Monetus
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Post by Monetus on May 14, 2019 11:21:16 GMT
The worst part of this loan has been FS's frankly absurd updates and lack of real detailed information provided to investors.
As much as I think this loan is a complete shambles and has been handled ridiculously poorly by FS (so badly that I will never invest another penny with them again), I do still think it makes sense to let this investor story finally play out as it's still the best chance of recovery.
I'm pretty sure that a fire sale auction on an extremely niche professional powerboat (which apparently requires F1-level of maintenance) would just result in another Whitehaven scenario where investors are faced with catastrophic losses.
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Doc
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Post by Doc on May 14, 2019 11:56:17 GMT
Thanks, I'll let the younger me know. Ok - maybe you'll have a better chance against those robots next time around.
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09dolphin
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Post by 09dolphin on May 14, 2019 12:27:57 GMT
The worst part of this loan has been FS's frankly absurd updates and lack of real detailed information provided to investors. As much as I think this loan is a complete shambles and has been handled ridiculously poorly by FS (so badly that I will never invest another penny with them again), I do still think it makes sense to let this investor story finally play out as it's still the best chance of recovery. I'm pretty sure that a fire sale auction on an extremely niche professional powerboat (which apparently requires F1-level of maintenance) would just result in another Whitehaven scenario where investors are faced with catastrophic losses. I wonder why you think there is any chance of a recovery in a boat that is three years out of date in terms of record breaking. Would you lend money for more than 6 months on an F1 car and expect it to be sold at its value recorded 3 years ago + interest when the interest is at least 13%. FS have an abysmal track record in encouraging investments in loans where they don't have physical security of the assets, don't check out the assertions of borrowers, have been scammed as to the value of the assets and have demonstrated an overall total disregard for investors cash. The asset that the loan was made on has little or no chance of a recovery so why prevaricate - I really would like to know. In my view it's better to get the pain over with even though the loss is likely to be in the order of 70 - 80% + interest and let the few investors FS still have continue to invest. But then FS would have to acknowledge that this loan was a total dud and that they remain really gullible - so I guess we all know the answer.
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Monetus
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Post by Monetus on May 28, 2019 12:25:44 GMT
I wonder if the previous update from FS means they just aren't going to tell us anything anymore in regards to this loan....
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adrian77
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Post by adrian77 on May 28, 2019 14:08:26 GMT
Monetus - how very dare you say such an outrageous thing!
This one has been dragging on even longer than Brexit - and look how the electorship have reacted to that one!
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Post by brightspark on May 28, 2019 15:50:42 GMT
This loan along with others of a similar ilk will eventually sink FS. Successful businesses do not treat their customers with contempt. I along with other long-suffering investors in this loan have been very poorly served.
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Monetus
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Post by Monetus on Jun 6, 2019 16:59:59 GMT
Summer racing season soon with events allegedly booked and not a peep from Funding Secure for a month. Looks like no Poole Bay powerboat race this weekend then...
The more things change, the more they stay the same.
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ashtondav
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Post by ashtondav on Jun 6, 2019 17:32:46 GMT
Nearly 3 years late. Think of all that rolled up interest piling up. I’m surprised it hasn’t been torched and become the subject of an, ahem, insurance claim.
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Post by beepbeepimajeep on Jun 6, 2019 18:04:30 GMT
There is just no way there are actually two boats.
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Post by spareapennyor2 on Jun 7, 2019 10:30:17 GMT
ONCE-IN-A LIFETIME EXPERIENCE if only
should have prefixed FS is a
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SteveT
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Post by SteveT on Jun 7, 2019 10:47:30 GMT
ONCE-IN-A LIFETIME EXPERIENCE if only To be fair, this loan is an experience that lasts a lifetime and no-one’s likely to try it again 😉
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Steerpike
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Post by Steerpike on Jun 7, 2019 11:13:19 GMT
"We continue to believe that the best approach is to work with the borrower."
I'm not sure if I fully understand but it seems that FS hold this belief because the borrower has a contract with someone that states that they wanted to invest in something but this someone hasn't got any money, however, they are connected somehow to someone else that owes them money for something but it seems that that someone else hasn't got any money either.
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Monetus
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Post by Monetus on Jun 7, 2019 11:41:30 GMT
Update:
"We met with the borrower and the equity partner for a full review of the current position. We have verified the updated contractual agreement between the borrower and the equity partner. The review confirmed two main avenues for funding - the first being the equity partners debtor and the second being a shorter term bridging loan. Both of these are progressing - a further update will be provided as and when specific information can be shared."
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arby
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Post by arby on Jun 7, 2019 11:53:09 GMT
"We continue to believe that the best approach is to work with the borrower."I'm not sure if I fully understand but it seems that FS hold this belief because the borrower has a contract with someone that states that they wanted to invest in something but this someone hasn't got any money, however, they are connected somehow to someone else that owes them money for something but it seems that that someone else hasn't got any money either. Someone wanting it without the funds to back that want is still a better avenue than one which has no-one wanting it... 🤨
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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 7, 2019 13:08:40 GMT
"We continue to believe that the best approach is to work with the borrower."I'm not sure if I fully understand but it seems that FS hold this belief because the borrower has a contract with someone that states that they wanted to invest in something but this someone hasn't got any money, however, they are connected somehow to someone else that owes them money for something but it seems that that someone else hasn't got any money either. Someone wanting it without the funds to back that want is still a better avenue than one which has no-one wanting it... 🤨 Rubbish. Garbage. It's not a better avenue. NOBODY is going to stump up a Million Squids+ now for a boat that is years old and old technology. For just once be realistic arby, don't your arms ever get tired from waving the (threadbare, torn & shredded) FS flag? Sell the damn boat/s now.
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