is here really such an animal, and if so could you name any in the townsville region. i've been stormified.
Storm Financial Group
- Thread starter Garpal Gumnut
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is here really such an animal, and if so could you name any in the townsville region. i've been stormified.
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With all due respect to your obvious situation, why would you be possibly looking to jump back into the fire? From the sound of your brief post it seems like you are looking for someone to make things right for you.
If it is advice to get out of your current situation, an accountant may be a good first call. If it is advise to reinvest you may well be better off spending $60 and buying some basic books on finance.
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Hey, I understand that Storm have just changed their administrator to Kordamentha?
I heard they are a CBA appointed administrator ... And that they are more reputable ...
Anyone able to confirm this or provide further info.
If it's on the quiet, feel free to PM me.
I heard they are a CBA appointed administrator ... And that they are more reputable ...
Anyone able to confirm this or provide further info.
If it's on the quiet, feel free to PM me.
Julia
In Memoriam
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I don't know anything about Kordamentha, but have had experience with Worrells. They were a complete disaster - huge fees and much stuffing about. When they were appointed there was a reasonable amount available to investors from sale of properties but after Worrell's took their fees, investors received almost nothing.
Hi a newbie here. We were with storm for about four years we are realtively youthful and invested proceeds from our first house sale after the 1st big boom in brissy. They did give us the big sell for sure but as has been mentioned here in a boom it is a reasonable risk. Well we got out in late july with a small profit of about forty thousand after four years well down from november the previous year. But when at our previous advice session i asked about the likliehood of a margin call they said the market would have to drop 35% to get a margin call something they said had happened only 2 or 3 times (cant remember exactly). Well it has since dropped well below that. However they did inform us of the risk and i would religiously check my portfolios every day via the challenger website. Once the volatility of the sharemarket got to around 3or 4% with it going up and down this much on a given day i decided that was too much risk and volatility for me and we got out. They didnt like it and dragged their feet about it to which due to the volatility cost us 13000. We are now back in property (owner occupier). My point however is that being in the shaer market is a risk and even if you are in a managed fund if you dont keep an eye on it youreslf than you are a fool. People can always make their own decisions. We were intending to be long term so accepted the risk but the daily volatility just made me too nervous, would love to say that i saw it coming but it was just about our individula situation. Lets face it this has been the biggest share market drop in history not only storm clients are losing their homes. I genuinely liked our advisors and the other clients we met and am very sda to see the house of cards come down. However i have a mate who rents a small qlder right next to door to the Cassimatis house and it took him a couple of visits to convince me it was just one house it is massive
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For anyone affected who is still in the dark about their first steps the Townsville ABN Amro office has a suggested checklist of things to do on their website and you may find it helpful.
You can find it here:
You can find it here:
Julia
In Memoriam
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Interesting, Tonzo. Good for you for taking responsibility for your own outcome.
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Jayan, Those figures relate only to margin loan losses. It completely ignores the loans against peoples homes. Unfortunately, I think there are are a lot of people out there with large loans and not enough income to meet the commitment.
ASIC gave `clean bill of health' to Storm
Michael West
January 17, 2009
THE Australian Securities and Investments Commission failed to act on complaints about Storm Financial Group last year before the high-risk advisory house collapsed.
It is understood ASIC fielded complaints as early as the 1990s about companies associated with Storm's founder, Emmanuel Cassimatis, then again after the dotcom boom that decade, from clients who had sustained heavy losses from investing in leveraged global equities funds.
A source said the regulator received complaints about Storm last year - one from a large blue-chip financial institution - as the sharemarket was plunging.
more
http://business.smh.com.au/business/asic-gave-clean-bill-of-health-to-storm-20090116-7j4d.html
The Commonwealth Bank, which is owed about $30 million, appointed Korda Mentha as receiver to Storm on Thursday. Storm had appointed its own voluntary administrator on January 9.
Michael West
January 17, 2009
THE Australian Securities and Investments Commission failed to act on complaints about Storm Financial Group last year before the high-risk advisory house collapsed.
It is understood ASIC fielded complaints as early as the 1990s about companies associated with Storm's founder, Emmanuel Cassimatis, then again after the dotcom boom that decade, from clients who had sustained heavy losses from investing in leveraged global equities funds.
A source said the regulator received complaints about Storm last year - one from a large blue-chip financial institution - as the sharemarket was plunging.
more
http://business.smh.com.au/business/asic-gave-clean-bill-of-health-to-storm-20090116-7j4d.html
The Commonwealth Bank, which is owed about $30 million, appointed Korda Mentha as receiver to Storm on Thursday. Storm had appointed its own voluntary administrator on January 9.
Thank you Solly for those beautiful words of wisdom on page 17. If it will help anyone get this into perspective I will offer this. I’m not trying to trade war stories and I want no sympathetic response (please)I don’t talk about this much because I can’t handle strangers attempts at sympathetic responses.
Some years ago I watched helplessly as my only child died of cancer. He was ten. It’s how come we lost our business. I was so distraught I couldn’t manage it properly and we also drained it dry looking for alternate therapies after the doctors had given up. I don’t regret that. If chopping off both my arms and legs would have saved my son’s life I would have done it.
A house is just a house. Money is just money. Look to the people around you who love and care for you and want to be a part of your life. Let them help you put the pieces back together again. Life isn’t about houses and money. It’s about loving and giving and sharing. Don’t make the mistake that I have seen others make and allow your pride to come between you and those who care for you and will gladly provide anything you need as a tangible expression of their love and affection.
Stop blaming yourselves. It’s human nature to do that. I found very intricate and completely irrational ways to blame myself for something which was completely beyond my control.
Don’t let your anger and rage at what has happened here take over your lives. Sure, pursue whatever legal avenues of redress there may be. But what is - is. Don’t let regret over what might have been turn you into the living dead. Take now as the starting point of a new beginning. In time, you will build a new life. It may not be the life you would have chosen but if you take baby steps one day at a time then the day will come when you will find peace and possibly even joy again.
Try to find one beautiful thing in nature every day. Nature is free. It’s all around us and is a matter of infinite beauty and wonder. If you just take five minutes out of every day and really focus on a tree or a flower or even the rain you will have created five minutes of peace away from your problems. I know it sounds hippy and corny and new age but it really did help me.
Some years ago I watched helplessly as my only child died of cancer. He was ten. It’s how come we lost our business. I was so distraught I couldn’t manage it properly and we also drained it dry looking for alternate therapies after the doctors had given up. I don’t regret that. If chopping off both my arms and legs would have saved my son’s life I would have done it.
A house is just a house. Money is just money. Look to the people around you who love and care for you and want to be a part of your life. Let them help you put the pieces back together again. Life isn’t about houses and money. It’s about loving and giving and sharing. Don’t make the mistake that I have seen others make and allow your pride to come between you and those who care for you and will gladly provide anything you need as a tangible expression of their love and affection.
Stop blaming yourselves. It’s human nature to do that. I found very intricate and completely irrational ways to blame myself for something which was completely beyond my control.
Don’t let your anger and rage at what has happened here take over your lives. Sure, pursue whatever legal avenues of redress there may be. But what is - is. Don’t let regret over what might have been turn you into the living dead. Take now as the starting point of a new beginning. In time, you will build a new life. It may not be the life you would have chosen but if you take baby steps one day at a time then the day will come when you will find peace and possibly even joy again.
Try to find one beautiful thing in nature every day. Nature is free. It’s all around us and is a matter of infinite beauty and wonder. If you just take five minutes out of every day and really focus on a tree or a flower or even the rain you will have created five minutes of peace away from your problems. I know it sounds hippy and corny and new age but it really did help me.
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The question remains who is "them"? LOL- Joined
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I consider Korda Mentha a very reputable firm. They are the administrators for Ansett and have done a brilliant job to date especially for ex-employees.
:sheep:
My opinion; your call.
Garpal Gumnut
Ross Island Hotel
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the first thing they should do is turn off the lurid sign in cheap red neon on white background screeding across the roof of "Headquarters Storm" in Townsville.
It says
"If you have integrity, nothing else matters, Richardson."
It must have been the Church of Storm.
It looks like a godbothering show at night.
How insulting to deceived investors.
gg
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Very crass of them CG but in keeping with past performance don't you think?
Just a few observations for those following the legal developments in the windup of Storm:
I think you will find that CBA have appointed Korda Mentha to come in and grab the secured assets for the loan that Storm has failed to repay whilst Worrells Solvency and Forensic Accountants are the administrative receivers voluntarily appointed by Storm who are now responsible for the whole of the company's property and have a range of statutory powers such as the power to carry on or even transfer the business of the company, to enter into contracts and to borrow money.
They (W) will probably chair the creditors meeting to establish the extent to which creditors have claims on storm. I would not expect there to be much relevant information in that for past clients.
There is plenty of great advise on this thread for those trying to fight their way through this tragedy; all I can add as one who has been through a similar event is that your only long term hope for satisfaction rests with a well run class action.
We have already heard from professionals on this thread that Financial Planning is very heavily regulated. So use the regulations.
:sheep:
My opinion; your call.
Just a few observations for those following the legal developments in the windup of Storm:
I think you will find that CBA have appointed Korda Mentha to come in and grab the secured assets for the loan that Storm has failed to repay whilst Worrells Solvency and Forensic Accountants are the administrative receivers voluntarily appointed by Storm who are now responsible for the whole of the company's property and have a range of statutory powers such as the power to carry on or even transfer the business of the company, to enter into contracts and to borrow money.
They (W) will probably chair the creditors meeting to establish the extent to which creditors have claims on storm. I would not expect there to be much relevant information in that for past clients.
There is plenty of great advise on this thread for those trying to fight their way through this tragedy; all I can add as one who has been through a similar event is that your only long term hope for satisfaction rests with a well run class action.
We have already heard from professionals on this thread that Financial Planning is very heavily regulated. So use the regulations.
:sheep:
My opinion; your call.
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Hi Everyone,
I have attached a link with the Financial Industry Compaints Service which has the results of prior complaints through this body. The very first one relates to appropriateness of advice. Those affected may want to put complaints in as a precursor to further action as it could help with future actions having a suucessful result on your side. I think you would need to send your complauint direct to the administrators or Recievers if the amount you are claiming is above the statutory levels. I had spoken to Worrells earlier in the week and they stated that it would be appropriate to send via them. Not sure if it now has to go to Korda Mentha now and will follow this up.
Cheers
http://www.fics.asn.au/SearchRight.asp?qu=gearing&sh=0&mh=10&ct=FICSDeterminations&submit1=Search
I have attached a link with the Financial Industry Compaints Service which has the results of prior complaints through this body. The very first one relates to appropriateness of advice. Those affected may want to put complaints in as a precursor to further action as it could help with future actions having a suucessful result on your side. I think you would need to send your complauint direct to the administrators or Recievers if the amount you are claiming is above the statutory levels. I had spoken to Worrells earlier in the week and they stated that it would be appropriate to send via them. Not sure if it now has to go to Korda Mentha now and will follow this up.
Cheers
http://www.fics.asn.au/SearchRight.asp?qu=gearing&sh=0&mh=10&ct=FICSDeterminations&submit1=Search
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I think this site is on the right track esp. when they say "make clear notes on the progression of...your account". You should spend a lot of time on this aspect. Write every memory item up as a diary note and find and file every piece of paper, note, brochure etc. you have from Storm, your margin lender, responsible entity or fund manager.
In regard to the class action I strongly believe that it should be consolidated through one firm well experienced in the field. Further, there have been comments on the thread that such an action will not fly and there is no money to go for. Leave that to your legal team to decide, you may be surprised. Just because you have different circumstances, margin lenders or fund mixes than other Storm clients doesn't mean a class action cannot succeed. Courts in the past have accepted a spread of a few individual plaintiffs in order to direct on a consolidated approach. More on that from your legal specialists.
:sheep:
My opinion; your call.
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G’Day,
As far as I’m concerned you people that where massively geared made your beds now lay it, a far cry from dancing in the streets of Dozza feasting on the finest of Italian produce thinking you were masters of the universe.
Was it right that you guys (yeah you know who I’m talking about) where so heavily geared that tax wasn’t even a concern, something to be proud of???
Was it right that prudent hardworking Australians had to make up for your shortfalls?
Now with this unwinding of the debt binge and the subsequent collapse of the economy who’s going be the first to cop it? Those same PAYE workers paying the taxes that you people were proud of dodging, many of those workers, now facing an unsecure future probably only borrowed to fund their first home in an environment where they where competing with property investors that where intending on negatively gearing it to the max, can you see the irony here.
How about retirees who steered clear of debt and are now heavily invested in cash getting bugger all on their returns.
If you people think that true hardship is losing all your cash think again for when compared to other people's experiences what have lost? Nothing.
As far as I’m concerned you people that where massively geared made your beds now lay it, a far cry from dancing in the streets of Dozza feasting on the finest of Italian produce thinking you were masters of the universe.
Was it right that you guys (yeah you know who I’m talking about) where so heavily geared that tax wasn’t even a concern, something to be proud of???
Was it right that prudent hardworking Australians had to make up for your shortfalls?
Now with this unwinding of the debt binge and the subsequent collapse of the economy who’s going be the first to cop it? Those same PAYE workers paying the taxes that you people were proud of dodging, many of those workers, now facing an unsecure future probably only borrowed to fund their first home in an environment where they where competing with property investors that where intending on negatively gearing it to the max, can you see the irony here.
How about retirees who steered clear of debt and are now heavily invested in cash getting bugger all on their returns.
If you people think that true hardship is losing all your cash think again for when compared to other people's experiences what have lost? Nothing.
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Hi J. Well done on your proactivity keep it up, but remember Worrells is now Storm and Korda Mentha are CBA. Personally I would be very careful submitting anything through either without solid independant legal advice.
:sheep:
My opinion; your call.
