Greg Marshall of Logic Fund Management (my boss) basking in the glory
Since 2009 I have been engaged with a demanding project for Logic Fund Management. We initially set out to work on behalf of innocent New Zealand investor’s who lost most of their $91.5m investment in what has been named ‘the dodgiest deal ever done’ by a leading financial lawyer in Australia. Over these 2.5 years I felt like an investigative lawyer, journalist, financial detective, database monitor, organizational wizard and of course a specialist in conversations with elderly investors.
In December of this year we heard from the New Zealand Commerce Commission that they had settled the deal outside of court for $60m, which would return 85% of the original investment back to approximately 3,000 investors. We represented about 850 investors and I would like to share just a few emails that I received after our news release:
Yes – news of payout is very exciting and you and your team deserve a huge pat on back as without your insistent harassment of all those involved, I’m sure much would have been swept under the carper. You’ve kept everyone involved responsible in their duty to report on an ongoing basis, and assisted very much so in the various parties having to come to a monetary payout conclusion. Well done. We need more people like you in New Zealand keeping companies clean and honest.
Thank you for the update and the ‘best practice’ note. You thank us for our support, but the thanks are more properly due to you and your team who have enabled us to have some hope of good news whereas left alone we wouldn’t have had any. We truly appreciate your efforts; thanks. Best wishes for the Festive Season.
Thank you for the Credit Sales communication and for your diligent “beavering away” to achieve such a successful outcome. Congratulations on the ODT publication of today’s hard hitting resume of the impact on so many investors. There could be a case for a Prospectus/Investment Statement requirement to state that it is unwise to place any more than say 10% of an investor’s funds in any one investment. We shall be in Wanaka Christmas/New Year & hope to have you round for a celebratory drink!
We would like to thank you and your team for the last three years negotiations on our behalf during the battle with Credit Sails and their associated firms. Your team, together with the Commerce Commission,exceeded our wildest dreams and for this we can not express our appreciation enough.. We would like to wish you and yours a happy festive season and a prosperous New Year.
You deserve a medal for this and our support of lesser importance. I was rung this morning by Forsyth barr re this as if they had had had major impact. Well done.
If you ever pass through Waihi, please look us up. If it is the right time of the day we will share whiskey! Well done, and all the best!
I think it is perhaps one of the best results of any project I’ve ever worked on. To attain a more detailed view of what was accomplished, please visit the Credit Sails Blog which I have maintained since 2009.
