blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 7, 2022 8:53:51 GMT
The update provided by Ablrate today is very different from that provided previously on pretty much any loan (for info feedme ). It puts lenders in the real time position of actually understanding what is happening. I really hope that this standard of update (a) continues and (b) improves still further. That sounds good. I would like to be able to see it, but I am glad that it does not get sent to me.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 4, 2022 10:33:45 GMT
10/8/22 email. 'As per our recent update, we are managing the process of the wind down of the Ablrate Loan Book. As part of that, we will give information on each loan as and when anything material happens but at least on a quarterly basis. In line with that, please find an update on certain loans:'3/9/22 email. 'We will send out the overall loanbook update next week, but this email concerns A****s ********l Investors * Limited:'I take it the 10/8/22 email was not the official quarterly update then ? VI is correct that the commitment is for an update on each loan at least quarterly, which suggests a quarterly general update on every loan but does not require that. The 'Loan Book Update' email on 10 Aug 22 was not such an update. It contained a very short update on the size of the loan book and then an update on each borrower, not each loan. My interest is with Mr F and primarily with his Scottish venture, and so I was not very happy with that as an update. Going forward, the commitment is for a report on each loan at least quarterly, which will need to be by loan number or group of numbers in a tranche. Maybe the loanbook update will do this, but maybe it will just be an update on the overall book. We shall see and should respond if the commitment is not met. Relevant extracts from the email are below: 'Loan Book Update
Dear [Punter’s first name] As per our recent update, we are managing the process of the wind down of the Ablrate Loan Book. As part of that, we will give information on each loan as and when anything material happens but at least on a quarterly basis. In line with that, please find an update on loans: Loan Book Update ...
Ablrate Communications
Lenders will continue to receive the standard system generated email notifications as well as ad hoc updates from the Ablrate team in the normal way as we have material news. An update for each loan will be provided on a quarterly basis, or more frequently if there is a significant change in the loan or the borrower.'
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 31, 2022 8:38:12 GMT
It's good news about the expected catching up with repayments on these loans. Nice to have something to buck the trend.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Ablrate (ABL) in Administration
157 (ABL)
Aug 23, 2022 11:17:13 GMT
Post by blender on Aug 23, 2022 11:17:13 GMT
7 days up today for payment. What will happen next. 1) The payment arrives, or 2) We get another admin update, or 3) No payment & no admin update. It depends what you mean by next. If next means today then I will guess 3) - nothing happens.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 11, 2022 14:49:13 GMT
We are lucky if we are told what has been done by the borrower, without the detail. No chance of understanding why. Ablrate holds a charge over the companies and so they cannot be sold without the charge, and not at all without Ablrate agreeing to the sale, I think. He only paid £1 for the portal company and he does not have to make the repayments on the loan - that is for the borrower to do. I assume he does not have to make conditional payments to the borrower. So if it trades and makes cash he is ok, and he is increasing the value of the Ablrate asset. Problems come if Abl default the loan, but then he might buy the company at the market value, which will be low. Presumably the borrower no longer wishes to have these companies within their group ownership. Doesn't look good for lenders.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 11, 2022 7:30:41 GMT
The text at the bottom of the RNS relating to the disposal of *** Ltd reads "The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain." The RNS was 18 July, the change of control was 7 July. By writing about the change of control at +++ Ltd that happened on 2 Aug (merely by pointing to the public record at Companies House), what - if any - are the implications WRT inside information? None (but note that the borrower has not changed and is neither of those mentioned, and the borrower is responsible for repaying the loan, whatever happens to the secured assets)
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 7, 2022 10:12:28 GMT
True, same old Ablrate, but for some reason I find that comforting. I have this fear of an administrator from Vulture Recoveries 4U plc.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Aug 5, 2022 11:16:23 GMT
Yes - I do wish that we could get round to unambiguous, clearly factual communication containing real commitments which are in fact met.
"... Interest arrears are expected to be covered by the end of August ..." is imprecise (to put it kindly);
what lenders (well, certainly this one) want to hear is something like:
"All the interest due on the loan will be in lenders accounts by 31st August 2022; the borrower has re-committed to paying all future interest on time and will repay the whole loan either on or before maturity on 16th April 2023. There will be no extension of the loan and no interest capitalisation. Plans to recover the loan amount are in place and complete; they will be implemented on 17th April 2023 in the absence of repayment or sooner if any interest payment is missed, delayed or underpaid for whatever reason." Yes, I had taken that as the natural consequence of running down the loan book and returning capital. An extension of a loan would be continuing the business of lending, which would be inconsistent with the current mode that Abl has entered. Default and recovery must be the normal practice going forward. Lenders may claim tax losses. Deviation from that might be authorised by the lenders on a loan, rather like Assetz do, but not something that Abl should be deciding unilaterally, imo. Having said that, I am not on this loan. I sold at a large discount at the start of COVID.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jul 19, 2022 21:48:08 GMT
I will be pleased if my Abl capital is returned literally decimated, i.e. reduced by 10%. I've made more than 10% so that would be a win Unless you mean 10% plus losing all gains in which case ATM, I also agree
Expecting maybe 60% and lots of told you so-s from friends
Guess you didn't jump before they threw the switch... know I didn't Thought Abl was a goodn. Might go back to property
RBS have a system where they have a running total of what they expect you will recover.
This could be a good method of expectation management
Sad times
I did jump out totally at the start of COVID, but Abl did not throw the switch. So later I jumped back in a bit and then they threw the switch. An update is required to the motto. On the sums, I have been with ABL for about 8 years and the current value of my account is about half of my total interest received. I have never, so far, had any loss of capital except through trading (jumping). That will change but even so my overall Abl return will be good, even if I lose all I have with Mr F. I was jumping after the first failure to pay, but not fast enough. It does hurt.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jul 19, 2022 13:16:48 GMT
Reckon F****** was key and not a small loss No, a post can't literally be Hitler if you mean literally literally.
I will be pleased if my Abl capital is returned literally decimated, i.e. reduced by 10%.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jul 18, 2022 20:56:12 GMT
I had two such emails about my 8p uninvested. My other half also had two emails, but that is perhaps justified by leaving 22p uninvested.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jul 18, 2022 13:05:04 GMT
A realistic and principled decision, imo.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jul 18, 2022 12:12:38 GMT
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jul 10, 2022 20:31:01 GMT
Slim to none on 129, which has priority. 67 and 68 have been dead as doornails for years.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jul 4, 2022 15:45:52 GMT
Ouch! My first post was rather tongue in cheek as the comment about wanting the SM restored might indicate. You have every right to post what you have and I have done some similar hoping to protect fellow lenders - Welsh pubs for example.
There used to be a joke, no longer allowed in original form, about three non-French men who were to be guillotined. The first was very brave and wished to be placed face-up to see the blade coming towards him. He stared at the blade and it stopped half way. They let him go. The second was not so brave but canny, and he did the same and again the blade stopped half way, etc. The third had seen the other two and therefore did the same and thought it would be alright. The drum rolled and he looked up and he then shouted out 'Wait a minute, I think I can see what's stopping it!'
I don't want to be man three.
|
|