Australian Investors.

[nev]

i dont like being the bearer of bad news, but there is a company here in australia that has the voluntay administrators in, there are fincorp, they where offering rates of about 10%/annumn.debentures.

i read in the papers today here that a lot of mum and dad investors have done there money.

i am posting this to let anyone know in thailand who have invested with fincorp to get in touch with someone to help them.

i almost invested with this company but a friend who works in a bank warned me off, i owe him a beer or two.!!

hope no guys on here has lost with this company.

there web site is www.fincorp.com.au

Edited March 27, 2007 by nev

[wamberal]

i dont like being the bearer of bad news, but there is a company here in australia that has the voluntay administrators in, there are fincorp, they where offering rates of about 10%/annumn.debentures.

i read in the papers today here that a lot of mum and dad investors have done there money.

i am posting this to let anyone know in thailand who have invested with fincorp to get in touch with someone to help them.

i almost invested with this company but a friend who works in a bank warned me off, i owe him a beer or two.!!

hope no guys on here has lost with this company.

there web site is www.fincorp.com.au

The best rates from Australian banks are around 6%, maybe a little more.

Anybody who invests in a company that promises to pay 10% should be aware there is a significantly higher risk than in investing with a bank.

The sad irony is that a lot of the people who invest in risky situations like Fincorp believe that investing in shares is too risky!

Yes, it is true that the price of shares can go down, as well as up. But it also true that, over time, unless you make absolutely stupid choices, the price of shares goes up. Historically this is always true.

[backflip]

"...Unless you make absolutely stupid choices, the price of shares goes up. Historically this is always true."

Except when they go down, and then you will claim that the person made an "absolutely stupid choice".

[wamberal]

"...Unless you make absolutely stupid choices, the price of shares goes up. Historically this is always true."

Except when they go down, and then you will claim that the person made an "absolutely stupid choice".

Backflip,

I stick with what I said, in the context in which I said it. I started building a retirement portfolio of mostly Australian shares a long time before retirement. Only one out of about 60 stocks that I have invested in is lower now than when I bought it. I have sold some of the rest, of course, all at a profit. Of the other shares which I still hold, the capital value has increased several times, in most cases. And they have all paid dividends, in most cases twice every year. The dividend yield on some of these shares is now 20% on purchase price.

The poor suckers who invest in Fincorp, Centrepoint, etc etc have made stupid choices. They will be lucky to get 10% of their capital back.

Show me some blue chip Australian shares that have dropped to 10% of their value, in the last ten years. Most have doubled or trebled in value in that time. Hold shares for long enough, they will increase in value, in the majority of cases. Hold blue chip shares for long enough, they will increase in value, full stop.

[youthnasia]

I have about $5500 (AUS) in First Ranking Notes invested with this mob. I hope to I get most of it back. I do envisage that the investors with Unsecured Notes will fair worse.

[nev]

i wish you luck youthnasia,in the papers yesterday they mentioned a few people's losses on couple have lost close to $200,000,and one single mum from west sydney $60,000.

i feal sorry for all the people who have lost money.

wamberal yes shares are the way to go, a good package of blue chip shares.

i choose to invest in managed funds as i do not have the time to keep track of my shares,i have a few blue chip shares and just leave them to be.

i put my cash in bank west they pay up to 6.8%/year,it is a on line banking account and no risk, www.abetterdeal.com.au

[youthnasia]

Looks like I'll be getting 50 cents for every $1 originally invested....which was $5000.

Not bad I guess, since the unsecured note holders won't be getting a dime!

This was announced in Australian newspapers today.

[nev]

glad you got something back mate.

there was a couple of other companys went under too, australian capital reserve and bridgecorp.

glad i stayed away from debentures, have a lot invested in managed funds and most have returned very healthy returns for the last 3 years.