Tan Kin Lian's Blog: Redemption of Pinnacle Notes

Wednesday, January 27, 2010

Redemption of Pinnacle Notes

Dear Mr. Tan
I picked this up from Den of the Lion Investor. They are redeeming Pinacle Notes at 3% to 5% of the orginal value.

http://www.lioninvestor.com/pinnacle-notes-3-redemption-value/

33 comments:

KFC said...: Wow, investment of USD5000 gives back only USD150. What kind of investment is that???; January 27, 2010 4:39 PM
Anonymous said...: It is so toxic beyong imagination.; January 27, 2010 9:19 PM
Anonymous said...: Series 6 not sure how they calculate left 0.5%. it seems like when there are company they just reduce the residual value. Biggest scam off all time. It is like taking somebody money & gamble without the need to pay back; January 27, 2010 10:10 PM
Anonymous said...: MAS, we will not forget you. You have failed as an institution in allowing this product to be sold. The losses and pains suffered by the investors will linger on for long time.; January 27, 2010 10:23 PM
Anonymous said...: Not sure how all these will affect the outcome at the next elections.

If the next election outcome is about the same as the last one, what does it mean?

What will the bloggers and commenters have to say? Blogs will be very interesting to read post election. And also maybe a lot of head scratching. Hahahaha.; January 27, 2010 10:51 PM
Anonymous said...: More reason to vote out the PAP.; January 28, 2010 1:12 AM
Anonymous said...: Men-in-white: "What to do? It was an honest mistake. Let's move on."

"Oh, by the way, you went in with your eyes open."; January 28, 2010 1:16 AM
Anonymous said...: Talking abotu GE, we will not have surprises because by then, many would have gotten some goodies or sweeteners and forget everything.; January 28, 2010 7:35 AM
Anonymous said...: For those writers in the blog and own Pinnacle, have you complain and gone to FIDREC? In my opinion, this is the only way to seek justice for misrepresentation since Regulator [Sgp MAS] is too busy for election & Private suit is going to be too expensive to substain.

I understand there is limitation of $50k in FIDREC as well as the frustration of preparing your own case but this is better than doing nothing and waiting for a miracle. If you succeeded in getting a compensation of 50% of the limit of $50k investment, you will still get back $25k while the other $25 pend liquidation. Again this is better compared to waiting for Pinnacle suit to start which I understand they are targeting JP Morgan which has no impact to the outcome of your case with your FI.; January 28, 2010 9:12 AM
Anonymous said...: I believe this is just the redemption value of what you will get back if you sell the notes before the maturity date. If the notes can be kept alive untill maturity, I think we should get back 100%. Am I not right.; January 28, 2010 2:20 PM
Anonymous said...: Anyone can advise the status of Minibond residual value ? No update from the authority at all.; January 28, 2010 3:46 PM
Anonymous said...: Yes, I believed you are right but the point is that one has to seek for justice if he/she was misled into buying this product in the first place. Don't wait until the notes collapsed.; January 28, 2010 3:57 PM
Anonymous said...: Morgan Stanley is redeeming the notes from investors due to a credit event. What this means is that the notes are redeemed before maturity and investors will only get back 3% to 5% of what they have originally invested. Very bad luck for the investors.; January 28, 2010 4:19 PM
Anonymous said...: As a citizen, it is hard to forget MAS is really an irresponsible setup and so far take no accountability.

They make grave mistakes in allowing such toxic products for sale. Take no meaningful actions against the FIs to protect its citizens when bad things happened.

Tai chi the work back to the victims and ask them take their case to Fidrec or FIs.

So far not sure how successful are cases that are brought to the Fidrec or FIs directly? Anyone has good experience through Fidrec??

Equally bad is the govt make it so difficult for victims to make claims from FIs, because the FIs would sing the same tune as the govt....go in with eye open, you are educated so can read...bla bla..

No one should forget that as a factor to consider who to vote when the next election comes...; January 28, 2010 6:08 PM
Anonymous said...: 9:12am:
Surprised that you still believe in fidrec. Many has gone and received nothing. Only handful got anything, which is why they do not publish any data to trumpet, but just waiting to die out over time; January 28, 2010 8:43 PM
Anonymous said...: PWC is unwinding the residual values of minibond series. Their residual values vary series from series. But do not expect too much in the residual values!; January 28, 2010 11:28 PM
Anonymous said...: What choice do those with no money for private suit has? Cannot depend on MAS, got screwed by FI. Only solution I had is thicken my skin and go to FIDREC. I worked on MAS report & reviewed over and over FI's rejection letters. Talked to those we went in the 2nd Quarter of 2009. Learn from their feedback. In Adjudication, gave FI a piece of my mind as I went in there without any expectation.

Then I was compensated. Much more than those friends who were physco by FI to accept 15-20% else may get nothing in FIDREC.

As for PAP, I regretted voting for them all these years. I don't believe those who keep saying PAP is ignorant, snobish, do what they like and now I understand. Good luck to them next GE.; January 28, 2010 11:57 PM
Anonymous said...: """"Then I was compensated. Much more than those friends who were physco by FI to accept 15-20% else may get nothing in FIDREC.""""

Those who received more or better would like to talk about it while those who received less would just keep quite (not to loss face).

Yr experience may not be representative, and many still received poor compensation.

But don't give up. Have to fight on. And don't forget. Have to do "the right thing" next time.
Going to F***** depends a lot on yr luck, but what to do. We have to try our lucks.; January 29, 2010 6:38 AM
Anonymous said...: Going to FIDREC Adjudication depend on whether you get Adrain Soon or Seng. Seng was nickname "mad judge". Good to victim one day and scold them another day.

What to do if you are penniless with all your retirement saving in Pinnacle and Minibond.

If you have a problem and has no solution, then it is stress.

For the notes problem, hope will prevent you from going mad. With hope you have to take action. In taking actions, alot of time there will be failures but continue trying yield to a solution unique to yourself. Doing nothing will gain nothing. Example:

1) Meeting in Hong Lim Park with TKL hoping to yield positive action from MAS & Govt. Result: No answer but HLP meeting allowed investors of different FI to meet and co-ordinate actions.

2) Changed strategy and add in petitionssss to MAS, SM and PM. Result: no reply.

3) Ask for 50-50 across the board to share blame. MAS no reply until mid 09 i.e. disagreeing such action.

4) Investors hope MAS act similar to HK SEC. Result: MAS ask investors to go FI then FIDREC.

"For things to change, you have to change first"

Investors who hope and hope but take no action but blame MAS, Govt, FIDREC, FI will only stress themselves up.

I agreed the above are useless but there is still no change to your lost.

I met a friend who invested $20k in MB. Until today, he wish to do something but did nothing except complaining to FI and was rejected.

I met another friend who invested close to $1 million in MB/Pinnacle. As hopeless as it was in the late 2008, he wrote to MAS, FI, MP, PM, SM. Help? He has a listening ear from his MP. He was rejected flat by several of his FIs. He has no money for private suit and went to FIDREC eventhough there is limitation. 3 months ago, FIs finally agreed to meet in FIDREC. Is it over? No. He has a mad judge to due with and at the same time overcome the agony of preparing his case. The best part is during adjudication, the RM admitted selling Pinnacle as a bond and as safe as FD. Why? He said he was trained and understand that way.

My point. If he did not push and continue hope MAS, PM, SM, MM to do something, you can imagine the outcome.

Good luck to those who still waiting for MAS to do something.; January 29, 2010 8:50 AM
Anonymous said...: Go FIDrec also kena pushed around. Asked to submit this that, do this that but in the end still get zero. I think it is just out to destroy me; January 29, 2010 11:05 AM
Anonymous said...: For those who have tried and got nothing from FIDREC, you can hold your head high as you have done everything you know. As for MAS and the millionairs, they have already lost the support of a part of the baby boomers.; January 29, 2010 5:43 PM
Anonymous said...: I agree that your outcome at Fidrec depends on which judge decide your case. Certain judge is well known for rejecting claims and FI are always right based on his ruling. No matter how many argument you submitted. Fidrec would not even provide a copy of the judge's ground for decision, only read out to you so you cannot ask for other expert opinion.; January 29, 2010 9:14 PM
Anonymous said...: Thanks to the good work of MAS who recommended victims to take their case direct to FIs, and if not successful getting compensation from FIs, go to Fidrec.

Now both FIs and Fidrec do not give written judgement with supporting reasons for their investigations.

What a clever wayang circle!!!!; January 30, 2010 8:34 AM
Anonymous said...: You think MAS is not doing anything behind the scene on this fiasco? Just look the compensation at Fidrec at the beginning and now. Who is getting more, now or earlier? Why?? Think about it. Having said you went in with the eyes open, MAS cannot openly force the FI's to compensate more. With a few class action going on, FI's are more 'encouraged' to negotiate.; January 30, 2010 10:46 AM
Anonymous said...: Fidrec has its limilation as the claim limit is only $ 50,000 in most cases. I believe case action is progressing well and the outcome of the case is very encouraging.; January 31, 2010 3:08 PM
Parka said...: This is like someone putting a giant jackpot machine in Singapore.; January 31, 2010 11:55 PM
Anonymous said...: Maybe we can send in FIDREC outcome to TKL and compare e.g.

e.g. 1
Adjudication settlement: Apr 09
Investment amount: $20,000
Selling process: over the couner
Outcome: 20%
Judge: Adrian

e.g. 2
Adjudication settlement: Nov 08
Investment amount: $20,000
Selling process: over the couner
Outcome: 50%
Judge: Adrain

With this basic information, one can then compare the outcome based on same scenario with or without different judge.; February 01, 2010 9:28 AM
Anonymous said...: There are people, who were compensated by FI, wishes to join class action if the lawyer sue HSBC or Lehman Brothers. FYI; February 01, 2010 9:31 AM
Anonymous said...: As far as I undrstand, MIAG is suing 3 parties ie Minibond Ltd, Lehman Brothers and ABN in the test case. If compensated by FI's (eg ABN), you can still join to sue Minibond Ltd and/or Lehman Brothers Singapore? Can clarify with the Law Firm?; February 01, 2010 10:58 AM
Anonymous said...: I am interested to join to sue Minibond & LB but since there is a seminar conducted by American lawyers, I would like to find out whether LB has any money left to be sued. Personally I think the American lawyers are more interested in Morgan Stanley.

Maybe can join both.; February 01, 2010 1:09 PM
Anonymous said...: Actually Pinnacle Notes Ser.3 owners have now received from their distributors the letter that says Morgan Stanley calculated residual value and will pay each Note holder S$138 which is irregardless of the amount you invested (not 3%). Series 3 finally exploded. Another Scam!; February 01, 2010 9:32 PM
Anonymous said...: Pinnacle Notes owners. It is not the end while it is very painful to lose your investment. Go and attend the seminar TKL is helping to organize. If the American lawyers think there is a chance to win Morgan Stanley, take it as it is a pay-only-if-you-win scheme. Of course, do read all the fine prints before you are sign up.; February 01, 2010 10:49 PM
Anonymous said...: not sure whether the seminar is still on for March 2010,as there is no more discussion or update regarding the Pinnacle Notes series 3 issues. Dear Mr. Tan Kin Lian, please advise. sincere thanks; February 21, 2010 11:27 AM