Thursday, February 04, 2010

High Notes 5

Dear Kin Lian
Like Minibond payouts can DBS HN5 investors also expect similar payouts.  DBS has been silent and also the case of 200+ invetors who are suing DBS has not come for hearing at the Courts. Any idea when the case is expected to be heard?

REPLY
You have to check with the lawyer or the members of the class action on HN5. The underlying assets in High Notes 5 is nil, as the money has been used to pay the credit default swap (of which Lehman Brothers was a reference entity that was insured under the swap). Do not expect any settlement like Minibonds.

12 comments:

Anonymous said...

On 14 December 2009, the value of Australia Mahogany Notes (a minibond alike product, arranged by Lehman Aaia) ,was announced in the ASX announcement:
Minibond-like Credit-Linked Notes sold in Australia (Mahogany Notes I & II by Lehman Asia) are worth $99 and $85. The notes/series that would mature at a later stage (2016) is worth $85. The notes/series that would mature much earlier in 2010 hence it is worth $99, is worth $99.

details at:
http://minibondvictim.blogspot.com/2010/01/true-value-of-minibond-85-99.html

Anonymous said...

HN5 hearing was on 4thFeb. Judge has heard the arguments from both sides and the judge will deliver the answer in a month or two. Even the class action members do not know the details of the hearing.

Anonymous said...

Why the HN5 case not reported in papers? Seems like all news has been censored to downplay and eventually kill this fiasco

Anonymous said...

The invisible hand in action.....

Anonymous said...

The whole structured notes fiasco is a disgrace to Singapore's financial watchdog for sleeping on the job so it is better to hush hush lah. Let sleeping dog lies.

Anonymous said...

Watch dog only know how to say "MXX welcome this news and that news". I'm amused that an organisation staffed with elites is so childish ! I had been monitoring, everytime there's a news about MB progress, the comments are about the same from the spoke person. Is their brain empty or what ? Why pay those guys so much when they are not serving the people of S'pore, the tax payers.

Anonymous said...

We have heard from some minibond holders
that MAS hinted to them to take
legal action around August last year, simply even the authorities
did not know that holders could
get back up to 70% of their
investments. How inexperienced
and naive can MAS be as far as
credit-linked notes are concerned -
they themselves don't know the
derivative nature of these notes
which they approved for sale.
MAS, as in other Govt org., is staffed with paper scholars, who have no substance, only paper
qualifications, or talk about
wars only on paper.

Anonymous said...

MXX is paid by tax payer money to do the job of what the Minister wants. With the new proposal of protecting the retail investors, I am afraid it just help the FIs to setup more protection so that they will win at any court or FIDREC in the event of dispute.

e.g. Their rep will hookwinked the investors with minimum product explain explaination and let them sign lots of small print documents on the reason that it is needed to apply for the product.

When the product bomb, this documents will be use to shut the victims up.

We, the current victims, are now more wise but what about those who have no clue? Only 10,000 affected, there will be more waiting to get trap. If MAS as a regulator cannot protect them, how come for Minibond saga, Malaysia regulator succeeded?

Best solution is still not to let complex product sold in Sgp.

Anonymous said...

Why residual values of MINIBOND are higher than expectation? Is there an invisible hand at work after the writ has been served? Your guess is as good as mine.

Anonymous said...

Why the MB investors are lucky?

i) Sgp vs HK for financial hub.
ii) Sgp govt does not like to loss i.e. losing to HK SEC on MB issue.
iii) tonnes of money in MB through stats board and Town Council
iv) Election coming.

For me, I think MAS failed miserably while Govt ignored our problems even after numerous peitions. We have to go around to FIs, FIDREC etc to beg for our money back. Very dissapointing and the sore experience is not going away even after the payout of the residue values. Happy election day, govt!

Anonymous said...

I seriously believe MAS is behind the scene to secure higher residual value for the minibond after the WRIT has been served onto the 3 defendants!

Anonymous said...

Higher Residual value for us or for the Town Council and Statsboard investments?

Higher Residual value so that Sgp MB outcome is better than the 60-70% received by HK MB investors?

I don't whether this govt did the above for us or for themselves i.e. election coming...

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