Storm Financial Group

[Julia]

Huh? get off the pot! Do you think Stung has money is in the bank with debts of $500K+ ???????

Stung has asked if perhaps some put into the ASX200 will help the debt be payed back a little quicker.

I saw what he asked. If he was talking about putting money into the market, presumably he had some money to do this.
He has subsequently confirmed this to be the case, so maybe it's you who should 'get off the pot' whatever that means.

 

[bunyip]

Re my last question.

Given that the all ords is so low, is this not an opportunity for the future? Or am I falling for a Nigerian.

Sorry to upset the knowlegable by my questions but I thought I would ask around before doing anything. After all in earlier posts storm clients were accused of not doing any research or utilising similar forums as this to gain insight.

Yes, it's an opportunity for the future, as long as you don't make the mistake of trying to utilise that opportunity by buying now while the market is still plunging. Mind you, some notable people are doing just that - Gerry Harvey and Warren Buffet to name just a couple. But these blokes have plenty of dough and are able to buy stocks and put them in the bottom draw till they come good. Drawdowns don't affect them like they affect you and me. Even so, Harvey was down 1.5 billion on his stock purchases of his own company. And that was a few weeks ago - both the market and HVN shares have fallen further since then. I reckon even Gerry Harvey must be starting to scratch his head and recoginse that his timing is off - his losses are probably around the 2 billion mark by now.

Stung, you need to know what you're doing if you're going to play the stockmarket. There will undoubtedly be some great opportunities when this economic crisis is behind us and confidence returns. The market will once again turn bullish and stock buyers will have smiles on their faces.
But you need to be able to recognise when the market trend is bullish, and it sure as hell isn't now. What appears to be cheap now will likely look pretty damn expensive when the market falls further.
I suggest you spend $30 or so and buy yourself a copy of 'Secrets For Profiting In Bull And Bear Markets', by Stan Weinstein. The book is available in the financial section of most bookshops and some newsagents.
If Storm clients had been familiar with the Weinstein methodology they would have known to get out of the market long before their accounts were fatally injured.
Weinstein's strategies will at least give you a fighting chance of being in the right stocks at the right time, teach you about risk control and money management, and perhaps most important of all, will show you how to recognise when to be out of the market.

One more word of advice.....don't kill yourself with work. Seven days a week will start taking its toll on your health, your family life, and your overall happiness. We all need some time off each week to recharge our batteries with a bit of relaxation.

Cheers mate, and I hope it all works out for you. I admire your fighting spirit.

 

[MR.]

I saw what he asked. If he was talking about putting money into the market, presumably he had some money to do this.
He has subsequently confirmed this to be the case, so maybe it's you who should 'get off the pot' whatever that means.

Hasn't Stung then "subsequently confirmed" that there will be interest charged when that 50K is withdrawn on the mortgage offset account? Stung doesn't have the money it's just another loan from the bank. Disguised in a "mortgage offset account".

But I'm wrong..... Blah Blah Blah.

Now Bunyip's post above is worth thinking about.
Will add I think Stung has already identified future bullish stocks.

 

[Glen48]

In Wednesday's Courier Mail : Korda Mentha? has Cassimatis Corporate in the Public Notice column in admin. Maybe EC has a few other companies running???

 

[Solly]

In Wednesday's Courier Mail : Korda Mentha? has Cassimatis Corporate in the Public Notice column in admin. Maybe EC has a few other companies running???

Glen
I believe that these are under External Administration.
CASSIMATIS CORPORATE PTY LTD
STORM FINANCIAL LIMITED (formerly CASSIMATIS SECURITIES PTY. LIMITED)
STORM FINANCIAL PROPERTY PTY LTD

and I believe that these are currently Registered.
CASSIMATIS FAMILY INVESTMENTS PTY. LTD.
EMMANUEL CASSIMATIS & ASSOCIATES PTY LTD
IGNITE FINANCIAL SYSTEMS & RESEARCH PTY LTD (formerly STORM FINANCIAL RESEARCH PTY LTD)

Please correct me if this info is incorrect.

 

[Glen48]

Solly
All they had was court times etc.
Any idea what he/they may have been up to?
Do you run Telstra by any chance or are there 2 of you???

 

[Solly]

The whole site is a bit bizarre.

The forum ain't a forum, the media leads to potted summaries of the answers to questions and many questions are unanswered. Its all over the place. It must be an all in one PR deal with Peter Wilkinson.

Its actually an old website from the early Storm/MLC days, resurrected for the penultimate chapter.

Toyota Crown eh a bit of a toff then Solly.

gg

gg,
Looks like they've fixed the formating up a bit, gee I don't like mixed fonts, reminds me of the times struggling with a Mac II , PageMaker & QuarkXpress. But that's another lifetime ago.

They've added "THE 60 MINUTE DISGRACE" tab ..nice touch Madeleine..

 

[Solly]

Solly

Do you run Telstra by any chance or are there 2 of you???

LOL ....no my middle name isn't Dennis and I'm not from Cheyenne....Although I must admit I'm a bit of a fan of their Ericsson nextG, 850mhz UMTS, gigabit back haul, HSPA Evolution, 21Mbps data network. If only Qualcom can make a chip for a device capable of that speed ! But I've become quite attached to my "Crackberry" Bold it seems to work even in a lead lined room....

 

[Glen48]

Solly
Sounds like you have been on a high Fiber diet?

 

[Solly]

Solly
Sounds like you have been on a high Fiber diet?

Yep Glen, I'll cut back on the extra Psyllium husks...
But I do get a bit excited about the technology as I travel a fair bit and it's great to be able access to my VPN/WAN from all over the place. It's a pitty that Sol's home doesn't have this level of ease of connectivity and speed...

 

[Solly]

"Storm client book details released"

"Sixty businesses vie for book
Further details of Storm Financial's client book will be known today."

Story by Kate Kachor in Investor Daily is here;

http://www.investordaily.com/5938.htm

 

[Solly]

"CBA forgives some Storm loans"

"Some clients of Storm Financial may be relieved of their obligation to repay part of their loans funded by Commonwealth Bank, the Financial Review reported."

The Sheet story is here;

http://www.thesheet.com/nl05_news_selected.php?act=2&stream=1&selkey=7965&hlc=2&hlw=

AFR subscriber access here;

http://www.afr.com/home/login.aspx?EDP://20090306000030904426&section=financial_services


Best of luck Stormers....!!

 

[carey ramm]

I can confirm that CBA are just starting to make offers to Storm Clients in regards to their home loans. This is very much their openning offer.

BOQ are yet to do this.

If u are registered with Slater and Gordon please make sure you check the offer with them before you agree to anything. Some of the CBA staff are being pushy - take your time and make an informed decision.

60 minutes had an enormous amount of information that had to be condensed into 14 minutes - they did a great job on what is a large and complex issue - the refusal of the banks to do an interview is an indication of just how serious some of these home loan irregularities are.

 

[steelo]

Swazee can you give more info on Dalle Cort. All I can find is their website at



I have no direct knowledge of their operations.

Are you stating that they use the same strategies as Storm and will face similiar challenges to Storm?

I hope that Carey is still reading this forum and will offer a comment.

The rumours are that Carey Ramm owns a share in Dalle Cort Financial Services who were bitter rivals with Storm for a number of reasons. I have also heard that ex-clients of Storm are now going to DFS for advice on how to get out of the mess they are in (such as how to pay down off their margin loans with the funds they have sitting in an offsetting bank account) and are being told they have to pay pretty hefty fees to DFS for what is relatively simple advice. DFS operates in much the same way as Storm did - ie they simply invest their clients' funds in index funds and have them borrow using margin loans as well as housing loans. They also charge a pretty hefty upfront fee - usually between 5% & 6% although I have seen some higher. They may not gear their clients as highly as Storm did but I am sure that they have some clients in the same boat boat as Storm's but they just haven't been receiving the same publicity.

 

[classer]

The rumours are that Carey Ramm owns a share in Dalle Cort Financial Services who were bitter rivals with Storm for a number of reasons. I have also heard that ex-clients of Storm are now going to DFS for advice on how to get out of the mess they are in (such as how to pay down off their margin loans with the funds they have sitting in an offsetting bank account) and are being told they have to pay pretty hefty fees to DFS for what is relatively simple advice. DFS operates in much the same way as Storm did - ie they simply invest their clients' funds in index funds and have them borrow using margin loans as well as housing loans. They also charge a pretty hefty upfront fee - usually between 5% & 6% although I have seen some higher. They may not gear their clients as highly as Storm did but I am sure that they have some clients in the same boat boat as Storm's but they just haven't been receiving the same publicity.

Well I attended an hour and a half session with Dallecort Financial Services
with a friend to help her through her financial mess. They were very helpful.
Got me up to speed with what had taken place and some practical advise on the best way forward. Yes they offered their product.. but realised it would be some time before an offer like that would be affordable ( oh and believe me
she'll be learning to handle her own finances in the future).

Cost... ZERO.

Be wary of rumours.

 

[bunyip]

The rumours are that Carey Ramm owns a share in Dalle Cort Financial Services who were bitter rivals with Storm for a number of reasons. I have also heard that ex-clients of Storm are now going to DFS for advice on how to get out of the mess they are in (such as how to pay down off their margin loans with the funds they have sitting in an offsetting bank account) and are being told they have to pay pretty hefty fees to DFS for what is relatively simple advice. DFS operates in much the same way as Storm did - ie they simply invest their clients' funds in index funds and have them borrow using margin loans as well as housing loans. They also charge a pretty hefty upfront fee - usually between 5% & 6% although I have seen some higher. They may not gear their clients as highly as Storm did but I am sure that they have some clients in the same boat boat as Storm's but they just haven't been receiving the same publicity.

Maybe the man himself can clear up this rumour for us.
Carey - do you own a share in Dalle Cort Financial Services?

 

[Solly]

"CBA offers victims loan relief if court is off limits"

'THE Commonwealth Bank is offering financial relief to thousands of clients of failed Storm Financial, but only if they agree not to pursue claims in court."

Story by Anthony Marx is here;

http://www.news.com.au/couriermail/story/0,23739,25149599-3122,00.html

 

[bunyip]

"CBA offers victims loan relief if court is off limits"

'THE Commonwealth Bank is offering financial relief to thousands of clients of failed Storm Financial, but only if they agree not to pursue claims in court."

Story by Anthony Marx is here;

http://www.news.com.au/couriermail/story/0,23739,25149599-3122,00.html

Mark Weir, co-chairman of the Storm Investors Consumer Action Group, said the conditional offers of help suggested the bank was afraid of a wave of litigation and had implicitly admitted its culpability in dispensing high-risk margin loans through its offshoot Colonial Geared Investments.

"We interpret this exercise as . . . some concession that they think they might have a problem and now want to make themselves out as the good guys," Mr Weir said.

Above is an extract from the article.
Mark Weir is entitled to his opinion. But sometimes it's just easier and cheaper for the accused to enter into an out of court agreement, even when they're innocent.
Being innocent doesn't eliminate the possibility that shifty lawyers and public opinion will be enough to get a guilty verdict brought against you.

A friend of mine once negotiated to buy a ballet school. She and the owner of the school agreed on a price and arranged the lawyers to draw up the contract. Then the owner changed her mind and demanded a higher price. My friend refused, and said she'd open her own ballet school. The owner of the school instigated legal action against her, claiming they had an agreement and my friend broke it.
Although completely innocent, my friend was advised by her lawyer that the court case may go against her, and would end up costing her a considerable amount of money. She was advised to settle out of court, which she did.

I'm not coming out in support of CBA or any other bank that financed Stormers. I've openly stated several times in this thread that I don't like banks.
But I'd like to see some balanced comment, rather than the one-sided version that Mark Weir has come up with.
Before Stormers go jumping on the bandwagon and claiming that the banks offer is an admission of guilt, they should realise that this is not necessarily the case. The banks may be guilty of some wrong doing, or they may have been completely legal and above board. Either way, a court case could be expensive for them, so they're considering other options. This is not necessarily an admission of guilt.

What Mark Weir doesn't mention is that even if the bank offered him a loan that was far in excess of what he could comfortably service, nobody forced him to take that loan. He could have done the sums and recognised that a downturn in the stockmarket would result in him getting into financial difficulties.
And nobody forced him to stay heavily invested when world economies showed clear signs of trouble and the stockmarket started collapsing.
Mr Weir is another example of someone who can't seem to take responsibility for his own actions. If the stockmarket had stayed bullish he would have been piling up the loot and praising CBA for lending him the money.
But as soon as it goes the other way he wants to blame someone else for his foolishness.

 

[chrisgee]

The rumours are that Carey Ramm owns a share in Dalle Cort Financial Services who were bitter rivals with Storm for a number of reasons. I have also heard that ex-clients of Storm are now going to DFS for advice on how to get out of the mess they are in (such as how to pay down off their margin loans with the funds they have sitting in an offsetting bank account) and are being told they have to pay pretty hefty fees to DFS for what is relatively simple advice. DFS operates in much the same way as Storm did - ie they simply invest their clients' funds in index funds and have them borrow using margin loans as well as housing loans. They also charge a pretty hefty upfront fee - usually between 5% & 6% although I have seen some higher. They may not gear their clients as highly as Storm did but I am sure that they have some clients in the same boat boat as Storm's but they just haven't been receiving the same publicity.

What does this have to do with Storm victims ? I'd like to thank carey for helping us in our time of need, he has given us some good tips and directions. It's a minefield out here trying to work out what to do and who to trust. If theres probloems with DalleCourt I'm sure we would have heard. Who cares what careys business interests are. I know others who have had problmes with loans and borrowings and who now have assets & houses for sale who got into problems all by themselves. So theres big probs all around and you just got to be smart to get yourself back on track.

 

[chrisgee]

gg, that's a bit tough on Stung. He/she did acknowledge that his/her decision making capacity was pretty much shot right now, hence asking the question on here.

I reckon just recognising that he/she isn't up to making good decisions yet is a step on the road to recovery.

Stung, gg's advice is good. Leave the money in the bank. It's govt guaranteed so far. Sorry you're having to work 7 days. Don't kill yourself working in an effort to expunge the misery.
All the best. Everything passes.

Cheers
Julia

Julia I like your words "Everything passes" that is exactly what I need to here today...thnx