The US lawyers told me that the a hearing was held on 28 Sept 2011 on whether the case should be heard in US Court. The judges have not given their decision yet. The lawyer will keep me posted when a decision is made. For Pinnacle Note investors, keep your fingers crossed!
Pain me to see all the Pinnacle ex-owners are still suffering from the 2008 subprime bubble bust. The lucky ones are Pinnacle 2 series owners which survived the default rules i.e. near to 100% returned of principles. But all in all, still a net lost.
ReplyDeleteAll the best to 28 Oct 11 hearing.
Should be Pinnacle 5 series survived the default rules.
ReplyDeleteIt's a joke isn't it. Local investors of toxic products, marketed here and approved by our own local Regulator, have to request help from the Americans lawyers to get back their hard earned moneys.
ReplyDeleteThere is also another absurd oddity,
other toxic products sold by a Malaysian Bank in Singapore willingly compensated their clients for some of the losses when approached by their lawyers, and yet our own esteemed "National Bank", DBS,
did not pay a cent to their clients who bought their High 5 Notes. This Malaysian bank does business with a heart, they even pay our senior citizens a bit higher than the board Rate for their FD Deposits.
In the 90s, former Malaysian PM, Dr. Mahathir, helped a group of Singaporean property investors in a stalled project called Bt OUG in K.L. to get back their properties with success, the desperate Singaporeans wrote an Appeal Letter to the esteemed PM for help through their lawyers, and they were grateful the PM heard their Appeal.
Now contrast that to what our very own esteemed LKY and our own PM Lee's response to the Minibond Investors'appeal for help. LKY promptly accused Singaporeans for being blind as a bat, while his son resorted to be a postman and promptly sent the Appeal letter back to our useless Regulator, MAS,
washing off his hands clean of the matter.
From above real life experiences and events, not made up stories by me hor, ask yourselves who do you trust better. Bingo, never trust the PAP Govt. For their own interests, they could play you out any time.
Contd....
ReplyDeleteBT OUG Singaporean investors got back their properties through the the grace and compassion of Dr Mahathir's big heart. This is around the same time as the Asian Financial
Cisis. When Mahathir approached our Singapore Govt for financial help, Goh Chok Tong's Govt wanted to charge the Malaysians interest for the loans, which angered Mahathir. But this Malaysian PM did not take it out on the Singaporean investors, but instead extended help, this shows he is a man of Principle, and one with compassion at heart, dun you be fooled by his straight-talking and hard-hitting exterior.
Someone from Malaysia who had dealings with him before heard him saying once, on the whole, he likes Singaporeans, but not our Govt.
For us, we thought and still think, Singapore Govt should lend a helping hand to Malaysia when a crisis like the Asian Financial crisis of 1997 hit, without strict terms and conditions.
There is a Chinese saying, far off relatives can't beat a close neighbour at hand. In the PAP's phyche, $ and cts are engraved on their foreheads, applied to citizens as well as our close neighbours Malaysia and Indonesia, sama sama, wang satu, kawan dua.
God bless Dr. Mahathir, another extraordinary man, even though he has his warts also, no one's perfect.
So what! Mr Minibond have become the Minister via direct entry scheme.
ReplyDeleteHe is very heng and well rewarded while we are still licking the wound caused by the minibomb.
Remember PM Lee sent the Appeal Letter to this former MD of MAS, Lee has to compensate him for being made a scapegoat, hey presto, another yes man Minister is made, to add to the batch of PM's own clique within the PAP, to consolidate his power.
ReplyDeleteDun worry, Minibond investors put curses on him, won't be "heng" forever.
A price to pay later for "Sheng Guan Fa Cai" by stepping on the heads of others.
Health is more important than Vit M lost, meditate with the sacred word "Maranatha", and wait for a certain season. This Meditation will relax you, try it.
Maranatha means "Come Lord Jesus", inviting Jesus to enter your body or be present near you, thus not suitable for some with other religious beliefs. But LKY, who once proclaimed he does not believe in God and ghosts, now meditates on this Word, why not give it a try. Meantime, question whether LKY is going to be Christian soon, to atone for his........
My elderly aunt who was a staunch Taoist/Buddhist who prayed to Kwan Yin and Kwan Gong and Buddha every day by incense burning, shocked us one day by discarding all the statues, and baptised as a Christian after the death of our uncle. Anything could happen.
Que sera, sera, this song also lift up one's spirit.
Meditating or singing que sera sera aside, Pinnacle Notes investors must keep up fight in the States, always remember, Foreigners and the Foreign Court protect your interests much more than our own dida apa PAP Govt and its compliant Judiciary. Hear case on home ground, it's as good as no case or gone case.
ReplyDeleteThe Bt OUG investors in K.L. will testify to it.
Minibond and High 5 Notes investors would thumb for your success, may God have mercy on you.
If they move the class action to Singapore, this might help to encourage other groups to take up class action suit against those FIs. Until today, there is still no proper closure for investors.
ReplyDeleteBut 60% voted and think it's ok so what to do?
ReplyDeleteEstablishment only listen when there is a election. Beyond that, we are just another business transaction. If you are Singaporean, the treatment is doublely hash....
ReplyDelete