Australian (ASX) Stock Market Forum

Storm Financial Group

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Garpal Gumnut said:
Solly mate,

I sailed my aging Cat from Maggie to the Watermark for a meeting with an SC over a a misunderstanding with the ATO on Friday.

After the meat he mentioned Storm Financial, and indicated that the Ripoll inquiry would in law vindicate Manny and Storm.

I'm no lawyer so don't understand it, but it sounds to me that the Financial Planners and the Government are ganging up on the little guys, to gloss this over, and leave the poor Storm bastards penniless.

gg
Click to expand...

GG,

The opinion that you have received may well be correct.

I too will be closely following the proceedings and will be very interested to see if any parties to this saga are found in breach of any statute.

I look forward to observing ASIC's approach to these matters.
 
"ASIC to pursue banks over Storm"

"The Australian Securities and Investments Commission is set to launch legal proceedings against the Commonwealth Bank of Australia, Macquarie Bank and the Bank of Queensland after they missed Friday’s deadline to settle $300 million in outstanding claims by former investors in Storm Financial."

More in the Australian Financial Review of 18 Dec 2010.
 
Solly said:
GG,

The opinion that you have received may well be correct.

I too will be closely following the proceedings and will be very interested to see if any parties to this saga are found in breach of any statute.

I look forward to observing ASIC's approach to these matters.
Click to expand...

I have been today in Adelaide of all places, defending some entities from the ATO, and I chanced upon an old Labor mate from the Federal Parliament , close to the inquiry.

Manny is in the clear, no criminal matters mooted and a new and successful life ahead of him, he said.

Life ain't fair.

gg
 
Garpal Gumnut said:
I have been today in Adelaide of all places, defending some entities from the ATO, and I chanced upon an old Labor mate from the Federal Parliament , close to the inquiry.

Manny is in the clear, no criminal matters mooted and a new and successful life ahead of him, he said.

Life ain't fair.

gg
Click to expand...

GG
I've been speaking with a couple of Stormers and they are really hopeful that Tony's mob can score some runs for them.
I might hang around the telex room over the next few days just in case something breaks.
 
"ASIC on attack over Storm, Hardie"

"ASIC is set to launch legal proceedings against CBA, Macquarie Group and Bank of Queensland after the breakdown of talks on a deal over the $3 billion collapse of Storm Financial."

More by Patrick Durkin in The Australian Financial Review of Dec 22, 2010.
 
Garpal Gumnut said:
I have been today in Adelaide of all places, defending some entities from the ATO, and I chanced upon an old Labor mate from the Federal Parliament , close to the inquiry.

Manny is in the clear, no criminal matters mooted and a new and successful life ahead of him, he said.

Life ain't fair.

gg
Click to expand...

GG

My Stormer mate must have read your post and he has commented to me this morning about where does the responsibility really lie? He's getting a bit restless, especially as another Xmas has come around, things aren't really resolved and he's still a bit down in the dumps.

He states to me that he was assured that there were strategies in place to protect his investment. Looks like we are now heading to the courts for a determination.

Hope all is well with the stoush with the ATO. I've always found that Part IVA is a little ambiguous, especially when trying to define the difference between avoidance & minimisation, it can really be a fine line. ;)
 
While EC and JC may not be criminally prosecuted, the Ripoll Inquiry did not clear them and the Worrell's findings were most critical . . . Hope ASIC's civil convictions sting - and with $200,000 for each breach - they are bound to . . .though Cassimatis claiming he does not have $20,000 to pay FPA fine. So they are no way exonerated . Also moves are afoot to ban them . . . :banghead:
 
pedroelpedro said:
The statement "the system was not accurate" is exactly right, especially in the last quarter of 2008. The accuracy in fact was nowhere near even 50%. For a significant period during that time, any clients with a Colonial Margin Loan did not have correctly LVRs, either in Storm's software or in CBA's software. It was in fact impossible to determine a client's actual position. Colonial Margin Loans are just one (significant) reason why client positions could not be quantified. There were many, MANY other issues around the data that was loaded into Phormula.

The Phormula software was shown to all clients, everyone saw what it was capable of, therefore this should not be a significant revelation to anyone. Phormula was specifically designed to monitor and track client positions daily, but as previously stated, only if the data going into it was correct and was well maintained.

Regards,
Paul
Click to expand...

Yes Paul...but remember these investments merely tracked the Industrial, Resources & Technology Indices, the mix of which, I believe, reflected the overall Australian share market.

Storm only had to know the ASX200 value at any point to marry that up with everyone's position & LVR...with reasonable accuracy. During meetings, right from the start, we were often told the ASX200 value, that the market would have to fall to, in order to trigger a margin call. It's not rocket science & it mightn't have been 100%, absolutely accurate, but 100% accuracy wasn't any better in such a volatile market anyway! It sure would have been good enough to act on though...and they had that much knowledge!
 
Solly said:
"Banks vow to defend Storm legal action"

"The banks involved in the Storm Financial collapse say they will fight the legal action launched against them by the corporate regulator."

More by Sue Lannin from the ABC here;

http://www.abc.net.au/news/stories/2010/12/22/3099680.htm
Click to expand...

As I said very early in this thread the only people who will profit from all this are the lawyers, Slater and G, Levitts and the banks Lawyers.

Going up against the banks in a legal stoush is very very expensive.

S and G and Levitts may have to farm out the risk to contingency investors who will take their bite out of the cake if there is a win.

gg
 
 
Solly said:
Transcript and Video link of "Storm showdown" aired on the 7:30 Report 22 Dec 10

http://www.abc.net.au/7.30/content/2010/s3099770.htm
Click to expand...

We await bad weather here on Magnetic Is, but it is a glorious night, oops its started raining.

I am here in the Picnic Bay Hotel with 5 Brisbane Sc's and some beautiful young ladies whose noses have been piqued by the attached from the Melbourne Age. They are discussing whether it may have repercussions for Manny.

Alas their noses are piqued by other things, I've never seen so many visits to the toilets with credit cards soiled about an edge by powder.

What is the world coming to.

http://www.theage.com.au/business/opes-prime-client-wins-compensation-20101209-18rit.html?skin=text-only

gg
 
Garpal Gumnut said:
We await bad weather here on Magnetic Is, but it is a glorious night, oops its started raining.

I am here in the Picnic Bay Hotel with 5 Brisbane Sc's and some beautiful young ladies whose noses have been piqued by the attached from the Melbourne Age. They are discussing whether it may have repercussions for Manny.

Alas their noses are piqued by other things, I've never seen so many visits to the toilets with credit cards soiled about an edge by powder.

What is the world coming to.

http://www.theage.com.au/business/opes-prime-client-wins-compensation-20101209-18rit.html?skin=text-only

gg
Click to expand...


GG,

That is a very interesting decision by Chief Justice de Jersey, I too wonder what the impacts of this will mean. I'll be having a Yuletide apéritif with an old silk mate at the marina later today and I'll get his take on this as well.

I must admit the behaviour of some around this way is also unbecoming and worries me when I observe similar things. I think you have shed some light on why a late night visitor to a large Riviera on Pier C, often has trouble swiping her credit card in the off-licence at the Village when buying her cranberry & guava alocpops. I've always found it rather sad that for an elegant young lady, she only has one nostril.
 
Solly said:
GG,

That is a very interesting decision by Chief Justice de Jersey, I too wonder what the impacts of this will mean. I'll be having a Yuletide apéritif with an old silk mate at the marina later today and I'll get his take on this as well.

< >
Click to expand...

GG

I have just returned from a few festive activities with my old mate. I was very interested in gaining an understanding of how the Levitt/ASIC actions running in tandem/concurrently will work.

I was of the belief that the ASIC action would override/extinguish other actions. Apparently this is not the case. These will definitely be very intriguing cases and I hope that I will be able to schedule time in AU to observe them.

I see that there is a bit of grubby wx on its way up TSV way, hope it doesn't to get too bad. If it does get a bit rough on Maggie, I suppose you can always bunk down in the R&R Bar until the sky settles down. :D
 

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