coop
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Post by coop on Aug 27, 2019 15:26:48 GMT
above all else I'm just really bored by all this now...
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micky
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Post by micky on Aug 27, 2019 15:39:02 GMT
Bored yes but still want capital and interest paid and back dated as promised.
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averageguy
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Post by averageguy on Sept 2, 2019 13:50:57 GMT
Bored yes but still want capital and interest paid and back dated as promised. MoneyThing a formal demand notice should be served on this borrower without delay, as a precursor to formally defaulting the loan. This borrower has continually lied about the timescales, obtaining funds to pay the interest, setting up a bridging loan etc. Lenders are frustrated by your lack of action on this and the other "non performing" loans. It's time to play hardball and if that means defaulting these non performing loans just do it. Borrowers are taking the mickey and lenders are unwilling to continue to support a platform that is not performing in the best interests of the lenders. If the current timetable is being adhered to, why take that action now? I agree this borrower has at times taken the micky to put politely ..but IF what was laid out by MT recently is being followed it would seem senseless to play it your way.....we shall know shortly.
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Post by GSV3MIaC on Sept 2, 2019 15:19:32 GMT
The mickey taking here is, so far, trivial compared to the newcastle loan, where we have bee lied to up and down for about a year .. or is it two?
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micky
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Post by micky on Sept 2, 2019 20:40:42 GMT
I concur
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averageguy
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Post by averageguy on Sept 2, 2019 20:44:36 GMT
If the current timetable is being adhered to, why take that action now? I agree this borrower has had times taken the micky to put politely ..but IF what was laid out by MT recently is being followed it would seem senseless to play it your way.....we shall know shortly. Can you or MoneyThing confirm that this latest timetable is being adhered too. As far as I am aware, the bond has not been timetabled for issue. However, if MoneyThing can show us factual proof that it is to be issued on the date promised, I will sincerely apologise to all concerned. Perhaps you can read the post again i said IF.....still if you are certain it hasn’t, go right ahead and carry on in the same vein as normal ...whether you come to apologise or not, is none of my concern MT said on Friday they are expecting an update from the corporate advisors shortly...perhaps we will have our answers then......if its not as stated (shortly), i’ll consider joining you on the barricades. Emailed ED this evening to ask what’s happened. As an aside their are what 3/4 loans due for repayment this month....if they don't goodness knows where MT will go in the short (long?) term
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corto
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one-syllabistic
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Post by corto on Sept 3, 2019 8:55:24 GMT
Trading in this loan has been suspended.
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micky
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Post by micky on Sept 3, 2019 8:55:46 GMT
Update this morning.
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m2btj
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Post by m2btj on Sept 3, 2019 9:20:38 GMT
MT have finally taken some action! A final demand always focuses the mind & will get a result one way or the other!
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robski
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Post by robski on Sept 3, 2019 10:23:19 GMT
MT have finally taken some action! A final demand always focuses the mind & will get a result one way or the other! Agree, sadly it seems the borrower didnt realise good will can eventually be exhausted. I don't think for one minute this will be a loss making project for us, but as ever if it ends up being some sort of sale against the borrowers wishes its going to drag on for a while
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robski
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Post by robski on Sept 3, 2019 10:34:47 GMT
Moneything is there any actual progress taking place on the site itself?
When I look back its a very long time since any mention of actual works, did the demolishing take place, have any lodges been sold (seems to be the plan although I may have misunderstood) and erected etc
I think we would all be interested to see if the borrower is actually making any progress on this project or if its not happening. I would suggest of there is not much activity taking place then the action should be faster than if the site is improving and in effect adding value.
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Post by Badly Drawn Stickman on Sept 5, 2019 21:36:15 GMT
I cannot claim to be an expert on NEX, I have however been observing it for some time and made some observations. New listing tend to show as pending for a period on usually no less than 14 days, whilst I accept there may be alternative routes the obvious conclusion is that this loan is still some way short of being in a position to repay. Personally I feel defaulting the loan would not increase its value more likely the opposite. I do believe funds have been 'raised' to keep activity on site moving, but have no way of confirming this so offer it merely as opinion. Hopefully MoneyThing can get firm evidence that the listing is both imminent and confirmed, that to my mind is the only solution to this currently unacceptable position. I would not expect them to post here, but feel an email update (whose content would hopefully be respected) to current investors is clearly needed. The loanbook is becoming a disaster, more open communication is needed with investors, brief meaningless updates no longer offer enough solace.
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withnell
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Post by withnell on Sept 6, 2019 6:39:25 GMT
I'm not so worried about this loan based on the fact that Druces (expensive law firm) have been engaged (they filed the plc paperwork with companies house). What would be nice is some kind of written update from Druces, on headed paper, setting out the situation and potential resolution. Currently we have no proof that anything has happened since the plc was formed
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Post by quidsaveblue2003 on Sept 8, 2019 10:38:51 GMT
So we are reaching the outcome by the end of tomorrow, according to the last update?
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averageguy
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Post by averageguy on Sept 9, 2019 9:58:30 GMT
So we are reaching the outcome by the end of tomorrow, according to the last update? Don'y hold your breath. This loan has not been administered well, so expect the worst. Ye but he didn’t say what outcome ....looking at that last update most will be expecting a negative one
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