adrian77
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Post by adrian77 on Oct 15, 2019 13:49:42 GMT
I agree with Ozboy - as I see it there are pros and cons with this - personally I would have preferred a charge over the hotel and all this chap's asset...
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ozboy
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Post by ozboy on Oct 15, 2019 14:10:07 GMT
I am not smart nor experienced enough in these matters to understand the full and eventual implications of the SPV, but whenever FS allow ANYTHING to be changed wrt Borrowers, I always smell a HUGE DEAD RAT.
And with Lender Confidence like that FS can be substantially proud.
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adrian77
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Post by adrian77 on Nov 25, 2019 11:26:45 GMT
here's what I wrote earlier
I have just seen the post in FSAG - what the hell are or were FS playing at so Ozboy smelt a rat and the ownership changed to a svp and now - quelle surprise - this owner has gone bust - but hang on this is a substantial restored building which is still trading as a luxury hotel!
We are told there will be 2 further repayments - yeah right!
Looks to me as if the first loan will be about 10% recovery and the second ZERO - may be wrong as I find the updates confusing.
So we have a fully restored building worth I guess £1.5 minimum if not a great deal more and FS seem to have no claim to it whatsoever and we investors look like we are going to get about £40K recovery!- this is ever more like an episode of Minder!
To me something is very badly wrong here and it looks to me as if FS have been had yet again and that is being generous!
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ozboy
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Post by ozboy on Nov 25, 2019 11:54:48 GMT
It is VERY clear & obvious, the entire FS operation requires urgent and deep probing Criminal Investigation.
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adrian77
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Post by adrian77 on Nov 25, 2019 13:13:24 GMT
exactly - also I am still in a state of shock after reading the post about P********* Mill in the FSAG forum - namely the post about the FD director who is on the board of a company that lent the mill company about £0.3m. Also I note this company that lent the £0.3m has an interesting balance sheet - land worth over 10m (keeping the figure confidential) and creditors worth exactly the same less one whole Pound! Yeah right!
That's it - bring in the boys in blue - this is beyond a joke!
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cwah
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Post by cwah on Nov 26, 2019 4:44:52 GMT
here's what I wrote earlier I have just seen the post in FSAG - what the hell are or were FS playing at so Ozboy smelt a rat and the ownership changed to a svp and now - quelle surprise - this owner has gone bust - but hang on this is a substantial restored building which is still trading as a luxury hotel! We are told there will be 2 further repayments - yeah right! Looks to me as if the first loan will be about 10% recovery and the second ZERO - may be wrong as I find the updates confusing. So we have a fully restored building worth I guess £1.5 minimum if not a great deal more and FS seem to have no claim to it whatsoever and we investors look like we are going to get about £40K recovery!- this is ever more like an episode of Minder! To me something is very badly wrong here and it looks to me as if FS have been had yet again and that is being generous! If they haven't completed the payment, shouldn't FS still have a charge against the property and recover it?
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adrian77
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Post by adrian77 on Nov 26, 2019 10:40:11 GMT
Exactly ! However this is not what the post in FSAG updates says here
This is now a fantastic building which clearly has had a huge amount spent on it so I am either being thicker than normal or there is something very wrong here... Given that the receivers have already been paid £75K then I am tempted to ask why! Also if defaulting one hotel costs us £75K then however much will realising the loan book cost with both receivers and administrator's costs! Thanks to the FSAG we hopefully can get some control over this.
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Post by ndblog on Feb 1, 2024 14:21:09 GMT
This matter is with solicitors
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