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Alpari.co.uk Discussion

  • #4,521
  • Feb 25, 2015 6:08am Feb 25, 2015 6:08am
Quoting TheBody
{quote} You raise some excellent questions in ur email to KPMG and i hope they answer you and that you post it here as i would be very intrested in what they reply. On the other hand, $99.3million are designated client money or trust accounts. The costs that will be deducted from client pool is in excess of 2mil($3.1mil). This is 3.12% of the total pool, which means clients will get back 96.88% of their funds. Lets say that creditors pays 25% of the fees and clients pay 75% as you suggest. 0.75*$3.1mil=$2.325mil out of $99.3mil which means 2.34%...
thanks, but I see things differently.

a) we should only be charged what really belongs to us
b) we should split the fees where there is overlap (what overlap do you see for something like "health & safety"?
c) we only know the cost until now

Finally, if cost is applied correctly, I would guess that there is maybe a charge for us ove about 500K, and that's only if we don't split the "communications" part. Else, we probably look at 2Mio up until now, and probably 4 Mio + when all is done. So we might be looking at closer to $6Mio in cost, or roughly 6% of my funds. So the difference might be a lot. For my account, this translates into $8000 which I could get more than otherwise.
  • #4,522
  • Feb 25, 2015 6:08am Feb 25, 2015 6:08am
Quoting madsuh
{quote} Ok, how do we get this started? How do we reach enough clients? My idea would be to collaborate on a document via Google Docs, where we state what we think would be a better approach, then ... a) ... by the end of this week, we offer a download link. Everybody interested could download it, add their personal details to it, sign it and send it to the Administrators. b) ... alternatively, we could do something similar to the petition that Leaprate did, where we collect an Excel file with Names and account numbers and account values on them...
I would be surprised if any of us have the skills and knowledge to present an counter-proposal that can legally be an option. And what's the upside of this? Lowering KPMGs share from 3.x to 2.x?
  • #4,523
  • Feb 25, 2015 6:16am Feb 25, 2015 6:16am
Quoting knut7
{quote} I would be surprised if any of us have the skills and knowledge to present an counter-proposal that can legally be an option. And what's the upside of this? Lowering KPMGs share from 3.x to 2.x?
no, I don't want to lower KPMGs share at all... you will never succeed as you will never be able to prove anything.

What I am looking for is a simple breakdown of what costs had occurred in the name of shareholders, creditors, and clients and spilt KPMGs fees accordingly. Like I said, my goal would be to have them change their proposal according to some arguments presented to them, and then vote "YES" and be done with it.

I don't see why a creditor to the company or an investor would not be charged for their services, this whole administration thing is to save them, not us, our monies are there in full as they claim.
  • #4,524
  • Feb 25, 2015 6:22am Feb 25, 2015 6:22am
Quoting madsuh
{quote} thanks, but I see things differently. a) we should only be charged what really belongs to us b) we should split the fees where there is overlap (what overlap do you see for something like "health & safety"? c) we only know the cost until now Finally, if cost is applied correctly, I would guess that there is maybe a charge for us ove about 500K, and that's only if we don't split the "communications" part. Else, we probably look at 2Mio up until now, and probably 4 Mio + when all is done. So we might be looking at closer to $6Mio in cost,...
If you look at the proposal pdf you will see from page 20:

"Objective 1 – to ensure the return of client
assets as soon as is reasonably practicable"

...

"Our remuneration incurred in pursuit of Objective 1 is
to be paid out of client monies held by the
Company, in accordance with Rule 196".

"From the date of our appointment to 13 February

2015, we have incurred time costs of £1,921,160"

They don't state that the total incurred costs(objective 1+2+3) should be paid by clients, only those costs directly associated by pursuing Objective 1, as i understand it.
  • #4,525
  • Feb 25, 2015 6:38am Feb 25, 2015 6:38am
Quoting TheBody
{quote} If you look at the proposal pdf you will see from page 20: "Objective 1 to ensure the return of client assets as soon as is reasonably practicable" ... "Our remuneration incurred in pursuit of Objective 1 is to be paid out of client monies held by the Company, in accordance with Rule 196". "From the date of our appointment to 13 February 2015, we have incurred time costs of 1,921,160" They don't state that the total incurred costs(objective 1+2+3) should be paid by clients, only those costs directly associated by pursuing Objective 1, as...

I was actually just reading this again. I am very curious if this is indeed true and if so, I perfectly agree with you.

It very much seems like the try to sell the company belongs to Objective 3.

I am also not sure why they didn't phrase it more specifically:

Our remuneration incurred in pursuit of Objective 1 is to be paid out of client monies held by the Company, in accordance with Rule 196.
Our remuneration incurred in pursuit of Objective 2 is to be paid out of company assets held by the Company, in accordance with Rule 196.
Our remuneration incurred in pursuit of Objective 3 is to be paid out of company assets held by the Company, in accordance with Rule 196.

Anyhow, I think afterall, reading this details again, I will wait to see what they have to say.

Thanks a lot for the help
  • #4,526
  • Feb 25, 2015 6:42am Feb 25, 2015 6:42am
I'm glad i could help.
  • #4,527
  • Feb 25, 2015 6:43am Feb 25, 2015 6:43am
" FUCK U Kpmg & Alpari, they steal our money ... just want to say it loud"

Ok BTW,

1. what if we pay them from client pool, do you think we can claim our "loss" from FCA ?

2. What is the possible loss in %, what u think ?
  • #4,528
  • Feb 25, 2015 6:47am Feb 25, 2015 6:47am
Quoting forexTN14
" FUCK U Kpmg & Alpari, they steal our money ... just want to say it loud" Ok BTW, 1. what if we pay them from client pool, do you think we can claim our "loss" from FCA ? 2. What is the possible loss in %, what u think ?
If you go back a few pages you can see some rough estimates on how much we will lose in %. To summarize it, worst case scenario you get 90% of your balance back, best case over 97%.

No, you cannot claim losses incurred from KPMG fees from FCA.

Hope this helps.
  • #4,529
  • Feb 25, 2015 6:55am Feb 25, 2015 6:55am
money are 99.6 mln and 1.3 mln still returned they said...so total in client pool should be 100.9 mln $ (with interested generated obviously by bank).

If around 3.2 mln $ at this spotrate are fee until 13 feb...in case their work continues until another month maybe all fee amount can reach over 5% of our funds.

For now on what they said we have 100.9 mln$ - 3.2 mln $ = 97,7 mln $ remain for prorata basis at this point but for sure fee will be more at the end of the process maybe over 5 mln$.
myfxbook: neoxis
  • #4,530
  • Feb 25, 2015 6:55am Feb 25, 2015 6:55am
These bastards( KPMG) will use every rule in the book to take a huge chunk out of our money.

Their current "bill" is proving just that!

They will play all their games "'within UK law" and they will make sure that they take the maximum the law allows them to take.

They will comply by giving us our monies ,BUT they will play the game THEIR way!! It is already evident in the documents published yesterday.
Never Ever Give Up!
  • #4,531
  • Edited 7:25am Feb 25, 2015 6:56am | Edited 7:25am
"The Special Administrators will be sending the majority of clients (who had cash balances at 9.00 GMT on 15 January 2015 and entered no further trades) an email over the coming days with access details to the Claims Portal. This will allow those clients to view their statement as at 19 January 2015. A client’s agreement to their claim in the Claims Portal will be accepted for both voting purposes at the Initial Meeting (therefore there is no need for those clients to submit a statement of claim) and any distribution(s) from the Special Administration."

Pls I need some help, pls update us if you receive such an email with "access details to the Claims Portal" because I own money on the 15.1. and also involved in some small trades ( but the system closed my trades on the 16.1. )

I am not sure as what they count me.
  • #4,532
  • Feb 25, 2015 7:27am Feb 25, 2015 7:27am
Quoting forexTN14
"The Special Administrators will be sending the majority of clients (who had cash balances at 9.00 GMT on 15 January 2015 and entered no further trades) an email over the coming days with access details to the Claims Portal. This will allow those clients to view their statement as at 19 January 2015. A client’s agreement to their claim in the Claims Portal will be accepted for both voting purposes at the Initial Meeting (therefore there is no need for those clients to submit a statement of claim) and any distribution(s) from the Special Administration."...
You will not be in the first group.
  • #4,533
  • Feb 25, 2015 8:08am Feb 25, 2015 8:08am
I realized we will get paid in USD which is more money for those who had balances in EUR since it kept dropping. Nice.
  • #4,534
  • Feb 25, 2015 8:10am Feb 25, 2015 8:10am
Hello guys.... let me see if I understand all of this correctly.

1. Retail client proxy form.
2. Retail client statement of claim form.

1) Is it possible that if I am against their proposal it could backfire for me. I want whats best for me not for kpmg. Sure, they need to make a living but not with my money. What is the right way to vote?? cheatsheet please!!!!
2) So here is the statement, but dont fill it yet, we will get back to you within a couple of days....

Please do make a comment.
  • #4,535
  • Feb 25, 2015 8:24am Feb 25, 2015 8:24am
Quoting Cobra
These bastards( KPMG) will use every rule in the book to take a huge chunk out of our money. Their current "bill" is proving just that! They will play all their games "'within UK law" and they will make sure that they take the maximum the law allows them to take. They will comply by giving us our monies ,BUT they will play the game THEIR way!! It is already evident in the documents published yesterday.
  • #4,536
  • Feb 25, 2015 8:25am Feb 25, 2015 8:25am
Quoting forexTN14
" FUCK U Kpmg & Alpari, they steal our money ... just want to say it loud" Ok BTW, 1. what if we pay them from client pool, do you think we can claim our "loss" from FCA ? 2. What is the possible loss in %, what u think ?
  • #4,537
  • Feb 25, 2015 8:30am Feb 25, 2015 8:30am
Hi!

i have 2 accounts...one had no trades open or opened on 15. 16. jan the other had it. so for the first account i will not send no statement. what about the other account? as i understand this statement of claim is only if you wish to vote. so if i don't send any documents they will understand that i am FOR on every statement for voting? so will i get my money anyway, sending a claim or not sending it?

if i send a statement of claim, how do i calculate "Amount of claim for voting purposes"?

thanks
less is more
  • #4,538
  • Feb 25, 2015 8:38am Feb 25, 2015 8:38am
Quoting TheBody
{quote} If you go back a few pages you can see some rough estimates on how much we will lose in %. To summarize it, worst case scenario you get 90% of your balance back, best case over 97%. No, you cannot claim losses incurred from KPMG fees from FCA. Hope this helps.
Dude fscs covers us for upto £50,000 in such a scenario.Even if KPMG charges it is only logical the rest can
be claimed from fscs. Being regulated by fca implies you are protected in such a situation.
  • #4,539
  • Feb 25, 2015 8:46am Feb 25, 2015 8:46am
Quoting mejo
Hi! i have 2 accounts...one had no trades open or opened on 15. 16. jan the other had it. so for the first account i will not send no statement. what about the other account? as i understand this statement of claim is only if you wish to vote. so if i don't send any documents they will understand that i am FOR on every statement for voting? so will i get my money anyway, sending a claim or not sending it? if i send a statement of claim, how do i calculate "Amount of claim for voting purposes"? thanks

In case of the second a/c ,I don't think it is compulsory to send the claim form as it is being used in voting purposes.
I must add I have sent the form via email with an estimated amount I think I am entitled to.
About how to calculate,if you are satisfied with the last statement you received from alpari
then enter that amount or else choose the price where you think your trade should have closed
add it to the statement amount and then convert to dollars.
  • #4,540
  • Feb 25, 2015 8:46am Feb 25, 2015 8:46am
Quoting shail31
{quote} Dude fscs covers us for upto 50,000 in such a scenario.Even if KPMG charges it is only logical the rest can be claimed from fscs. Being regulated by fca implies you are protected in such a situation.
No. You have agree to pay a fee. Is not a valid claim for FSCS
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