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Post by johnrambo on Mar 18, 2019 20:28:21 GMT
Monetus.... are you happy with progress? This requires a multifaceted response: Am I happy with progress? No. Am I happy with fees? No. Am I happy that BDO are doing their job given the complex circumstances and hand they've been dealt? Yes. Hi Monetus — thank you and appreciate you efforts. Was there any word on cash balances ( ie not invested into any loans) — are these ring fenced and safe?
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Monetus
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Post by Monetus on Mar 19, 2019 8:17:53 GMT
This requires a multifaceted response: Am I happy with progress? No. Am I happy with fees? No. Am I happy that BDO are doing their job given the complex circumstances and hand they've been dealt? Yes. Hi Monetus — thank you and appreciate you efforts. Was there any word on cash balances ( ie not invested into any loans) — are these ring fenced and safe? Cash that was held in the Collateral client account is considered a "trust asset". The data recovery process is still ongoing in regards to reconciling balances.
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nyneil
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Post by nyneil on Mar 19, 2019 16:13:37 GMT
Monetus could you please remind me at what stage recovered funds will start to be distributed to lenders? Does it have to wait until liquidation is complete, or might there be some interim payments? Thanks
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Monetus
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Post by Monetus on Mar 19, 2019 16:35:14 GMT
Monetus could you please remind me at what stage recovered funds will start to be distributed to lenders? Does it have to wait until liquidation is complete, or might there be some interim payments? Thanks No idea at this stage. From what I understand interim payments are theoretically possible but we're quite a way from that yet - the focus is still on recoveries.
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Post by johnrambo on Mar 23, 2019 9:30:00 GMT
Hi Monetus — thank you and appreciate you efforts. Was there any word on cash balances ( ie not invested into any loans) — are these ring fenced and safe? Cash that was held in the Collateral client account is considered a "trust asset". The data recovery process is still ongoing in regards to reconciling balances. Thanks Monetus. Potentially if data recovery is done with balances reconciled could these trust assets be paid back?
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TitoPuente
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Post by TitoPuente on Mar 23, 2019 12:44:48 GMT
Monetus, can it be assumed that within the administration process there are still a number of loans that have been extended and are performing in some shape or form? If so, did BDO provide any indication of the Collateral UK level of company turnover in the form of interest spreads and other fees? This is important because any surviving company turnover would go to pay administration fees and expenses, and reduce the drag on investor's funds. By the way, thanks for your time and efforts.
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Monetus
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Post by Monetus on Mar 23, 2019 15:06:21 GMT
Cash that was held in the Collateral client account is considered a "trust asset". The data recovery process is still ongoing in regards to reconciling balances. Thanks Monetus. Potentially if data recovery is done with balances reconciled could these trust assets be paid back? Theoretically it's a possibility at some point but certainly not until the administration is at a more advanced stage and the overall picture regarding fees becomes clearer. I wouldn't get your hopes up about this happening soon.
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Monetus
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Post by Monetus on Mar 23, 2019 15:17:03 GMT
Monetus , can it be assumed that within the administration process there are still a number of loans that have been extended and are performing in some shape or form? If so, did BDO provide any indication of the Collateral UK level of company turnover in the form of interest spreads and other fees? This is important because any surviving company turnover would go to pay administration fees and expenses, and reduce the drag on investor's funds. By the way, thanks for your time and efforts. All remaining property loans are now "non-performing" as they are significantly overdue. Negotiations are ongoing with borrowers in regards to repayment and BDO will shortly be appointing receivers where required.
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Monetus
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Post by Monetus on Apr 18, 2019 14:07:19 GMT
Next Committee Meeting date has been set for 18th of June.
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picnicman
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Post by picnicman on Apr 18, 2019 14:52:25 GMT
Next Committee Meeting date has been set for 18th of June. Monetus - Thank you for this. Please, please, please can you ask for/we have an update (from the administrator and even before the meeting) on the chattels loans (this is where most of my loan parts are) we are seemingly still some way off any repayments even though the one year term of the administrator ends soon, but at least if we could have something on the chattels- the last update in (I think) December was that all chattels except one were in possession of the Administrator and they were in the process of being valued - something must have happened since then? I will leave it with your good auspices. Thanks and cheers P
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averageguy
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Post by averageguy on Apr 18, 2019 18:16:00 GMT
Next Committee Meeting date has been set for 18th of June. Monetus - Thank you for this. Please, please, please can you ask for/we have an update (from the administrator and even before the meeting) on the chattels loans ( this is where most of my loan parts are) we are seemingly still some way off any repayments even though the one year term of the administrator ends soon, but at least if we could have something on the chattels- the last update in (I think) December was that all chattels except one were in possession of the Administrator and they were in the process of being valued - something must have happened since then? I will leave it with your good auspices. Thanks and cheers P Likewise
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withnell
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Post by withnell on Apr 23, 2019 5:31:03 GMT
Can we get a list of loans which have/haven't repaid? I'm not expecting the amounts recovered as obviously this info could jeopardise recoveries of other loans, but just to get a view of what's still being pursued, and also clear up the status of loans "in funding" at time of collapse and whether the cash is with BDO or elsewhere!
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picnicman
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Post by picnicman on Apr 25, 2019 10:09:40 GMT
Monetus - further to my post above re chattels, can I also please add a request to the Administrators to advise on what their repayment to lenders strategy is please? I do not believe this gives away anything which is prejudicial to recoveries. They must have been giving this some consideration and whilst we investors may be unhappy with anything they divulge, at least we will know rather than sitting in the dark until at least 18th June. For example are they planning to recover the whole loan book as far as possible first (could be years off) or are they planning some sort of interim process or say paying back chattels loans first as they are more likely to be resolved first in most cases. I appreciate that they are still sorting/reconciling investor holdings, but hopefully that will be concluded soon? I totally understand that you are in the same position as the rest of us and want the same questions answered. - if you do not ask you do not get principle. Once again thanks for all your hard work on the CC. Cheers P
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dermot
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Post by dermot on Apr 28, 2019 4:43:55 GMT
If I'm reading the latest update correctly, BDO think the majority of lenders accounts are validated apart from the "small number" they mentioned.
Any reason why BDO cannot email each of that majority with details of loans assigned to them, so we can compare with our own records?
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chris1200
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Post by chris1200 on Apr 28, 2019 8:24:45 GMT
If I'm reading the latest update correctly, BDO think the majority of lenders accounts are validated apart from the "small number" they mentioned. Any reason why BDO cannot email each of that majority with details of loans assigned to them, so we can compare with our own records? Some guesses off the top of my head: 1) While 'validation' appears to have occurred for the majority at this stage, there are clearly still issues more generally. They may be cautious about releasing apparently 'validated' accounts, just to have a few lenders come back to them to say they've screwed up and theirs are actually still with problems (e.g. with the underlying detail, rather than the total amount). It makes sense for them to want to iron out whatever kinks exist in their overall methodology before releasing any to avoid this. 2) If they can't reconcile the accounts of some lenders, it may (I'm not sure) be difficult for them to adopt their currently intended approach of loan-by-loan/tranche-by-tranche distributions for anyone. If they start releasing this information to investors now, before they know for sure they can adopt this approach, it's just going to cause trouble. 3) It's generally likely to be more efficient (and, therefore, cheaper) to do these things in one go rather than in batches - but they can't do that until numbers are confirmed for everyone.
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