THE PRO TEM COMMITTEE OF THE PINNACLE ACTION GROUP WISH TO MEET ALL PINNACLE NOTES HOLDERS THIS SAT 5PM AT HONG LIM PARK.
WE WISH TO SEEK YOUR SUPPORTS TO EXPLORE ALTERNATIVE WAYS TO SEEK RELIEF FOR LOSES
INCURRED BY THIS FAILED PRODUCT.
THE CO-OPERATION AND UNDERSTANDING OF ALL INVESTORS CONCERNED WOULD BE MOST APPRECIATED.
FOR THOSE WHO ARE UNABLE TO ATTEND, KINDLY EMAIL YOUR PARTICULARS (NAME, NRIC, EMAIL ADDRESS, AND TELEPHONE) TO:-
Chan JC
2 comments:
I urge all pinnacle Note holders to take note.
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You investment could be ZERO even if it is not those which is declared DEAD now. It is a time bomb. You may need fellow investors' support in due time.
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Apology to tell the truth.
NO WIN, NO PAY BASIS
Hong Kong investors of Lehman minibonds may have to pay around 20 percent of any money they receive to their US lawyers, the Democratic Party said yesterday. Around 1,200 investors gathered for three closed-door meetings at Caritas House yesterday to discuss the class- action suit in the United States and to select a representative case for each of the 28 minibond series.
The US lawyers are said to have offered to take the case on a NO WIN, NO PAY BASIS. But party legislator Kam Nai- wai hopes they will lower the charge to 15 percent.
In any case, the fee is decided by the court. Twenty percent is the maximum, but 15 percent is more reasonable. In the Enron case it was just 10 percent, Kam said.
Alliance of Lehman Brothers Victims chairman Peter Chan Kwong- yue said the group hopes to reduce the fee and to reach a consensus by the Lunar New Year when the US lawyers will return to Hong Kong.
Chan said more than 33,000 investors decided to employ US lawyers for the collective litigation and he is confident the lawsuit will be successful.
A minibond investor with Dah Sing Bank, surnamed Ng, said she was informed the minibond was more relevant to Holland rather than the United States and that she is confused by the bank arrangement.
Kam said the party will discuss the issue with the lawyers and see if they can help the 7,000 investors who hold other Lehman products.
Up to December 24, the Hong Kong Monetary Authority referred to the Securities and Futures Commission four cases related to Lehman products involving two licensed banks in Hong Kong in respect of complaints of alleged misconduct.
The authority has received 19,699 complaints concerning Lehman Brothers-related products, 18,282 of which have been processed.
Since October 17, the HKMA has referred 238 Lehman Brothers-related cases involving 12 banks to the SFC for further action.
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