Mike
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Post by Mike on Dec 21, 2018 16:50:45 GMT
Has any of the enforcement action that has already taken been against the rules then? Borrowers could potentially sue?
I hope that they have done it in such a way that is not possible and there is no need to repeat the work already done in these cases . . .
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 17:26:19 GMT
Unfortunately, I'm struggling to support the resolution without more information.
1. We are being asked to "...ratify any such enforcement or collection action which any Collateral Group Company may already have taken, following the appointment of the Joint Administrators on 27 April 2018 but prior to the date of this resolution ..."
I mean - I don't know what action, if any, has been taken since April 27th! So how on earth can I reasonably be expected to ratify it? That could be a dangerous thing to do, surely. What if it was illegal. What if it signs away my rights? What if it dobs me right in it, legally? (e.g. we all know what's going on over at LY at the moment with London loans).
2. In addition I'm struggling with this bit, "... including, without limitation, by appointing one or more receivers to the properties in question... ".
I have a rule never to agree to anything "without limitation". It's plain common sense.
I fear BDO are seeking powers and authority in excess of what they need. As I read it they are asking us to give them authority to appoint anyone they like and as many people as they like. So all and sundry can milk us dry.
The words 'reasonable' or 'proportionate', or 'subject to approval of the creditors' committee' aren't attached to anything in the resolution.
I will be looking more into this over the holiday period but I won't be bounced into supporting anything.
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Monetus
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Post by Monetus on Dec 21, 2018 17:32:27 GMT
All investors in Collateral should have just received an email from BDO today containing a Lenders Resolution letter. I strongly encourage all investors to reply positively to this email as soon as possible. I am sure there will be plenty of questions surrounding this communication but please be aware that it is necessary due to the content of Collateral's original terms and conditions. Obtaining a sufficient amount of responses will be highly beneficial to Investors and allow BDO to take appropriate recovery action when required. If the Joint Administrators do not receive a positive response from a sufficient majority of investors, it will be necessary for them to make a court application as a prelude to enforcement action. Any court application will add additional cost and delay to the enforcement process, most likely resulting in a slower and reduced return of funds to investors. If you happen to be in contact with any other investors who don't frequent these forums, it would be great if you could also please reach out to them and encourage them to respond also. It is VERY important that people don't just ignore this communication and instead respond positively to BDO's request. Happy to send out an email to my readers. Give them a good old Christmas prodding. That would be excellent if you could! Thanks a lot
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chris1200
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Post by chris1200 on Dec 21, 2018 19:59:03 GMT
Unfortunately, I'm struggling to support the resolution without more information.
1. We are being asked to "...ratify any such enforcement or collection action which any Collateral Group Company may already have taken, following the appointment of the Joint Administrators on 27 April 2018 but prior to the date of this resolution ..."
I mean - I don't know what action, if any, has been taken since April 27th! So how on earth can I reasonably be expected to ratify it? That could be a dangerous thing to do, surely. What if it was illegal. What if it signs away my rights? What if it dobs me right in it, legally? (e.g. we all know what's going on over at LY at the moment with London loans).
2. In addition I'm struggling with this bit, "... including, without limitation, by appointing one or more receivers to the properties in question... ".
I have a rule never to agree to anything "without limitation". It's plain common sense.
I fear BDO are seeking powers and authority in excess of what they need. As I read it they are asking us to give them authority to appoint anyone they like and as many people as they like. So all and sundry can milk us dry.
The words 'reasonable' or 'proportionate', or 'subject to approval of the creditors' committee' aren't attached to anything in the resolution.
I will be looking more into this over the holiday period but I won't be bounced into supporting anything. You're really overdoing it. 1. The whole point of these platforms (and, by extension, any administrators) is that they act on our behalf. I doubt you complain about not being able to individually approve any and all enforcement actions the other platforms take on your invested loans. Why should it be any different here? The wording is deliberately generic so that they don't have to get your permission every single time they take some kind of enforcement action. 2. The words 'without limitation' here I think should be construed as 'but not limited to' (which is the more common legal language and, to be honest, I don't know why they haven't used it here). It just means 'we're about to give an example, but for the avoidance of doubt, we're not limiting ourselves to only this example'. If you are genuinely proposing not to reply in the affirmative to this request, how on earth can you justify preferring the alternative - that they can't take any enforcement action or just have to go to court to get permission and spend a whole load more money? For someone who's so (understandably) desperate to get his money back, that is a bizarre decision to me.
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Carter
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Post by Carter on Dec 21, 2018 20:26:42 GMT
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rxdav
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Post by rxdav on Dec 21, 2018 20:54:27 GMT
replied in the positive. rxdav
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rxdav
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Post by rxdav on Dec 21, 2018 21:06:32 GMT
replied in the positive. rxdav Forgot to mention - doesn't mean I don't think they are a bunch of money grabbing bar-stewards - who hopefully will be first on the guillotine - metaphorically or, preferably, literally!! P.S. If you need someone to pull the lever - just email me- I'll be there at my own expense and will bring my own sandwiches!!
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Carter
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Post by Carter on Dec 21, 2018 21:27:23 GMT
replied in the positive. rxdav Forgot to mention - doesn't mean I don't think they are a bunch of money grabbing bar-stewards - who hopefully will be first on the guillotine - metaphorically or, preferably, literally!! P.S. If you need someone to pull the lever - just email me- I'll be there at my own expense and will bring my own sandwiches!! First against the wall...surely.
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ianj
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Post by ianj on Dec 21, 2018 21:34:18 GMT
Useless bunch of incompetents. They are still only sending emails to me and not the other half. Ditto, sort of, just the other way around.
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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 Dec 21, 2018 21:42:23 GMT
Yes it could have been done earlier and it does contain some conditions that some find they would rather not have included.
It is here now no use complaining after the fact we are not the Labour opposition saying to every bit of good news "It is Too little too late"
It is good news unless we want a Brexit style almighty,costly hold up then let us all get together if required grit your teeth and vote to accept and wait for whatever is recovered returned to us ASAP.
Or make your point of how your investment is more important than every sane person and add to BDO bill by holding everything up.
Most just want as much as possible as soon as possible so we can move on.
Happy to get recoveries if required later down the line.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 21, 2018 21:55:52 GMT
None of us like being spit-roasted.
And that's what is happening.
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Monetus
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Post by Monetus on Dec 21, 2018 22:29:01 GMT
For those questioning why this wasn't done earlier or why it's even necessary, I can assure you that there are valid reasons for both.
The situation has been more complex than it appears on the surface and several things have been going on in the background which aren't immediately obvious to investors.
Regardless of your personal opinion of BDO and their handling of the Administration, I would once again encourage everyone to respond positively to the email as it's likely to save investors a significant amount of time and money.
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averageguy
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Post by averageguy on Dec 21, 2018 23:03:19 GMT
For those questioning why this wasn't done earlier or why it's even necessary, I can assure you that there are valid reasons for both. The situation has been more complex than it appears on the surface and several things have been going on in the background which aren't immediately obvious to investors. Regardless of your personal opinion of BDO and their handling of the Administration, I would once again encourage everyone to respond positively to the email as it's likely to save investors a significant amount of time and money. Was this all discussed at the last meeting or the previous one?
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Post by moneymagnet on Dec 22, 2018 15:48:14 GMT
I've sent in my affirmative reply. One less obstacle to be paid for out of the proceeds that will be coming to us eventually.
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adrianc
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Post by adrianc on Dec 22, 2018 15:54:32 GMT
The situation has been more complex than it appears on the surface and several things have been going on in the background which aren't immediately obvious to investors. I appreciate you can't give any more information, but I'm sure you understand that just begs one question... Conspiracy or c*ck-up?
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