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Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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Junior Member
Further to my little rant above regarding dodgy dealings - the story now includes a Bentley and a 3.4 million payout to two directors the day before administration...
http://www.sharechat.co.nz/article/0...ifax-mess.html
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What also concerns me is could this happen to other companies as well, such as FNZC, Craigs ? I guess situation is different there as the shares with say Direct Broking are held in ones own name, and not with a custodial service. So exposure would just be the cash . Does this sound correct ?
What a mess.
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Junior Member
This is exactly my concern too. Is my ASB share trading account exposed to the dreaded counter-party risk should the parent Bank get into strife?
Basically this seems to be akin to a ‘bail-in’ situation similar to that prescribed by the Open Bank Resolution where depositors become responsible for the shortfalls created a bank.
Does anyone know of an online service that provides the equivalent of a share certificate? I think we all got rogered here by our transactions all being pooled under the Halifax account?! Any advice would be welcomed.
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anyone went to the 2nd meeting?
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Junior Member
No but there is a good podcast of the meeting on the administrators website https://www.ferrierhodgson.com/au/cr...ealand-limited
Very frustrating as an IB user - we are getting shafted simply because our funds passed through an (illegally) pooled multi-platform account on the way to our brokerage account. This account was being siphoned by the Bentley-leasing lizard in Australia to pay operating expenses. With no intention on our part, we have ended up using 10 cents of someone else’s money for every dollar transferred to the IB platform.
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BBY clients one step closer to finding out their fate four years after the collapse
https://www.abc.net.au/news/2019-05-...ction=business
i had a account with BBY but was fortunate to have moved my funds a yr before demise. do not have funds with halifax but wonder if this means halifax situation will drag on for yrs like BBY
one step ahead of the herd
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Just been through the KPMG Investor Update - 24 Aug 2020
Is this for real ? Seems unbelievable to me ? Aren't these the guys the same ones who caused the issue ? Lets say they are successful....will we then need to approach them, as the Majority Shareholders, for our share of the money that might be transferred to them ? Or do they just pop it in their bank and walk away ? What to do ? Trust the process ? Any thoughts ?
"The Liquidators understand the argument, in a very short form, put forward by the Majority Shareholders is that clients of Halifax AU who paid the full purchase price to Halifax AU in respect of shares were not beneficial owners of those shares but rather had contractual entitlements as if they had entered into “contracts for difference” in respect of which Halifax AU was the counter party. This is, according to the Majority Shareholders, even though investors may have believed that they were entering into transactions to acquire shares. As a consequence, investors would be creditors of Halifax AU (rather than beneficiaries of a trust). The Majority Shareholders argue that Investor claims should be valued as at 23 November 2018, with any surplus assets above the 23 November 2018 balance of the portfolio (taking into account the deficiency) to be paid to them."
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Is anyone interested in discussing this ?
After getting my head around what the judgement meant for me...and reluctantly accepting the reaming...we are now advised as below:
https://assets.kpmg/content/dam/kpmg...-june-2021.pdf
"On 15 and 16 June 2021, the solicitors for the First Defendant, Mr Loo, filed an Application for extension of
time and leave to appeal in the Federal Court of Australia and a Notice of Appeal in the Court of Appeal of
New Zealand. In summary, the First Defendant’s position is that their Honours erred in concluding that the
Liquidators of Halifax AU and Halifax NZ were justified in adopting 27 November 2018 as the date at which
the proportionate entitlements of the Investors were to be calculated (see FAQ (4) below) and that the date
at which proportionate entitlements are calculated should be as close as possible to the distribution date
and, in any event, only after the Liquidators have realised all extant investments"
I am trying to get my head around what this might mean for us. But I am not sure that I have the right information to make even a partially informed decision. Our account was down 7% Nov 18, but is up 42% Jun 21. Based on the judgement...it seems I would get back ~93% of the cash I put in. But I just can't see I have the information to figure out what Mr Loo's idea might mean. I have tried this morning to model some scenarios in a spreadsheet if anyone is interested ? The receivers seem responsive, return emails, I might need to go back to them and ask for more info ? Or is it even worth worrying about...should I simply trust the process, which is how I have managed it so far. Clearly Mr Loo is not of that opinion. Anyone have any additional ideas ?
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