ptr120
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Post by ptr120 on Sept 21, 2017 16:40:46 GMT
We are now after office hours and there is still no update on this loan. The administrators progress report would have been provided to FC at the same time as, or prior to the filing at Companies House, yet they fail to update lenders and my email request that they provide the same has gone unanswered. The arrogance of this company is gob smacking!
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rogerthat
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Post by rogerthat on Sept 21, 2017 18:06:43 GMT
Unfortunately a link to it here would identify the borrower. I am sure that someone will find a way to point the lenders on this loan towards the info. (Not me, I sold mine long ago) The borrower's name is all you need. That's shown in your loan parts' details screen. Then go to beta.companieshouse.gov.uk/ and enter the name without the "Ltd". You should have the entity in which you're interested as the top item in a list of 3, the second line of the listing helpfully suffixed "in administration". Ive just accessed it...initial glance under Filing History came up with this:- 19 Sep 2017 Administrator's progress report This document is being processed and will be available in 5 days. However there are some interesting other things available to read in Pdf format..I dare not copy and paste for the same reason above but I'm sure those with an interest will have a butchers Wont spoil the surprise, but what I can bear to look at (before my tea) only confirms the nationality of THE director..I hope Fatuous Calamities have got up to date passports Btw the sole English (national) director resigned 6th September 2017..just over 2 weeks ago ! (this maybe/probably is incorrect..see Edit below ) What about this other hotel that's still trading? Last Edit...it seems the administrators have got a date wrong regarding the resignation of the sole (female) director, or at least there is a conflict between two different dates on two different documents (by one calendar year)
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adrian77
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Post by adrian77 on Sept 21, 2017 18:52:44 GMT
Rogerthat - please see this thread 9th sept sussexlender etc Yes we realised this UK director with assets resigned only to be replaced with an Indian one with no assets- the UK one that resigned seems to have been a former director of the Eastborne hotel who resigned in June 2017- how curious! What's the chance of even tracing this director let alone getting some money out of him - I would put more money on Kim jong-un winning the Noble Peace Price.
Reads like an episode of Minder doesn't it - can't wait for the progress report....well at least FC have kept on top of this one and have clearly taken care to ensure our money will easily be recovered !
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rogerthat
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Post by rogerthat on Sept 21, 2017 21:45:41 GMT
10 - 4..did I also read somewhere that the "other" hotel is still trading ?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Sept 21, 2017 23:59:49 GMT
That's not the smoking gun. Re-read the loan description and then consider FC on the end of a toasting fork. I am awaiting the report with interest and will enjoy cross referencing it with other now defunct companies. All that money gone faster than you can say due diligence.
Note to FC: until you return our money I shall enjoy being the grit in your oyster.
Bring on the truth, we are all waiting.
Love Andy
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Post by benstock on Sept 22, 2017 6:30:23 GMT
well its out
25 pages of nothing
Just seemingly an acceptance that Fc and us have been stitched up good.
and that the administration will take another 12 months!
so dont hold your breath
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ptr120
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Post by ptr120 on Sept 22, 2017 6:54:12 GMT
...and that administrators costs are going to be the best part of 50K higher than previously anticipated because this case is a bit tricky! Keep in mind that this company is the same one that was their 'special advisor' so that fact that this would be a bit tricky would have been evident.
Oh, and they have been regularly liasing with FC - who of course have passed on bugger all information to investors.
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c88dnf
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Post by c88dnf on Sept 22, 2017 10:09:32 GMT
The report is pretty much standard, but contains the interesting detail that rent for the property was paid in the six months' administration period. From Companies House data, the company which paid rent appears to be profitable and certain of its Directors appear to have the same address for correspondence as the company in receivership. Doubtless FC was fully aware of these connections from its due diligence and will be able to provide satisfactory explanations in due course.
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jayjay
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Post by jayjay on Sept 22, 2017 10:30:47 GMT
It clearly suits the administrator and us the creditors that M*****d continues to run the hotel under the purported lease. It is a charade that will keep admin costs down. It will be a long long haul.
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Post by benstock on Sept 22, 2017 11:10:43 GMT
what it also means is that the dodgy family still make money via M*****d from renters , while investors still get s** all!
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Post by skooldaze on Sept 22, 2017 13:52:39 GMT
See you in 6 months
But as usual FC provide us no insight.
Can someone educate me on what this all means for the next 6 months?
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adrian77
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Post by adrian77 on Sept 22, 2017 14:04:48 GMT
Have read this report - I am no expert but the administrators seem to have done very little for their £60K. All they seem to be saying is that they need another 18 months of work which is going to cost another £50K (and the rest!) and that this is a contentious matter! Brilliant!
I am clearly in the wrong business and should have an office junior rented out at £220 per hour for the next 18 months or more whilst I still have my fat podgy finger in the pie!
They also state they are expecting a shortfall - well would you believe it. I am interested to note that M****D is still paying the rental income for this hotel- I wonder why - I would guess (and I stress "guess") this company are going to contest any legal action and state they still have a viable business and offer a CVA (or whatever) - at best they are playing for time and at worst they are going to keep their business with creditors getting say 10p in the Pound
Well done FC!
As we all do I did not expect all property loans to come good but I did expect a modicum of DD and for FC have the business acumen not to be sown-up like a kipper; especially as many of us warned them about this loan. I don't know but as I said berore.,lending money against the London hotel for the Eastborne hotel strikes me as a clear failure in their duty of care and (hopefully) is in breach of current legislation but as this is a very complicated area of law my learned friends will need to comment.
I think the bottom line is that it is going to be another 6 months before FC lenders even hear again about what is happening so we could easily have 3 years from default to any payment - one of the property experts told me he had an MBA to which I politely said "well done but to me it is irrelevant to the real world of property sharks" QED
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c88dnf
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Post by c88dnf on Sept 22, 2017 15:18:16 GMT
what it also means is that the dodgy family still make money via M*****d from renters , while investors still get s** all! Exactly so, though perhaps "certain individuals" might be better as a description. Of course, in FC's new "black box" world, no-one will ever know if the loans into which their money is being poured by FC are good, bad or indifferent. You simply have to have faith in FC's due diligence and portfolio management. Oh look, there's another unicorn.....
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blender
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Post by blender on Sept 22, 2017 16:34:18 GMT
That'll be the Invisible Pink Unicorn, in a consultancy role. Offering prayers to her provides your best chance of getting 7.5% on new FC. And it is good to feel that you are doing something.
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Sept 22, 2017 16:43:04 GMT
See you in 6 months But as usual FC provide us no insight. Can someone educate me on what this all means for the next 6 months?It means that FC are going to be receiving another letter from me in the next few days asking a few rather pertinent and potentially embarrassing (for FC) questions. Once I've got my thoughts in order, I shall post a redacted copy here for everyone to enjoy.
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