Date Wednesday 14 April 2010
Place: Fullerton Hotel
Time: Morning, actual time to be confirmed
This date is delayed due to lack of available hotels and availability of speakers from the US firm. The lawyer was not able to arrange it for a weekend due to the above constraints.
More details will be provided when available. The above should be taken as Tentative.
PARTICIPANTS TO BRING DOCUMENTS
Dear Mr. Tan,
There will also be a one-on-one meeting after the seminar with KM lawyers. These meetings will start about 2 p.m. Please request the investors to bring along photocopies of their investment documents, if this is possible. Then the meetings will bear immediate fruits.
KM - Kirby McInerney - US legal firm specialising in class action on securities.
Singapore contact person - Teo Guan Hock (email: tguanhoc@singnet.com.sg, mobile: 96695578)
website: http://www.kmslaw.com/
website: http://www.kmslaw.com/
21 comments:
Thank you for keeping us inform,i am sure the American lawyer can do a good job if not better that our local lawyer who want money first before duty and like the financial institution who sold this toxic structure product and blame it on the customer.
Thank you very much. We will help to spread the news on this event when final details are made known.
I hope before the seminar, the lawyer can send his ideas and what he hope to achieve so that we can come prepared.
Who is he after? Morgan Stanely, DBS, Lehman brothers?
Who does he wants to represents?
As simple write up will help as from past experience, getting more than 200 to sign up is already a big challenge. Moreover, a high number of MB owners have took back a significant amount after the liquidation & compensation.
Our last hope! And have the approach to HK investor also?
what is Teo Guan Hock's contact No. or email? I tried to write to the law firm but no reply was given.
I have now updated the particulars of Teo Guan Hock. See above.
Hi, 12.27 AM
If I get more information from the lawyer, I will post them into the website. Right now, they are busy preparing for the seminar, so it is best that you attend the seminar to learn about their strategy.
Thanks again Mr Tan our savior and connection to our MB plight
Is this for the Mini Bond?
This is for all toxic products, including the mini-bonds.
Hi Mr. Tan
We all should attend to learn about
the American way of a class action.
I have to pay a hefty sum (borrowed
from some people) to take part in
our own class action here. What is
sickening MAS encourged me to go
for this expensive way of getting
my moneys back, and then found out
I got 62% of the payout after
liquidation of the MB. MAS phoned me to try legal action last year.
Feb 22, 9:14pm
The fact that you got 62% for your minibond residual value is due to the effort of the class action. My guess is that MAS is behind the scence doing arm twisting.Some say it is for Town Council's benefit. So your effort is not wasted! Your return is higher than the Hongkee!
9.14pm, i got 30% only
9.14pm You can still claim from FI's, lodge a claim with Fidrec or join class action etc. You have not lost your right to claim as a result of the residual value.
Looking at the MAS website on the compensation of different series, I cannot help but feel that there is some invisible hand going on. Since HK people were compensated 60%, the FIDREC compensation is done such a way when combined with residue value, MAS can declare
"In total, retail investors in the Minibond notes will receive 64.5% of the total amount invested in the Notes."
So this can ease off the political pressure why millionair ministers can't do better than HK SFC or because election is coming.
Sometime I wonder is this just a number game. They should instead work hard for the heartlanders who pay them millions a year. Why so much crap?
I wonder Lehman’s bankers, who designed the minibond products, received how many million dollars of bonuses. These bankers and their bosses should return their bonuses to the victims (minibond unit-holders).
Setting aside the differences between FIs and investors, the KM lawyers platform is an excellent way to recover the millions from Lehman. The immoral profit gain from buying over the Notes at a huge discount during the initial FIDREC adjudication is not enough to cover the millions of Notes loss owned by the FIs.
KM needs numbers & investment amount to pursue Notes' owners fraud. Last year, it was tough to get victims involvement e.g. 250 for MIAG and after the fee increased, the number went down to 160. Pinnacle is trying to get enough people to sue. Leonard Loo's 250 seems to have evaporated. DBS HN5 succeeded in getting 200 people. So where are the initial 10,000 people?
To make things worst, a high number of people took back a significant amount through residue value & compensation thus making the effort to start this class action in US tougher.
With no cost upfront, investors and FIs should join hand and help KM succeed in suing Lehman in USA.
Do the investors believe MAS is
arm twisting behind to get back
some moneys for them, please do
not glorify the regulator. If there
is such a remote possibility, it
is for the benefit of their town councils' losses only.
We have learned to be sceptical of
MAS motives, even to the point of
ignoring whatever crap they
annouce. They could cause us harm.
American class action is different from the English system.The US adopts a "opt-out" system. That means that the members of the class will be included and named the the lawsuit unless he chooses to opt out.
Mr. Tan,
You are always there to help us when we need you.
Million Thanks !
If the size of the class is large enough, i.e., combined losses of let say in excess of US$50m (this value is decided by the US law firm), then if fraud by the US Securities can be established, then the US Law firm, Kirby McInerney (KM) would charge only success fees to file the law suit in the US courts to recover the losses. This means that you need not pay a single cent to engage KM.
In the event that the law suit in the US is unsuccessful, all the investors and the 3rd party reseller (our local financial institutions) in the class need not have to pay a single cent to KM. KM bears all the risks and costs.
In essence, you can only win by engaging KM because they will only take on cases that fraud can be established. KM with 60 years of experience, can truly claim that they are the oldest law firm in the US for investment loss recovery.
Thank you and Best Regards
The challenge KM has to face is how to get enough people to sign up.
Minibond = 8000 retails investors
[$375m]
[$133m fr institutional investors]
ML series 3=350 retails investors
[$23m]
[$5m fr institutional investors]
This blog managed to gather 1,000 people for petition thus there is a need to have a more effective way to reach the rest of the investors e.g. newspaper. KM must communicate clearly the terms and conditions & how to sign up e.g. Show proof of investment, sign up with NRIC No and name, declared the amount to claim etc. what amount of compensation & residue received.
It is going to be a huge costly challenge to reach out to 8,000 minibond investors through holding many seminars. But if KM terms is simple enough to understand, just by putting on a newspaper for a week, people will walk in and sign up once they are convince the proposal is genuine & no cost to them. But to sign up a thick document is another problem since Notes Owners got into this trouble because of signing up a bullet-proof Minibond application forms. My point is just by organizing seminars, it is going to be costly and take too long to gather enough people.
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