LKM Capital Debenture Holders Action Group

[charles36]

LKM CAPITAL DEBENTURE HOLDERS ACTION GROUP.

After discussions with a number of debenture holders it was decided to form the LKM Capital debenture holders action group to be known as LKM/AG. Debenture holders will be able to access the group forum and outline their concerns, suggestions and remedial action if possible. We all have a vested interest in seeing the best possible outcome is achieved for us so therefore it is necessary to take an active interest in our own fund. We are the owners, without us there would be no fund.

I have received considerable interest from quite a few debenture holders and I hope to co-opt a few members to form a temporary advisory group until we can hold a meeting for all interested members at a mutually convenient location in the early new year.

From the conversations I have had with a number of people there are certainly grounds for concern and in need of further investigation.

CLASS ACTION

There has already been contact made by some debenture holders with the Solicitors from Slater and Gordon, Coffs Harbour and I am informed that they are in the investigation stages to determine what action, if any, can be taken on behalf of debenture holders of LKM Capital. It is necessary for any person with information or suspicion of wrongdoing to make contact. Remember there is strength in numbers and knowledge is power.

I look forward to a fruitful and satisfactory outcome for us all.

CAUTION. DO NOT USE INSULTING, DEFAMATORY OR UNLAWFUL COMMENTS ON THIS FORUM. NOT ONLY WILL THE FORUM, BE IMMEDIATELY CLOSED DOWN BUT MAY LEAD TO AN ACTION FOR LIBEL.

LET US ALL BE CONSTRUCTIVE AND WORK FOR EACH OTHER.

 

[charles36]

So far there over fifty interested debenture holders, at the moment I am trying to sort out my computer to place the email addresses in a group. Be a bit patient with me. In the meantime compile any documentation and information you have together with your concerns.

 

[charles36]

I havbe been trying to send an email to the group of interested people but unfortunately five people have either supplied wrong email addresses or they have been lost in translation from the Coffs Harbour Advocate aqnd myself. I hope the rest have received my email and start to communicate through this thread. To make things easier to log on, try http/www.Aussie stock forums.com/forums/showthread.php?t=13717.

 

[Diga]

Hello Charles

Have you seen the latest from the LKM receivers? - BRI Ferrier http://www.briferrier.com.au

http://www.briferrier.com.au/content/Creditor_Documents/Press_Release_LKM_Finance_081208.pdf

Seems we're not getting any sort of return until late January at earliest, March - maybe. Rolf Koops was seen very recently having a slap up dinner with his family at an upmarket restaurant in Coffs Harbour - and not giving a toss who saw him. Merrry Christmas Rolf. I feel like taking a full page ad in the Coffs Coast Advocate wishing him a merry christmas - unlike the rest of us whose money he stole! I doubt it would even make him cringe - the man obviously doesn't have a conscience.

Regards,

Richard Haynes

 

[Don1111]

Hello Charles & Others,

Not sure what to think with this whole business. Only thing I noticed loudly was how quickly Rolf & Sandra shut up shop to "retire" strangely just around the time of the collapse. It would appear that that was an act of legal preservation on their part, particularly as I have heard Sandra is still working.

If a class action is to take place, obviously any extra recoupement is not going to come out of the burning wreck, but would come from either the personal wealth of Rolf & Sandra or if it is imaginable, any insurance that may be applied. (doubt that, just trying ideas here).

On the better side if there is one, this whole debacle was pulled up quickly enough to to see in the order of around 50% (at this stage) to come back. Albiet over some years, but often collapses yield virtually nothing back. So the question here is was it pulled up soon enough ?

Another question, how legal is it to sell a your own product of this type, through your own network. Big mistake not having an independant broker here.

Well there is some starters.

Regards
Don Mills

 

[B&K Gilchrist]

Thank you Charles, for starting the ball rolling.
We Kaye & Bruce Gilchrist would like to join you and the other L.k.M..
Capital Debenture holders in a group forum.
We have most of our hard earned savings in the debentures, and as
we are now retired we have no way of earning that money again.
We support the idea of a group meeting so that we have some idea
of what is happening to our money.
Tomorrow I will contact Slater & Gorden re the class action.
We are interested to hear what others may have to say about our delimer

B & K Gilchrist

 

[prawn_86]

Just a note on behalf of myself and the other moderators and admin.

Issues like this are complex, extremely drawn out and can create a lot of angst amongst various individuals. While threads like these are encouraged there are some ground rules that must apply:

No abuse of other members. This is standard ASF policy and there will be zero tolerance.

No multinics. Any user caught with multiple usernames will be banned without question.

Any material that places ASF in a position of liability will be removed.


Please understand that the moderators or administrator are not going to read in detail and acquaint ourselves with issues such as this, simply due to the amount of time it would take of our volunteer resources, so if any of the above rules are broken or if there are constant complaints about this thread it will in all likelihood be shut down.

Sorry to be blunt, but we have had problems with threads like this in the past so it is best to get some rules in place now.

All the best on the long road that you are all setting out on.

Prawn

 

[Diga]

Hi everyone,
My name is Richard Haynes - but you can call me "Diga" . It appears that we have a wealth of knowledge & life skills – I myself was a graphic reproducer, having worked on some of the largest magazines in Australia - I am able to produce newsletters, magazines from design through to print.

I say, we pool our skills (life & professional skills) we can empower ourselves and win back our dignity.

I feel a meeting of some sort will need to take place as -

A) there will need to be an elected group to represent us in a clear, well presented, managed and focused approach to represent our issues..

B) There is the legal aspect of things to consider – legal aid ??? – or better still the more people that register with Slater & Gordon
http://www.slatergordon.com.au/

The better our case will be.

Anyways food for thought.


Hooroo

Diga

 

[charles36]

Thank you one an all for getting the ball rolling, it is what we need, more information the better. Diga could you ring me when you have the time.


To the moderator of the forum on behalf of members of the action group thank you for your kind words of warning. We are sensible people and I will do my best as I am sure all the others will to keep this forum in a positive way. Please note my initial post wherein I set the ground rules for the forum. Thanks once again.

 

[Diga]

Hi everyone,

My name is Richard Haynes - those of you who have joined the LKM Debenture Holders Action Group will know me as "Diga".

I wish to propose a meeting of affected clients of LKM - at a date yet to be set, no costs involved, to be held at my home on the outskirts of Coffs Harbour.

The hope is to gather 6 - 7 people with research skills, professional writing, accounting etc. to put together questions which we then can put to the :-

A) The Receivers - who are now called BRI Ferrier - and can be found at http://www.briferrier.com.au/pages/welcome.php
- sadly nothing to advise us the Debenture Holders of these changes, I myself have yet to receive anything about the fact that we will not be receiving any return, yet it is posted on their new web site. - which can be found at

http://www.briferrier.com.au/content/Creditor_Documents/Press_Release_LKM_Finance_081208.pdf

and I quote from their document -

DECEMBER 2008 DISTRIBUTION

The first distribution to debenture holders was budgeted to be paid in late December 2008. As you are aware this distribution was subject to expected settlement of loans prior to Christmas 2008. These settlements have not occurred. Therefore we are unable to make this first distribution before Christmas 2008. As a result we will increase the amount of the March/April 2009 distribution.

Should you have any queries in relation to above, please do not hesitate to contact BRI Ferrier on 1800 679 069. - end quote.



I firmly believe that we deserve better than this - after all it is our HARD earned money that is at stake.



B) Construct a campaign to Government Departments and the Minister/s, local & federal politicians.

There are other issues at stake such as the role of the Trustee and others.

Some of the stories I have heard have brought me to tears.
These people/families may not have lost "lots" but in some cases - it was all they had.

So, those who have the skills and are willing to join myself and others - who shall remain nameless at this stage -
in doing what Australians do best - having a go and standing up against bullies.


I can be contacted by "Private Message" through the https://www.aussiestockforums.com/forums/showthread.php?t=13717&highlight=LKM+Capital

click on my name "Diga" and a drop down menu appears - then select " private message"

Cheers
Diga

 

[Diga]

Re: LKM Capital

Sorry but i just couldn't help myself, this is a beauty

http://www.anz.com/aus/Corporate/About_Us/PDF/InPerspective0606.pdf

page 8 will be of most interest.

Diga

 

[jillp50]

Hello
We are victims of LKM. We retired young and thought life couldn't be any better. When we received phone call re LKM in Receivership we were devastated and could not believe it.

This action group can unite people. And we look forward to meeting you.

Jillp50

 

[STANM]

HELLO EVERYONE.
I AM VERY PLEASE TO SEE SOMEONE DOING SOMETHING

ABOUT THIS CATASTRIFY THAT IS HAPPENED TO OUR LIVES.WE WOULD

LIKE TO HELP IN ANY WAY POSSIBLE.ALTHOUGH NOT A LOT OF EXPERTICE.

STANM

 

[charles36]

Pleased to see more people logging on. I will be absent over Christmas but in the meantime I wish everyone a Merry Christmas and a happy new year.

In the new year we will start to move alonmg and develop our strategies and hopefully make some in roads into our problem.

Diga could you give me a ring sometime when you have a moment, please.

Regards
charles.

 

[jillp50]

Hi everyone,

Pleased to speak with you Charles, and looking frward to meeting you mid Jan re action group. My husband & I wish you all a Merry Christmas and hope 2009 will find some answers for all.

Regards
Jill & Col:

 

[Diga]

G'day everyone,
And welcome to everyone who have recently join our group.
Thank you for your support.
Charles36 will be away over Christmas.

Should you have any questions - be they big or small please email or private message me (left click on my nick name), and i will get back to you.

Warmest Regards

Richard "Diga" Haynes

 

[Henry di Suvero]

I have applied for an Age Pension because almost all my savings were in LKM Debentures. Centrelink has two tests for determining if one qualifies and if so, to what extent. The tests are known as the "asset" test and the "income" test. Centrelink valued my LKM Debentures at their investment value (i.e 100%)--- !!! Despite the Receiver having frozen income and withdrawals from 5 Aug. I waged a long battle with Norm Sillar, the head of the Processing Team for Age, Carer and Rural Pensions. Finally last week with an appeal pending to the Social Security Appeals Tribunal and to be heard in early January, Centrelink caved in and valued the assets at zero. I had argued they had no present value, were not transferrable, there was no futures market for them. However, having demolished the asset value, now Centrelink is including the Allocated Pension that I don't get as part of my present income. Am battling that.

Centrelink's Processing Team for Aged Pensions---- that is, the section that reviews all applications for Aged Pensions--- is located right there in a bunker in Coffs Harbour. This is Norm Sillar's Fax : 66486 896. What they have done for me may not be done for you. You have my permission to cite my case as a precedent for a zero valuation of your LKM assets.(208 791 249 V)

I had to fight through an amazing set of nonchalant Centrelink call centres. Here's some advice if you call and finally get someone: after you id. yourself, ask for their name, where they work (what capital call centre) and for your telephone receipt number. If you live in Coffs, please go and sit in at Centrelink until you get to see Sillar.

There have been 4 "Internal Bulletins" in Centrelink on LKM valuation---- none of which are posted for the public. These "internal bulletins" dictate what the Centrelink position is on what the person can say to you. The person answering has no discretion. Only Norm Sillar has that discretion. If you are unhappy with a 100% valuation, file an appeal to the SSAT. Find the SSAT on the net and you can file your appeal by fax. Keep the pressure up on Centrelink. They have been outrageous with me. Your claim runs from the date you file your Age Care pension application.

Minister Macklin is no help. She doesn't get involved with "individual cases". The junior minister in charge of Centrelink's delivery of services is Senator Ludwig in Queensland. His office is of little help. Macklin made a public statement in Oct saying she had asked Centrelink to expedite the re-assessment of assets for pensioners. Political spin with no real implementation. Centrelink is a bureaucracy gone beserk with its own callousness.

Henry di Suvero

 

[breaker1]

:xmastreeHi Charles 36 and fellow LKM Capital Denture Holders readers:

I am breaker1 from ASF thread "Octaviar MFS Premium Income Fund" [thread and action group founder] https://www.aussiestockforums.com/for...ad.php?t=10937
Similar to what Charles has done here. I previously kicked off my thread in May. Our thread had over 200,000 hits. It proved a great instrument for our PIF investors, being tremendously successful in disseminating PIF related information, advice and investor / reader debate.

I wish you all much success in your LKM Action Group venture and trusting it brings some breakthroughs.

Your first step of course will be to collate an Action Group list with names, emails, date commenced membership and any other details members care to give. This is very time consuming to start with - allocate months.

It is important to eventually share the workload in all this and possibly start local groups where there is a concentration of members.

One point - be loyal to one another and try not to start other competing groups - this will likely bring divisive problems and time wasting arguments as it did in ours.

Being a friend of Charles and Charles being also in our PIF Action Group, I am only too happy to contribute assistance if required from the experience of the PIF AG.

Once again - best wishes to all!

Kindest Regards,
breaker1
PIF Action Group

 

[John VK2]

Ladies & Gentlemen,

Having finally managed to to get registered on this Forum - after eight attempts - I have finally arrived.

To begin, quite coincidentally, I have just finished reading "The King of Torts' " by John Gresham. I find a great deal in the writing is very pertinent indeed to our present case, in fact I respectfully suggest that it is required reading for all those involved in the present situation with LKM CAPITAL.

Further please remember that NO firms of lawyers, solicitors or accountants are going to act on a 'pro bono' basis. They are like every other firm. They are there to make money for themselves, shareholders et al. It is worth mentioning at this point that Mr. Andrew Cummins of FGKS answered my question on fees charged as being between A$100,oo & A$550.oo an hour.

This of course is OUR money which will be deducted FIRST from whatever monies are finally available. Simply put, our money is being used to get some of what we have lost, back to us.

As far as I am concerned I think that Rolf Koops personally should be brought to book and is something I propose to seriously consider on methods to the used. He, Rolf Koops, has openly stated that himself and his firm are "very respected , long term residents of Coffs Harbour".

He has also stated that "I think there's a good chance that people will get 100 cents in the dollar."

"We've got very good assets and we're not a typical debenture fund with exposure to lots of development loans."

"There's very very good prospects basically".

"We are not racing off to Majorca or anywhere else just like that."

I find it strange that he should mention Majorca. No why would people think he would go there??

Coming back to my previous comment of "methods to be used", I will be happy to discuss such matters OFF this Forum to avoid any clash of interests.
In the meantime if I can possibly provide any information whatsoever I shall be happy to do so.

My e/mail: jwallvk2@tsn.cc

 

[charles36]

Sorry that you had trouble in logging on. Any suggestions to make it easier John would be most welcome. You have my phone number, give me a ring when you are free. I am pleased to see positive people logging on to the forum. Early in the new year when holidays are all over we will develop our strategies for our group. Regards Charles.