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To all Pinnacle investors of series 1, 2, 3, 6, 7, 9 and 10,
Please go and file a claim for your share of compensation from the class action suit of the Pinnacle notes.
http://www.martinlee.sg/action-required-pinnacle-notes-investors/
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Has anyone received the latest interest payment for series 2? The due date is on 21/5/2010.
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PN series 6 has gone bust. Morgan Stanley had announced that a mandatory redemption event will occur shortly.
Can I submit a misselling complain now or wait until final notice of redemption is given by MS
A US law firm, Kirby McInerney, has spoken about possible legal action that can be taken in US Courts in connection with the Pinnacle Notes.
Investors will only need to pay Kirby McInerney if they are successful in their law suit and the fee will be based on a percentage of the money recovered from the financial institution that is being sued.
As I understand, the law suit is not against the distributor of the Pinnacle Notes so those who have already settled on a partial compensation with their distributor would still be able to join.
More information here:
http://www.martinlee.sg/pinnacle-notes-legal-action/
ReplyCheck out videos here:
http://www.martinlee.sg/pinnacle-notes-lawsuit/
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If you are involved in the notes, you probably would not say the
consumer should bear the blame.
iris… i think your comments are quite one-sided.
The consumer should only bear the blame when an investment fails.
If a consumer blindly signs an agreement without clarifying what it is all about, whose fault is it?
If you sign a house purchase agreement which states the purchase price is 2million dollars when verbally someone tells you it is 1.5million dollars, whose fault is it when you end up having to pay 2million dollars by law?
I agree that all these CDOs are complicated. Thus, consumers should have avoided them if unsure. Not sign blindly then kick up a fuss when CDOs blow up.
If CDOs hadn’t blown up, everyone keep quiet and smile to the bank right?
NOT FAIR!
Replysorry typo..
i meant the consumer should ALSO bear the blame when an investment fails.
ReplyPinnacle notes briefing for class action suit.
http://www.martinlee.sg/proposed-pinnacle-class-action/
ReplyI cheked mine too, also nothing. It is supposed to be today. I think morgan stanley pays cdp today and cdp credit to our account tomorrow. That happened for the last payout in Jan
ReplyThe only thing I can say about all these notes were a scam to borrow
money without the responsibility of repayment. The banks who sold the
notes did not even know what they are all about. They just present you a
stack of papers to sign and tell you they are all standard terms and
conditions. I can only conclude that Morgan Stanley is the main culprit
behind these scams. As a customer who bought these notes, I am sure
99.9% of the investors are not aware of the so-called ‘underlying’ CDO.
When you ask for the list after the fiasco, most will be surprised it is the
first time they are seeing it. Therefore, how can the banks claimed they
have explained fully to the customers.
Public feedback on this will be appreciated.
I almost bought into the Pinnacle Notes 6/7 series. When I enquired about the so-called “underlying” CDO, the bank officer could not explain. She said so far no one ever enquired and I was the first investor to enquire though many investors had bought the earlier series. She told me to read the thick brochure as every thing was written in it. So I said ‘fine’ and requested that she highlight to me where was the information that i requested. Because she could not do so even though she was selling the product, we decided not to invest even though the dividend payment was good. So it was a blessing in disguise.
This is my tactic. Whenever I attended any investment consultancy meetings with the so called Sales Consultants, I ask this One important question……What ever good things I can accept…..Just tell me what is the worst that can happen to my investment?……If the Bank Officer is stunned by your question and cannot answer your question, just give an excuse and get ready to leave… Ha Ha. Through my experience, these poor Sales Consultants do not have any knowledge of the products they are selling.
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does anyone know if pinnacle series 7 made payout today? cos I checked bank account and it is not in yet.
ReplyIt seems that notes series 6 has been downgraded to C from BBB.
How would this impact the notes, series 10 became void when it was downgraded to CCC. so haow far is C from CCC.
This Pinnacle thing is fare more risky then presented. We are just waiting t see if it goes bust. Have to keep the notes until 2013 before that anything could happend further downgrades, further credit events
ReplyAs long as the default threshold has not been breached, which will trigger a mandatory redemption event, the issuer is obligated to continue paying the promised interest amounts.
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Although the current pricing of my Pinnancle Notes Series 2 really sucks, I’m pleasantly surprised to advise that it seemed that they’ve made a full dividend payout yesterday. For those who hold this series, you might want to check your nominated bank account.
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