arby
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Post by arby on Jun 7, 2019 13:14:26 GMT
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.Please read my post again and you may understand it. Also, please point out a single post I've made that is unrealistic. Edit: to try and be clearer as obviously I was too subtle with the first attempt, I don't believe anyone really wants to pay for these boats, you also feel the same way. So if no one wants to buy them then an avenue where one person wants to but can't is 0.001% better.
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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 14:19:55 GMT
And the phrase " Pulling your plonker" springs to mind, and I certainly know when mine is. Advertise, market and sell the boat/s now.EDIT / PS: And there's a fatal flaw in what you surmise arby, you're assuming we are being told the truth!
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 7, 2019 14:32:47 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... 🤨 I certainly think the phrase "clutching at straws" comes to mind.
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adrian77
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Post by adrian77 on Jun 7, 2019 14:40:52 GMT
We are still waiting for proof to confirm that there are 2 boats rather than one - like Ozboy I just can't see who is going to sponsor what will be a 5 year old boat if she is raced next year (I can see no race entries for this year) - happy to be proven wrong...also who is paying for the storage?
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jo
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Post by jo on Jun 7, 2019 15:05:51 GMT
Apropos of nothing in particular, and just generally speaking: what's worse?
a) Being lied to.
or
b) The knowledge that the liar knows you know you're being lied to but doesn't care.
I just can't decide ;-)
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arby
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Post by arby on Jun 7, 2019 15:24:55 GMT
And the phrase " Pulling your plonker" springs to mind, and I certainly know when mine is. Advertise, market and sell the boat/s now.EDIT / PS: And there's a fatal flaw in what you surmise arby, you're assuming we are being told the truth! If I try to present a balanced argument then I am accused of being in favour of FS. For example, you claim that FS need to stop chasing this possibly non-existent equity partner and instead market and sell the boat. I would challenge that almost anyone who could ever possibly be interested in such a boat would already be aware of the predicament and if they put in one simple call to FS and expressed interest then instantly FS would suddenly be very keen to take possession and sell privately. This hasn't happened which tells me one thing clearly. Additionally, this mysterious equity partner at least gives some hope of haggling with any potential other buyer. If it's clear there is no other interest then the value plummets even further. This is how I choose to look at it. You choose to look at it as simply "sell the damn boat". I don't know which one would turn out to be the better option, but you simply accusing someone who doesn't share your simplistic black and white view of being in bed with FS should be beneath us.
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r1200gs
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Post by r1200gs on Jun 7, 2019 15:48:31 GMT
I'm going to guess that this borrower is just going to walk at some point, I can't see anybody handing over an amount of money that is hugely higher than the value of the boat(s). Well, not unless they are extraordinarily honourable. I would not put any bets on that being the case.
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arby
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Post by arby on Jun 7, 2019 15:51:14 GMT
I'm going to guess that this borrower is just going to walk at some point, I can't see anybody handing over an amount of money that is hugely higher than the value of the boat(s). Well, not unless they are extraordinarily honourable. I would not put any bets on that being the case. I completely agree, but there is no way to determine the value of an illiquid asset like this. The value is simply the price that someone is willing to pay. The borrower would simply hand over the money they sell it for, any shortfall is on FS (well, on FS's investors unfortunately).
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Doc
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Post by Doc on Jun 7, 2019 15:51:37 GMT
All the usual suspects, calling again for the boats to be sold immediately, even though they have all acknowledge it will only result in losses of 80-90% for lenders.
What do they care, they have very little or nothing at all invested in the loans.
I won't be posting any more on this loan thread as I am not a lender on this loan and alternative opinions aren't tolerated.
Perhaps the actual lenders should be given the chance to vote (as with Assetz capital) on the best course of action going forward. Do the actual lenders agree with the 'Sell the damn boat/s now' comments?
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Monetus
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Post by Monetus on Jun 7, 2019 16:04:19 GMT
The reason I personally think they should still persevere with the borrower even at this quite ridiculous late stage is this...
The boat(s) are clearly a vital component to the borrower’s ongoing business (as they were custom built for them). The borrower needs them for their entire business - demonstrations/promotional activity/races/ongoing sales and sponsorship. It pretty much is the business.
The value to the borrower is therefore going to be significantly higher than it would be selling to anyone else on the open market.
If they were just planning to walk away and put the company into insolvency surely they would have done it by now?
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Post by beepbeepimajeep on Jun 7, 2019 16:05:29 GMT
"boat" as in singular though
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r1200gs
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Post by r1200gs on Jun 7, 2019 16:05:39 GMT
I'm going to guess that this borrower is just going to walk at some point, I can't see anybody handing over an amount of money that is hugely higher than the value of the boat(s). Well, not unless they are extraordinarily honourable. I would not put any bets on that being the case. I completely agree, but there is no way to determine the value of an illiquid asset like this. The value is simply the price that someone is willing to pay. The borrower would simply hand over the money they sell it for, any shortfall is on FS (well, on FS's investors unfortunately). It's ok, I'm getting quite used to it now.
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Monetus
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Post by Monetus on Jun 7, 2019 16:07:15 GMT
"boat" as in singular though Now pluralised in case that pesky 2nd white boat that we haven't seen in years ever makes an appearance.
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Steerpike
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Post by Steerpike on Jun 7, 2019 16:27:59 GMT
If they were just planning to walk away and put the company into insolvency surely they would have done it by now? Are you sure that the borrower is a company?
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arby
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Post by arby on Jun 7, 2019 16:47:01 GMT
If they were just planning to walk away and put the company into insolvency surely they would have done it by now? Are you sure that the borrower is a company? Unless it's further secured with a Personal Guarantee then there's nothing to stop them walking away in either case. The whole strategy of FS is that the asset value is sufficient reason for the borrower not to walk away. When that isn't the case though....
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