Australian (ASX) Stock Market Forum

Storm Financial Group

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I saw Mr Upton in Adelaide St yesterday, that reminds me,
I wonder when Mr D'Aloisio will table ASIC's report into the collapse of Storm ?

I'm eagerly awaiting this, it will be an interesting read.
 
I'm wondering where this saga will finally end.

Look at the inputs, Sir Ralph & EC are still players, then throw in a a mix of disaffected ex-clients, ex-staff, both Storm & CBA, decimated penisioners, ex-business people, angry coppers, multiple law firms, opinions & inquiries....

This is far from over.

The games have just begun.
 
"Sold short after the storm"

"No one likes having to litigate to get redress. It's expensive and time-consuming. Mediation is usually preferable, or so I used to think. But with billions of retiree dollars lost in the past few years after exposure to poor practices or worse, the emergence of class-action lawyers in Australia has been a positive development."

More by John Collett In the SMH here;

http://www.smh.com.au/news/business/money/planning/sold-short-after-the-storm/2010/03/16/1268501456343.html
 
"Storm Financial victims say yes to CBA cash offers"

"OFFERS of compensation from the Commonwealth Bank to clients of the failed Storm Financial group have been accepted by 150 victims, with only one rejection so far.

About 350 of the 2100 clients who participated in the bank's resolution scheme over the past year have received offers based on their individual cases, with most clients expected to receive an offer by the end of May."

More by Sara Rich in The Australian here;

http://www.theaustralian.com.au/business/storm-financial-victims-say-yes-to-cba-cash-offers/story-e6frg8zx-1225842538067
 
"ASIC moves for Storm compensation
Regulator completes first phase of investigation"

"The corporate regulator has also suggested Storm clients seek an extension of time from the CBA within which to accept any offer to enable them to assess the results of discussions which ASIC is proposing."

More by Kate Kachor in Investor Daily here;

http://www.investordaily.com/8788.htm
 
10-56AD ASIC moves to next phase of Storm investor compensation
From
http://asic.gov.au/ASIC/asic.nsf/byHeadline/10-56AD%20ASIC%20moves%20to%20next%20phase%20of%20Storm%20investor%20compensation?opendocument

Friday 19 March 2010

ASIC today announced that it had completed a major phase of its investigation into the affairs of Storm Financial Limited (Storm).

In relation to recovery of compensation for investors, ASIC will now move into the next phase (until the end of May 2010) of entering into confidential discussions with the individuals and entities which have been the subject of its investigations to see if a commercial resolution can be reached which will be acceptable to ASIC and which ASIC would be prepared to recommend to investors.

ASIC considers a commercial resolution, if it can be achieved, will be preferable to protracted litigation. However, in the event that during this period a commercial resolution is not or cannot be reached with particular individuals or entities ASIC will make decisions on compensation actions it will then launch in relation to those individuals and entities for the benefit of investors.

ASIC will meet with representatives of Storm investors and Slater & Gordon (which represents many Storm investors) to outline what it is doing and will, as far as reasonably possible (within the important confidential constraints of the discussions which ASIC proposes), keep them informed. ASIC will also during this period release a dedicated website for Storm investors both to keep them informed and to collect additional information which ASIC may need in relation to compensation. There will be a paper back-up for those investors who may not have internet access.

In relation to offers made to Storm investors as part of the Commonwealth Bank of Australia (CBA) Storm Resolution Scheme, ASIC considers that each Storm investor needs to decide for themselves, with the benefit of legal advice, whether or not to accept the offer. ASIC suggests that, amongst other things, a Storm investor obtains legal advice about whether any agreement reached between a Storm investor and CBA will allow the Storm investor to participate in, or have the benefit of, any compensation arrangements (which any ASIC action may secure). As investors will know, CBA agreed to such a ‘carve out’ some time ago to enable its customers to benefit from any subsequent ASIC action.

As an alternative, Storm investors should seek an extension of time from the CBA within which to accept any offer to enable them to assess the results of discussions which ASIC is proposing.

As this matter remains operational, ASIC will not be making further public comment until confidential discussions have been completed. ASIC’s investigations into Storm covers, in addition to compensation, other enforcement actions and its investigations will continue.

Thank you Tony & Chris
 
Solly said:
10-56AD ASIC moves to next phase of Storm investor compensation
From
http://asic.gov.au/ASIC/asic.nsf/byHeadline/10-56AD%20ASIC%20moves%20to%20next%20phase%20of%20Storm%20investor%20compensation?opendocument

Friday 19 March 2010

ASIC today announced that it had completed a major phase of its investigation into the affairs of Storm Financial Limited (Storm).

In relation to recovery of compensation for investors, ASIC will now move into the next phase (until the end of May 2010) of entering into confidential discussions with the individuals and entities which have been the subject of its investigations to see if a commercial resolution can be reached which will be acceptable to ASIC and which ASIC would be prepared to recommend to investors.

ASIC considers a commercial resolution, if it can be achieved, will be preferable to protracted litigation. However, in the event that during this period a commercial resolution is not or cannot be reached with particular individuals or entities ASIC will make decisions on compensation actions it will then launch in relation to those individuals and entities for the benefit of investors.

ASIC will meet with representatives of Storm investors and Slater & Gordon (which represents many Storm investors) to outline what it is doing and will, as far as reasonably possible (within the important confidential constraints of the discussions which ASIC proposes), keep them informed. ASIC will also during this period release a dedicated website for Storm investors both to keep them informed and to collect additional information which ASIC may need in relation to compensation. There will be a paper back-up for those investors who may not have internet access.

In relation to offers made to Storm investors as part of the Commonwealth Bank of Australia (CBA) Storm Resolution Scheme, ASIC considers that each Storm investor needs to decide for themselves, with the benefit of legal advice, whether or not to accept the offer. ASIC suggests that, amongst other things, a Storm investor obtains legal advice about whether any agreement reached between a Storm investor and CBA will allow the Storm investor to participate in, or have the benefit of, any compensation arrangements (which any ASIC action may secure). As investors will know, CBA agreed to such a ‘carve out’ some time ago to enable its customers to benefit from any subsequent ASIC action.

As an alternative, Storm investors should seek an extension of time from the CBA within which to accept any offer to enable them to assess the results of discussions which ASIC is proposing.

As this matter remains operational, ASIC will not be making further public comment until confidential discussions have been completed. ASIC’s investigations into Storm covers, in addition to compensation, other enforcement actions and its investigations will continue.

Thank you Tony & Chris
Click to expand...

Do you consider further litigation as an option Solly? Don't won't to make the claim that if I were in your shoes etc etc...? Is it an option for the ripped-off? :sheep:
 
"ASIC BACK STORM PAYOUT"

"Ron Jelich lost more than fifteen million dollars following the collapse of Storm Financial.

"Smack bang in the middle of the eyes and you know, bankruptcy is still a potential, very real possibility."

He was not only the second largest creditor, but a director in the now defunked company."

More on WIN TV here;

http://www.wintv.com.au/far_north_queensland/news/item/25609
 
GumbyLearner said:
Do you consider further litigation as an option Solly? Don't won't to make the claim that if I were in your shoes etc etc...? Is it an option for the ripped-off? :sheep:
Click to expand...

GL, I am just a mere ninja in the shadows....but in answer to your question...lt's an option I would seek direction on from a suitably qualified beak..;)
 
"ASIC gets ready to broker Storm deal"

"ASIC yesterday said it would become the compensation-seeker of last resort for former investors in collapsed financial advisor Storm Financial who cannot reach agreement with an individual or entity."

Read more my Duncan Hall in the AFR of March 20, 2010
 
I checked out EC's & SICAG's webpages today.

No change on EC's page but I found an interesting link on http://sicag.info/

On their homepage is a link to a copy of Ross Goodridge’s letter to the SICAG committee regarding his landmark win over Macquarie Bank.

I'm now going to have a close read of this letter while have I have a flat white at the coffee shop at the mariner. The section headed "Breaches" has caught my attention. I'm hoping an old wig mate of mine will be having his morning constitutional around Pier A and he can run his eye over it as well.
 
GumbyLearner said:
Do you consider further litigation as an option Solly? Don't won't to make the claim that if I were in your shoes etc etc...? Is it an option for the ripped-off? :sheep:
Click to expand...

GL, what are your thoughts on Ross Goodridge’s letter ?

Where he is of the opinion that there has been a breach regarding the,
"The tortious obligation to not convert property" is interesting.

It appears to me the actions and process regarding the margins calls and sell-down are pivotal.
 
"Former banker pushes the envelope"

"The thought of hundreds - possibly thousands - of litigants joining cause to battle the big banks for compensation for their losses from the Storm Financial debacle has put a skip in the step of many learned counsel."

Read more in the AFR Mar 20, 2010.
 
I chanced upon this letter from EC online. Just posting it as I dont believe I have seen it posted here before..

http://www.theage.com.au/ed_docs/response_to_Michael_West_article.pdf

The part where he talk about client "mass client briefings" as been not true, but rather an investor update in october is a load. I went to a briefing along with about 400-600 other stormers in Brisbane, Ithink the date was th 4th of november, can anyone confirm.

Anyway, this is just a bit of trivia really, posted purely for others that have not seen it.
 

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