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Post by Butch Cassidy on Jul 16, 2017 9:23:17 GMT
Stating the obvious but the result of this first defaulted borrower & subsequent recovery will have a monumental effect on the reputation of Collateral as a platform - Will they be at the LC/Rebs end of the spectrum or AC? The 5 loans cover 22 cars & need to achieve over £200k to cover full repayment (average price of just under £10k). Assuming that the legal charge & physical recovery are successful then liquidating the stock to cash ought to be straight forward & will be a good test the validity of the valuations.
I think that IF the entire stock of 22 can be sold this will result in a full recovery, or very close to it, a big IF I realise but Peter has confirmed that they have taken possession of some vehicles already which is a good start. I have no doubt that they will be pulling out all the stops to achieve a good result but only time will tell.
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dermot
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Post by dermot on Jul 16, 2017 9:34:12 GMT
"Peter"? Did I miss an announcement?
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Post by Butch Cassidy on Jul 16, 2017 9:37:22 GMT
"Peter"? Did I miss an announcement? Direct e-mail - I don't think I will break any forum rules or confidence by copying it below:
"We have taken immediate action and taken delivery of some of the vehicles already and will get those sold at some point next week. We will be very forceful with the borrowers, we are meeting with our legal advisors early next week and will send out an update post this meeting, we have also discussed with our technical team on part repaying every loan on sale of each vehicle.
We will keep you updated along the way.
Best regards,
Peter"
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dermot
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Post by dermot on Jul 16, 2017 9:45:16 GMT
"Peter"? Did I miss an announcement? Direct e-mail - I don't think I will break any forum rules or confidence by copying it below:
"We have taken immediate action and taken delivery of some of the vehicles already and will get those sold at some point next week. We will be very forceful with the borrowers, we are meeting with our legal advisors early next week and will send out an update post this meeting, we have also discussed with our technical team on part repaying every loan on sale of each vehicle.
We will keep you updated along the way.
Best regards,
Peter"
Ah, excellent news, thank you. I would have contacted CO directly but decided they probably had enough of a flood of emails to cope with right now.
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hendragon
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Post by hendragon on Jul 16, 2017 10:04:38 GMT
I wonder if this news will make the people who put their Grouped Assets Jewellery loans up for sale regret doing so?
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Post by martin44 on Jul 16, 2017 10:20:51 GMT
i would be more concerned about This company. The borrower owes them £123k... i would imagine they may well want a say in who actually owns the cars.
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agent69
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Post by agent69 on Jul 16, 2017 10:34:27 GMT
"Peter"? Did I miss an announcement? Direct e-mail - I don't think I will break any forum rules or confidence by copying it below:
"We have taken immediate action and taken delivery of some of the vehicles already and will get those sold at some point next week. We will be very forceful with the borrowers, we are meeting with our legal advisors early next week and will send out an update post this meeting, we have also discussed with our technical team on part repaying every loan on sale of each vehicle.
We will keep you updated along the way.
Best regards,
Peter"
Always get a bit concerned about vague updates. I think for 'some' read 'not very many'
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fp
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Post by fp on Jul 16, 2017 10:35:19 GMT
i would be more concerned about This company. The borrower owes them £123k... i would imagine they may well want a say in who actually owns the cars. I dare say they will have a list of individual motors, the same as Col do, so no issue.... hopefully. Its nice to see Col are taking a fast and pro-active approach and taking possession of at least some of the security.
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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 Jul 16, 2017 10:39:54 GMT
i would be more concerned about This company. The borrower owes them £123k... i would imagine they may well want a say in who actually owns the cars. I would assume that the liquidators wouldnt be releasing the cars to Col without clear evidence of claim. I doubt Peter & Gordon just turned up with a car transporter and helped themselves. Given the cars dont appear to be listed as assets of the company that would suggest that the liquidators are already certain of the ownership. The company you refer to doesnt have any charge over the borrower company so has no more claim than any other unsecured creditor and may well have their own selection of cars in ownership. The only company that would be an issue is the one that holds the floating charge.
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stevio
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Post by stevio on Jul 16, 2017 10:43:05 GMT
Stating the obvious but the result of this first defaulted borrower & subsequent recovery will have a monumental effect on the reputation of Collateral as a platform - Will they be at the LC/Rebs end of the spectrum or AC? The 5 loans cover 22 cars & need to achieve over £200k to cover full repayment (average price of just under £10k). Assuming that the legal charge & physical recovery are successful then liquidating the stock to cash ought to be straight forward & will be a good test the validity of the valuations.
I think that IF the entire stock of 22 can be sold this will result in a full recovery, or very close to it, a big IF I realise but Peter has confirmed that they have taken possession of some vehicles already which is a good start. I have no doubt that they will be pulling out all the stops to achieve a good result but only time will tell. Did you really have to start ANOTHER thread........
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applets
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Post by applets on Jul 16, 2017 10:46:06 GMT
Someone with more legal knowledge than me will no doubt be able to express a view on whether Collateral were entitled to facilitate the buying and selling of loans to a company in liquidation. Much presumably depends on whether Collateral were first contacted by the liquidator on Friday afternoon, some two and a half weeks after their appointment.
Given the ease with which members of this board have tracked down the company concerned and been able to take a photo of their premises, it is not inconceivable that some lenders may have had knowledge of the liquidation before 14 July and sold out of their position before Collateral suspended trading.
However, while many members here may ultimately suffer a loss in these loans, it is worth noting that a number of people are now out of work and owed wages.
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theshape
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Post by theshape on Jul 16, 2017 10:59:15 GMT
OP, when did you receive this email? Has anyone else received it?
The only email I have received was the first one on Friday 14/07/17 @ 14:34. I am in the overdue loan and three of the others.
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dermot
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Post by dermot on Jul 16, 2017 11:05:17 GMT
I wonder if this news will make the people who put their Grouped Assets Jewellery loans up for sale regret doing so? Dang! Bought £200 yesterday, didn't realise people were still selling it!
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sildenafil
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Post by sildenafil on Jul 16, 2017 11:23:21 GMT
Rough calculation shows Collateral should still have approximately £6,100 of retained interest from the drawdowns of the loans that still have positive days remaining. I assume this could be used to prop up any shortfall if recovery doesn't cover the full amount?
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stevio
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Post by stevio on Jul 16, 2017 11:35:14 GMT
Did you really have to start ANOTHER thread........ Can you introduce a poll to an existing thread? (This isn't rhetorical - I don't think you can but might be wrong.) No, but the poll doesn't really add much (add a poll to take a guess....) the discussion is going to be exactly the same as the other thread! A mod could merge the other one into this one, but I still question the usefulness of starting a more or less identical thread in the first place.........
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