adrian77
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Post by adrian77 on Nov 19, 2019 12:13:00 GMT
I am not commenting here on the legal aspect as it is all Demis Roussos to me - if the above is correct I will blow a gasket and I don't think I will be the only one. Hopefully FS are at fault for not managing the loan book and the winding down procedure correctly and we loan holders are in front of these amateurs in the credit queue...
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adrian77
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Post by adrian77 on Nov 17, 2019 15:26:33 GMT
Well it must be true then ! As experts in this field who ,unlike FC, know what they are talking about has told us this is utter and total and rubbish. So a pointy-headed professor puts decades of training and expertise into designing a round the world endurance boat which also doubles as a North Sea supply boat - yeah right!
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adrian77
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Post by adrian77 on Nov 16, 2019 18:08:41 GMT
I hope I am wrong but still very worried by this one - come Jan next year the £938K loan would have run for 2 years and if we take 20% p.a. that is about £1.3m held against a boat which is not fitted out , not commenced sea trails and (to me) shows no sign of major sponsorship - I have researched this one a bit- I think there needs to be a rescue boat etc etc and I hate to think what all that will cost and that is before the fuel bill!
Also there is a German challenge which has advanced radar to highlight debris hazards - wonder how much that cost! If this German boat is launched and completes the world record before this one sets off it will be another headache for the owner.
The company funding this venture has yet to file its accounts but I just can't find any signs of serious readies (does not mean there aren't any) so I think we will just have to hope this chap pulls a mega sponsor out of the bag and pretty damn quick!
Granted this boat is a technical triumph but just how big is the marketplace for such a vessel - I guess we will soon find out...if I had the money of Richard B I would put a few million into it but sadly I am not in his league by a very long shot.
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adrian77
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Post by adrian77 on Nov 15, 2019 15:17:27 GMT
Looks like defaulting such loans is concentrating a few minds - I am really glad to see the second charge on the house in Farnham defaulted not that clearing this chap's debts is going to be so simple!
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adrian77
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Post by adrian77 on Nov 15, 2019 10:37:07 GMT
totally agree with the above comments - looks to me as if several of these borrowers engineered plans to borrow money and then engineered things so that they would not have to pay the money back! FS totally and utterly failed to plan for being duped and their supreme incompetent has cost us all dear! As to what the directors did actually plan I am open-minded but I think all their financial and management dealings need extremely close scrutiny.
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adrian77
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Post by adrian77 on Nov 15, 2019 10:23:42 GMT
What's wrong with that - it is only 80%! Good job experienced property professional experts were handling this one! Looks to me as if 40 million smackers could easily be lost here - how on earth can anybody invest in property with a LTV of 70% max (in theory) and manage to do this!
It if were not too early I would pour myself a very stiff drink...
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adrian77
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Post by adrian77 on Nov 14, 2019 18:25:11 GMT
Sure looks that way to me - also I am interested in the relationship both management and financial between FS and Crowdlords. I have looked at Crowdlords Accounts and the balance sheet is not exactly positive so if you are thinking of investing in them you know what my advice is...
Also it looks to me that these directors were possibly earning commission for sourcing funds for property developers. Now whether this is true or not I don't know but I think it needs to be looked into and also I am not convinced some of these directors were not also property developers - nothing wrong with that of course - as long as the 2 roles did not conflict...
This is what I think will happen
FS etc will blame the art dealer for their problems - not that they should have prevented this
FCA will do cock-all which is the only thing they are qualified for - they will get various gongs.
The administrators will ditch the loan book as quickly as possible but 25% or so will be frozen by the courts due to problems with title etc - again due to FS's gross incompetence
The payout will be pathetic (about 50%?) and in several stages - the first stage say mid 2020 when houses etc are sold - the rest will be much later after legal problems etc are sorted out
The Police will do nothing - the art loan £2.3m will be lost - only ray of hope is that the FBI get their hands on this muppet dealer . All in all a totally shabby and disgusting affair where decent people have been shafted and the authorities were amiss in letting these characters anywhere near a lending platform.
Feeling depressed now - I need a drink!
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adrian77
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Post by adrian77 on Nov 14, 2019 17:54:22 GMT
Well done for taking the lead on this one - I am sure many of us will contribute - shame FS's management weren't up to your standard!
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adrian77
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Post by adrian77 on Nov 14, 2019 16:29:36 GMT
neither am I - I have read their FAQ and unless I am being thick it says nothing of substance except possibly that loans and creditors are not the same thing...
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adrian77
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FundingSecure (FS) in Administration
loan book poll
Nov 14, 2019 9:26:49 GMT
Post by adrian77 on Nov 14, 2019 9:26:49 GMT
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adrian77
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Post by adrian77 on Nov 14, 2019 7:32:38 GMT
nice thinking that man !
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adrian77
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Post by adrian77 on Nov 13, 2019 18:09:17 GMT
As a general point Radio 4 last night broadcast "File on 4" about a widow who was clearly defrauded by a dodgy diamond valuer and a smooth talking fraudster - appalling case, However the Police weren't that interested and various forces played pass the parcel with the case. In the end their legal advice was it would be difficult to prove fraud (other lawyers disputed this). Nothing was done about the dodgy valuer and the smoothie has disappeared - bottom line - an elderly widow is conned out of her life savings and nobody has been bought to justice.
I just wonder what is going to happen to our very own dodgy art dealer and the FS directors - I know what I would like to happen to them but probably best not to say...
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adrian77
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Post by adrian77 on Nov 13, 2019 17:57:10 GMT
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adrian77
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Post by adrian77 on Nov 13, 2019 17:16:29 GMT
when I come from lard and cold cabbage is posh nosh - wonder if these directors are going to have the guts to apologise for the complete and utter horlicks they have made of this - as to the FCA don't get me started...
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adrian77
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Post by adrian77 on Nov 13, 2019 17:04:02 GMT
I can't see this one being anything other than a total disaster...always a first time....
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