Archive for December, 2012

Logic Fund Management Credit Sails

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.

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A few weeks ago I attended Powershift,  a Pacific Climate Summit for Youth as I felt it  had been too long since I had gotten in touch with my inner environmental activist.  I was inspired by the young female leaders of Samoa, the Solomon Islands as well as New Zealand.  SOne young 15 year old is currently the 350.org representative for the Pacific region and has already traveled the world to speak on Samoa’s behalf.

Powershift was co-sponsored by Generation Zero and NZ 350.org.  About 700 young people from around Australasia came and we discussed issues, planned actions and launched the new political campaign for New Zealand, that 100% renewable energy is 100 % possible, while also  crushing it in New Zealand’s largest ever flash mob.

I usually don’t get political, but I believe that climate change as well as  peak consumption, oil, resource/water depletion, poverty will become our generation’s most critical call to action.  It was fantastic to feel marginalized as I was one of about 20% in attendance over 25 years old.  Young people get it and are willing to put serious energy and effort into making this revolution possible.

Our decisions matter.  The way we consume matters.  I know that in 2013 I plan to be a more conscious consumer and dedicate more time and energy to this collective push to revolutionize the way we live.  Why?  Because I believe that in doing so we can design a better future for ourselves and those around us.

 

In early December I took Joel Coleman and his partner on a trip into Fiordland with Helisurf NZ.  The timeframe was incredibly limited due to weather and international flights, but we pulled this together.

 

If you’ve spent anytime with me, the video my draw up memories past, but overall I was  really stoked with Joel’s comment, “I hope you enjoy the video about one of the most memorable morning surf missions of my life.”  For the complete story written by Joel, head to Salt Motion Gallery.