Thursday, January 15, 2009
"Pinnacle Action Group" formed to work on a possible Class Action
(1) A working committee of 6 investors (informally called "Pinnacle Action Group") have come together to work on a possible class action for Series 1,2,3,5,6,7,9 & 10 of the Pinnacle Notes. Series 9 & 10 have been declared worthless and the other Series were notified in December 2008 that they are close to but not yet declared worthless. The fate of these other series now hang in the balance. The group feels that we cannot allow this tragic event to go unchallenged
(2) We have briefed several Senior Counsel (SC)and the proposed class action will,unlike the case of Minibonds, be against the arranger of the Notes, viz Morgan Stanley Singapore. An official website to facilitate the organizing of the proposed class action will be launched as soon as one of the SC briefed has been appointed to take on the case.
(3)The proposed class action will target 1000 or more affected investors in the various series to join in .The legal fee structure proposed will be simple and affordable - perhaps as low as only about $1000/- per head - on an all-inclusive basis right up to appeal stage , win or lose. To do this , we need 1000 or more to join in. The process will also be kept simple and the issues raised will be easy to understand for all who wish to join in the proposed class action and try and recoup their losses.
To be kept informed, before the launch the official "Pinnacle Class Action" website, Pinnacle investors are urged to contact us at the email address given below. Please provide us with your:
(a) name; (b) Series bought; (c) email address, and (d) contact tel
"Pinnacle Action Group"
(J C Chan, S Tan, C S Lim, P Loh, B T Tee and C Y Boey)
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