adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Feb 15, 2019 16:20:10 GMT
very good question - I note on one of the photos you can just see the old booze sponsor. Just spoken to FS and they stated that there are 2 boats - I have asked them to post 2 photos on the web site.
On the borrower's instagram account there is only one boat in storage - I have no idea how easy it is to change the cockpit so could any boaty person comment. I wonder if the other boat could be sold without FS knowing about it - hopefully not but I thought that about the art!
|
|
alison
Member of DD Central
Sanctuary!!
Posts: 356
Likes: 99
|
Post by alison on Feb 25, 2019 16:34:59 GMT
Oh look - the first instalment of the money is coming next month. Whoopee doopy do - what can I spend it on?
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Feb 25, 2019 17:13:33 GMT
Don't want to sound negative but I don't think this one is exactly done and dusted for the following reasons
1) how much was the court award- this borrower has had over £1m for 2 years so if we say 20% p.a. that is £400K in interest alone
2) getting a court award and getting the readies are sadly (tell me about me) 2 different things
3) not sure where Dubai fits into this - in fact I hate to think...
4) Even if the borrower gets the money then there may be other people apart from FS who want it and that is assuming the borrower wants to hand it over in the first place
5) also how is the borrower going to fund the boat race and return FS lenders' money
This is an asset based loan so given the asset is getting ever older I would hope FS repossess the damn boat before she is 5 years old...
Of course the money may still come in - fingers crossed!
|
|
|
Post by brightspark on Feb 25, 2019 17:51:56 GMT
Oh look - the first instalment of the money is coming next month. Whoopee doopy do - what can I spend it on? I would think the chances of this loan repaying are about the same as the boat ever winning a race.
|
|
madpierre
Member of DD Central
Posts: 303
Likes: 374
|
Post by madpierre on Feb 25, 2019 20:27:47 GMT
Oh look - the first instalment of the money is coming next month. Whoopee doopy do - what can I spend it on? I would think the chances of this loan repaying are about the same as the boat ever winning a race. Spot on. These boats are several years old and have never even made the starting line!
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Mar 14, 2019 17:48:37 GMT
Speaking of not getting over the starting line we have
Well it is now close of business on the 14th so maybe first thing tomorrow morning ? What's the rush this loan is only about 29 months late - for those forum members who regard themselves as a tasty version of Miss Marple in drag I am not in the market for distressed speedboats... doubtless there will be a clear and succinct update tomorrow which my allay my concerns over this one.
|
|
arby
Member of DD Central
Posts: 910
Likes: 959
|
Post by arby on Mar 14, 2019 17:55:59 GMT
Speaking of not getting over the starting line we have Well it is now close of business on the 14th so maybe first thing tomorrow morning ? What's the rush this loan is only about 29 months late - for those forum members who regard themselves as a tasty version of Miss Marple in drag I am not in the market for distressed speedboats... doubtless there will be a clear and succinct update tomorrow which my allay my concerns over this one. We're all hoping that somehow this one resolves happily as there's a huge amount of investors' money in this (not mine, but more through luck than anything else). However, if we do get an update that payment has been made, I think we can all expect a message from you asking to clarify which boat exactly it is for and what is happening with the electric boat
|
|
|
Post by rebull on Mar 15, 2019 6:45:36 GMT
We got an update on the 11th that the court will release payment on the 12th, which will start the transfer process. But can we believe it
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Mar 15, 2019 7:25:48 GMT
We got an update on the 11th that the court will release payment on the 12th, which will start the transfer process. But can we believe it Coincidentally, your screen name says it all.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Mar 15, 2019 13:57:02 GMT
What, no money?
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Mar 15, 2019 15:53:32 GMT
I can't see any readies - granted I am pretty thick but this one still puzzles me
Is this the same debt and FS are confusing creditor and debtor (what's the difference - it's only words) or are there 2 different situations? I guess a creditor could owe money e.g. agreed to increase a loan and failed to do so? Long time since I studied basic accounting so apologies if I am talking rubbish
Also am I correct in thinking the equity partner getting the money is only stage 1 and stage 2 is handing it over to the borrower?
This loan started in June 2016 so if we take the interest at 20% I make that over £600K in interest (over the 2 boats) - let us hope this promised money does actually arrive and that it is for a substantial sum - ideally well over £1.8m...
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Mar 18, 2019 14:58:09 GMT
11/03/2019
We have confirmation that the court will release the first payment tomorrow morning - which will start the transfer process. Further updates once fund transfer is confirmed. So where's the money FS?
|
|
|
Post by beepbeepimajeep on Mar 18, 2019 15:28:41 GMT
|
|
adrian77
Member of DD Central
Posts: 3,895
Likes: 4,122
|
Post by adrian77 on Mar 18, 2019 15:53:44 GMT
I would say a very fair question! I have been thinking about this one and it does not ring true to me.
Firstly I am not convinced the court actually hold the money for most disputes- appreciate a second legal opinion on that one.
Also even if money has been paid to the equity partner then as I see it the money then has to go to the borrower who may possibly have a list of creditors banging on his door. And then the borrower has to pay FS - hasn't exactly got a good track record of doing this has he!
I just can't find any trace of this second boat. I realise one sank in the Solent a few years ago so I wonder if this explains my conundrum? Maybe she is being stored under a timber frame in Whitehaven..
I note when this boat sank the crew were not wearing safety gear - not very smart!
However the father risked his life as his son was trapped in the boat so he risked his life by diving back in and pulling him out - fantastic feat of bravery so 200% for that which is a tad more than I rate his repaying ability.
|
|
|
Post by bracknellboy on Mar 18, 2019 16:07:06 GMT
11/03/2019
We have confirmation that the court will release the first payment tomorrow morning - which will start the transfer process. Further updates once fund transfer is confirmed. So where's the money FS? If it doesn't arrive, this would take the Alice in Wonderland commentary on this loan to a whole new plane. Indeed to a whole new planetary system.
|
|