Thursday, February 04, 2010

Pinnacle and Jubilee Notes

The Minibond investors are able to get back a fairly satisfactory payback on their investments because the underlying asset has some value, in spite of the insolvency of the issuer Lehman Brothers.

In the case of the Jubilee and Pinnacle Notes, the values of the underlying assets has depreciated as Lehman Brothers was named as a reference entity or the designated number of entities have entered into a credit event. There is little hope of recovery from the underlying assets.

The issuers of these notes are still around. The investors can participate in a class action in the USA to see if there was wrong doing by the issuers. You should attend the seminar that is being organised in March. Click here.

Tan Kin Lian


Anonymous said...

We are very much like to go. However, doesn't they need a US citizen to initiate the class action? I heard the try was failed last time becasue none of us is a US citizen or own a house in US.

Tan Kin Lian said...

Any affected person (and does not need to be a US citizen) can participate in the class action.

Anonymous said...

Sometime many opportunities are lost if you ask too many questions. Go to attend such seminar will open your mind and you can ask all the questions yourself. Make some friends so that you can discuss with them when you have more questions. Look for the leader or the organizer so that you can ask them more questions in the future.

Me and my friends were hopeless starting from sept 08. Because of the injustices, we attended Hong Lim Park, read TKL blog, attend MIAG seminar, visit MAS, FIDREC, FI. Call HSBC, talk to MP.

My point. Take action and along the way, solution will appear and at the same time you meet good people. TKL is one of them. Cheers.

Anonymous said...

I agree with 5.31pm comment. Take action, do something & don't let the victim mentality affect you. Or else you will just grumble & no one will help you.
"God help those who help themselves"

Anonymous said...

Please do not rub salt into our wounds, we've tried everything,
but at the end of the day, MAS,
our MP. and the UOB Kayhian ignored
us completely.

Anonymous said...

I agree with 12:08am All those whose bought through UOB Kay Hian were screwed as we went through all the MAS process of complaints to FI, Fidrec, etc but in the end got nothing.
Do not trust UOB Kay Hian and Fidrec!!!

Anonymous said...

For those who got nothing from FI and FIDREC, you have the residue value which is better than those who transferred 100% notes to FI at a huge discount.

From a friend who invested $550k in MB, this was a relief for him as he felt like a coo-coo running around MAS, FI and FIDREC. His was series 2A thus got back about $300k. Before this, he was living hand to mouth while having his other $500k in Pinnacle.

Now, he has no worry about his living expenses. The residue value re-energised him and he felt happy. His next move? Go after the MB he lost and continue to pursue Pinnacle at FIDREC or Mr. C. He is also considering attending TKL organized seminar. My point is he did not look at his lost but his gain to motivate him to continue to chase after his lost.

I have being hurting since Sept 08 but through the encouragement/sharing of similar situation people met in HL Park, we push on. I gone through FI and FIDREC. Don't like it but enjoyed giving the FI a piece of my mind at Adjudication.

Don't give up. Don't blame MAS or Govt as they will have their retribution. Stay strong and continue to find possibility. Do attend TKL seminar or talk to MIAG people, there is always hope if you believe in it.

Anonymous said...

Everyone has to be realistic in your expectation for the residual value, compensation etc in Minibond. Remember what TKL said earlier, if FI's compensate 50% in return for 50% notes. That was considered reasonable then. I know there are people still not happy when their residual value is more than 70%!

Anonymous said...

If one compare to the likelyhood of having nothing back given such collapse, MB investors are lucky.

If one use TKL guide of 50/50 split of responsible, MB investors are lucky.

If one compare the kind of support given by HK SEC given to burnt investors, MB/HN5/Jubilee/Pinnacle Notes owners are very unlucky.

Best of all, we are paying the office bearers millions of dollars to do an average job. Those ministers are very lucky indeed.

President Obama & the Hong Kong office bearers took a fraction of what we gave our ministers because they believe in service over money.

It is meaningless to draw millions of dollars a year and shouting from the top to ask those jobless PMET and low income workers to

i) be "faster, better and cheaper"
ii) Increase productivity by 3%
iii) go for retraining to get a skill and not to worry about employers don't employ older workers.

Empty words to jobless people who are more concern how to fill their empty stomachs. I forget, we have to also think about the 1.25 million foreigners whom we have to fight for a job. Usually we lose because they are Cheaper, Faster and Younger.

Sign.....Govt, don't you know that we, once strong supporters of you who believe that you will always help citizens now have grown up and cannot stand the noise you made everytime you open your mouth.


Anonymous said...

Some minibond investors in Singapore likely to get 60% or more in their investment (both residual value and compensation etc). This is comparable to Hong Kong's formulae. The only difference is that we in Singapore have to fight for it by legal action etc and Hong Kong Government is more caring. Please vote with your eyes open next election!

Anonymous said...

In whatever notes you own, the moment a financial institution compensate a client, there are indeed some form of mis-sell or mis-rep done.

It will be interesting to see how Govt/DBS snake their way out of the private suit by 200 HN5 investors. One way to keep a low profile is not to report anything. Way to go, Straits Times....

Anonymous said...

Please note when FI's compensate investors, it is on "without prejudice" basis.They are not admitting mis-selling or mis-representation etc. The condition they impose is that investors do not sue them again in other forum etc.

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