Lm First Mortgage Income Fund

[dinga]

As my earlier post indicates, I am an investor in the frozen LM First Mortage Income Fund (FMIF).

The Financial Statement for Y/E 30 June 2011 records that over A$12 million in interest was treated by LM as being 're-investments' in the Fund.

I assume that many/most of the investors due that interest would be very unhappy with such treatment (and the impact of the consequent +20% haircut applied to unit prices).

In my circumstances, I believe the Fund Constitution indicates that interest should be paid in the period subsequent to the submission of a redemption request and that LM's treatment was not supportable.

I took the matter up directly with LM and after extended and extensive effort had them agree to rectify the situation (despite LM stating there was no liability to do so).

Any unhappy FMIF investor in similar circumstances can contact me and I'll provide full details.

[metisdead]

Please discuss in this topic:

http://www.thaivisa.com/forum/topic/549906-lm-investment-management/

CLOSED