Carter
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Post by Carter on Nov 17, 2018 12:51:56 GMT
They should be able to give something regarding cash on account if they've reconciled the books and amounts are in line. Having this repaid would be a start at least. If they are unable or unwilling to repay this then I would like to understand the justification.
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jonno
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nil satis nisi optimum
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Post by jonno on Nov 17, 2018 13:07:24 GMT
They should be able to give something regarding cash on account if they've reconciled the books and amounts are in line. Having this repaid would be a start at least. If they are unable or unwilling to repay this then I would like to understand the justification. Totally agree. There must be significant cash holdings (hopefully!) regarding interest alone. Surely this can be repaid?
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Monetus
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Post by Monetus on Nov 17, 2018 13:26:14 GMT
They should be able to give something regarding cash on account if they've reconciled the books and amounts are in line. Having this repaid would be a start at least. If they are unable or unwilling to repay this then I would like to understand the justification. Totally agree. There must be significant cash holdings (hopefully!) regarding interest alone. Surely this can be repaid? Couple of points: - The bank accounts were reconciled and the amounts weren't in line (this is public knowledge - see the first report) which clearly showed a discrepancy between what was in the "Client" account" and what Collateral records indicated should be in the "Client" account. - BDO do not currently have enough information to reconcile investors / balances / credits on specific loans etc. This would depend on the recovery of the electronic platform data which to the best of my knowledge is still a work in progress.
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justme
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Post by justme on Nov 17, 2018 13:39:28 GMT
How long can it take to recover electronic data? Surely it is either possible or not and if possible why would it take 6 months + to recover it ?
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Carter
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Post by Carter on Nov 17, 2018 13:44:09 GMT
Totally agree. There must be significant cash holdings (hopefully!) regarding interest alone. Surely this can be repaid? Couple of points: - The bank accounts were reconciled and the amounts weren't in line (this is public knowledge - see the first report) which clearly showed a discrepancy of around 28k between what was in the "Client" account" and what Collateral records indicated should be in the "Client" account. - BDO do not currently have enough information to reconcile investors / balances / credits on specific loans etc. This would depend on the recovery of the electronic platform data which to the best of my knowledge is still a work in progress. That certainly was the position previously reported, I was somewhat hoping the upcoming report would evidence some progress. Whilst there was a variance reported in the client account forensics should have resulted in an understanding as to the discrepancy. If the money has been reclaimed then payout, if it hasn't payout pro-rata. If they still don't know what belongs where then really what are they doing.
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mason
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Post by mason on Nov 17, 2018 13:53:02 GMT
- BDO do not currently have enough information to reconcile investors / balances / credits on specific loans etc. This would depend on the recovery of the electronic platform data which to the best of my knowledge is still a work in progress. Do not currently? Or did not at the time of the last public update?
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Monetus
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Post by Monetus on Nov 17, 2018 13:55:55 GMT
- BDO do not currently have enough information to reconcile investors / balances / credits on specific loans etc. This would depend on the recovery of the electronic platform data which to the best of my knowledge is still a work in progress. Do not currently? Or did not at the time of the last public update? I have no knowledge of what progress has been made since the last Committee meeting in September - after which I posted an update on the forum.
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mason
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Post by mason on Nov 17, 2018 14:06:59 GMT
Do not currently? Or did not at the time of the last public update? I have no knowledge of what progress has been made since the last Committee meeting in September - after which I posted an update on the forum. Let's hope then that some substantial progress has been made since then. The worst possible outcome would be to spend many months and £'000s on this only to eventually decide that it is a dead end.
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michaelc
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Post by michaelc on Nov 17, 2018 14:27:12 GMT
I'm the last person to suck up to committee members or anyone else (anyone remember my insistence they eat cucumber sandwhiches with Iceland Margarine only for lunch ?) but I definitely appreciate Monetus taking the time to remind us of the current situation and updating/clarifying where he can.
The NDA is frustrating. However, I wonder if that actually puts BDO at a small advantage over other platforms struggling to recover some loans in that those platforms often have a need to provide updates to their lenders which may hinder efforts to recover.
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p2pete
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Post by p2pete on Nov 17, 2018 14:44:43 GMT
The IT platform and data has been recovered and restored, and continuing efforts are being made to create a front end that will enable BDO to manipulate the data in a useful way - BDO do not currently have enough information to reconcile investors / balances / credits on specific loans etc. This would depend on the recovery of the electronic platform data which to the best of my knowledge is still a work in progress. You sounded more positive about it earlier though.
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Monetus
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Post by Monetus on Nov 17, 2018 14:49:10 GMT
The IT platform and data has been recovered and restored, and continuing efforts are being made to create a front end that will enable BDO to manipulate the data in a useful way - BDO do not currently have enough information to reconcile investors / balances / credits on specific loans etc. This would depend on the recovery of the electronic platform data which to the best of my knowledge is still a work in progress. You sounded more positive about it earlier though. And I still am. As of the last meeting, the back-end databases had been fully recovered by BDO but the data was not in a format that can be manipulated easily because there was no front-end. Again I have received no update since the last meeting so I have no idea what progress has been made since then. Hence it's a "work in progress".
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Monetus
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Post by Monetus on Nov 17, 2018 15:04:41 GMT
I'm the last person to suck up to committee members or anyone else (anyone remember my insistence they eat cucumber sandwhiches with Iceland Margarine only for lunch ?) but I definitely appreciate Monetus taking the time to remind us of the current situation and updating/clarifying where he can. The NDA is frustrating. However, I wonder if that actually puts BDO at a small advantage over other platforms struggling to recover some loans in that those platforms often have a need to provide updates to their lenders which may hinder efforts to recover. I appreciate the comment michaelc - I am certainly trying to do my best! I have been somewhat reluctant to post on this matter as of late because many things I write on this forum regarding Collateral seem to get micro-analysed and dissected to the point that they often generate unnecessary rumour, speculation and additional questions. Because of this, it's likely that I'll keep my updates to a brief and more factual nature in future without any personal opinion from myself.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 17, 2018 15:23:27 GMT
The recovery of usable records appears to possibly be getting very, very expensive, when of course such an exercise should never have been needed in the first place.
I would have thought, regardless of urine poor excuses, that Company Directors deleting company records or even allowing them to be deleted, is a serious criminal offence, of some kind, surely?
And if not, we are sunk, and the law really is an ass.
And the Spice Brothers no doubt will toast us all with the finest shampoo.
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p2pete
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Post by p2pete on Nov 17, 2018 15:34:20 GMT
I would have thought, regardless of urine poor excuses, that Company Directors deleting company records or even allowing them to be deleted, is a serious criminal offence, of some kind, surely? The records were intact at the point of going into administration, this was confirmed by RR and BDO.
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11025
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Post by 11025 on Nov 17, 2018 16:03:36 GMT
The recovery of usable records appears to possibly be getting very, very expensive, when of course such an exercise should never have been needed in the first place. I would have thought, regardless of urine poor excuses, that Company Directors deleting company records or even allowing them to be deleted, is a serious criminal offence, of some kind, surely? And if not, we are sunk, and the law really is an ass. And the Spice Brothers no doubt will toast us all with the finest shampoo. On that subject , whether we as investors get to know the outcome at this time or not I would be grateful if you could raise the issue of the brothers finances and see if they have paid court costs as they should have and if there is any indication or evidence of any embezzlement or criminal activity of their part .
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