Storm Financial Group

[Soft Dough]

Also for those interested the latest bid on the Expresso Machine is $1409.

I might just buy it to annoy ol' Julie

 

[Solly]

I might just buy it to annoy ol' Julie

The present bidding for the San Marino SME/2-LS espresso machine

is at $1759 with "JC- Belmont" being out bid at the moment.

This could become quite a hot item and turn into

"The Great Storm Espresso Machine Bidding Battle"

and will be very interesting to see who nails it at 7:00pm Monday.

The San Marino is quite a sturdy unit,
I believe you can even mount them in mobile coffee vans.

 

[awg]

One rather item that I find a little baffling for a financial advisory company to own is a gun/rifle safe...



Maybe it could have had other uses like locking up the Grange or storing the company back up data tapes....Any ideas gg ?

I reckon it probably had inside what Gun safes are made to hold.

IMO some of the investors on his books would have been the sort to request there money back with intent.

Do you reckon Manny would be a bit paranoid toward the end?

It isnt illegal to have guns, so long as you have a licence.

 

[Garpal Gumnut]

re The Graysonline auction, of Storm effects and baubles.


It may suit those who having cash that may be at risk in the future, to turn that cash into goods,

The goods may be more easily distributed to family and friends should the cash be at risk of removal should that future I outline in the paragraph below ensue.

Such a scenario could develop through bad luck, bad investment or adverse decisions by creditors, or courts, and thus the cash would be at risk of sequestration..

Its rather similar to the $10 million dollar thread, cash and real estate is more easily traced. The auction baubles can be gifted.

https://www.aussiestockforums.com/forums/showthread.php?t=15630

Now I am not suggesting that folk bidding on Graysonline would do such a nefarious thing, but just suggesting it as a possibility for a small minority of bidders at auctions of all types.

There may be some bargains but none of the stuff appeals to me, and to my knowledge I have debts only that decrease my taxable income through legal means, which I can easily repay through capital cash assets.

gg

 

[Solly]

"The supposedly perfect Storm, gone for a song"

"The last vestiges of Storm Financial opulence have
gone under the hammer."


"`JC' was outbid on several items including a number of sofas and armchairs, sideboards, an ottoman and assorted kitchenware."


Story by Chris Quagliata in The Townsville Bulletin is here;


http://www.townsvillebulletin.com.au/article/2009/05/26/55471_hpnews.html

 

[Garpal Gumnut]

"The last vestiges of Storm Financial opulence have
gone under the hammer."

I would have to strongly disagree with that statement from the article.

Thousands will have to sell up, dispose of real estate and goods.

Many farms will be sold , particularly some old Italian ones in the Burdekin and Ingham, Atherton areas.

No the hammers are not finished yet mate.

There are many angry people out there.

Hammers will be used again.

gg

 

[maccka]

I would have to strongly disagree with that statement from the article.

Thousands will have to sell up, dispose of real estate and goods.

Many farms will be sold , particularly some old Italian ones in the Burdekin and Ingham, Atherton areas.

No the hammers are not finished yet mate.

There are many angry people out there.

Hammers will be used again.

gg

Sadly GG - I have to agree on that.

The next couple of months will constitute crunch time for many.

 

[SJG1974]

Well another week goes by and still the cassimatis.com.au site is still temporarily down whilst the content is updated.

Manny hasn't made any appearances and we still await the great Cereberus and his informed opinions on the inner workings of this mess.

Manny....Cereberus....where are you??

 

[Steve Borden]

Well another week goes by and still the cassimatis.com.au site is still temporarily down whilst the content is updated.

Manny hasn't made any appearances and we still await the great Cereberus and his informed opinions on the inner workings of this mess.

Manny....Cereberus....where are you??

Manny's in Townsville for a christening this weekend.

 

[donteventryit]

Manny's in Townsville for a christening this weekend.

Isn't it his daughter's 21st in Townsville also?

 

[-Bevo-]

Well another week goes by and still the cassimatis.com.au site is still temporarily down whilst the content is updated.

Manny hasn't made any appearances and we still await the great Cereberus and his informed opinions on the inner workings of this mess.

Manny....Cereberus....where are you??

Id doubt the website will ever get updated, although I would like to be proven wrong.
I think the only content update happening is the contents of a certain Belmont address after JCs little spending spree.

 

[Solly]

"Storm fallout"

"THE Commonwealth Bank is facing mounting pressure for its part in the Storm Financial debacle amid speculation the Cassimatises will re-ignite their legal battle against the bank."

Read more here by Tony Raggatt in The Townsville Bulletin;

http://www.townsvillebulletin.com.au/article/2009/05/30/56365_hpnews.html

 

[Solly]

Does anybody have an update on Ron Jelich?

I'm not aware of anything since this article from Feb.


http://redcliffe-and-bayside-herald.whereilive.com.au/news/story/jelich-breaks-his-silence-on-storm/

 

[Smiley]

from one who is well informed -
Re Ron Jelich, ex MLC, ex top official at Storm, followed Manny right off the clliff . . . . speaking to ASIC and feeling guilty, hear he's preparing a submission for enquiry
Manny not likely to be Cerebrus unless someone helping him log on . . . IT skills are minimal
perhaps EC and JC in town to collect their purchases from headquarters and check on the various houses purchased late 2008 . . . .
Bank info on all Storm loans was tracked by Manny but just hoped Cwth/Colonial would carry debts - he knew clients were in negative equity - data online told him, banks told him, some clients told him . . . .
Enquiry coming to town 2nd Sept 09:
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/hearings/index.htm

 

[Solly]

"ASIC chair blames flawed models"

"The ASIC chairman then went on to cite as an example the extensive use of margin loans with margin to value ratios that could not sustain the market downturn.

He said a good example was Storm Financial where “for example, margin lending was extended to a ‘whole balance sheet’ (ie, against all of an investor’s assets) with additional leverage against unrealised gains as the market rose."


See the full article in Money Management here;

http://www.moneymanagement.com.au/article/ASIC-chair-blames-flawed-models/483911.aspx

 

[chrisgee]

has anybody got any good news for the storm people? we haven't got any closer to resolving things. some friends are still waiting to see what the bank can do but i fear it wont be much. i see mr cassimatis may be taking action against the comm bank...good luck with that i say. i read mr gg is in russia does anubody up in townsville got any news ? are assic still there? i wish this would really hurry up and get resolved. i fear its going to be a long cold winter ahead.

 

[Solly]

FEDERAL COURT OF AUSTRALIA
Queensland Registry
Tuesday, 9 June 2009

Commonwealth Law Courts Building
119 North Quay

10:15 AM Interlocutory Hearing

1 QUD73/2009 STORM FINANCIAL LIMITED (RECEIVERS AND MANAGERS APPOINTED) (ADMINISTRATORS APPOINTED)
v VICTORIAN FAMILIES RETIREMENT & INVESTMENT GROUP PTY LTD

 

[Ferret]

i wish this would really hurry up and get resolved. i fear its going to be a long cold winter ahead.

Sorry, Chris, but I wouldn't hold your breath. The money's gone and its unlikely any investors will ever see any compensation for their losses.

From here on its about whether EC, JC or the various lending banks are guilty of any wrong doings and end up fined or imprisoned.

 

[Trevor_S]

i wish this would really hurry up and get resolved. i fear its going to be a long cold winter ahead.

It will be 20 years at least before it's finished, based on other similar instances.

 

[pilots]

As long as a lawyer some place can still make out of this it will never be over, the ONLY thing thats over is any hope of the punters getting ANY money back at all.