G'day guys, long time no see.
Well, well,well look what just appeared in my inbox from Emmanuel Cassimatis himself! Wow!
3rd March 2010
Dear Mr Ironhalo
(hehe evidently not my real name!)
I write to you as a concerned friend
(bwahahaha, a friend who stood on his hands and did nothing while my investment which was not in margin call, got sold down at a loss...without even a phonecall), who shares a common problem. We are all painfully aware of the events of the last year.
I have no doubt that the past year has been an awful time for you and I greatly sympathise. The past year has also been an awful time for us as well.
(Oh my bleeding heart, hiding in the mansion and checking the overseas bank balances on the INternet must have been heartbreaking) We ask you not to believe everything you have read in the press.
The situation is that you have lost
(well more correctly, that your company and advice lost) a great deal of money. We at Storm believed in the advice that we gave you. Our own personal wealth was similarly invested and destroyed.
(but not before you withdrew most of it and gave yourself a $2 million kicker right?)
It would be easy to believe the media however, I ask you to understand that the Banks are well resourced opponents who have slick public relations departments.
Some of the press have vilified and demonised us. It is our position that the Commonwealth Bank and its subsidiaries have been the source of much of the false information that has been published. Unfortunately the newspapers are often more interested in a band wagon headline than they are in the truth.
(Umm actually the banks have been vilified just as badly in the press, at least one of their executives admitted fault...which is more then can be said for some.)
To date we have been outmanoeuvred in the press by the Commonwealth Bank.
(Oh noes!)
For ourselves we have lost faith in the popular press to accurately or carefully report the true position. We do believe that the truth will eventually come out through court proceedings.
(yes, yes it will. And you'll be doing time)
With the above in mind, we have spent a great deal of our own personal money on a court case against the Banks for the truth to come out and for proper compensation to be paid both to ourselves and you.
(Emphasis on ourselves)
You may be aware that on 12 February 2010 a breakthrough occurred, possibly handing you a silver bullet.
(A silver bullet, used in popular mythology to kill monsters and the make believe) Justice Steven Rares of the Federal Court heard and determined the case of Goodridge .v. Macquarie Bank Limited. I enclose for your information a copy of the Financial Review article dated 20 February 2010. Mr Goodridge challenged the forced sale on two bases. Firstly that the bank had no right to make the call and secondly, that the actions of the Banks was unconscionable and a breach of the Australian Securities and Investment Commission Act.
It should be noted that the case did not take 5 years.
Prior to the judgement, Mr Goodridge was being called upon by his Margin Lender to pay to them approximately $80,000. Instead, the Court Judgment required the Banks to replace approximately $3.3 million worth of Mr Goodridge's shares. Quite a turnaround!
I personally have spent a great deal of money in progressing a case.
(Whoa I thought you were broke!) Having read Mr Goodridge's case, I approached his legal team and informed them of the facts and circumstances surrounding our position and that of ex clients such as you.
(And by you, I mean the Nth Queensland families of note that I gave 'loans' to when the whole thing collapsed that are no doubt gunning for me mainly).
These meetings have resulted in some very good news.
Mr Goodridge is the only person to have run a Margin Loan case in Australia arising out of the global financial crisis. Mr Goodridge's case took only approximately 7 months from start to finish. Mr Goodridge succeeded completely against both Macquarie Bank and the subsidiary of Bendigo and Adelaide Bank - Leveraged Equities Limited.
It is comforting to know that the only directly relevant case that has been decided has been a winning case for the customer and not the Banks.
After explaining your
(lol sure you did, at length no doubt!) predicament and our predicament, we received an offer that I am very pleased to be able to pass on to you.
Mr Goodridge and his legal team are prepared to briefly review your facts and circumstances and advise,
initially free of charge (here we go), whether you appear to have a viable claim for damages or restitution or whether you would be better off accepting whatever settlement the Banks may currently be offering.
We further discussed the options that any ex client may have if they have a viable claim for damages or restitution. We are acutely aware that many cannot afford expensive litigation as we have been worn down financially and emotionally. There is no point in being advised that your claim for damages is likely to compensate you far in excess of the currently proposed Commonwealth Bank compensation when you are in no position to pursue that claim.
In appropriate cases, Mr Goodridge's lawyers have indicated that they are prepared to enter into genuine "No Win No Pay" fee agreements with clients. This avoids the necessity of paying the premium demanded by litigation funds.
I am not suggesting that you make any rash decision. Simply, Mr Goodridge and his legal team are prepared to provide you with a second opinion as to your current options.
The email address for Mr Firth is
info@Firths.com.au
The contact telephone number for Stephen Firth of Firths, The Compensation Lawyers telephone number is 02 9261 5800 or 1800 631 888.
I believe that the offer made by the Commonwealth Bank is intended to pay you a few cents in the dollar of the damages they will be liable for if sued. I believe the offer from the CBA, negotiated by Slater and Gordon, is much more favourable to the CBA than you. I should say that am not aware of the basis on which the offer was negotiated; but I cannot understand why the offer is so low, when compared to the principles explained by the Judge in the Goodridge case.
For many of you your choices are:-
1. Accept the Commonwealth Bank's offer; or
2. Obtain a second opinion and thereafter accept or reject the Commonwealth Banks offer.
We know that emotionally the last twelve months have been very difficult for all of us. I encourage you to obtain the best advice before making decisions which may affect you forever.
I leave you with these final thoughts. Currently a firm of lawyers may be promoting to you a settlement of a few cents in the dollar. The question is why?
- Is it that they do not believe that they would win a case on your behalf?
- Why is the Commonwealth Bank offering a settlement? Does the Commonwealth Bank know that they will lose?
- Should you not at least obtain a second opinion? Especially from a team of eminent lawyers who have already won on ALL counts a case which appears to be pivotal to any action which you may prosecute against the bank.
(And our fourth question Manny, after a year or more of saying nothing, or even ringing your clients to apologise, do you suddenly give a **** about my position? Could it be you are getting a commission based on how many of your clients you can get to sign on to your buddies at this law firm? Why all of a sudden has your old client list leapt to your attention?)
Whilst acknowledging your profound distress, I sincerely urge you to consider this generous offer extended to you by Mr Goodridge and his Team. I feel your exhaustion and understand any desire you may have to find some closure and move on, but please, given you have endured this long, find the strength to inform yourself before accepting an offer which may be only a small fraction of what you may be entitled to.
Yours faithfully
Emmanuel Cassimatis.
I want to clarify that the letter is not intended for clients of Russell and Company. The letter is primarily intended for people who will receive an offer from Slater & Gordon, who have negotiated an offer from the CBA, which will be referred to those people (sooner or later).
If you are a client of Russell and Company, you need have no concerns about the recent publicity from Slater & Gordon. Russell and Company have their own test case ready to go - for the full amount of compensation, not the pittance that the CBA have negotiated with Slater & Gordon. Russell and Company remain your solicitors, and they have my full confidence, and the full confidence of everyone on the Client Group Committee.
There you go team.....thoughts? Gave me a laugh, I'm crafting an appropriate response.