merlin99
Member of DD Central
Posts: 126
Likes: 269
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Post by merlin99 on Jun 23, 2023 9:21:24 GMT
Very extensive update emailed today. Going to take a lot of reading but hope there will be more good news than bad!
Happy reading.
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rocky1
Member of DD Central
Posts: 1,120 
Likes: 1,940
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Post by rocky1 on Jun 23, 2023 11:15:41 GMT
summary of rec and payments. in amongst it all is 633k directors settlement agreement does anybody know what that is all about ?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
Likes: 11,080
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Post by ilmoro on Jun 23, 2023 12:25:02 GMT
summary of rec and payments. in amongst it all is 633k directors settlement agreement does anybody know what that is all about ? First installments from funds due under the settlement of the legal case against the directors in relation to the Marshall Island Mystery.
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Mousey
Member of DD Central
Posts: 1,569
Likes: 6,558
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Post by Mousey on Jun 23, 2023 13:54:28 GMT
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Post by rooster on Jun 23, 2023 16:34:18 GMT
I'm not very happy about this sentence:
"The Joint Administrators are continuing to keep the FCA abreast of key actions and pertinent matters, and to assist them with any requests."
..the last time Lendy did that, we got royally screwed!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
Likes: 11,080
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Post by ilmoro on Jun 23, 2023 18:48:33 GMT
I'm not very happy about this sentence: "The Joint Administrators are continuing to keep the FCA abreast of key actions and pertinent matters, and to assist them with any requests."..the last time Lendy did that, we got royally screwed! Unfortunately a legal requirement ... amazingly FCA involvement has been helpful
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Post by pigbreeder on Jun 23, 2023 20:04:41 GMT
Can someone remind me what the Model 2 funds are about and if they may come to a typical long term investor in dye course.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
Likes: 11,080
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Post by ilmoro on Jun 23, 2023 21:03:23 GMT
Can someone remind me what the Model 2 funds are about and if they may come to a typical long term investor in dye course. Model 2 funds are the true P2P loans (trust assets) & are the loans that are already being distributed. Further distributions may be made from the retentions held under the Cost protocol once final costs are agreed. Model 1 are the loans to Lendy & are assets of the estate ... they & any other proceeds of the admin after fees/costs will be distributed to creditors once the admin ends. Once the the final issues of the directions application are confirmed by the Court next month then all lenders will be creditors & entitled to a dividend under any distribution to creditors.
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Post by pigbreeder on Jun 23, 2023 23:24:07 GMT
Thanks for explanation.
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Post by petebutt43 on Jun 25, 2023 22:53:46 GMT
Can someone remind me what the Model 2 funds are about and if they may come to a typical long term investor in dye course. Model 2 funds are the true P2P loans (trust assets) & are the loans that are already being distributed. Further distributions may be made from the retentions held under the Cost protocol once final costs are agreed. Model 1 are the loans to Lendy & are assets of the estate ... they & any other proceeds of the admin after fees/costs will be distributed to creditors once the admin ends. Once the the final issues of the directions application are confirmed by the Court next month then all lenders will be creditors & entitled to a dividend under any distribution to creditors. A list of model 1 and model 2 loans would be useful. Anybody able to help?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
Likes: 11,080
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Post by ilmoro on Jun 25, 2023 23:19:31 GMT
Model 2 funds are the true P2P loans (trust assets) & are the loans that are already being distributed. Further distributions may be made from the retentions held under the Cost protocol once final costs are agreed. Model 1 are the loans to Lendy & are assets of the estate ... they & any other proceeds of the admin after fees/costs will be distributed to creditors once the admin ends. Once the the final issues of the directions application are confirmed by the Court next month then all lenders will be creditors & entitled to a dividend under any distribution to creditors. A list of model 1 and model 2 loans would be useful. Anybody able to help? M1 PBL027, 31, 56, DFL001, 002 (last disputed by lenders), everything else M2
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Post by petebutt43 on Jun 26, 2023 3:38:10 GMT
thanks
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r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
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Post by r1200gs on Aug 25, 2023 15:08:58 GMT
Just sent todays update to the recycle bin without even looking, I know it will send my blood pressure through the roof.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,852
Likes: 11,080
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Post by ilmoro on Aug 25, 2023 15:30:16 GMT
Just sent todays update to the recycle bin without even looking, I know it will send my blood pressure through the roof. Formation of M2 committee ... no vote required
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