greenslime
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Post by greenslime on Feb 2, 2019 15:03:17 GMT
Trying to get back to the loan in question.
Would anybody disagree with the following?
- There was never an explicit statement by FS that they held these artworks as security for the loans. However some investors (myself included) assumed they did, in keeping with general statements by FS and in keeping with other FS loans. We all know what 'assume' makes. But it does the raise the question of whether FS 'sinned by omission' in not making it clear that there was no actual security being held by them, or whether this was mere incompetence.
- There was not, until late in the day, any indication by FS that these artworks were the security for multiple loans to the same borrower. The statement that their internal systems could not generate this information is ...perhaps 'startling' is a sufficiently neutral term? .
For the absence of doubt, I am not a member of any shadowy cabal seeking the failure of FS.
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greenslime
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Post by greenslime on Jan 29, 2019 23:34:05 GMT
I watched it last night, very good watch. I must say the organiser took fraud and delusion to new definitions. Plus the audacity of running another fraudulent company through a proxy individual because he was barred from doing so while the FBI were actively investigating him was something else. 6 years for a $40 mill plus fraud I thought was a bit light. Anybody watched it, got any thoughts ? I've watched it. An absolute hoot, braindead trollops being paid by an almost Trumpian grifter to promote a logistically impossible 'event' intended to rip off rich twonks.
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greenslime
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Post by greenslime on Jan 29, 2019 23:16:50 GMT
I can't help feeling that it would be a ray of sunshine in an otherwise dank and gloomy day if those who want to discuss the shortcomings, perceived or otherwise, of an individual poster created a thread devoted to the subject, thereby leaving this one clear for a discussion of why a group of purportedly asset backed loans have turned out to be complete and utter dog toffee.
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greenslime
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Post by greenslime on Jan 29, 2019 15:52:23 GMT
Given the 'complexity' of this case, it would be really helpful if fundingsecure were to post some facts either here or on their own site as an antidote to speculation. Obviously I do not expect them to post anything that would affect future legal proceedings or that constituted an admission of culpability on their part. But I assume (there I go again) that facts presented to the court as part of proceedings so far and the judgements issued are considered to be in the public domain. I'm sure that a more or less modest expenditure of time and money on my part would provide me with this information but I really don't see why the **** I should have to when that information is already held by FS.
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greenslime
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Post by greenslime on Jan 29, 2019 14:02:56 GMT
So the assumption that these pieces were held in specialised storage as backing for the loans was simply that - an assumption? And we know what assume makes, don't we, boys and girls? Greenslime - a self-confessed ass. It is not an assumption - it is part of their terms. They have defrauded investors. I've been trying, without success, to find an explicit statement that these specific pieces are held by FS as part of the terms and conditions of these specific loans - no luck, but then we've established that I'm an ass.
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greenslime
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Post by greenslime on Jan 29, 2019 12:57:16 GMT
Hearing just finished. FS never had art. All art sold prior Aug 2017 No money left. More info later E&EO So the assumption that these pieces were held in specialised storage as backing for the loans was simply that - an assumption? And we know what assume makes, don't we, boys and girls? Greenslime - a self-confessed ass.
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greenslime
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Post by greenslime on Nov 20, 2018 18:48:28 GMT
This was a helpful read. While I understand Mr G could have taken a mate round to have a look would there not have been a note pinned on the door from the storage and or FS saying this item is pawned and therefore can not be sold. If so does the storage house have any liability? As long as the art has not been removed from their care by an unauthorised person I struggle to see how they're liable in any way for this potmess. They're selling specialised storage not fraud prevention, and I bet their terms and conditions reflect that.
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greenslime
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Post by greenslime on Nov 13, 2018 12:10:04 GMT
I note this one is now a massive 31% filled! This is about 9% over the last month so at this rate it should fill in about 6 months i.e. when well over £200K interest is due from the current loan which is already over 3 months late! I have looked at what I think are the company accounts but it is all very confusing with numerous companies with a similar name of *ector* in it - worrying! Also not one of the accounts I have looked at has made good reading! There seems to be 3 boats here - the endurance one, the petrol speedboat and the electric one? The electric one seems to be a winner and the company seem to be putting all their effort into it. Surely there are two seperate entities - the Endurance boat, designed for a global circumnavigation, and the subject of this thread; and the other two power boats under the *ector* label? Are you saying the two companies/loans are linked ?
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greenslime
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Post by greenslime on Nov 1, 2018 17:12:24 GMT
It is a fact that FS is engaged in legal proceedings against an individual of a particular surname.
I can see nothing here or in DD Central, other than supposition, that would prove
a) those legal proceedings are in connection with the loans being discussed in this thread.
b) the individual who is the subject of those legal proceedings is in any way connected with any public figure apart from the coincidence of (a not uncommon) surname.
Can anybody offer any facts to support these suppositions? Otherwise it might be wise for all concerned to take a deep breath ….
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greenslime
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Post by greenslime on Oct 12, 2018 12:52:59 GMT
I note the escape plan is still to flog this as a crew transfer boat for North Sea rigs, and it is 'understood' (a wonderful weasel word) that there has been interest from the offshore industry. Not a naval architect, but I would have thought that a vessel optimised for trans-oceanic speed might lack some characteristics that were more desirable for the role.
I also note the valuation of £2M in the opinion of a marine engineer still features. My brother has been partner in a marine engineering company for a few decades. If he told me that No.3 cylinder head was totally ****ed (a technical term) I would believe him implicitly, I would also believe his estimate of the cost of repairs or, in worst case, a new engine. But I wouldn't necessarily attach the same weight to his opinion of the value of the whole boat.
Still, God bless her and all who invest in her ….
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greenslime
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Post by greenslime on Sept 11, 2018 21:05:11 GMT
Looks like ablrate did a good job of setting the limit on this one .. might even be some left when the brake comes off later, but not a lot .. Yes indeed - seems to have been well judged. I got my minnow's nibble, the sharks can fight over what's left.
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greenslime
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Post by greenslime on Sept 4, 2018 19:40:45 GMT
This is disgusting the way we have been treated in this loan with all the promises or repayment. Findingseure get her arse into gear and get banging on the Fxxxing door of this clown borrower, grab him by the throat and tell him times up laddie the boys are Pxxxed off pay back the money now right now or I will set the angry gang onto you. Findingseure get it sorted now you mess this up I will be going to the media/Martin Lewis/Watchdog/Sun/Sky. Your not going to get away lightly!! Wonder if grabbing the throat of the one who is ex-SBS would be a wise move ...
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greenslime
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Post by greenslime on Aug 27, 2018 19:59:48 GMT
They charged headlong into property lending Ta - I did wonder if that was it. I guess if you want to grow quickly then bling and cars don't really do it.
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greenslime
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Post by greenslime on Aug 27, 2018 18:09:33 GMT
dan1 - many thanks for all this. Can anyone explain for me what happened in early 2016 to cause the marked increase in the % of loans overdue for >90 days in late 2016 and then in turn in the >365 days in Aug 2017? Was there a change in lending policy by FS?
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greenslime
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Post by greenslime on Aug 24, 2018 18:38:58 GMT
A chunky £25k thrown in from a single investor has certainly helped this one out substantially so it looks like it will be out of the way before the other renewals kick in! Yeah - I noticed that. But not that much since. And I think the sad little triangle of land near a Scottish airport has had a single large transfusion as well. Not putting anything in, they're just two loans I've been watching as bellwethers of 'confidence' in the platform - see discussions elsewhere
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