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Commerce Commission Investigation into Credit Sails

June 25, 2012

Commerce Commission Investigation into Credit Sails

Tuesday, 19 June 2012, 4:42 pm
Press Release: Logic Fund Management

Press Release For Immediate Release
Wanaka, New Zealand | 19 June 2012 –

Since 2010 Logic Fund Management has represented over 750 Credit Sails investors and in the most recent development, the New Zealand Commerce Commission has issued a letter to all Credit Sails investors asking if they would agree to participate in legal proceedings.

Greg Marshall, Chairman of the Credit Sails Investigative Committee and CEO of Logic Fund Management said, “We applaud the Commerce Commission in issuing this statement and urge all Credit Sails investors to promptly respond in support of the Commission.”

In April 2010, Logic Fund Management drafted a Credit Sails investigative report and sent it to all New Zealand regulatory bodies after some investors asked Logic to help out.

With successful results, Logic began a campaign by reaching out to all Credit Sails Note Holders and soon became the facilitator of communications between Credit Sails investors and regulatory bodies.

In September 2010 the Commerce Commission inquiry into Credit Sails was launched and by December it developed into a full investigation.

In April 2011 the Securities Commission also confirmed its investigation into Credit Sails.

Logic Fund Management represented both successful and unsuccessful cases with the New Zealand Stock Exchange (NZX) over this time as well.

In April 2012 Logic once again reached out to the Credit Sails database requesting investors to return a vote of proxy to appoint an Investigative Committee to direct the Security Trustee (New Zealand Permanent Trustees Ltd.) to take such action or do such things they may lawfully do under the Master Trust Deed.

“We currently represent over 450 investors and approximately 14m Credit Sails Notes.

Our action is separate from the Commerce Commissions due to the fact that we will pursue potential other legal breaches that the Commerce Commission’s investigation doesn’t extend to, because they are limited by the Fair Trading Act,” said Greg Marshall.

ENDS

About Logic Fund Management 
Logic Fund Management was founded in Wanaka, New Zealand in 2003 and is comprised of experienced finance professionals and analysts.  Logic offers independent private wealth management solutions for trusts, businesses and individuals with a focus on fixed interest securities.  http://www.logicfunds.com.
About Credit Sails 
Approximately $91.5m worth of Credit Sails notes were marketed and sold to the New Zealand public in 2006.  The notes are now virtually worthless.

http://www.creditsails.wordpress.com.

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