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The Mandatory Redemption Event has been officially announced for the Pinnacle Series 2, and letters have been sent to us. For the SGD Tranche, there is a total of USD 4,070,606.58 to be paid back to the Tranche B Notes-holders. Converted into the SGD, this amount is equal to SGD 5,141,176.11, the Exchange Rate they used was : SGD 1.2630 to 1 USD.
On a pro rata basis, each note-holder will receive SGD 1,023.11 per Tranche B Note.
I first bought the notes at SGD 5,000 per Tranche B Note.
Hence, my loss is SGD 5,000.00 – SGD 1,023.11 = SGD 3976.89 per Tranche B Note.
It’s quite a loss to me. What can I do now ? Thanks, but this is sickening.
ReplyPN, thank you. I have raised the issues, but the distributor kept saying they are still investigating and has not come out with a position yet. To be fair to them, I am still waiting and am hoping to be able to settle this amicably with them for some reasonable compensation. I am being fair and am not saying here that it is their fault entirely.
However, even upon this, the distributor is not giving me a final position on their actions for me.
Do I continue to wait, or start the legal process across country if necessary.
ReplyDid anyone hear that Pinnacles 2 is very likely to experience a Mandatory Redemption Event too ? The indicative price as of yesterday was only 12% per note. All the series seems to be dropping one by one.
The letter about this ‘very likely event’ has been sent out recently. But the series has not gotten redeemed yet, probably as the year turns around. What can we do at this moment ?
By the way, what can we ask from our distributors ? Some partial compensations ?
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Depending on the circumstances you bought the notes, you may be able to ask for some compensations for the distributors. If you can prove that you are a conservative investor and have been misled by the distributors, you chances of getting compensation is high.
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Dear all Pinnacle Notes Holders,
For your information, I came to know that US Kirby McInerney Law Firm has been working exceedingly hard for the past 8 months to help all Singaporean Notes Holders to get back some of their very hard earned money. Very strongly, I urge & appeal to all of you to join & support them. You have nothing to lose if their suit is not successful & you need not pay a cent. If they win the case, you will at least get back something,depending on your investments. For their astoudingly very hard working, I am very sure that all of us wish them every resouding success & sunshine victory without even going to the US Court,given the divine blessings of Morgan Stantley kind mediation.
Kindly take immediate action now to help yourselves & to support this US legal firm. If you have any quries, please email directly to [email protected].
Thank you very much for Mr. Kirby & Mr. Daniel Hume & his team for their exceedingly very hard work & the very kind support of our Singaporean Notes Holders.
Lo
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interesting… those who have settled still can participate?
i thought usually when you settle, you will have to sign a form giving up ALL form of further recourse.
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Further recourse towards the distributor. In this case, they are going after the creator of the product.
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