Minibond Investors
The Road Ahead Seminar (Organised by MIAG)
Date: Saturday, 21st March, 2009
Time: 3:00-5:00 pm
Location: 5 min from Farrer Park MRT
60 Tessensonhn Road
CSC Auditorium, Level 3
Singapore 217664
Take the lift beside the Booking Counter & turn left all the way at Level 3.
Following Auditorium/Lehman MIAG Seminar sign
For more information:
http://minibondsg.blogspot.com or
www.miagsg.com or call 6846-7885/9665-4132
7 comments
deefeeted says:
March 26, 2009 at 6:11 pm (UTC 8)
My FI is willing to buy back 10,000 units of my $50,000 minibond and offered cash settlement amounting to almost 30% of my $50,000 invested. I would like to accept the settlement offer for the time being: what I want to know is whether I can still sue them for the remaining 40,000 units in my possession later.
lioninvestor says:
March 28, 2009 at 2:11 pm (UTC 8)
Hi deefeeted,
Are they paying you $15k to takeover all your holdings?
deefeeted says:
March 29, 2009 at 9:09 am (UTC 8)
Yes, $15,000 to take over only 10,000 units of 50,000 holding; the balance 40,000 remain. Later on, entitled to any remaining residual value upon realisation of the notes.
lioninvestor says:
March 29, 2009 at 11:05 pm (UTC 8)
Sorry, I don’t quite get it. Shouldn’t the 10,000 units be worth $10,000 at face value?
deefeeted says:
March 30, 2009 at 1:11 am (UTC 8)
hi lioninvestor
Yes, in theory the 10,000 units should be worth $10,000 at face value, but they make it look at if they are compensating $15,000 (30%) for the $50,000 failed investment. The balance 40,000 units which I still get to keep, I reckon, is as good as worthless, but in the event of any realisation hopefully, I still get what is left of any remaining residual value.
smellarat says:
April 6, 2009 at 11:51 pm (UTC 8)
Hi lioninvestor
Wonder why this FI is wiling to offer $15,000 for only 10,000 units of a $50,000 investment. Does it mean the balance 40,000 units is worthless and likely to realise zero residual value? I was told my brother-in-law was offered this settlement deal.
lioninvestor says:
April 7, 2009 at 12:21 am (UTC 8)
Hi smellarat,
No one really knows what the balance is worth. It probably won’t be much, and it will take a few years to settle.
Perhaps this is one way of “window dressing” the settlement.