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Post by GSV3MIaC on Jun 18, 2019 19:52:09 GMT
I read the update thanks, and it seems to focus on examining the state of the plane .. which you (now) tell us is not the problem anyway .. which all leaves me more, rather than less, confused.
Then you plan to examine the other plane, elsewhere? Although, presumably, that one is OK too .. or at least not the problem, whatever the problem is. But something that needs a plane expert, not a lawyer, or politician .. *boggled*
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macq
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Post by macq on Jun 18, 2019 21:07:54 GMT
if its not the plane it only leaves French air traffic controllers
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r00lish67
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Post by r00lish67 on Jun 18, 2019 21:50:05 GMT
I read the update thanks, and it seems to focus on examining the state of the plane .. which you (now) tell us is not the problem anyway .. which all leaves me more, rather than less, confused.
Then you plan to examine the other plane, elsewhere? Although, presumably, that one is OK too .. or at least not the problem, whatever the problem is. But something that needs a plane expert, not a lawyer, or politician .. *boggled*
We possibly need a gynaecologist too if they're to inspect the aircraft in Sophia.
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Post by ablrate on Jun 19, 2019 7:52:55 GMT
I read the update thanks, and it seems to focus on examining the state of the plane .. which you (now) tell us is not the problem anyway .. which all leaves me more, rather than less, confused.
Then you plan to examine the other plane, elsewhere? Although, presumably, that one is OK too .. or at least not the problem, whatever the problem is. But something that needs a plane expert, not a lawyer, or politician .. *boggled*
The company breached their agreement, therefore we have invoked rights under the debentures and chattels mortgages to inspect the planes and, if necessary, to take control of the assets. Once we have a report on the status of the aircraft we are able to market the aircraft for sale or lease to recover outstanding monies if the borrower is unable to bring their account up to date and convince us that they are sufficiently capitalised to continue the arrangement. At our expense we have engaged those professionals to do the inspection. Unfortunately the US show 'aircraft repo' is not realistic... where someone creeps onto the airfield, finds the keys, nicks the log books and flys off into the sunset to collect their bounty. Properly qualified engineers are required to inspect the aircraft to retain its airworthy status, local aircraft authorities need to be informed so that all procedures are correct. We have retained local lawyers for local formal submissions and we have retained an engineering team for the inspection. Basically if the borrower does not make a compelling case (which they are preparing) the aircraft will be sold or leased to the highest bidder. Our ideal is for the borrower to recapitalise and make good the arrangement, but our job is to protect lenders funds so we are preparing for a 'no deal' if that does not happen.
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andy1
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Post by andy1 on Jun 19, 2019 12:01:06 GMT
ablrate - Great to know that the issue is being worked on but what happened to plan B?
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Post by GSV3MIaC on Jun 19, 2019 12:19:43 GMT
I read the update thanks, and it seems to focus on examining the state of the plane .. which you (now) tell us is not the problem anyway .. which all leaves me more, rather than less, confused.
Then you plan to examine the other plane, elsewhere? Although, presumably, that one is OK too .. or at least not the problem, whatever the problem is. But something that needs a plane expert, not a lawyer, or politician .. *boggled*
The company breached their agreement, therefore we have invoked rights under the debentures and chattels mortgages to inspect the planes and, if necessary, to take control of the assets. Once we have a report on the status of the aircraft we are able to market the aircraft for sale or lease to recover outstanding monies if the borrower is unable to bring their account up to date and convince us that they are sufficiently capitalised to continue the arrangement. At our expense we have engaged those professionals to do the inspection. Unfortunately the US show 'aircraft repo' is not realistic... where someone creeps onto the airfield, finds the keys, nicks the log books and flys off into the sunset to collect their bounty. Properly qualified engineers are required to inspect the aircraft to retain its airworthy status, local aircraft authorities need to be informed so that all procedures are correct. We have retained local lawyers for local formal submissions and we have retained an engineering team for the inspection. Basically if the borrower does not make a compelling case (which they are preparing) the aircraft will be sold or leased to the highest bidder. Our ideal is for the borrower to recapitalise and make good the arrangement, but our job is to protect lenders funds so we are preparing for a 'no deal' if that does not happen.
Thanks ablrate, that all makes a lot more sense now, although how/why the borrowers got into this position is still unclear to me. I can see that the inspection is a necessary step, unless you move straight into 'disassembly for spares' mode. 8>.
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Post by ablrate on Jun 19, 2019 16:28:53 GMT
ablrate - Great to know that the issue is being worked on but what happened to plan B? There are a number of options on the table, we wnt to be abl to explore all before making a decision.
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Balder
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Post by Balder on Jun 19, 2019 16:33:47 GMT
You could store some containers in them for Andy
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 16, 2019 11:48:38 GMT
Last Friday 12/7/19 I Posted under Comments wrt this Loan on your Website and I received an email saying you were "vetting" the posting, and nothing since. There has been No Update since 1st July and today is the 16th, unacceptable. My Question is:- Can you please let us know what is going on, what progress has been made, when you reasonably expect this to be resolved and Payments recommenced, or Default the Loan?Thanks. ablrate PS / EDIT - Blimey, that was quick. Either the Update was in the pipeline & intended, or my posting shivvied them up, either way, "Merci ABL."
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blender
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Post by blender on Jul 16, 2019 11:59:31 GMT
New note just posted and up to date with events.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 11, 2019 16:16:25 GMT
And here we are, nearly a month later and .................................................................nothing.
UPDATE urgently required now please ABL.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 26, 2019 20:23:57 GMT
Update please ABL, last one was 2nd September.
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Post by ablrate on Sept 27, 2019 7:50:29 GMT
Update please ABL, last one was 2nd September. Update shortly - our guys are in final inspection stages of the documents.
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Post by spareapennyor2 on Sept 27, 2019 14:07:48 GMT
did this cargo operation ever take-off ? or just stalled in the hanger
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macq
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Post by macq on Sept 27, 2019 15:28:44 GMT
think the aircraft being disassembled loan should end next month (hopefully) so maybe their guys are on standby
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