Australian (ASX) Stock Market Forum

Storm Financial Group

Jump to new
Solly said:
GG,

I note that there are some open house times listed here.
http://city-news.whereilive.com.au/property/story/cassimatis-mansion-goes-to-auction/
I wonder if it isn't worth a quick call to Mike to arrange a quick wander through.
I'm might just check my calendar too.

S
Click to expand...

I doubt if there is any point in going to the auction as it will be sold pre-auction.

"Storm founder Cassimatis sells up

...According to sources, disgruntled former clients have been harassing the Cassimatises, putting rubbish in their letter box and throwing rubbish over the wall of the Belmont home."
Click to expand...

I know an unfortunate man with a mental illness who lives in a housing commission house, in Townsville, and this happens to him frequently, and he has never harmed a soul in his life. I know for whom I feel more empathy.

I do hope they clean the rubbish away before my tenants occupy the Belmont property, should my pre-auction bid be successful.

Solly said:
More by Tony Raggatt @
http://www.townsvillebulletin.com.au/article/2011/02/26/210801_news.html
Click to expand...

gg
 
Garpal Gumnut said:
I doubt if there is any point in going to the auction as it will be sold pre-auction.



I know an unfortunate man with a mental illness who lives in a housing commission house, in Townsville, and this happens to him frequently, and he has never harmed a soul in his life. I know for whom I feel more empathy.

I do hope they clean the rubbish away before my tenants occupy the Belmont property, should my pre-auction bid be successful.



gg
Click to expand...

GG

Got a mate "No Neck Nick" who reckons it would make a great 'student conversion', make up to 180 self contained rooms, with bidets. PM me if you are interested. Nick may get his BSA licence back, on appeal, long story.

S
 
Solly said:
GG

Got a mate "No Neck Nick" who reckons it would make a great 'student conversion', make up to 180 self contained rooms, with bidets. PM me if you are interested. Nick may get his BSA licence back, on appeal, long story.

S
Click to expand...

And what would the NIMBY's say to that.!!

Belmont has a higher class of tosser than students.

I do believe you are correct about Nick.


gg
 
Garpal Gumnut said:
I doubt if there is any point in going to the auction as it will be sold pre-auction.



I know an unfortunate man with a mental illness who lives in a housing commission house, in Townsville, and this happens to him frequently, and he has never harmed a soul in his life. I know for whom I feel more empathy.

I do hope they clean the rubbish away before my tenants occupy the Belmont property, should my pre-auction bid be successful.



gg
Click to expand...


GG
I've been speaking with my Stormer mate about Tony Raggatt's article.
My mate is amazed about the reported property holdings.
I don't believe that he is "in the same boat" as EC and my mate definitely has a different definition of the word "destroyed".
S
 
Garpal Gumnut said:


gg
Click to expand...


GG

I spent some time yesterday afternoon with my Stormer mate before I left Brislantis and returned to the Cove. It's been a while since we've had a face to face meeting and I'm quite amazed how gaunt he is looking. I reckon he's still struggling deep inside but trying to put on a brave face to weather the storm, his missus is still doing it hard.

We spoke about the recent tragedies of the floods, cyclone & quakes and how devastating it is for those affected. He brought up how the public perception of those events is so different to those wiped out by the Storm collapse. He tries to keep it quite that he was an investor as he feels he gets painted as greedy and foolish. I know this is not the case, he's no high flyer and has always lead a very quite, risk adverse and conservative life. Probably the exact opposite of me.

That's what surprises me so much that he would have been involved in this type of risky leveraged scheme. Somebody is really, really good at selling the dream. I believe he is typical of so many touched by this collapse. He's seems to still be in shock about the way his life has changed and is really hoping ASIC can do something else to ease his burden but is really not that confident.

I know he can't believe how the banks just walked away, pulled the rug from under him but made good commissions etc, he grunts and shakes his head when I mention EC and his advisers. I mentioned the property sales and reported recent purchase of the new home, he was silent and couldn't talk.

It's a bit of a wet soggy day here in the S/E, just hope my Blundstones don't tramp to much mud on the carpets during the open house.

S
 
Last edited by a moderator:
Solly said:
GG

I spent some time yesterday afternoon with my Stormer mate before I left Brislantis and returned to the Cove. It's been a while since we've had a face to face meeting and I'm quite amazed how gaunt he is looking. I reckon he's still struggling deep inside but trying to put on a brave face to weather the storm, his missus is still doing it hard.

We spoke about the recent tragedies of the floods, cyclone & quakes and how devastating it is for those affected. He brought up how the public perception of those events is so different to those wiped out by the Storm collapse. He tries to keep it quite that he was an investor as he feels he gets painted as greedy and foolish. I know this is not the case, he's no high flyer and has always lead a very quite, risk adverse and conservative life. Probably the exact opposite of me.

That's what surprises me so much that he would have been involved in this type of risky leveraged scheme. Somebody is really, really good at selling the dream. I believe he is typical of so many touched by this collapse. He's seems to still be in shock about the way his life has changed and is really hoping ASIC can do something else to ease his burden but is really not that confident.

I know he can't believe how the banks just walked away, pulled the rug from under him but made good commissions etc, he grunts and shakes his head when I mention EC and his advisers. I mentioned the property sales and reported recent purchase of the new home, he was silent and couldn't talk.

It's a bit of a wet soggy day here in the S/E, just hope my Blundstones don't tramp to much mud on the carpets during the open house.

S
Click to expand...

I feel for your mate, many here in Townsville are similarly affected and see the Storm spruikers and the Banks getting on with their lives.

It is very disheartening for them.

gg
 
I just thought I'd bump this thread up.

Lest we forget.

The greatest attrition of wealth in North Queensland in a century.

And the perpetrators would appear to be getting off scott free.

Where is ASIC?

Where are Slater and Gordon?

It is a disgrace.

gg
 
Garpal Gumnut said:
I just thought I'd bump this thread up.

Lest we forget.

The greatest attrition of wealth in North Queensland in a century.

And the perpetrators would appear to be getting off scott free.

Where is ASIC?

Where are Slater and Gordon?

It is a disgrace.

gg
Click to expand...


GG,

As reported in the AFR on the 7th March '11

"Inquiry turns to Storm executives"

The investment advice and business practices of several senior former executives of Storm Financial are under review by the regulator.
Click to expand...

Looks like something big is brewing in ASIC-land.
I believe there are some really interesting times ahead.
 
Solly said:
GG,

As reported in the AFR on the 7th March '11



Looks like something big is brewing in ASIC-land.
I believe there are some really interesting times ahead.
Click to expand...

Solly mate, I honestly do not think that ASIC have the balls or the budget to chase the perpetrators.

All apparent involved parties have been going to cash, to run a litigation/criminal defence against a legal pursuit.

gg
 
Garpal Gumnut said:
I just thought I'd bump this thread up.

Lest we forget.

The greatest attrition of wealth in North Queensland in a century.

And the perpetrators would appear to be getting off scott free.

Where is ASIC?

Where are Slater and Gordon?

It is a disgrace.

gg
Click to expand...

Yes. Scumbags!
 
Garpal Gumnut said:
Solly mate, I honestly do not think that ASIC have the balls or the budget to chase the perpetrators.

All apparent involved parties have been going to cash, to run a litigation/criminal defence against a legal pursuit.

gg
Click to expand...

GG,

Before I left Brislantis for the Cove today, I met with my Stormer mate @ Jimmy's for a brew or two. He mirrors your position regarding ASIC's abilities to bring the perpetrators to account. He's confused and unsure and doesn't know where the real blame lies. He's just not looking good. He said he thought he had planned well, made the right call but still can't really believe where he's ended up.

I'm worried about him, I'm worried about his missus too. He's putting on a brave face but he's not walking tall as he did before. I've heard some sad and tragic stories linked to this event. I hope he's not travelling down the same path. I'm sure he's not for deep inside there's a fire that burns that fuels him to fight on to the end.

The challenge is truly with the regulator to dig deep and discover the root cause of this debacle. Maybe there is some hope of restitution, punishment and incarceration if it is proven that participants in this folly have acted in breach.

Let's see those with the power step up to the plate.

S
 
Solly said:
GG,

Before I left Brislantis for the Cove today, I met with my Stormer mate @ Jimmy's for a brew or two. He mirrors your position regarding ASIC's abilities to bring the perpetrators to account. He's confused and unsure and doesn't know where the real blame lies. He's just not looking good. He said he thought he had planned well, made the right call but still can't really believe where he's ended up.

I'm worried about him, I'm worried about his missus too. He's putting on a brave face but he's not walking tall as he did before. I've heard some sad and tragic stories linked to this event. I hope he's not travelling down the same path. I'm sure he's not for deep inside there's a fire that burns that fuels him to fight on to the end.

The challenge is truly with the regulator to dig deep and discover the root cause of this debacle. Maybe there is some hope of restitution, punishment and incarceration if it is proven that participants in this folly have acted in breach.

Let's see those with the power step up to the plate.

S
Click to expand...

All precedents would suggest that the perpetrators will get off scot free. Not a nice outcome for the victims.

gg
 
capt_thunderbolt said:
http://www.couriermail.com.au/busin...e-is-kept-secret/story-e6freqmx-1226024693626

Looks like it sold a couple of weeks ago before the auction......
Click to expand...

It went for $2.75m, I have been informed, give or take a few hundred grand.

Manny and Julie Cassimatis have downsized to a $950,000 pile.

Such is life.

There has been little comment on the emotional cost to Manny and Julie, they are victims as well, they say, in the same lifeboat, as their clients.

Here in Townsville , the Burdekin and Ingham , these arguments have little weight, and surprisingly are countered by violent disputations as to the character, ethics and morality of Manny and Julie Cassimatis.

Whether these counter arguments to Manny and Julie's protestations are valid, is not for me to decide.

It would be a form of closure for Manny and Julie Cassimatis to front their investors in Townsville, in a public forum, to update them on the litigation proceeding, and to share the sense of loss, failure and shame that has bedevilled Storm investors.

gg
 

Similar threads

TiminOz
The dynamics of money and TIME: crimping cashflow for a period
Replies
3
Views
867
TiminOz
TiminOz
BossMan.
The planning of a portfolio
2
Replies
29
Views
1K
Value Collector
Value Collector
basilio
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
2K
sptrawler
sptrawler
ducati916
February 2025
2 3 4
Replies
63
Views
6K
qldfrog
qldfrog
Garpal Gumnut
Mayfair 101/Mayfair Platinum
2
Replies
35
Views
5K
Dona Ferentes
Dona Ferentes
Top