archie
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Post by archie on Dec 23, 2019 5:17:25 GMT
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sjg
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Post by sjg on Dec 23, 2019 7:33:46 GMT
Thanks archie.
Not the best of Christmas updates we could have hoped for..
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7d7
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Post by 7d7 on Dec 23, 2019 7:45:34 GMT
Is this what they call satisfactory progress?
- 6 property redemptions/settlements in 1 year
- 1 additional property redemption/settlement in 8 months
- 0 chattel redemptions/settlements
- 0 distributions to investors
On top of that, they are STILL finalising the IT platform.
Their action re chattel settlements is bewildering. They would do zilch pending a substantive response from the directors. How long does it take to obtain such a response? What if they do not get it? Are the chattels increasing in value year by year?
'The Joint Liquidators will make a first distribution to investors once recoveries from the loan book have reached a level sufficient to make a distribution process economic.' What does this signify? Their disregard for the sufferings of non-wealthy investors is incredible.
As previously stated, there is no incentive to conclude the process promptly. Their fees are being approved and they will maximise those earnings with time.
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Post by spareapennyor2 on Dec 23, 2019 8:38:55 GMT
a pi$$ poor show BDO
still need to talk to directors even now?
what good will that do / will they pay up?
looks like nothing until all property's dispose of
forget Chattel loans
think of FS ruby garnet
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duck
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Post by duck on Dec 23, 2019 9:05:40 GMT
... How long does it take to obtain such a response? What if they do not get it? ... You are assuming that the directors are being cooperative, are they? There are statutory/legal powers if the directors are not being cooperative. The above is pure speculation on my part since I am not on the CC ........... but I can see why there might be 'issues'.
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Post by dan1 on Dec 23, 2019 9:17:59 GMT
I've long since given up hope of any meaningful return from Collateral UK, written off as one of my poorest investment decisions, hey ho.
I do still wonder why there's been no public statement regarding an investigation by SFO. That can only be for one of two reasons, no investigation is (yet, he adds hopefully) ongoing, or making it public would compromise the investigation (it's hard to think why at this stage). To be clear, I don't hold out any hope that even if such an investigation were ongoing we'd see a return of our funds but I would like to see appropriate action taken if supported by the evidence (I'm choosing my words wisely).
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micky
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Post by micky on Dec 23, 2019 9:22:47 GMT
As frustrating as it is, this report demonstrates to me that the directors are being pursued in a thorough fashion that will lead to them being given every opportunity to provide answers and cooperate with the administrators. Failure to do so, hopefully leads to them being on the end of legal proceedings in 2020. the FCA will then be aware of the crystallised figure for compensation to investors  |
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IFISAcava
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Post by IFISAcava on Dec 23, 2019 9:29:45 GMT
Agreed - last time I posted a downbeat prognosis I was heavily chastised (a bit like if one has a negative expectation of the outcome of the B thing).
But, given that, bar a few hundred still stuck in development loans, I was all in chattels and free cash, and these both have clear problems expressed in the update, my expectation for my money (thankfully only 5 figures rather than the 6 it was at one time) is a total write off. Anything more would be a bonus now.
Doesn't mean I am happy with that, or that we shouldn't tirelessly pursue the administrators and/or any criminal proceedings that may be needed, or that I am settling for that as a reasonable outcome. It means I am prepared for the worst psychologically.
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Post by dan1 on Dec 23, 2019 9:38:02 GMT
Agreed - last time I posted a downbeat prognosis I was heavily chastised (a bit like if one has a negative expectation of the outcome of the B thing). ... Gotta tow the party line otherwise they'll send the dogs after you 
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picnicman
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Post by picnicman on Dec 23, 2019 10:24:11 GMT
Agreed - last time I posted a downbeat prognosis I was heavily chastised (a bit like if one has a negative expectation of the outcome of the B thing). But, given that, bar a few hundred still stuck in development loans, I was all in chattels and free cash, and these both have clear problems expressed in the update, my expectation for my money (thankfully only 5 figures rather than the 6 it was at one time) is a total write off. Anything more would be a bonus now. Doesn't mean I am happy with that, or that we shouldn't tirelessly pursue the administrators and/or any criminal proceedings that may be needed, or that I am settling for that as a reasonable outcome. It means I am prepared for the worst psychologically. The Joint Liquidators will make a first distribution to investors once recoveries from the loan book have reached a level sufficient to make a distribution process economic. At present, we are unable to set a date for such a distribution, as it will depend to a significant extent on the timing of recoveries from the sale of properties. Monetus - I like IFISAcava have the majority of my loans within chattels. I appreciate the point in the report about on going discussions with former Directors, but subject to these and assets being sold, a distribution (even if it is after all the chattels are sold) should not have to await the recoveries from the sale of properties. It is unfair that one part of the loan book is prejudiced by the larger completely different part of the loan book? Can I ask you to at least press (as hard as you can) BDO on this at the next CC meeting? Cheers P
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iRobot
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Post by iRobot on Dec 23, 2019 10:25:20 GMT
I've long since given up hope of any meaningful return from Collateral UK, written off as one of my poorest investment decisions, hey ho.I do still wonder why there's been no public statement regarding an investigation by SFO. That can only be for one of two reasons, no investigation is (yet, he adds hopefully) ongoing, or making it public would compromise the investigation (it's hard to think why at this stage). To be clear, I don't hold out any hope that even if such an investigation were ongoing we'd see a return of our funds but I would like to see appropriate action taken if supported by the evidence (I'm choosing my words wisely).
This: Ditto This: maybe, but nonetheless aided and abetted by woeful regulatory inactivity on the part of the FCA; something duck and his 'lings are all over; have an extra mince pie guys, and keep up the good work.
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picnicman
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Post by picnicman on Dec 23, 2019 10:25:49 GMT
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IFISAcava
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Post by IFISAcava on Dec 23, 2019 10:28:14 GMT
Agreed - last time I posted a downbeat prognosis I was heavily chastised (a bit like if one has a negative expectation of the outcome of the B thing). ... Gotta tow the party line otherwise they'll send the dogs after you I narrowly avoided dog action by deleting the post last time. Dogs no longer scare me - except perhaps the mechanical hound from Fahrenheit 451.
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7d7
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Post by 7d7 on Dec 23, 2019 10:44:09 GMT
... How long does it take to obtain such a response? What if they do not get it? ... You are assuming that the directors are being cooperative, are they? There are statutory/legal powers if the directors are not being cooperative. The above is pure speculation on my part since I am not on the CC ........... but I can see why there might be 'issues'. Not really, this is why I posed the question 'What if they do not get it?' If the directors fail to cooperate, resolving such issues could take forever. If they do, will it result in an uplift in value? Moreover, if keeping possession of the chattels increases their value, fine. If not, they ought to redeem/settle with optimal offers whilst pursuing a claim against the valuers/directors for negligence.
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r00lish67
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Post by r00lish67 on Dec 23, 2019 10:49:25 GMT
Monetus - I like IFISAcava have the majority of my loans within chattels. I appreciate the point in the report about on going discussions with former Directors, but subject to these and assets being sold, a distribution (even if it is after all the chattels are sold) should not have to await the recoveries from the sale of properties. It is unfair that one part of the loan book is prejudiced by the larger completely different part of the loan book? Can I ask you to at least press (as hard as you can) BDO on this at the next CC meeting? Cheers P AIUI reading the report, the chattel sales are not being prejudiced by the larger sales, they're being stopped by the fact that (reading between the lines) their real value is bog all compared to their supposed value, and BDO are trying to hold whomever is responsible to account before proceeding with the bloodbath sale. '
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