r00lish67
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Post by r00lish67 on Nov 30, 2018 0:04:54 GMT
don't worry about being patronising - I think the question here is what is this damn boat worth - I would say what somebody is prepared to pay for it. I thought there may be the possibility of a rival team offer but if wrong then the situation is worse than I thought The situation is very bad. Whatever happens to the boat, it will be years until any resolution and very little prospect of return. It will aid growing lenders' disappointment with FS. A bit out of topic, but there was a bling renewal a day or two ago - very small loan. Normally there wouldn't be a chance, but this one took few minutes to fill. Combining this with current SM situation and the speed of filling new (and old) loans, I think many existing FS investors are exiting and not replaced because the model is no longer attractive for new investors. I think this is somewhat jumping the gun. It is still perfectly conceivable that sponsorship will be secured and the boat could go off into the sunset next year. I certainly didn't/wouldn't invest in that prospect, but it's hardly time to throw in the towel yet for those who have.
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bg
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Post by bg on Nov 30, 2018 12:19:45 GMT
OK so you are saying they should default the loan but subject to completion. That makes a lot of sense. Come on guys, hurry up and finish the boat so we can default the loan as soon as you do. Actually it is. You are advocating a ridiculous course of action that will result in catastrophic losses for people with significant 5 figure sums in this loan. Given you have nothing invested and the whole thing is just a bit of entertainment for you I think your views are there to be challenged for what they are. The best course of action right now is to allow the boat to be finished and continue to push for sponsorship. You are very quick to accuse anyone who doesn't agree with you of being a sleeper. How about you explain what you mean by this (but of course you won't).
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Doc
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Post by Doc on Dec 20, 2018 13:52:22 GMT
Cut their viz OUR losses - in fact anything than do nothing but wait Granted a very difficult situation FS have got themselves into but I would say take control of the asset and try and sell it to another team in this business e.g. wealthy overseas individual or whatever. They can always take control and sell the boat subject to completion at the valuation of £1.75m (can't possibly be an overhigh valuation). It will be sad to see this one go overseas if need be but business is business. Maybe R Branson would be interested although he learnt the hard way just how expensive and problematic this sort of thing can be. I can't see any mythical sponsor coming up with the readies until the boat is in the water and tested so that is probably well over a year away Agree with the above post which said this is the wrong sort of funding for a project like this and has always been nothing but a gamble. Interesting one to follow. Double checked this thread title after the powerboat saga mix up.
... new update just out.
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adrian77
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Post by adrian77 on Feb 28, 2019 17:01:22 GMT
if you go to the FS DD post about this boat you will see the link to CH - the person behind this boat has company has just filed his latest accounts - not exactly the healthiest accounts I have seen! Not saying it is not all there but I can't see all the FS loan in the accounts but I can see the charge...
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