adrian77
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Post by adrian77 on Nov 26, 2019 13:02:39 GMT
quite possibly - my understanding is that would cost a minimum of £30K but can cost £0.5m fine if you are a dodgy financial dealer supporting Brexit but who said life was fair! Agree with all the other points.
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adrian77
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Post by adrian77 on Nov 26, 2019 10:49:24 GMT
Great move - thanks a lot.
Interesting discussion this - not that I wish I had never heard of FS!
Well at least some of us chipped in to pay for this solicitor!
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adrian77
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Post by adrian77 on Nov 26, 2019 10:40:11 GMT
Exactly ! However this is not what the post in FSAG updates says here
This is now a fantastic building which clearly has had a huge amount spent on it so I am either being thicker than normal or there is something very wrong here... Given that the receivers have already been paid £75K then I am tempted to ask why! Also if defaulting one hotel costs us £75K then however much will realising the loan book cost with both receivers and administrator's costs! Thanks to the FSAG we hopefully can get some control over this.
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adrian77
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Post by adrian77 on Nov 25, 2019 18:06:54 GMT
I would agree with this - maybe the loans that are junk loans could go to market as exactly that ie. junk loans - high interest but high risk of failure - I reckon some savvy investors would be interested as part of a balanced portfolio and any failures can always be written off against tax...
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adrian77
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Post by adrian77 on Nov 25, 2019 14:54:24 GMT
quite possibly - but I was thinking maybe the business with the loan book could be sold - I just wish there was a simple solution to this complete mess...
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adrian77
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Post by adrian77 on Nov 25, 2019 13:26:07 GMT
me neither - so let's hope this is not the case...
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adrian77
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Post by adrian77 on Nov 25, 2019 13:15:39 GMT
good question - but we still have the problem of how to divide the administrator's fee with the current proposal
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adrian77
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Post by adrian77 on Nov 25, 2019 13:13:24 GMT
exactly - also I am still in a state of shock after reading the post about P********* Mill in the FSAG forum - namely the post about the FD director who is on the board of a company that lent the mill company about £0.3m. Also I note this company that lent the £0.3m has an interesting balance sheet - land worth over 10m (keeping the figure confidential) and creditors worth exactly the same less one whole Pound! Yeah right!
That's it - bring in the boys in blue - this is beyond a joke!
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adrian77
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Post by adrian77 on Nov 25, 2019 12:17:37 GMT
I have just noticed on *unding not very square" the north London hotel loan farce is going on and on and on with the administrator now wanting to extend to August 2020. Clearly what we don't want here is a repeat here!
What I was thinking if practical : can selling the loan book or putting it to auction be considered rather than spending a fortune on legal fees which will probably result in a long delay before payment. I agree with other forumites - this could have been a viable business if run properly - i.e. long term property loans by people who know what they were doing and much more emphasis on liquid items such as Rolex watches etc. The business is already set-up so hopefully that is worth something and maybe better to accept , say £30m for the loan book and just get our money quickly so we can forget about this whole sad and tawdry affaire?
Just a thought - I thank you
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adrian77
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Post by adrian77 on Nov 25, 2019 11:51:18 GMT
exactly - mind you not sure if it is sellable - what we need is a very wealthy individual with a wife who likes it after seeing it on the telly!
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adrian77
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Post by adrian77 on Nov 25, 2019 11:26:45 GMT
here's what I wrote earlier
I have just seen the post in FSAG - what the hell are or were FS playing at so Ozboy smelt a rat and the ownership changed to a svp and now - quelle surprise - this owner has gone bust - but hang on this is a substantial restored building which is still trading as a luxury hotel!
We are told there will be 2 further repayments - yeah right!
Looks to me as if the first loan will be about 10% recovery and the second ZERO - may be wrong as I find the updates confusing.
So we have a fully restored building worth I guess £1.5 minimum if not a great deal more and FS seem to have no claim to it whatsoever and we investors look like we are going to get about £40K recovery!- this is ever more like an episode of Minder!
To me something is very badly wrong here and it looks to me as if FS have been had yet again and that is being generous!
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adrian77
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Post by adrian77 on Nov 24, 2019 13:25:12 GMT
agreed or to put another way as far as I am concerned a complete waste of time staffed by failed politicians on a gravy train who tell each other how wonderful they are, award each other gongs and in effect do cock-all! Happy to be proven wrong but I have about as much confidence in them as the so-called FS management...l
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adrian77
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Post by adrian77 on Nov 23, 2019 17:53:25 GMT
I was depressed when FS went up and after reading all these comments I am even more depressed!
It strikes me we have a choice of being partially stuffed or completely stuffed!
I am incredulous that the FCA approved these cowboys and now we are in the position of taking legal advice as to the status of OUR loans. I am also extremely concerned there is talk about the cash trail for monies invested not being "entirely clear" - know what I mean 'arry!
However we are where we are - what I would like to ask is "just how competent is this legal advice we are getting?" Clearly this is a complex and new area of law and I worry some smart-bottomed lawyer may contradict our legal advice (I am not criticising it) and this goes round in circles with solicitors being replaced with QCs cashing in whilst our proceeds go ever down!
I guess the thing to do is wait until we know the status of our loans which I really hope is higher than other creditors - not least R K who has a charge over the business - and if he got equal ranking with us I don't think it would go down very well!
If not then what incentive have the administrators got to do anything apart from liquidate our assets as quickly as possible, take their cut and not give a stuff about the amount realised as long as it covers their fee?
What an almighty horlicks - I am really sorry for those of us with large sums invested in what ,to me, looks like a glorified Ponzi scheme which has come crashing down as many of us said it would.
I need a drink!
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adrian77
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Post by adrian77 on Nov 22, 2019 12:04:10 GMT
I have revisited this one along with the current administation
Well it didn't did it! I am appalled that £700K seems to have been lost to we investors. At best FS failed to oversee a realistic recovery and at worst - cue libel action! Something here has gone very badly wrong and ,as of now, we don't know what but considering this chap has many other FS loans then I am worried and hope the administrators don't let this happen again. Regarding this one it appears there may possibly have been an intermittent buyer who then sold it on at a hefty book profit to a related company and thus protected the money from creditor action. If I am correct then FS have been had twice - only partial repayment of capital lent so borrower got a free loan for part of the capital and then he made £700K of which FS (us!) got zero! You could not make this shambles up...
I hope we soon get news as to what the administrators are actually going to do about this unholy mess!
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adrian77
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FundingSecure (FS) in Administration
loan book poll
Nov 22, 2019 11:32:22 GMT
Post by adrian77 on Nov 22, 2019 11:32:22 GMT
I have closed this poll - thanks to the 50 of you who voted
I make the weighted average loss to be £35m with the highest singe vote being 13 votes for £40+m - out of a loan book of £80m!
Well I am not putting any money on the group consensus being wide of the mark!
Don't forget "organic growth - it's a process"!
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