This summer in recovery statagies

Now that summer is here, there are some things you can do to help with recovery actions. First of all, subscribe to this blog and receive email updates whenever I post here. Go the LM Investment Victims Centre website (link available above) and seriously consider joining the letter-writing campaign.

As you might imagine, I get CC’d in a lot of emails that are not meant for public consumption, and there is indeed a lot of activity going on. Best way for you to hear about them yourself and to get wind of it all is to register yourself as many places as you can. I’m not able to completely divulge information, nor do I want to be in a position to do so, either. It’s up to the investors to make as public an outcry as we can.

Additionally, you probably would have received by now a statement dated 20th June that is being circulated written by the ACI and INL (the group of Financial Advisors that are cooperating towards recovery actions). There’s a lot of boilerplate language that basically just affirms that “Yes, we are doing stuff” without actually saying what they are doing, because, anyway, they can’t. The main upshot, for our fellow victims, from where I am sitting is:

  • The best course of actionable recoveries lies with the current trustees of the funds (KM & FTI)
  • The ACI & INL people are there “just in case” and to apply pressure
  • The LMIV website is becoming very well-known and is also being used to apply pressure
  • We are still very much in the beginning stages of this saga

I still have my doubts about KM & FTI being able to find real recovery, though, to be honest, because:

  • I wouldn’t want to be an employee working at KM or FTI; the environment there must be pretty insane. I can’t see them cooperating very well
  • Even if they do win court cases, it’s not at all clear where they are actually going to get the pile of cash to actually pay us back (i.e. everyone is broke)
  • Any solid recovery action will need support from ASIC, the Australian Securities and Investments Commission, and they, quite unanimously, suck

Please a reminder that this is laymen basically just guessing, but those are my observations.

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