cb25
Posts: 3,520
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Post by cb25 on Dec 13, 2018 10:10:32 GMT
Is anybody intending to vote option A (yet another extension)? If so, why?
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Post by hammertime on Dec 13, 2018 10:36:13 GMT
Well i'm voting B as they have been dragging there feet for so long. Like to many loans on here.
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Post by roandy55 on Dec 13, 2018 11:30:29 GMT
I'm voting B, but nothing would surprise me when it comes to this loan.
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Post by buzzablinio on Dec 13, 2018 11:30:55 GMT
As AC seem to be providing timely updates on progress and a refinance deal seems imminent I intend to give them time to sort it out.
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Post by brightspark on Dec 13, 2018 13:23:17 GMT
As AC seem to be providing timely updates on progress and a refinance deal seems imminent I intend to give them time to sort it out. Both options are effectively similar as option B is not a straight out and out Administration but instead gives AC the option of continuing to fiddle whilst Rome burns.
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Post by hammertime on Dec 13, 2018 15:18:41 GMT
Same old story.
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Post by df on Dec 13, 2018 21:40:05 GMT
Is anybody intending to vote option A (yet another extension)? If so, why? I voted A. Yes, it's been going for very long time, but there is a chance for much better outcome if we wait for few more months. Option B will always be there. That's just my understanding of this situation. In any case I wouldn't vote B because all of my funds in this loan are in GBBA. Voting B could jeopardise my PF entitlement.
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Post by investor01010101 on Dec 13, 2018 22:19:50 GMT
Is anybody intending to vote option A (yet another extension)? If so, why? Not a chance, Option B on both my accounts invested. Having said that AC have craftily worded option B to allow them to do anything but get investors money back.
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Post by df on Dec 13, 2018 22:39:57 GMT
Is anybody intending to vote option A (yet another extension)? If so, why? Not a chance, Option B on both my accounts invested. Having said that AC have craftily worded option B to allow them to do anything but get investors money back. Option B "is a summary of the comments provided by the potential Administrators with a large proportion of this text being pasted into this vote".
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cb25
Posts: 3,520
Likes: 2,665
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Post by cb25 on Dec 13, 2018 22:48:17 GMT
Is anybody intending to vote option A (yet another extension)? If so, why? I voted A. Yes, it's been going for very long time, but there is a chance for much better outcome if we wait for few more months. Option B will always be there. That's just my understanding of this situation. In any case I wouldn't vote B because all of my funds in this loan are in GBBA. Voting B could jeopardise my PF entitlement. PF isn't big enough to cover some of the possible loss scenarios on this loan. Blows a huge hole in AC's idea of "don't worry about high concentrations of money allocated to a single loan as we've got a provision fund".
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Post by df on Dec 13, 2018 23:08:09 GMT
I voted A. Yes, it's been going for very long time, but there is a chance for much better outcome if we wait for few more months. Option B will always be there. That's just my understanding of this situation. In any case I wouldn't vote B because all of my funds in this loan are in GBBA. Voting B could jeopardise my PF entitlement. PF isn't big enough to cover some of the possible loss scenarios on this loan. Blows a huge hole in AC's idea of "don't worry about high concentrations of money allocated to a single loan as we've got a provision fund". Not only on this loan, there are more that will definitely need PF. I'm not too hopeful, but will wait and see how PF will work before making any conclusions. However, if I had holding in MLA I would still vote A.
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cb25
Posts: 3,520
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Post by cb25 on Dec 14, 2018 10:17:22 GMT
Q&A via email:
Q: is it AC’s expectation that a refinance by the ‘potential financier’ would result in 100% repayment of Lenders’ capital and interest? A: The borrower has not intimated that there will be a shortfall in respect of repayment of what is due, however, at this stage, they do not have an offer letter from the potential funder.
Q: If Lenders voted for formal demand (of repayment) to be made and the process eventually resulted in a shortfall, would the Provision Fund cover Lenders’ losses? A: Decisions regarding provision fund coverage for defaulted/recovery loans are typically made towards the end of the recovery process so we are unable to confirm at this stage.
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I find it a little worrying that AC/the borrower can't say that the refinance will repay 100% of Lenders' capital and interest.
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Post by hammertime on Dec 14, 2018 10:25:49 GMT
A/C provision fund is in name only. Its like saying this time next year we COULD all be millionaires.
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SteveT
Member of DD Central
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Post by SteveT on Dec 14, 2018 10:27:06 GMT
I find it a little worrying that AC/the borrower can't say that the refinance will repay 100% of Lenders' capital and interest. How could they possibly say that when there isn't even a refinance offer letter as yet?
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cb25
Posts: 3,520
Likes: 2,665
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Post by cb25 on Dec 14, 2018 10:33:38 GMT
I find it a little worrying that AC/the borrower can't say that the refinance will repay 100% of Lenders' capital and interest. How could they possibly say that when there isn't even a refinance offer letter as yet? When the borrower was talking to the possible new source of finance, I'd expect them to have asked "what's the amount you're likely to be able/willing to lend us?". Plus, I was asking what the expectation was, not what was guaranteed. Should have been an easy one to answer Yes.
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