The latest indicative price of Pinnacle 6 and 7 is 0.01% ($1 for every $10000) and investors in them are looking at a 99.99% capital loss very soon.

Someone asked me the lawsuit for the Pinnacle Notes and I thought it would be good to post this for everyone:

“I am one of the victims of Morgan Stanley scam. May I know where u read that Kirby Mcinerney is going to take up class action against MS? May I also know who is tkla.km@gmail.com? After being scammed once,can’t help being cautious. Thank you for posting the info.”

I have included a couple of videos below to explain how it works. Remember, Kirby Mcinerney only get paid if they win.

This is another contact person if you want to find out more about this:

Contact Person for Kigby Mcinerney Pinnacle Lawsuit

1) What does your firm do for Asian investors?
2) What rights to Asian investors have in a US court?
3) What results have Asian investors received/could receive in a US court?
4) Are these cases worth it financially given the time involved in reaching a resolution?
5) Do you expect more cases to be brought?
6) Is fraud on the rise? In what sectors? In what ways?
7) What kind of regulation will prevent the fraud that has been committed?

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.

Some investors have already expressed interest to join this action but the law firm needs more members to take part before they can proceed. There is no upfront fee involved to join the suit. 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.

Investors of Pinnacle Notes who are interested to join the suit or need more information can send an e-mail to tkla.km@gmail.com providing the following information:

• your name
• mobile phone
• email address
• amount invested
• type of Pinnacle Notes (which series)

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.

Based on the letter from Morgan Stanley about a week ago, each Pinnacle Notes Series 3 investor will get back US$152.51 and US99.23 (to be converted to SGD) for tranche A and B respectively.

This redemption value is based on a capital of US$5000 and S$5000 for tranche A and B respectively. This works out to be about 3% of the original investment amount. Unfortunately, for those who did not know about the exact nature of the Pinnacle Notes, they will be in for a nasty surprise.

Update: Please check out the latest class action suit that involves no upfront cost:

http://www.lioninvestor.com/pinnacle-notes-lawsuit/

Briefing Session by Senior Lawyer Mr C Campos on Pinnacle Class Action

To All Pinnacle Investors:

(1) We are pleased to inform you that Conrad Campos (who has already filed a lawsuit for Minibonds investors) has agreed in principle to act for Pinnacle investors as well. With his experience in the Minibonds case, he is eminently well qualified to handle the case for Pinnacle investors. Additionally, we have consulted other legal and financial experts who will provide assistance when/if the proposed class action takes place.

(2) It is estimated that a legal fund of about $4 million is needed for the proposed class action to cover all costs, including adverse costs in the event the case is not successful. To raise this amount we propose that at least 1000 investors join in at $4000/- per investor/per Series. A refund of about 50-70% of the fee of $4000/- can be expected if we win the case. And, if more than 1000 investors join, the fee of $4000/- will be proportionately reduced.

(3) Please note that even if you have received partial compensation from the financial institution (FI) directly, or through Fidrec’s adjudication, you can still join in the proposed class action. This is because the proposed class action will hold only one party responsible – viz. the arranger of the Pinnacle Notes, Morgan Stanley (Singapore). It will not sue any of the FIs.

(4) By doing this, we have legal clarity and a common ground for investors in all the eight Pinnacle Series to sue collectively, regardless of the FI involved. The law protecting investors is clear and opinion received from the experts, suggests that the case has a reasonable chance of success. There is of course no “guarantee” – but it is the only chance we have to seek justice for the enormous loss we have all suffered.

(5) To start the process of getting investors’ support going, Mr Campos has agreed to give a briefing to Pinnacle investors who are keen to form a ‘core group’, so that there can be leadership and coordination as the process gains momentum. An official website for the proposed class action (www.pinnacleclassaction.com) will be launched as soon as the core group is formed.

(6) The briefing by Mr Campos will be held on Friday 30 October, 2009 at 6.00 pm. Venue: Conrad Campos & Company, 30 Cecil Street, Prudential Tower #15-00 Singapore 049712 at the Boardroom.

Kindly indicate your interest to attend by email to: christinatan@camposlaw.com indicating in the subject heading “Pinnacle.”
Attendance will be limited to about 25 people, due to space constraints.

Yours sincerely,
“Pinnacle Action Group”

There will be another gathering this Saturday for affected victims of structured products (Minibond, DBS High Notes, Pinnacle, Jubilee) organised by Tan Kin Lian.

Date of Gathering: 22nd August 2009
Place: Speaker’s Corner, Hong Lim Green
Time: 5.00 pm

Activities:

1. Speech by Tan Kin Lian
2. Hold placards with messages
3. Sign petition (for those who did not sign online)
4. Talk to other investors at the gathering