rogerthat
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Post by rogerthat on Sept 13, 2019 15:27:13 GMT
It appears this is what they're already doing?? They had previously agreed a plan up to November with various checkpoints along the way. I think we all know old FS would have classed that as no update required until Christmas at the earliest. This loan has been defaulted without undue delay (despite what many people would like to see, defaulting at 6 months & 1 day is not a fair business practice). defaulting at 6 months & 1 day is not a fair business practice Of course not..and no one expects that either. In the case of the library loans though..2 loans are 6 and the 3rd 10 months overdue . Judging by my mailbox, others are now receiving the same treatment. In the case of Derwent Road 17 months overdue..Anglesey Lodge 16 months overdue etc etc..what has been achieved by pandering to the borrower and delaying the inevitable. It certainly wont help any recoveries for long suffering investors. Friday the 13th ! tell me about it
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adrian77
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Post by adrian77 on Sept 13, 2019 17:26:17 GMT
If these books are the property of a private family inheritance then I am sorry for them but they weren't forced to borrow money from FS and constantly be late in re-paying.
If I am understanding this correctly there are 1st/2nd/3rd charges The LTV looks good but I have worked in the auction industry and this market is very specialised - I have no idea how this one will sell - going on my general experience it could bomb or it could fly...hopefully there are a couple of gems in there.
I guess FS have 3 options 1) ditch to the trade - quick realisation of funds 2) sell as a collection in a dedicated sale with a major player - will take several months 3) sell to the auction house who will provide up-front cash and then sell the books but keep the revenue - quick realisation of funds
I will keep an eye on this one as I love old books and if I see some going cheap I will be interested in buying one.
Hopefully there will be a 100% recovery here but it might be a bit close for the 3rd charge holders...interesting one to follow
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Post by wolfbag2 on Sept 13, 2019 18:16:34 GMT
I have mate - runs a second hand book stall at a car-boot - say's he may be interested but them being in Italian and all that he's not likely to get much interest either . . . .
c'mon - if you can't laugh about it you'll only cry . . . .
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Post by df on Sept 13, 2019 18:40:03 GMT
If these books are the property of a private family inheritance then I am sorry for them but they weren't forced to borrow money from FS and constantly be late in re-paying. If I am understanding this correctly there are 1st/2nd/3rd charges The LTV looks good but I have worked in the auction industry and this market is very specialised - I have no idea how this one will sell - going on my general experience it could bomb or it could fly...hopefully there are a couple of gems in there. I guess FS have 3 options 1) ditch to the trade - quick realisation of funds 2) sell as a collection in a dedicated sale with a major player - will take several months 3) sell to the auction house who will provide up-front cash and then sell the books but keep the revenue - quick realisation of funds I will keep an eye on this one as I love old books and if I see some going cheap I will be interested in buying one. Hopefully there will be a 100% recovery here but it might be a bit close for the 3rd charge holders...interesting one to follow Thank you for sharing your thoughts adrian77 . I'm overexposed in "the Library", but only in 1st and 2nd charge, so 100% recovery would substantially reduce my expected loss on FS.
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michaelc
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Post by michaelc on Sept 13, 2019 21:43:49 GMT
I had one of the early loan parts that got renewed and I got out for the simple reason that I've no idea how much something like this is worth. I'd be relying purely on FS and their valuation which I would never do now.
I do hope it is worth a great deal and I hope investors get most/all of their money back.
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rogerthat
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Post by rogerthat on Sept 13, 2019 21:51:26 GMT
It appears this is what they're already doing?? They had previously agreed a plan up to November with various checkpoints along the way. I think we all know old FS would have classed that as no update required until Christmas at the earliest. This loan has been defaulted without undue delay (despite what many people would like to see, defaulting at 6 months & 1 day is not a fair business practice). defaulting at 6 months & 1 day is not a fair business practice Of course not..and no one expects that either. In the case of the library loans though..2 loans are 6 and the 3rd 10 months overdue . Judging by my mailbox, others are now receiving the same treatment. In the case of Derwent Road 17 months overdue..Anglesey Lodge 16 months overdue etc etc..what has been achieved by pandering to the borrower and delaying the inevitable. It certainly wont help any recoveries for long suffering investors. Friday the 13th ! tell me about it Add to the above..Southampton…..721 days..18months overdue West Derby Road....759 days..19 months overdue Greenwich....779/783 days..21 months overdue Fair business practice..y'right..FS couldn't run a whelk stall
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Post by spareapennyor2 on Feb 26, 2020 3:00:52 GMT
New loan on UB 2DFDC71FE repaid 2DFDC5C3D so book dealer still paying UB / can't be many book dealers in this market? Question is has FS books any value/ would you wait until a auction to buy them back
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adrian77
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Post by adrian77 on Feb 27, 2020 11:51:44 GMT
been thinking about this one - as I said this is a very specialised market so difficult to gauge what these will go for in auction or whatever. I also note the above post about this UB loan - now I really wonder if FD have these in storage - however much would it cost to transport all these books to the UK and then slap them in a secure warehouse ? I may be wrong but when I asked FS about the art loans they said there were in storage- true but as to where ,god knows- although possibly in Dubai ! If there were some very rare and expensive books would FS know which ones they were in case they got swopped for cheaper ones - I doubt it.
Also the racing cars were alleged to be in FS's possession although there appears to already have been a loan taken out on them - so my question is - are you thinking what I'm thinking!
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lucky
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Post by lucky on Feb 27, 2020 12:57:56 GMT
been thinking about this one - as I said this is a very specialised market so difficult to gauge what these will go for in auction or whatever. I also note the above post about this UB loan - now I really wonder if FD have these in storage - however much would it cost to transport all these books to the UK and then slap them in a secure warehouse ? I may be wrong but when I asked FS about the art loans they said there were in storage- true but as to where ,god knows- although possibly in Dubai ! If there were some very rare and expensive books would FS know which ones they were in case they got swopped for cheaper ones - I doubt it. Also the racing cars were alleged to be in FS's possession although there appears to already have been a loan taken out on them - so my question is - are you thinking what I'm thinking! I could be mistaken but I don’t think the racing cars were ever alleged to be in FS’s possession, wish they were as I invested a fair few quid and I don’t expect to see a penny of it back.
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adrian77
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Post by adrian77 on Feb 27, 2020 13:41:38 GMT
well they bloody well should have been! Sadly I think you are right about a zero return - well done FS another brilliant piece of management
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rogerthat
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Post by rogerthat on Feb 27, 2020 15:59:08 GMT
UPDATE:
Despite numerous confirmations that the debt will be repaid, no funds have been received. The Joint Administrators will be instructing agents to dispose of the books.
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taffy
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Post by taffy on Feb 27, 2020 16:08:11 GMT
UPDATE: Despite numerous confirmations that the debt will be repaid, no funds have been received. The Joint Administrators will be instructing agents to dispose of the books. Just share the books out pro rata between investors. They`d look good on the mantelpiece! What a day, firstly the share market crashing, then the FS updates. I think my wife has run off with my best friend as well, whoever he may be.
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rogerthat
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Post by rogerthat on Feb 27, 2020 16:10:26 GMT
UPDATE: Despite numerous confirmations that the debt will be repaid, no funds have been received. The Joint Administrators will be instructing agents to dispose of the books. Just share the books out pro rata between investors. They`d look good on the mantelpiece! What a day, firstly the share market crashing, then the FS updates. I think my wife has run off with my best friend as well, whoever he may be. Not all bad news then !
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kielbasa
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Post by kielbasa on Feb 27, 2020 16:52:11 GMT
Apparently these will feature in a special episode of "Cash in the Attic", although I did hear a rumour that the administrators preferred route was that they appear at a boot sale in Moss Side.
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adrian77
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Post by adrian77 on Feb 27, 2020 17:10:37 GMT
I presume these books are in Italy? If so then that is an extra layer of complication and expense - also the Italian economy is not too hot at the moment. This is a disaster and I can see no easy solution - if they are sold on e-bay then the selling price will be low if sold via a specialist auctioneer then there is the high cost of cataloguing, moving them to a viewing room etc etc - I have no idea what the tax situation is if they are sold in Italy - in fact can they even be exported out of Italy? And all this is assuming the administrators can enforce a judgement in Italy - any legal beagle care to comment - I thank you,
è un grosso casino...
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