Hi Mr Tan
Upon hearing the news that MB is paying all the investors some amount next Friday, I did a search and found this web page about the percentage for each series.
Please do me a favor and publish this on your blog, I don't know how to reach everyone to tell them the good news. When they click the link below, they will know how much they can get back.
http://www.hsbc.com.sg/1/2/miscellaneous/minibond-notes-frequently-asked-questions
Thank you for your help to all of us these long days, I believe that all of us will forever remember you. I still lose about $35K and don't know what else I can do to get back my "blood and sweat" money ???
HC
This is very expensive lesson for investors who paid with their blood and sweat and I hope MAS is not sturborn to continue with its caveat emptor crap. It is time MAS tighten up the system and ensure that the processes are 'cleaned' up so that no FIs and their salesmen can exploit for their personal selfish gain.One great concern is the insurance industry if nothing is done to check the companies and the insurance agents.
ReplyDeleteI have been reading again and again
of policyholders discovering their retirement funds going up in smoke caused by poor advise or unethical practices of the agents.
Possible suggestions:
ReplyDeletei) go FIDREC to get the remaining $35k from FI if you have not done so earlier.
ii) go and listen American Lawyers on Pay-only-if-you-win lawsuit in US.
iii) Join MIAG lawsuit against FI, LB and MB.
Dear Mr Tan,
ReplyDeleteThank you very much. I really would not know what to do without your help.
Bless you and your family.
With this settlement, looks like the worst off investors are those who bought into DBS High Notes 5.
ReplyDeleteHope they have better luck in their ligitation.
Numerous settlements has been 50% or less, while the amount to be returned now is more than 50% in several series. It seems like we have been made a fool to accept the lower settlements.
ReplyDeleteAng 12:23AM- Please be grateful if you have been compensated whatever the amount . There are many still have not been compensated anything at all by the FI's except their residual value now.
ReplyDelete“I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence.”
ReplyDeleteQuote from Paul Volcker, Chairman of President Obama’s Economic Recovery Advisory Board. Former Chairman of the Federal Reserve, August 1979 to August 1987
Source:
http://www.google.com.sg/search?hl=en&lr=&q=%E2%80%9CI+wish+someone+would+give+me+one+shred+of+neutral+evidence+that+financial+innovation+has+led+to+economic+growth+%E2%80%94+one+shred+of+evidence.%E2%80%9D&start=0&sa=N
- From 2003 to 2008, the value of global over-the counter derivatives increased 300%–by a factor of four, while U.S. fixed capital (read: productive assets) increased by only 25%.
ReplyDelete- Profits (or so-called profits) for U.S. financial companies have gone up 258% since Q4 2008, while profits for non-financials have gone up 5.5%
Meanwhile when businesses tell us about constraints on their growth, investment capital is the very last thing on their list.
Given that financial services companies don’t produce anything that people, businesses, or governments can consume (including, it seems, investment capital), these numbers look pretty crazy.
It seems that Paul Volcker thinks so as well.
“I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence,” said Mr Volcker, who ran the Fed from 1979 to 1987 and is now chairman of President Obama’s Economic Recovery Advisory Board.
Mr Volcker said that the biggest innovation in the industry over the past 20 years had been the cash machine. He went on to attack the rise of complex products such as credit default swaps (CDS).
Source:
http://www.asymptosis.com/volker-give-me-one-shred-of-neutral-evidence-that-financial-innovation-has-led-to-economic-growth.html
how about Pinnacle Note investors? Who will help us? Mr Tan, Please do not give up us!
ReplyDeleteI would like to thank Mr Tan Kin Lian for his work to us investors.
ReplyDeleteI have series 5 and will still lose a large part of my savings. I am grateful that Mr Tan spoke out for those with series 1 and 5 that the FI should pay some compensation to relieve the lower liquidated value. A small amount to FI can be a large part of our savings, especially with jobs being difficult and cost of living going up all the time.
Pardon my poor understanding on the lengthy pages, mine is LB series 2 and does this mean I will be getting back about 62%?
ReplyDeleteThanks a lot.
If you look at MAS press release, MB3A, nobody was compensated with <50%. 3067 invested in MB3A and complained. 2611 has >50% compensation while 456 receive in full. This is assuming all complained to FIDREC with a limit of $50k.
ReplyDeleteMB3 formed the largest group of MB investors. For MB1 and MB5, it was the reverse i.e. 63.8% to 66.9 has <50% compensation.
My point:
i) if Judge is transparent & fair, all compensation should show a uniform spread.
ii) Could the different is due to lower compensation during the start of Adjudication & higher compensation in the later part of 2009.
How can MB3A has 0 compensation result for <50% compensation. The invisible hand in action, I guess.
So anyone with MB3 should consider going to FIDREC as you will get back at least 50% of your max $50k investment.
I'm glad this is all over.
ReplyDeleteActually, I've already written off my losses so this announcement is a major gain.
My loss is about 25% or equivalent to $6000, after adding the interest and deducting the exchange rate loss. That's three months of salary, three months of time.
What did I learn from this?
1. Financial advisors might not as competent as they think they are.
2. I'm going to adopt Warren Buffett's investment strategy: you buy ownership into the investments. For those interested, you can get his book The Essays of Warren Buffett: Lessons for Corporate America at the library. In the book, he actually talks about this type of investment which he avoided.
No more investments for me for the time being. Starting a business returns way higher, not to mention it actually benefits the society, unlike these investments which mostly benefit individuals.
" Justice must not only be done, it must be seen to be done. "
ReplyDeleteThis is a maxim all lawyers learn in their first year in university.
All these question here tell me we have a communication problem.
And it looks like a communication problem that is on a national scale.
Thanks Mr Tan a lot. I am glad to get back about 50% as I have already given up hope to recover any money.
ReplyDeleteHow about Pinnacle Note investors? Is there anybody care?
ReplyDeleteI still lost 38% of my investments
ReplyDeleteand I'm still going after FI who
tricked me into buying them.
It's not about money now, it is
anger for being trashed about and
being completely ignored after MM Lee came out to say I went in with
my eyes opened, and immediately the FI and my MP completely turned
smug and vicious.
Now I have plenty of ammunitions to
fight and show the world the treatment I received from nasty people here.
Did they really get a fair value for Minibond Notes on behalf of retail Minibond-holders?
ReplyDeleteOn 14 December 2009, the value of Australia Mahogany Notes (a minibond alike product, arranged by Lehman Aaia) ,was announced in the ASX announcement:
The 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 are below:
"THE VALUE OF MINIBOND ? 85%-99% ?"
http://minibondvictim.blogspot.com/2010/01/true-value-of-minibond-85-99.html
Fee for the 3 parties handling this liquidation was not announce.
ReplyDeleteMaybe they took the bulk of it.....
Parties involved in unwinding and liquidation processes need to eat and so, it is expected to pay them first before distributing the remaining to the investors.
ReplyDeleteMinibonds holders should ask the questions whether how much legal expenses were deducted by PW. There are no tranparency in these areas. I believe the original residual value is higher.We shd not be just be contented but press for fairness. This is our money.
ReplyDeleteI agree - how much is deducted from our liquidated values? I do not trust all these financial guys and the whole process is not transparent
ReplyDeleteA 50% payout is deducted from the liquidated value to pay Lehman brothers. Lehman caused the problem and now get 50% while I get 29%. What a GREAT JOB the trustee and receivers have done !!!
ReplyDeleteCan't trust these people anymore
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ReplyDelete