Storm Financial Group

[Solly]

Receivers Sale - Office & Home Furniture & Appliances
In Matter of: Storm Financial Limited (Receivers and Managers Appointed) (In Liquidation)

Have a look here at Grays Online, be a part of history,
there may be something of interest to you.

http://www.graysonline.com.au/sale.asp?SALE_ID=70823


(gg, have a look at Ornaments and Artwork, I'm sure there's something there to suit your taste.)

 

[Kez180]

Receivers Sale - Office & Home Furniture & Appliances
In Matter of: Storm Financial Limited (Receivers and Managers Appointed) (In Liquidation)

Have a look here at Grays Online, be a part of history,
there may be something of interest to you.

http://www.graysonline.com.au/sale.asp?SALE_ID=70823


(gg, have a look at Ornaments and Artwork, I'm sure there's something there to suit your taste.)

Forwarded to my brissy based mother

 

[Solly]

Parliamentary Joint Committee on Corporations and Financial Services
Inquiry into Financial Products and Services in Australia
Submissions received by the Committee so far....

With some submissions by former Storm clients;

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sublist.htm

 

[beamstas]

Oh my...

 

[Solly]

Oh my...

I have a strange feeling gg is looking for a couple Reindeers for the foyer of Garpal Inc..

 

[maccka]

I have a strange feeling gg is looking for a couple Reindeers for the foyer of Garpal Inc..

Was it GG that was driving the truck from out west recently?

Perhaps the reindeer could be hood ornaments?

 

[Garpal Gumnut]

I have a strange feeling gg is looking for a couple Reindeers for the foyer of Garpal Inc..

Sorry mates for not replying.

I downloaded the catalogue and I've been speechless, such crap masquerading as a receiver's auction. I've seen better at a Vinnies benefit night on Magnetic Island.

Its all a bit like the innards of Manny's house on the Terrace. Too much gold and purple for a survivor.

A bit too grick for me I'm afraid.

I'm at best a souvlahki and VB man when it comes to grick.

gg

 

[Julia]

Parliamentary Joint Committee on Corporations and Financial Services
Inquiry into Financial Products and Services in Australia
Submissions received by the Committee so far....

With some submissions by former Storm clients;

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sublist.htm

Reading some of these is pretty heartbreaking. Poor sods.

 

[Solly]

The Australian reports that
"Emmanuel Cassimatis and his wife Julie ...own five investment properties"

See more here in this article;
"Living it up on failure as investors reel"
by Anthony Klan

http://www.theaustralian.news.com.au/story/0,25197,25356425-2702,00.html

 

[Solly]

CBA doing Storm damaged deals

"The Commonwealth Bank is doing deals including life-time tenancy agreements with its Townsville Storm Financial victims but the Bank of Queensland is holding a hard line on its culpability over dubious Storm-arranged loans - and therefore setting itself up for major legal action"

More here from Michael Pascoe in The SMH,


http://business.smh.com.au/business/cba-doing-storm-damaged-deals-20090420-ac84.html

 

[Solly]

Symonds signed bat for Storm loan

"Australian cricketer Andrew Symonds used a signed bat to lock in a seven-figure loan with the Commonwealth Bank of Australia that he then invested with the failed Storm Financial Services, a former Storm executive alleges."

Article states that Roy may have lost $1m...

http://business.brisbanetimes.com.au/business/symonds-signed-bat-for-storm-loan-20090420-abzi.html

 

[Solly]

"COMMONWEALTH Bank was forced to deny yesterday that a signed bat from cricket star Andrew Symonds got him special treatment on bank loans used to finance his disastrous investment with Storm Financial."

"....Slater & Gordon expected to brief clients today about the class action it is preparing against Storm and its business partners.
Slater & Gordon's Damian Scattini said the action could be ready to proceed within several weeks."


more here from Colin Kruger in The Age

http://business.theage.com.au/business/bank-denies-going-in-to-bat-for-cricketer-20090420-acou.html

 

[Solly]

"ASIC incapable of preventing Storm situation"

"The Storm Financial collapse could not have been prevented by ASIC in its current guise."

See the story here by Darin Tyson-Chan in Investor Daily

http://www.investordaily.com.au/cps/rde/xchg/id/style/6282.htm

 

[Garpal Gumnut]

"ASIC incapable of preventing Storm situation"

"The Storm Financial collapse could not have been prevented by ASIC in its current guise."

See the story here by Darin Tyson-Chan in Investor Daily

http://www.investordaily.com.au/cps/rde/xchg/id/style/6282.htm

Solly, mate,

I've read all your posts and have been contacted by Manny Cassimatis, to hear his side of the story.

It appears to me that the Storm Investors have been silly and greedy in equal measures, with a dollop of poor governance from the Banks/ Macquarie.

Were we in a bull market again, Manny would be trying to sell his model on market again.

Manny and his ilk feed off other folks greed.

gg

 

[Smiley]

GG, I know lots of ex-storm investors and we are sick of being called greedy because we tried to become self-funded retirees.
It is easy to label people as stupid, naive, etc; what makes you so special and clever?
So what did Manny say, if you have a special line to him? Read the submissions online and you will see that there are professionals in the financial field who believed the word of someone who was supposedly licensed and a member of the FPA.
The problem was storm not doing as promised and selling client's porfolios as instructed by us. . . . not because we were gamblers or incompetent.

 

[pilots]

Smiley, Any one who invests ALL the money they have in only one investment, in not only greedy, but thick as two short planks as well.

 

[Julia]

Smiley, Any one who invests ALL the money they have in only one investment, in not only greedy, but thick as two short planks as well.

Pilots, I'm not sure that's entirely fair. They did trust one financial adviser to an unreasonable extent but - as I understand it, and happy to be corrected - they didn't approve their funds going into "one investment", but rather a geared Fund which invested in a range of securities.

Perhaps a Storm investor would be able to clarify this.

Not as though they put all their money into, e.g. Allco or BNB.

 

[pilots]

Some of then ONLY invested in Storm, thats a train wreck waiting to happen when you do that.

 

[Garpal Gumnut]

GG, I know lots of ex-storm investors and we are sick of being called greedy because we tried to become self-funded retirees.
It is easy to label people as stupid, naive, etc; what makes you so special and clever?
So what did Manny say, if you have a special line to him? Read the submissions online and you will see that there are professionals in the financial field who believed the word of someone who was supposedly licensed and a member of the FPA.
The problem was storm not doing as promised and selling client's porfolios as instructed by us. . . . not because we were gamblers or incompetent.

Mate I'm not having a go at you personally, but you just have to have a look at the Auction of Storm effects.

The whole show was a schmooze.

From the moment you walked in the door you were being manipulated by the ambience and that continued with the oxygen that was pumped in to the rooms where you listened to the Storm spiel.

Yes, you were trying to be self sufficient, and good on you, you are the oil that makes the engine of Australia run.

No, you are not blameless totally. You were done over OK, but you have to accept some responsibility for being gullible.

Many folk walked in to Storm and said to themselves, "this is a scam" and walked out again.

Manny could sell not just the ice to eskimos, but a whole refrigeration plant.

gg

 

[darkside]

So after reading 40 odd pages of the "storm thread" and the opinions of some very wise people, what do some think the outcome will be, will EC full fill his promise to bring "justice for all", will the evil banks give all the money back so their clients can have another throw of the dice, or will it just die a natural death, and then serve as a warning for some and an expensive lesson for others. No intent here just after an opinion. Cheers