Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 26, 2018 21:23:21 GMT
Thank you @monetus for this prompt report! It's good news that there is a development and especially the data has been recovered. We're not completely in the dark now. Ditto!!! Hope the sandwiches were Warburtons and not Artisan bread
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Post by northender on Sept 26, 2018 21:27:50 GMT
Firstly, thanks to monetus for the feedback. Will an official set of minutes be issued by BDO?
Regarding the front end for the database, could this exclude a GUI, and be achieved via a reporting package only. This could reduce the cost significantly.
Under the terms of the Creditors Committee, what areas do you expect to be able to influence on behalf of the investors?
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hendragon
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Post by hendragon on Sept 26, 2018 21:40:32 GMT
That is comforting news. Thanks monetus, and perhaps fellow forumites should have a collection to provide monetus with a decent lunch.
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gareot
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Post by gareot on Sept 26, 2018 22:10:26 GMT
Thanks for the info Monetus, I feel more confident of a good result for us lenders now. Regarding the caviar I'm sure there'll be a whipround for you once this affair has concluded.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 27, 2018 9:05:21 GMT
Thank you @monetus for the feedback. With regard to offers of help, I know naff-all about IT, but I did do a sandwich course in my teens if that would be of help.
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Monetus
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Post by Monetus on Sept 27, 2018 9:55:30 GMT
OK I'm going to answer a few questions here with the permission of BDO but I'm making it clear that this will be the FINAL post I will make on this subject for now.
I've pretty much reached the limit of what I'm able to discuss publicly and it's simply not viable or beneficial for this to turn into a "back and forth" Q+A session:
1. Can you say whether any timescale for returning funds was discussed?
It's far too early for that at this stage - BDO are focussed on getting the money in. Providing a timescale for lenders funds to be returned is currently impossible and unrealistic.
2. If so can you say if interim payments were proposed?
See above.
3. Did BDO show any sign of thinking that communicating information from the meeting to investors might be a good idea?
Yes. This information is circulated with the permission of BDO who are happy to do so in order to keep the wider lender base informed as they realise investors are concerned.
4. How are BDO planning on distributed recovered funds?
BDO have received legal advice and are ideally working towards the goal of distributing funds recovered for trusts assets (i.e. property and chattel) on a loan-by-loan, tranche-by-tranche basis and by following the original agreements if it is possible to do so (which is of course dependant on the recovery of data).
5. Have BDO received any offers to purchase the loan book?
No.
The "interested regulated party" alluded to by Mr Craig of Refresh Recovery in his "leaked" report who "made an offer to buy the whole of the loan book and satisfy investors at 100p in the pound" also failed to materialise.
6. I'm concerned about BDO's fees. How will we know if they are spending all our hard-earned money on posh lunches and strippers etc?
The Creditors Committee are tasked with approving BDO's fees so they will of course be monitoring progress throughout the administration.
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Post by Badly Drawn Stickman on Sept 27, 2018 9:57:41 GMT
Thank you @monetus for the feedback. With regard to offers of help, I know naff-all about IT, but I did do a sandwich course in my teens if that would be of help. Alas I believe Monetus has withheld a few important details, that to my knowledge are not covered by the gagging order. Reports elsewhere suggest as well as sandwiches, fruit, yes I did say fruit was freely available.
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Nomad
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Post by Nomad on Sept 27, 2018 9:58:54 GMT
"ideally working towards the goal of distributing funds recovered for trusts assets (i.e. property and chattel) on a loan-by-loan, "tranche-by-tranche" basis and by following the original agreements if it is possible to do so"
GOOD!!!
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Carter
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Post by Carter on Sept 27, 2018 10:11:23 GMT
Certainly sounds like the meeting was constructive. Thank you Monetus for the update. The only item that I'd like to hear something more on is cash on account. If the records have been recovered then this should be relatively straight forward to settle. Will we see this as a first distribution.
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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 27, 2018 10:16:42 GMT
Appreciate that you don't want to enter an endless loop of Q and possible A, Monetus, but I'd have thought one massive elephant in the room is "Who is going to stump up for what should have been a needless but became a humungous cost of recovering the loan book data?"And, "Are possible criminal charges being explored?"I don't expect you to answer but these two Qs are V important for the next meeting IMHO, unless they have already been discussed and you can't comment of course.
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hantsowl
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Post by hantsowl on Sept 27, 2018 10:17:05 GMT
OK I'm going to answer a few questions here with the permission of BDO but I'm making it clear that this will be the FINAL post I will make on this subject for now. I've pretty much reached the limit of what I'm able to discuss publicly and it's simply not viable or beneficial for this to turn into a "back and forth" Q+A session: 1. Can you say whether any timescale for returning funds was discussed?
It's far too early for that at this stage - BDO are focussed on getting the money in. Providing a timescale for lenders funds to be returned is currently impossible and unrealistic. 2. If so can you say if interim payments were proposed?
See above. 3. Did BDO show any sign of thinking that communicating information from the meeting to investors might be a good idea?
Yes. This information is circulated with the permission of BDO who are happy to do so in order to keep the wider lender base informed as they realise investors are concerned. 4. How are BDO planning on distributed recovered funds?
BDO have received legal advice and are ideally working towards the goal of distributing funds recovered for trusts assets (i.e. property and chattel) on a loan-by-loan, tranche-by-tranche basis and by following the original agreements if it is possible to do so (which is of course dependant on the recovery of data). 5. Have BDO received any offers to purchase the loan book?
No. The "interested regulated party" alluded to by Mr Craig of Refresh Recovery in his "leaked" report who "made an offer to buy the whole of the loan book and satisfy investors at 100p in the pound" also failed to materialise. 6. I'm concerned about BDO's fees. How will we know if they are spending all our hard-earned money on posh lunches and strippers etc?
The Creditors Committee are tasked with approving BDO's fees so they will of course be monitoring progress throughout the administration. Thanks Monetus. Even though nothing specific can be said regarding refund schedule, it seems clear that things are progressing as one would expect and you are certainly settling a few nerves by keeping us in the loop with these updates.
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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 27, 2018 10:23:37 GMT
"5. Have BDO received any offers to purchase the loan book?
No."
Hmmmmmm, not what the Director/Owner of one highly reputable Platform categorically stated to me a few months back.
So, either The Platform or BDO are not being completely, errrrrrrr, ummmmm, level?
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blender
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Post by blender on Sept 27, 2018 10:26:12 GMT
Thank you @monetus for the feedback. With regard to offers of help, I know naff-all about IT, but I did do a sandwich course in my teens if that would be of help. Alas I believe Monetus has withheld a few important details, that to my knowledge are not covered by the gagging order. Reports elsewhere suggest as well as sandwiches, fruit, yes I did say fruit was freely available. I heard that, to demonstrate an appropriate frugality, said sandwiches and fruit were strictly not to be supplied by any establishment with more than one Michelin Star.
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Post by mattygroves on Sept 27, 2018 12:00:22 GMT
"5. Have BDO received any offers to purchase the loan book? No."Hmmmmmm, not what the Director/Owner of one highly reputable Platform categorically stated to me a few months back. So, either The Platform or BDO are not being completely, errrrrrrr, ummmmm, level? Did the platform in question say they'd made a bid for the loan book or individual loans though ? Important difference.
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jcm9000
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Post by jcm9000 on Sept 27, 2018 12:24:08 GMT
I'll add my thanks to you Monetus for taking the time to be involved and for providing an update (that cheers me up). If only I could buy you a pint or two.
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