jonah
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Post by jonah on Aug 29, 2017 20:17:07 GMT
We only reported this information late on today having only just received evidence to show that the refinance is imminent. Instructions have already began through solicitors and DS1s have been drafted in anticipation. Regards, Ed. Ed, for my education, what's a DS1?
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Post by bracknellboy on Aug 29, 2017 20:17:12 GMT
That will be the advent of adverts.........bah humbug. I will boycott it on principal. I don't know on which principal, but nonetheless its a damn good reason for me to moan. What's wrong with the good old BBC anyway, that stalwart champion of all things PC, including feminism, women's rights, and closing the gender pay gap ? I wonder whether Mel and Sue now feel quite so virtuous about "not following the dough", now they have discovered that their buns weren't as big as they could have been if only their male colleagues hadn't been secretly benefiting from an extra slice ?
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treeman
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Post by treeman on Aug 29, 2017 20:22:19 GMT
That will be the advent of adverts.........bah humbug. I will boycott it on principal. I don't know on which principal, but nonetheless its a damn good reason for me to moan. What's wrong with the good old BBC anyway, that stalwart champion of all things PC, including feminism, women's rights, and closing the gender pay gap ? I wonder whether Mel and Sue now feel quite so virtuous about "not following the dough", now they have discovered that their buns weren't as big as they could have been if only their male colleagues hadn't been secretly benefiting from an extra slice ? Indeed - especially as one of the ads was for FC !
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jonah
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Post by jonah on Aug 29, 2017 20:23:19 GMT
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Post by bracknellboy on Aug 29, 2017 20:29:26 GMT
So many heckles up at what turns out to be an imminent repayment. Pile in everyone. Was that meant to be "hackles", or have you spent too long at the Edinburgh festival ?
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hendragon
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Post by hendragon on Aug 29, 2017 20:30:45 GMT
OK I think I am going to have to report MT to the FCA. How dare you have a borrower that is going to repay a loan (and slightly early to boot). I give you notice that this is highly unsporting and so unlike other platforms.......for goodness sake whatever happened to we will pay you in 6 months, we have a sponsor who might have the money, building work has begun (or maybe it hasn't). It simply isn't the same unless we can celebrate several birthday celebrations for our loans. I might also add that I fail to see what the motivation for MT being guilty of the accusations made by hor1997. There is no advantage to be gained by selling such a loan early. There is a significant disadvantage to MT publishing what might be rumour or anecdotal. For heavens sake we have FS to do that for us.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 29, 2017 20:31:59 GMT
So many heckles up at what turns out to be an imminent repayment. Pile in everyone. Was that meant to be "hackles", or have you spent too long at the Edinburgh festival ? Tipyng wus nivar mi stong ponti!
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robski
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Post by robski on Aug 29, 2017 20:33:20 GMT
Looking at the recent filings at companies house for the borrowing company, I'm going to take a wild guess (that may be completely wrong) that the loan is about to be migrated onto the new FCA approved loan terms, and possibly/probably (?) with the loan term extended significantly beyond the current maturity date. As always, do your own research before buying or selling. My suspicion goes along the same lines, a significant extension so it has to migrate terms. Although I wouldn't rule out a repayment, someone may have made an offer they can't refuse.
Either way looking at the SM it tells me there are people investing who shouldn't, a mere sniff of trouble and they are looking to get out, they are clearly not understanding the risk of what they are doing.
So I wasn't far out with the repayment and other offer Wonder how many now feel silly for bandwagon jumping to list on the SM.
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johni
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Post by johni on Aug 29, 2017 20:40:22 GMT
I'm talking about the method; there was a post asking for an update, Ed replied that there would be one posted on the platform (as is sensible as the information will be considered, may be confidential and it is better that all investors are updated simultaneously, not just this group), and as promised one was posted on the platform. If Ed randomly stated that an update was pending and kept us hanging I would (mildly) understand your criticism, but the series of events that have occurred today didn't warrant the reaction that you had Silence is always the best thing (and this is what CEO of stock-quoted companies do) until the official press release hits the news. Even simply hinting an update will be published, as data demonstrate, has had a big effect on this loan and pushed a lot of lenders to sell. This is unregulated, but I can ensure you that if this was a regulated stock market, an enquiry would have followed... My recommendation is that in the future less information will be spread via forums, and comments of any kind are left to after the publication. You have also made a serious allegation that others were able to sell a loan before an update could you please explain which one. Thanks
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Post by GSV3MIaC on Aug 29, 2017 21:02:56 GMT
/mod hat off
"Think of a large corporation engaged in acquisition talks rumored on the stock market. Do you think that the CEO, questioned at open market by investors, would answer? He would simply let the press office do the release first. "
Actually we used to tell the press corps 'there will be a news conference at 6pm, please have your camera crews set up by 5:30', or similar, IIRC .. I think Trump does the same. You can always guess whether the announcement will be success, failure, or war - your risk - the notification of an impending announcement is entirely neutral.
Suggesting anyone was/might have been 'tipped off' about anything aforetime will get you on the wrong end of a lawsuit PDQ, in many cases, except Ed's probably got bigger fish to fry.
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Post by bracknellboy on Aug 29, 2017 21:03:49 GMT
@hor1997 Whether pre-announcements of announcements is a good or bad thing to do is a valid topic of discussion. Personally, and with MOD HAT OFF, I think that in this case your analogy with equity markets and release of price sensitive information is off-beam. Others have commented that it is not speed of release - which you started out noting as being critical, only to rapidly backtrack from later - but equality of release. Given that there is no discount/premium in the secondary market at MT, and since the nature of the update means that no real benefit could have been gained by someone simply by virtue of knowing that some update was due to be made but without any insight as to what it was, I cannot see where the problem is. However, with MOD HAT ON, making only very thinly veiled accusations of probable "insider trading" related to this, and accusations that you have seen this before on another loan, is a different ball game. p2pindependentforum.com/post/211426Are you in a position to provide evidence which justify such statements ?
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Post by Deleted on Aug 29, 2017 21:04:10 GMT
I can only hope hor1 - hor1996 aren't also lingering on the forum .... that's a hoard I can do without meeting!
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registerme
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Post by registerme on Aug 29, 2017 22:03:28 GMT
@hor1997 I'm not in this loan, and never have been. So with mod hat firmly on, as far as I can tell from reading this thread the only person who has over-reacted (ie been inflammatory and emotive in their posting) with regard to this loan, today, is you.
Let's assume that you are correct in your assertion that more volume went through today. There could be many reasons for that other than a select group of people being pre-warned that there was trouble about to be made public. Volume might be an indicator of something, but volume alone is not an indicator of wrongdoing. Before you make such assertions you should be very, very sure of your case.
You might be right that the Things shouldn't post anything here, on this forum. Even something along the lines of "we will be posting something about something at some point as soon as we know it". However the flipside of that is that the Things seemed, to me, to be asked a reasonable question by two or three forumites (and there were bound to be more who were interested who didn't post), and so MoneyThing took the time to answer as much as he could in the circumstances.
If you want to drive platform reps away from contributing to this forum you only need to look at this thread to understand why they might think along these lines. I think that would be a shame, I also think it would be a mistake.
I also think that being constructively critical of platforms is an essential part of the function of this forum, and collectively we all, platforms and lenders alike, benefit from it. Unsubstantiated, inflammatory, accusatory language is not constructive. It helps nobody.
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Post by peerlessperil on Aug 29, 2017 22:17:33 GMT
Oh dear.
Market Abuse (which includes insider dealing) only applies to the trading of financial instruments. Loan parts are not financial instruments (loans are contracts, if you want financial instruments then stick to the bond markets).
Moneything's secondary market is not a regulated market, and the loan parts being traded are not listed securities - and indeed I suspect none of the borrowers on Moneything have any listed bonds or equities to concern ourselves with either. Insider dealing relates to price sensitive information. As loan parts can only trade at par on Moneything it would be interesting to claim anything was "price sensitive".
Concerns expressed over "insider dealing" are therefore meaningless in this environment I'm afraid.
The trading of loans is still very much the wild, wild west (figuratively speaking) which is why most fund managers have a chinese wall between their loan teams and their bond teams. Indeed, loan investors regularly receive monthly management accounts that could be considered "inside information" for anyone trading the same borrower's corporate bonds.
Much as I would like to support Moneything on this particular occasion, Moneything representatives should be mindful that Moneything is FCA regulated, and is therefore subject to the FCA's conduct of business principles, which include stipulations on Integrity, Market Conduct, Conflicts of Interest and communicating fairly with customers.
Whilst it is pretty marginal on this occasion, in an ideal world it would have been good if all Moneything lenders were notified in advance that an update would be forthcoming - not just those on the forum today.
Hopefully that has bored everyone to sleep. Next.
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seeingred
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Post by seeingred on Aug 29, 2017 22:32:41 GMT
My only comment is that someone here should stop digging, enough said?
Based on how this has been handled, I am minded to increase my MT holding, others may do as they wish.
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