Monetus
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Post by Monetus on Aug 24, 2018 9:17:51 GMT
I'd like to thank everyone who put their faith in me to represent their interests at the Collateral Creditors Committee. I am looking forward to getting the process started as soon as possible.
While I am not entirely sure of the level of influence the committee will have over proceedings, I will do my upmost to represent the interests of forum members at these meetings and fight the cause of long-suffering investors who have had so much of their money tied up for so long and with little information forthcoming.
One thing to bear in mind is that as a member of the committee I have been asked to sign a very comprehensive Non-Disclosure Agreement which means that the amount of information I’ll be able to share in the public domain will likely be very limited. I will however, do my best to report back on as much as possible.
The latest update I have as of now is that BDO are aiming for the initial Creditors Committee meeting to take place in London in late September (so around four weeks away). I will post an exact date as soon as it has been confirmed with all of the members.
Prior to the meeting I'll be looking to collect feedback from the forum and putting together some salient points/questions to be posed there in order to address the main concerns of the investor community.
Thanks once again for your support.
Adam
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picnicman
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Post by picnicman on Aug 24, 2018 11:14:57 GMT
@monetus - Adam congrats and have no doubt you will represent us well.
Points for the pot for me
1. What has happened to the recovery of the £350k + taken by Directors pre administration. Clearly if recovered, can pay fees instead of our cash balances. 2. What is the current status of the IT platform recovery as to what investor is in which loan, by tranche etc, i.e. what is the likelihood of recovery and therefore repayment by loan, rather than bulk share payout. 3. If not specifically, then generally (without predjudcing the recovery), what is the status of the loan book - how many have repaid, how many are refinancing, how many are defaulted and under recovery. 4. At what stage can investors expect to see at least some repayments commencing. 5. What can we expect by way of communications in future - we have one on 21/6 and no update since. Do not want to distract them or incur unnecessary costs, but something even if brief say every month end would be helpful.
For me, just to see some evidence of progress would be good - some repayments would be even better.
Hope this helps and use as you wish/or not. Once again thanks for all your efforts - Cheers P
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elliotn
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Post by elliotn on Aug 24, 2018 14:15:45 GMT
@monetus - Adam congrats and have no doubt you will represent us well. Points for the pot for me 1. What has happened to the recovery of the £350k + taken by Directors pre administration. Clearly if recovered, can pay fees instead of our cash balances. 2. What is the current status of the IT platform recovery as to what investor is in which loan, by tranche etc, i.e. what is the likelihood of recovery and therefore repayment by loan, rather than bulk share payout. 3. If not specifically, then generally (without predjudcing the recovery), what is the status of the loan book - how many have repaid, how many are refinancing, how many are defaulted and under recovery. 4. At what stage can investors expect to see at least some repayments commencing. 5. What can we expect by way of communications in future - we have one on 21/6 and no update since. Do not want to distract them or incur unnecessary costs, but something even if brief say every month end would be helpful. For me, just to see some evidence of progress would be good - some repayments would be even better. Hope this helps and use as you wish/or not. Once again thanks for all your efforts - Cheers P 1. It was alleged monies had been taken from the client accounts (as business profit owed) - putting aside the technical point this may prevent tracing client funds in their entirety (and therefore preclude individual loan/tranche repayments), If these monies do represent our cash and undrawn fund balances I would not advocate these being the first port of call for BDO fees.
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picnicman
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Post by picnicman on Aug 24, 2018 14:36:27 GMT
elliotn - if they do, then I stand corrected and fully agree - all I was trying to get at was that hopefully one way or another, such recovery if due would help us investors one way another. Thanks for commenting Cheers P
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elliotn
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Post by elliotn on Aug 24, 2018 15:15:59 GMT
elliotn - if they do, then I stand corrected and fully agree - all I was trying to get at was that hopefully one way or another, such recovery if due would help us investors one way another. Thanks for commenting Cheers P Excellent list, your point stands that the directors’ assets should be looked at for recoverability where company assets / misdeeds are uncovered (secured chattels at the director’s home was noteworthy) - the judge has demonstrated this by requiring the payment of legal costs setting up the administration, any future bankruptcy would certainly pave the way to more substantial asset recovery.
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michaelc
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Post by michaelc on Aug 24, 2018 20:27:32 GMT
I see the first meeting is face to face. Low down in the scheme of things but what is the travel and expenses policy for committee members? Some of them may already only travel 1st on trains for example and are any attending from overseas? Perhaps if you dine with the BDO administrators, you'll get a sense of how careful or carefree they are being? Very low ... (and worth remembering these guys are giving up their time gratis on our behalf which, considering their combined knowledge and experience, is worth an upgrade to 1st class, in my humble opinion.) Well, I don't think it deserved that attack and incorrect interpretation of my post. That said, I think I should have been clearer since you apparently consider your second sentence incompatible with what I wrote whereas I do not. Those attending the meeting will get a sense of how careful the administrators are being. If they go out to eat at a £200 per head jaunt for example I'd like to know about it. I even broached the issue of what the committee members are normally used to and that, perhaps rightly, they shouldn't be made to travel or eat in a manner in which they are not used to but it should be transparent. Is this sort of stuff subject to the NDA? What else other than the private affairs of the borrowers and other individual lenders are subject to it. For the record, whilst I have low six figures in p2p I have a relatively modest pile in Colateral and I was one of the first people on this forum to publicly support Dominus Monetus so there is no way I would have said or meant anything that was "very low" regarding him.
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Monetus
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Post by Monetus on Sept 5, 2018 10:06:21 GMT
The initial Creditors Committee meeting will be taking place on Wednesday 26th September at 11.30am
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Post by Butch Cassidy on Sept 5, 2018 11:23:00 GMT
The initial Creditors Committee meeting will be taking place on Wednesday 26th September at 11.30am Can I wish you the best of luck as you go into this endeavour with the heartfelt thanks & hopes of all Col investors carrying you forward into the forthcoming battle;
I know that you will already have a long list of questions but just to reiterate some top priorities; Can BDO improve on their appalling communication record with lenders, with monthly updates a priority?
How much of the loan book has been recovered so far? When will lenders see any repayments, even interim payments, would be appreciated?
I understand the requirement for restricted communication on your interaction with the committee & am satisfied to judge it's impact from BDO's future actions rather than any verbatim report on this forum.
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7d7
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Post by 7d7 on Sept 5, 2018 12:47:30 GMT
In addition, would BDO provide an update on:
- loans that are redeemed, refinanced, overdue, active or defaulted - the legal position of investors as noted in the Collateral trust and loan agreements - the Collateral directors' statement of affairs - the discrepancy between Collateral's records and their Santander Bank statements
If they are unable to respond to any of the queries noted above and in other posts, could a deadline be provided for each answer?
Cheers
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Post by red on Sept 5, 2018 19:25:18 GMT
One thing to bear in mind is that as a member of the committee I have been asked to sign a very comprehensive Non-Disclosure Agreement which means that the amount of information I’ll be able to share in the public domain will likely be very limited. I will however, do my best to report back on as much as possible. Not being au fait with creditors committees some questions spring to mind.. Do you have to sign a NDA to be on a creditors committee? Is it normal to have members of a CC to sign a NDA, and if so, are they usually very comprehensive? The pessimist in me sees a situation where the members of the committee see/hear something very worrying or wrong from the creditors perspective but are unable to effectively represent the creditors and do anything because they're hamstrung by a lengthy, comprehensive, all encompassing NDA...
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star dust
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Post by star dust on Sept 6, 2018 10:49:05 GMT
I’m mindful of what can be significant recovery costs. Given that some are probably inevitable, I’d like to know if they intending to sub-contract any of the ‘collection’ work, will they be tendering for third party work of this nature, including receivers, administrators etc, and do they ensure there are no conflicts of interest as part of that process?
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tx
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Post by tx on Sept 6, 2018 19:21:12 GMT
Hi Adam, in addition to picnicman and 7d7 list, my top question are: - Where are the funds for the two loans that were not yet drawn down? - What is the status of the two loan in such situation? Thanks
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Monetus
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Post by Monetus on Sept 10, 2018 5:41:20 GMT
Keep your questions/main areas of concern coming on this post and I’ll aim to get as many addressed as possible during the first meeting.
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hantsowl
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Post by hantsowl on Sept 10, 2018 7:49:44 GMT
Keep your questions/main areas of concern coming on this post and I’ll aim to get as many addressed as possible during the first meeting. Whilst I accept that the property loans may take a while to sort out, the bling and cars etc should be much quicker and most should have reached their repayment date by now. It would be good to know whether borrowers are repaying the loans as they become due or whether enforcement will be necessary. If the latter, what steps are being taken? I would also like clarification on exactly how much of the database was recovered from the servers. The totals seem correct, but was any progress made on recovering the data on individual loan amounts?
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agent69
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Post by agent69 on Sept 10, 2018 8:41:29 GMT
Keep your questions/main areas of concern coming on this post and I’ll aim to get as many addressed as possible during the first meeting. To avoid undue disappointment on 27th, can you offer any guidance on what the NDA allows you to say? I assume at best it is restricted to matters of fact, and at worst talking about the NDA is banned by the NDA.
Also are members of the CC allowed to discuss the situation between themselves, outside of the meeting (for example pooling of queries so that you get all your ducks in a row)?
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