macq
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Post by macq on Apr 25, 2017 11:29:53 GMT
wonder how many people will look in about an hour during their lunch?Maybe a later time to go live and with doc's to read first would help,but think its take the 14% first ask questions later, so hope no one spots a problem.
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Post by dan1 on Apr 25, 2017 11:33:02 GMT
In hindsight a bid limit should have been used, even if it was into 4 figures. We all know that there will be plenty available on the SM when it goes live, unfortunately I suspect it'll be at a significant premium.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 25, 2017 11:33:44 GMT
ablrate I dont see any mention of the borrowers recent loan through Growth St which has debenture registered on 21/4 which includes a fixed charge over equipment. What impact does this have on our security? Edit I note 'The first ranking Company debenture ensures that Ablrate lenders would also have recourse to any other, unencumbered Company assets.' so does that mean Growth St have agreed to a deed of priority and to get bumped down the pecking order? No mention of this debenture on the Term Sheet.
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mickj
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Post by mickj on Apr 25, 2017 11:50:44 GMT
Carded some pennies in and unable to invest - took a while before I realized loan is showing fully funded !! 100,000.00 invested so quickly - wowsers.
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blender
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Post by blender on Apr 25, 2017 11:51:26 GMT
I was not around at the time and am not too troubled about missing it. However this situation is unhealthy. There is a contradiction between a requirement of the platform to read the proposal and the need to bid in two or three minutes from launch. It is a defect in the system. It would easily have been possible to put the information up an hour before bids were accepted. It would still be FFF, but at least the platform would be safe from complaints that it did not give lenders the opportunity to read that which they should read before participating. Apart from that, congratulations. The problems of success are the better problems.
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greatmarko
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Post by greatmarko on Apr 25, 2017 11:52:00 GMT
After 1 minute, approx. 40% sold. There was a big jump to 90%, which 'might' have meant a large purchase of around 45% approx.
After 2 minutes, approx. 98% to 99% sold.
All gone, BEFORE 3 minutes of launch.  That's crazy! Bid limits are definitely needed!! 
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stevio
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Post by stevio on Apr 25, 2017 11:52:13 GMT
ablrate I dont see any mention of the borrowers recent loan through Growth St which has debenture registered on 21/4 which includes a fixed charge over equipment. What impact does this have on our security? Yes, would like to know this too ablrate Also, 1) Are they insured? eg theft, fire, accident etc 2) The start of the proposal values the generators x2 at $180k ($90k each), then further in at $50k cost to the company - How much are they worth? The generators have been valued on the basis
of the cost to the Company of c. $50,000 per unit (i.e. c.
$200,000 / c. £160,000).3) in the event of default, would Ablrate have step in rights to continue the rentals or would Ablrate look to repossess the generators to re-sell?
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fp
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Post by fp on Apr 25, 2017 11:53:13 GMT
ablrate I dont see any mention of the borrowers recent loan through Growth St which has debenture registered on 21/4 which includes a fixed charge over equipment. What impact does this have on our security? Beat me to it ilmoro!
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oldgrumpy
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Post by oldgrumpy on Apr 25, 2017 12:00:09 GMT
Forgot!  |
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tarq
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Post by tarq on Apr 25, 2017 12:04:44 GMT
Funds in, this morning & waiting to bid, when page loaded it had all gone in seconds, before my page reloaded.  So withdrew funds, what a waste of time!
As above, bid limits needed, to give everyone a chance.
Next...
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snowmobile
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Post by snowmobile on Apr 25, 2017 12:37:36 GMT
I can't make sense of the numbers either  There is a confusing mix of pounds and dollars used in the documents. The proposal states the first two generators cost the company $180,000. They are going to purchase two more with the £100k loan. However we aren't told how much the new ones will cost specifically, as the loan is also to be used to finance a new website (page 4) Page 9 states that the total cost of the 4 generators to be $200,000 i.e. $50,000 each. That implies they are buying the two new generators for just $20,000 in total. That can't be right can it? That would suggest that they are inferior units, are being purchased second hand or have suffered some sort of alarming drop in value. Definitely something amiss with the numbers. |
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agent69
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Post by agent69 on Apr 25, 2017 13:00:50 GMT
That would suggest that they are inferior units, are being purchased second hand or have suffered some sort of alarming drop in value. Or possibly just a lot smaller than the first 2
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snowmobile
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Post by snowmobile on Apr 25, 2017 13:14:01 GMT
That would suggest that they are inferior units, are being purchased second hand or have suffered some sort of alarming drop in value. Or possibly just a lot smaller than the first 2 That is possible but isn't stated anywhere. The proposal attributes equal value to each of the 4 units @ $50,000. If the new ones were significantly smaller it would increase concerns over risk of theft. The proposal states
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stevio
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Post by stevio on Apr 25, 2017 13:22:23 GMT
Or possibly just a lot smaller than the first 2 That is possible but isn't stated anywhere. The proposal attributes equal value to each of the 4 units @ $50,000. If the new ones were significantly smaller it would increase concerns over risk of theft. The proposal states I have asked for clarification further up - I imagine $60k is the retail price and $50k the cost price, hence the new x2 generators valued at cost - but does confuse the issue of what value
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blender
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Post by blender on Apr 25, 2017 13:26:02 GMT
It would have been easy enough to say which make/model of generators were to be purchased. Like the Wales loan, this Ablrate proposal seems economical with information about the physical security. Not a good trend. Asset backed is getting undefined and intangible.
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There is a confusing mix of pounds and dollars used in the documents.