ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 22, 2017 18:44:14 GMT
FS will be VERY aware of course that there will be one hell of a fuss from us Punters if this is not resolved reasonably satisfactorily, given how it's been handled to date.
In that vein, I would think, and hope, that FS has the grace and business nous to involve us if the Offer contains Surprises and/or doesn't cover Capital and Interest.
Tricky one eh? Over to you FS!!!!
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mikes1531
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Post by mikes1531 on May 22, 2017 20:15:25 GMT
I can't remember... Have receivers -- or the Scottish equivalent -- been appointed? If so, then there may not be a lot FS can do other than follow their recommendations, and that includes whether or not to accept an offer that's been made.
Readers may be aware that AC always ask their investors to choose the way forward. (They seem to do that to protect themselves from the recriminations that result if investors lose money.) IIRC, in one case a receiver recommended accepting an offer, but the investors voted against that, and that created a very awkward position. After that happened, AC pointed out that by doing that investors were exposing themselves to a lawsuit from the borrower for rejecting a recommended offer. Since then, when AC have asked investors to vote on whether to appoint receivers, they've made it clear that a vote to appoint is also a vote to accept the receivers' recommendations.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 22, 2017 20:35:30 GMT
Quite so. Me, being a numpty, missed this point. FS will probably have Football Association to do with any potential sale, just hope our Jock based "Representatives" are up to the job!
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09dolphin
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Post by 09dolphin on May 23, 2017 16:55:18 GMT
I honestly didn't think we'd get much back. Now I hope for a 60% return on my investment. Anything more and I'll really pleased.
However I still think FS have mismanaged this loan by believing the assurances they were given by the borrower from day 1. I know it's nicer to believe everything a borrower says is true but the reality is that people say whatever they think will gain them more time. I hope this is an experience that FS will learn from.
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Post by martin44 on Jun 10, 2017 15:16:36 GMT
latest update... 'The buyer appears to be stalling. In the meantime we believe we have found another possible purchaser' No surprises there then.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 10, 2017 16:28:32 GMT
latest update... 'The buyer appears to be stalling. In the meantime we believe we have found another possible purchaser' No surprises there then. Will there be a new phrase now entering the lexicon - " I've been Jock Boatyarded", meaning to be f****d around until the cows come home?!!!
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09dolphin
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Post by 09dolphin on Jun 13, 2017 6:04:31 GMT
Even if investors lose all their interest and some of their investment it may now be preferable to the present situation of money being tied up with hope of only a limited return.
If there is a return (even partial) of the investment it can be reinvested (making money) rather than the present situation where I expect to lose any interest but hope to have some capital returned.
With stocks and shares I am sometimes advised to take a loss on the chin rather than staying and living in hope. The money can then be reinvested (and hopefully at a profit) but at least I'm not losing money by having money being tied up.
Frankly I have lost patience and everyday my money remains tied up in this loan I see it as costing me money.
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Post by martin44 on Jun 13, 2017 6:57:52 GMT
Even if investors lose all their interest and some of their investment it may now be preferable to the present situation of money being tied up with hope of only a limited return.
If there is a return (even partial) of the investment it can be reinvested (making money) rather than the present situation where I expect to lose any interest but hope to have some capital returned.
With stocks and shares I am sometimes advised to take a loss on the chin rather than staying and living in hope. The money can then be reinvested (and hopefully at a profit) but at least I'm not losing money by having money being tied up.
Frankly I have lost patience and everyday my money remains tied up in this loan I see it as costing me money.
In theory, if the second valuation of £450 to £500k was even remotely accurate, then we should at least see a return of our capital based on the loan amount of £250k , lots of variables to assume though unfortunately, like you i am finding this tiresome, and i think FS could and should have handled this differently early on, but it is what it is and even with a buyer we are still looking at months/many months of uncertainty.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 13, 2017 6:59:42 GMT
Even if investors lose all their interest and some of their investment it may now be preferable to the present situation of money being tied up with hope of only a limited return.
If there is a return (even partial) of the investment it can be reinvested (making money) rather than the present situation where I expect to lose any interest but hope to have some capital returned.
With stocks and shares I am sometimes advised to take a loss on the chin rather than staying and living in hope. The money can then be reinvested (and hopefully at a profit) but at least I'm not losing money by having money being tied up.
Frankly I have lost patience and everyday my money remains tied up in this loan I see it as costing me money.
I have some sympathy for this opinion. The trouble is that a fire sale in this type of situation (non-standard property etc) can get a very low price. On the other hand all the while it drags on professional fees mount up. Judging when to accept an offer is a skill which FS just don't possess IMO.
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r00lish67
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Post by r00lish67 on Jun 13, 2017 7:06:40 GMT
Even if investors lose all their interest and some of their investment it may now be preferable to the present situation of money being tied up with hope of only a limited return.
If there is a return (even partial) of the investment it can be reinvested (making money) rather than the present situation where I expect to lose any interest but hope to have some capital returned.
With stocks and shares I am sometimes advised to take a loss on the chin rather than staying and living in hope. The money can then be reinvested (and hopefully at a profit) but at least I'm not losing money by having money being tied up.
Frankly I have lost patience and everyday my money remains tied up in this loan I see it as costing me money.
I have some sympathy for this opinion. The trouble is that a fire sale in this type of situation (non-standard property etc) can get a very low price. On the other hand all the while it drags on professional fees mount up. Judging when to accept an offer is a skill which FS just don't possess IMO. Also, and this applies to all platforms, there is always the temptation to not bring proceedings to a halt. For as long as troubled assets remain in 'the twilight zone' some investors will still cling to the irrational belief that it'll all be ok and continue investing. Platforms also then don't have to face uncomfortable questions about valuations/DD/where's my money etc, as the matter is not yet resolved. I suspect FC are guilty of this w.r.t the short term loans fiasco.
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Post by martin44 on Jun 28, 2017 14:00:18 GMT
Blummin heck.. latest update. '25/06/2017 A deal is now close to being agreed.
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alison
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Sanctuary!!
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Post by alison on Jun 28, 2017 14:52:11 GMT
"Close" is all relative.
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Liz
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Post by Liz on Jun 28, 2017 18:45:25 GMT
Blummin heck.. latest update. '25/06/2017 A deal is now close to being agreed. What type of deal? If the DUP are negotiating with FS, then we have problems.
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Post by neeeryde on Jul 20, 2017 14:42:06 GMT
Happy two year anniversary of the loan!!!
Is this the longest ever outstanding loan on FS?
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ashtondav
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Post by ashtondav on Jul 20, 2017 15:20:02 GMT
Think of all that lovely interest rolling up. Still.
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