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Logic contact with NZ MPs

August 18, 2010

In mid-June, 2010, Logic Fund Management wrote to a number of MP’s because of the amount of constituents that were affected by Credit Sails.  We have had vague responses from some, a couple eager responses, and most none at all.  The list of MP’s, letter and responses follow:

NZ Ministers of Parliament

  1. Shane Arden (shane.ardern@parliament.govt.nz)
  2. The Honourable Gerry Brownlee (g.brownlee@ministers.govt.nz)
  3. Brendon Burns (brendon.burns@parliament.govt.nz)
  4. Judith Collins (j.collins@ministers.govt.nz)
  5. Clare Curran (clare.curran@parliament.govt.nz)
  6. The Honourable Lianne Dalziel (lianne.dalziel@parliament.govt.nz)
  7. The Honourable Bill English (b.english@ministers.govt.nz)
  8. The Honourable Ruth Dyson (ruth.dyson@parliament.govt.nz)
  9. Sandra Goudie (sandra.goudie@national.org.nz)
  10. The Honourable Nathan Guy (nathan.guy@ministers.govt.nz)
  11. The Honourable Rodney Hide (r.hide@ministers.govt.nz)
  12. The Honourable Pete Hodgson (pete.hodgson@parliament.govt.nz)
  13. The Honourable Steven Joyce (s.joyce@ministers.govt.nz)
  14. The Honourable Trevor Mallard (trevor.mallard@parliament.govt.nz)
  15. The Honourable Dr. Wayne Mapp (w.mapp@ministers.govt.nz)
  16. The Honourable Simon Power (s.power@ministers.govt.nz)
  17. Grant Robertson (jen.toogood@parliament.govt.nz)
  18. Eric Roy (eric.roy@parliament.govt.nz)
  19. The Honourable Tony Ryall (t.ryall@ministers.govt.nz)
  20. The Honourable Nick Smith (n.smith@ministers.govt.nz)
  21. Chris Tremain (chris.tremain@national.org.nz)
  22. Iain Lees-Galloway (Iain.lees-galloway@parliament.govt.nz)
  23. The Honourable John Key (j.key@ministers.govt.nz)
  24. Nikki Kaye (nikki.kaye@parliament.govt.nz)
  25. John Hayes (john.hayes@parliament.govt.nz)

Logic letter to each individual MP:

Freepost Parliament

Private Bag 18 888, Parliament Buildings

Wellington 6160

14 June, 2010

(Insert MP here),

We are writing this letter to inform you of the lost investments related to Credit Sails in 2006, as a number of your constituents were involved.  Credit Sails was a Collateralised Debt Obligation (CDO) that failed and cost New Zealand citizens $91.5 million.  Given the recent regulatory reaction in the United States against a variety of global banks and credit issuers Logic Fund Management believes it is now time to demand a thorough independent review by the Securities Commission as to whether adequate disclosure was given by all parties involved in manufacturing and selling Credit Sails.

We are inherently involved in this issue because we have acquired clients who were seeking a solution to the Credit Sails losses in their portfolio, which we believe were substantial enough to warrant an investigation.  We have produced a report for the New Zealand Securities Commission discussing our views, which you can find on http://www.logicfunds.com.  We have also been appointed by a strong pool of Credit Sails Note Holders as their representative in this issue.

We have chosen to contact you rather than some of your colleagues, as our analysis of the Credit Sails Shareholder Registry indicates a number of your constituents lost significant sums of money in this failed transaction.  In all of the cases cited in our report, the government of the pertinent country was involved in the settlement of claims.  We feel that as a Member of Parliament, it is imperative for you to apply pressure on the Securities Commission concerning this matter.  Regulatory bodies around the world are setting the standard in investigating the practice of professional organisations in the structured finance industry and we now believe it is time for New Zealand regulatory bodies to do the same.

Please contact Logic Fund Management if you would like further information regarding this issue.  Thanks in advance for your time and consideration.

Sincerely,

Greg Marshall

The most relevant response comes from The Hounourable Simon Power as he is the Commerce Commissioner.

Simon_Power_Response

We also recevied written respones from:

  1. John Hayes
  2. Lianne Dalziel
  3. Sandra Goudie
  4. Honourable Trevor Mallard

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