ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
Likes: 11,127
|
Post by ilmoro on Nov 26, 2018 1:51:32 GMT
I agree with r00lish67 , that the complicated ranking structure of the existing loans is problematic. An increase in each and every existing tranche by whatever percentage is required would be one possibility. MT got the Plymouth FU finished by introducing a new higher ranking tranche. Perhaps the 12% tranche could be expanded. Under BDO's current approach our security is being quite literally diluted. By the Bolton rain.
I'm not sure wider problems in P2P are a breaker. We're all already committed to this loan, and so would be bailing ourselves out. If money has been diverted from other Collateral loans, these lenders have become de facto lenders on this loan. There are plenty of obstacles, perhaps no deal can be struck, but it's remiss of BDO to not even have tried. I know for a cast iron certainty that BDO's failure to secure ongoing funding will be very expensive for Collateral lenders. All that was required was to come up with some proposals. Get lenders to vote on them. And to do it before the build stalls. It wasn't hard. Even if it had provided stop-gap funding, loan recovery would have been much higher.
ilmoro I was aware Collateral has shut. If BDO can't issue loans, they could engage someone who can. Several other P2P players have expressed interest. MT didn't issue a new tranche to complete Plymouth, the administrator independently raised funds. For anything similar to happen BDO would have to enforce the security as they have no authority to act otherwise, then the appointed administrator/receiver (may not be BDO if considered a conflict) could decide how to progress. If continuation they could raise funds which would probably require a first charge, relegating lenders to a subordinate position (NB there is only one charge, the subordination of the tranches is by Collateral not official charges). Raising funds via P2P would also require a priority charge, subordinating existing lenders. Would a lender commit additional funds to support a current third ranking loan when they would have no guarentee it would result in the return of their funds after the are shunted further down the queue? Noviating the existing structure to a new platform looks complicated and probably not worth the risk for the new pkatform.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Nov 26, 2018 3:46:19 GMT
I agree with r00lish67 , that the complicated ranking structure of the existing loans is problematic. An increase in each and every existing tranche by whatever percentage is required would be one possibility. MT got the Plymouth FU finished by introducing a new higher ranking tranche. Perhaps the 12% tranche could be expanded. Under BDO's current approach our security is being quite literally diluted. By the Bolton rain.
I'm not sure wider problems in P2P are a breaker. We're all already committed to this loan, and so would be bailing ourselves out. If money has been diverted from other Collateral loans, these lenders have become de facto lenders on this loan. There are plenty of obstacles, perhaps no deal can be struck, but it's remiss of BDO to not even have tried. I know for a cast iron certainty that BDO's failure to secure ongoing funding will be very expensive for Collateral lenders. All that was required was to come up with some proposals. Get lenders to vote on them. And to do it before the build stalls. It wasn't hard. Even if it had provided stop-gap funding, loan recovery would have been much higher.
ilmoro I was aware Collateral has shut. If BDO can't issue loans, they could engage someone who can. Several other P2P players have expressed interest. I sold out of Bolton as the delays and lack of funding made default more possible imo. I had undrawn funds on the platform. I certainly hope I have not become a "de facto" lender of Bolton. If I have then I would want the directors prosecuted for fraud. There's a chance this will be a pooled recovery as ALL client monies must be traceable not just the lender accounts recovered. In that scenario conservative lenders (I'm 2/3 bling, cash) don't want get to dragged into a protracted, complex recovery of a single development that may impact other lenders' recoveries.
|
|
|
Post by in2tense on Feb 11, 2019 20:35:16 GMT
A while ago it was very easy to get into and look around.
I Visited the site at weekend and whilst obviously there is no work going on, over the last few weeks some workmen have been on the site and boarded it up completely making it very secure.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Mar 27, 2019 16:47:33 GMT
Brief update I received from BDO today:
Receivers have now been appointed on this loan who have also acted to secure the site (several people had PM'd me recently to express their concerns over site security).
|
|
|
Post by turton on Mar 27, 2019 23:50:38 GMT
Site seemed secure yesterday when I walked past,
|
|
moist
Member of DD Central
Posts: 240
Likes: 250
|
Post by moist on Mar 28, 2019 7:25:54 GMT
Interesting one this, the pods were for sale long before the collapse. Guessing a lot of pod buyers could lose the lot.......
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Mar 28, 2019 7:29:16 GMT
Took them over a year to appoint receivers!
|
|
hazellend
Member of DD Central
Posts: 2,361
Likes: 2,179
|
Post by hazellend on Mar 28, 2019 7:42:23 GMT
Everything other than the first charge is looking vulnerable on this one.
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Mar 28, 2019 8:28:27 GMT
Brief update I received from BDO today: Receivers have now been appointed on this loan who have also acted to secure the site (several people had PM'd me recently to express their concerns over site security). Any idea why they took so long to appoint receivers? Unfortunately this loan (in various tranches) is most of my COL holdings.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Mar 28, 2019 9:00:42 GMT
Brief update I received from BDO today: Receivers have now been appointed on this loan who have also acted to secure the site (several people had PM'd me recently to express their concerns over site security). Any idea why they took so long to appoint receivers? Unfortunately this loan (in various tranches) is most of my COL holdings. Yes but covered under NDA.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Mar 28, 2019 10:15:14 GMT
Monetus can I ask, that given hindsight, do you regret getting involved with the creditor's comittee? It seems rather a thankless task.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Mar 28, 2019 12:31:18 GMT
Monetus can I ask, that given hindsight, do you regret getting involved with the creditor's comittee? It seems rather a thankless task. No not at all - happy to help. As a "victim" of Collateral for a significant amount I am mostly concerned with doing whatever I can to help return as much of our money back as possible. The fact that many people have a large amount of their own hard-earned money at stake here (myself included) makes it a tense situation and often means that emotions can run high - it's understandable really. The nature of the role and the fact that I can't say a whole lot was always bound to attract a fair amount of criticism also. But no complaints here - just doing what I can.
|
|
micky
Member of DD Central
Posts: 652
Likes: 538
|
Post by micky on Mar 28, 2019 13:28:03 GMT
Your time, effort, knowledge etc is much appreciated.
|
|
radar
Member of DD Central
Posts: 106
Likes: 62
|
Post by radar on Mar 28, 2019 16:51:59 GMT
I am glad that someone has investors interest in mind. Many thanks
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Apr 9, 2019 9:43:01 GMT
Monetus can I ask, that given hindsight, do you regret getting involved with the creditor's comittee? It seems rather a thankless task. No not at all - happy to help. As a "victim" of Collateral for a significant amount I am mostly concerned with doing whatever I can to help return as much of our money back as possible. The fact that many people have a large amount of their own hard-earned money at stake here (myself included) makes it a tense situation and often means that emotions can run high - it's understandable really. The nature of the role and the fact that I can't say a whole lot was always bound to attract a fair amount of criticism also. But no complaints here - just doing what I can. Good man!
|
|