Palmerston North, New Zealand; Tel 06 357 1901

Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

23 November 2012: For immediate release.

MEDIA RELEASE – RAM Liquidation Must Work for Investors

The Ross Asset Management Investors Group is deeply concerned that it is now confirmed that there is very little money left in RAM (Ross Asset Management in receivership) for distribution to investors.  Most of the investors were ordinary New Zealanders of limited means, and many have been left destitute by the failure of the company.

We are also aware that the High Court will probably put RAM into liquidation on Monday.  This may start a process, which based on previous liquidations in this country, may involve extensive litigation and costs that absorb all the remaining investor’s funds, and leave investors with little or nothing.

We are calling for the work of liquidator to be put out to competitive tender, with the following provisos:

• That tenderers for the work be required to describe their liquidation methodology in advance; how they will control and minimise all costs to RAM investors, while maximising returns to RAM investors.
• This will include limiting the direct cost of the liquidator themselves and limiting the cost of litigation by the liquidator and by investors, especially if a voidable preference regime or similar is implemented.  The methodology must be flexible to cater for a range of potential paths and outcomes.
• The successful tenderer is to be chosen on the combination of maximum returns to investors, least overall cost, and previous experience.

The available pool of funds from RAM is small and investors can only hope to get a part of their investments back.  It is incumbent on the authorities to conduct this liquidation in a manner that does not allow what little is left to be devoured by fees and litigation.  RAM investors and all investors in New Zealand deserve an investment environment that works.

Ends

Enquiries – Bruce Tichbon Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

The post Media Release: 23 November 2012 appeared first on Ross Support.

Palmerston North, New Zealand; Tel 06 357 1901

Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

21 November 2012: For immediate release.

MEDIA RELEASE

The Ross Asset Management Investors Group will meet with the Financial Markets Authority (FMA) tomorrow (Thursday) to discuss issues of urgent concern relating to the collapse of Ross Asset Management Ltd.

The Investors Group is concerned that there has been talk in the media of rapid liquidation of Ross Asset Management.  We are concerned that there is a lack of hard information to support such an action.  We will voice our concerns to the FMA on behalf of our members.

Although much has been leaned from the release of the first report by the receivers, Price Waterhouse Coopers (PWC) on 13 November, this report has raised more questions than it answers.

The Investors Group asks why the liquidation is being progressed so quickly, why is it being done, and will it limit investor’s future options?

Other outstanding questions include: where did the investors’ money go, and has there been any tracking to prove its movements?

We need to know if RAM was a legitimate business or some other form.  Did it transition from one form to another and can it be identified when this transition occured?

We need to know if all the assets have been identified, and if David Ross has contributed to the receivership process?

Further, we need to know what options for the redistribution of investors’ funds have been considered, and what measures and are in place to protect the interests of investors?

In conclusion, the objectives of the Investors Group are to ensure everything is done with full knowledge and in a sensible manner, for the best interests of investors in Ross Asset Management Ltd.

Ends

Enquiries – Bruce Tichbon Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

The post Media Release: 21 November 2012 appeared first on Ross Support.

Palmerston North, New Zealand; Tel 06 357 1901

Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

15 November 2012: For immediate release.

MEDIA RELEASE

The Ross Asset Management (RAM) Investors Group has the following objectives:

To be a unified voice for investors in RAM in dealing with statutory and other bodies and to keep them updated on relevant events associated with the receivership of RAM and related entities, with the aim of helping to maximise value for investors.

Our recorded membership is approximately 300 at this time.   Many of our members represent other investors in a family, trust or professional capacity.  We estimate our circulation now reaches 80% of the RAM investor base.

The report of the receivers Price Waterhouse Coopers (PWC) was released today and the investors group states:

• Many investors will not have received nor had time to read the PWC report.
• Some have significant investments in RAM
• Those that have been able to read the report will be disappointed or concerned at its contents. The problem is serious but at present we can’t be sure how serious
• Mindful that this is the first report of the receivers and we are hopeful that further investigations uncover more assets.
• It is the aim of the Investors Group to minimise any loss to investors
• We have confidence in the receivers and in the Financial Markets Authority (FMA).

Ends

Enquiries – Bruce Tichbon Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com

The post Media Release: 15 November 2012 appeared first on Ross Support.