A US law firm, Kirby McInerney, has spoken to investors about possible legal action that can be taken in US Courts in connection with the Pinnacle Notes. 45 investors have expressed interest to join this action. Other investors of Pinnacle Notes who are interested can send an e-mail to tkla.km@gmail.com quoting the following: your name
mobile phone
email address
amount invested
type of Pinnacle Notes.
Tan Kin Lian
12 comments:
Mr Tan, does the 45 investors include those who were unable to attend the talk but have submitted their names and details thru your blog.
Also what about the Pinnacles Notes that still survive ? Can these notes by included in the class action ?
Hi 4:49. I am one of the victim adn attended the meeting and they were only expected 60. Response was overwhelming as more chairs are needed. Unfortunately, KM was not able help Lehman Brothers victims as the company is bankrupt.
As for Pinnacle victims, quite a number signed up on the spot but KM welcome those who didn't attend to sign up. Again, there is nothing to lose as KM charge only upon successful litigation. KM need volume i.e. large base of victims to sue MS. Off their presentation, I estimated Pinnacle is worth about US$120 million.
For those who have received compensation, you can also join but do only claim a smaller amount i.e. minus the compensation so that you will not violate the agreement with your FI [my opinion]
Those pinnacle notes series that still survive have very little value left before final default happens. The investors should join & not wait till it collapse as the legal action will not even start if there are not enough investors worth the effort of the US lawyer.
The 45 people are those who attended and indicated that they wish to join.
Other investors who wish to join the action should send an email now to tkla.km@gmail.com.
I have received 4 replies from invsetors who wish to join the class action.
If you are keen to join, plese send details to tkla.km@gmail.com with the details set out above.
In my opinion, this will be the last chance to fight for your cheated money by Morgan Stanley. Don't wait until it fails as the issue is on MS not being honest and did not review important information which you will not join if you knew.
The interest of litigation was from Mr. Conrad who is representing MIAG [minibond] and also wanted to represent Pinnacle. No update while I believed it is as good as dead.
April 19 2010 10:07am- I believe MIAG representing Minibond investors is still active. It is unwise to discuss the merit of the case in public for an ongoing court case. Please do not pass comment if you are sure. Members are kept informed.
God bless MIAG, Mr Conrad and Mr Tan Kin Lian.Recent news about Goldman is an example of how evil they packaged the product and sold to innocent investors.
How Goldman sold the toxic product to another FI's is similar to how Lehman Brothers sold to RETAIL investors! The only difference is SEC in US in suing Goldman and MAS in Singapore said you invested with the eyes open.
Wonder why not a single word from MAS. As usual waiting for passage of time and things will be forgotten.
MAS bosses will only talk when they are asking for pay raise i.e. pay raise on the already most expensive salary paid to a govt in the world.
Why the citizens approve? They did not, as usual, the ruling party head decide while donate his next 5 years of salary increased to charity. [probably guilty]
MAS see American Banks, turn the other cheek because they are AngMo.
MAS see local Banks/FIs, turn the other cheek because Govt own one of them.
MAS see Notes victims, turn the other cheek and ask victims to look after themselves.
Now Sgp Economy is recovering, guess what? MAS is going to help and provide Govt nice economy picture so that Govt can ask for pay raise.
We, as usual, has no say. Just read the newspaper and the next moment, all ministers' pay increase on top of the already highest paid salary in govt of the world.
Look at who is the international advisers to MAS and you will know why MAS is saying you went in with your eyes wide wide open.
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