hantsowl
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Post by hantsowl on Mar 11, 2019 16:48:53 GMT
Maybe money would be better spent if BDO got in touch with the developers of the Collateral software interface. Having worked in the computer industry as a software developer myself, I would expect the developers to have backup copies of the software used by Collateral. If the database has been fully recovered (or very nearly so), I would expect that these guys who wrote the interface should be able use what they have (with maybe a couple of tweeks) to read the database and provide a snapshot of who is invested in which loans, etc. It's not exactly rocket science. The only reason i can think of why this would not work is if we have been told porkies and the database is nowhere near restored. Software consultancy fees may be steep, but surely a lot cheaper than BDO babysitting this for another year or more.
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gc
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Post by gc on Mar 11, 2019 17:36:09 GMT
Maybe money would be better spent if BDO got in touch with the developers of the Collateral software interface. Having worked in the computer industry as a software developer myself, I would expect the developers to have backup copies of the software used by Collateral. If the database has been fully recovered (or very nearly so), I would expect that these guys who wrote the interface should be able use what they have (with maybe a couple of tweeks) to read the database and provide a snapshot of who is invested in which loans, etc. It's not exactly rocket science. The only reason i can think of why this would not work is if we have been told porkies and the database is nowhere near restored. Software consultancy fees may be steep, but surely a lot cheaper than BDO babysitting this for another year or more. I think you nailed it there. I spent a fair few years also in corporates as system support, and who doesn't have a backup, unless one (Collateral) KNOWINGLY WANTS information to disappear. That said, between what they do have and users having downloaded info and spreadsheets, it wouldn't take too long for a team to formulate some sort of idea of the missing data (loans etc) One thing that should come into play for the future is that all industries in this field should be able to show/prove the backup procedures they have in place (doesn't help us all now, I know) This comes more across as an exercise in how to pick all the meat off a carcass before passing it over to others for what is left.
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GeorgeT
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Post by GeorgeT on Mar 12, 2019 23:21:31 GMT
Perhaps I am mistaken but I was under the impression there was a creditors' committee meeting today with BDO.
I have logged on to the forum tonight expecting to find a report and update but there is nothing but the sound of silence.
Did I get the date wrong or has the creditors committee run off to Monaco with the BDO boys with all our cash in their back pockets?
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averageguy
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Post by averageguy on Mar 13, 2019 9:57:22 GMT
Perhaps I am mistaken but I was under the impression there was a creditors' committee meeting today with BDO. I have logged on to the forum tonight expecting to find a report and update but there is nothing but the sound of silence. Did I get the date wrong or has the creditors committee run off to Monaco with the BDO boys with all our cash in their back pockets? Well looking at the previous page there was discussion about a meeting on March 12th....hmmm!
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star dust
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Post by star dust on Mar 13, 2019 11:39:02 GMT
Monetus , it might be helpful if you could indicate whether the Creditors Committee meeting went ahead yesterday (as you informed us was intended) or not, or perhaps you were not able to attend? If you cannot say anything about what was discussed at the meeting I'm sure people will understand, but at least knowing would be better than waiting for an update that won't be forthcoming.
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Monetus
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Post by Monetus on Mar 13, 2019 11:46:37 GMT
The latest Creditors Committee meeting took place yesterday and while it lasted around 5.5 hours virtually all of it was covered by NDA unfortunately.
A few things I can say:
- There have been a couple of additional recoveries and receivers appointed over a couple of the property loans recently.
- The JA’s plan to appoint receivers over further property loans very shortly as negotiations with several borrowers don’t seem likely to reach a positive conclusion.
- The JA’s are aware of the issues regarding communications and investor balances for certain members who received an email last week. To confirm the data retrieved is accurate for around 85% of the investor base and it was only a select group of investors (around 30) with a large potential discrepancy who were contacted. The Committee gave feedback in regards to where issues may be arising (i.e. the secondary market) and BDO are in touch with various investors as they work to refine the data retrieved.
While I know it's highly frustrating for investors that I can't say a lot, we are now reaching a sensitive time in various aspects of the administration and revealing too much would potentially jeopardise recovery and the overall result achieved.
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hector
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Post by hector on Mar 13, 2019 11:54:26 GMT
Thank you Monetus
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7d7
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Post by 7d7 on Mar 13, 2019 11:59:24 GMT
The latest Creditors Committee meeting took place yesterday and while it lasted around 5.5 hours virtually all of it was covered by NDA unfortunately. A few things I can say: - There have been a couple of additional recoveries and receivers appointed over a couple of the property loans recently. - The JA’s plan to appoint receivers over further property loans very shortly as negotiations with several borrowers don’t seem likely to reach a positive conclusion. - The JA’s are aware of the issues regarding communications and investor balances for certain members who received an email last week. To confirm the data retrieved is accurate for around 85% of the investor base and it was only a select group of investors (around 30) with a large potential discrepancy who were contacted. The Committee gave feedback in regards to where issues may be arising (i.e. the secondary market) and BDO are in touch with various investors as they work to refine the data retrieved. While I know it's highly frustrating for investors that I can't say a lot, we are now reaching a sensitive time in various aspects of the administration and revealing too much would potentially jeopardise recovery and the overall result achieved. By the way, does the NDA prevent you from providing only figures? For instance, out of 100 loans ... 30 repaid 20 being negotiated 25 receivers appointed 25 undergoing refinance etc.
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Monetus
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Post by Monetus on Mar 13, 2019 12:04:12 GMT
By the way, does the NDA prevent you from providing only figures? For instance, out of 100 loans ... 30 repaid 20 being negotiated 25 receivers appointed 25 undergoing refinance etc. Yes. No aspects of loan book specifics can be discussed.
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moist
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Post by moist on Mar 13, 2019 12:11:18 GMT
Monetus.... are you happy with progress?
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mickj
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Post by mickj on Mar 13, 2019 12:15:54 GMT
As above, many thanks for you time Monetus and the other attendees, 5.5 hours wow. Did you come away with a positive feeling ?
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picnicman
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Post by picnicman on Mar 13, 2019 13:46:14 GMT
The latest Creditors Committee meeting took place yesterday and while it lasted around 5.5 hours virtually all of it was covered by NDA unfortunately. A few things I can say: - There have been a couple of additional recoveries and receivers appointed over a couple of the property loans recently. - The JA’s plan to appoint receivers over further property loans very shortly as negotiations with several borrowers don’t seem likely to reach a positive conclusion. - The JA’s are aware of the issues regarding communications and investor balances for certain members who received an email last week. To confirm the data retrieved is accurate for around 85% of the investor base and it was only a select group of investors (around 30) with a large potential discrepancy who were contacted. The Committee gave feedback in regards to where issues may be arising (i.e. the secondary market) and BDO are in touch with various investors as they work to refine the data retrieved. While I know it's highly frustrating for investors that I can't say a lot, we are now reaching a sensitive time in various aspects of the administration and revealing too much would potentially jeopardise recovery and the overall result achieved. Monetus - as per others many thanks for this - did BDO give any indication as to when any further update will be provided to investors as part of their acknowledgement about comms at the previous meeting? Given current sensitivity as above, perhaps not, but I am sure this is what wrankles with most investors alongside no repayments or a sign of any! Cheers P
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star dust
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Post by star dust on Mar 13, 2019 13:47:55 GMT
The latest Creditors Committee meeting took place yesterday and while it lasted around 5.5 hours virtually all of it was covered by NDA unfortunately. A few things I can say: <snip> - The JA’s are aware of the issues regarding communications and investor balances for certain members who received an email last week. To confirm the data retrieved is accurate for around 85% of the investor base and it was only a select group of investors (around 30) with a large potential discrepancy who were contacted. The Committee gave feedback in regards to where issues may be arising (i.e. the secondary market) and BDO are in touch with various investors as they work to refine the data retrieved. While I know it's highly frustrating for investors that I can't say a lot, we are now reaching a sensitive time in various aspects of the administration and revealing too much would potentially jeopardise recovery and the overall result achieved. I don't know if you can shed any more light on this Monetus , as I find this quite worrying in terms of its eventual impact on how any recoveries are distributed. Collateral had circa 1132 investors - 15% ~ 170 > 30 What is the plan to contact the remaining 140 investors who have discrepancies on their balance figures? Of the other 963 investors whose balance is supposed to be accurate or reconcilable, how many confirmed this to BDO? Have all 30 who have been contacted by email on this matter responded to BDO - i.e can they be sure no emails have gone astray? Declaration of interest - I did not confirm my balance statement with BDO and I did have loan parts on the SM and funds in the two small undrawn property loans. I have not received any emails recently.
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GeorgeT
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Post by GeorgeT on Mar 13, 2019 20:39:34 GMT
Thanks to Monetus for attending. It sounds like a long day.
With the NDA it's hard to tell but I don't feel encouraged.
Only 2 more recoveries since the previous CC meeting seems pretty poor progress and I expect a lot of that has been swallowed up by fees.
On the subject of the fees, BDO's initial estimate was much too low. I recall the committee had asked them to come up with a revised fee estimate. Is it possible to say whether they have done this?
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averageguy
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Post by averageguy on Mar 14, 2019 21:42:47 GMT
Date of next meeting?
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