heard I'd wait before posting until they have been confirmed.

gg

 

[Ironhalo]

All I have seen over the past few days is this:

http://www.moneymanagement.com.au/A...frame-on-Storm-Financial-collapse/493238.aspx

CBA is pretty much blaming ASIC as well as Storm.

 

[Solly]

If they are the same I've heard I'd wait before posting until they have been confirmed.

gg

agreed gg, this is going to be "white hot"....

 

[carey ramm]

I understand that the storm directors and key staff will appear in federal court starting on sept 24 with 28 days setdown. This will finally start to shed some light on storms collapse, the $20m dividend paid in FY2008, role of directors (especially the supposed idependent ones) and of course why storm didnt action the margin calls when supposed to leaving their clients in negative equity.

 

[Solly]

I understand that the storm directors and key staff will appear in federal court starting on sept 24 with 28 days setdown. This will finally start to shed some light on storms collapse, the $20m dividend paid in FY2008, role of directors (especially the supposed idependent ones) and of course why storm didnt action the margin calls when supposed to leaving their clients in negative equity.

Thanks Carey, this will be quite an eventful time....

 

[Solly]

"Breach of contract Storm brewing for BoQ"

"BANK of Queensland is facing accusations of breach of contract and misleading, deceptive and unconscionable conduct in a threatened court action on behalf of Storm Financial victims."

More by Stuart Washington in The Age here;

http://business.theage.com.au/business/breach-of-contract-storm-brewing-for-boq-20090811-egyp.html

 

[Solly]

"Bank's last chance before legal storm"

"THE Bank of Queensland has been given one last chance to settle claims from victims of the Storm Financial collapse or face a class action seeking substantial damages."

More by Anthony Marx in The Courier Mail here;

http://www.news.com.au/couriermail/story/0,23739,25915824-3122,00.html

 

[Solly]

The Submission to the Parliamentary Joint Committee on Corporations and Financial Services,

by Ann and Mark Weir.


http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub280.pdf

 

[Solly]

Another twenty three submissions of interest to

Inquiry into Financial Products and Services in Australia;

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub268.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub275.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub278.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub282.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub283.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub285.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub286.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub287.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub288.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub295.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub296.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub297.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub302.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub303.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub304.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub305.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub306.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub307.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub310.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub313.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub321.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub323.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub328.pdf

 

[Solly]

"No apologies: CBA's Norris answers his critics"

"Mr Norris rejected his critics, saying he would 'rather be respected than popular.' "

Read more on page 1 of The Australian Financial Review by Vesna Poljak.

 

[abagnale]

I have been working my way through reading some of those submissions. There is some pretty scary stuff. I read the attachments on number 275. The response by John Clothier from CGI is very direct.
How are all these poor people going to dig themselves out of all of this. I wouldn't mind traveling up to Brisbane to sit in on these hearings.
These folk all sound like decent people just caught up in something out of their control. Where does the fault and blame really belong ?

 

[Farencue]

It is my understanding that Queensland law does not allow for "class" actions, if this is the case the journalist is being a tad sloppy.
Rather, Slater & Gordon are acting on an individual case to test if the BoQ will do as CBA did for those who were Stormified (in regard to their loans).


Also in regard to Mr Weir's submission and his opening paragraph:
"The following is an attempt to describe our involvement in an episode in our
lives,the magnitude of which is unprecedented in the history of Australia in respect of the Financial destruction and human emotional toll it has inflicted on us and other members of the Queensland community and beyond."

The skeptic in me says this could be an exaggeration in regard to Manny's greed/the collapse of Storm. Would anyone here agree with Mr Weir that indeed this whole fiasco is unprecedented in the history of Australia?

 

[Kez180]

One of the main points that I have noted from reading the parliamentary submissions is that most of the people who invested with storm have very poor general knowledge and less than average communication skills... Combined with a complete lack of financial acumen.

Example:

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub280.pdf Bottom of page 6

"On a number of occasions we expressed our concern that our investment
strategy was not sufficiently diversified but the answer was always that ”žwe
have our house‟. The reality was that we didn‟t have our house, it was
geared into the Investment- in effect double geared – as the funds borrowed
against the house were used to support further margin loan borrowings. This
scenario created a situation of ”ždouble jeopardy‟. Accordingly there should
have been some recognition of this in setting our LVR risk level."

Wiki definition of 'Double Jeopardy'

http://en.wikipedia.org/wiki/Double_jeopardy