p2pfan
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Post by p2pfan on May 18, 2023 20:06:59 GMT
On the face of it, DBW is acting more in line with lenders' interests on the "Leeds" loans - Griffin getting more involved and his engagement with the administrator / HMRC. That is welcome, but might it be too late to effect significant recovery? Time will tell. That's not my reading of the situation. Is there one single defaulted loan that has been turned around in the last year and full payment made? Nope. These "updates" are just bare-minimum kicking-the-can-down-the-road exercises. The priority these days is boat parties etc. in Dubai for not just Ablrate bods but Ablrate's borrowers e.g. the luxury shoes borrower continues to be in default and has not paid a penny in an extremely long time, yet on Instagram he is showoffing a life that makes Elon Musk look like a pauper.
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Post by overthehill on May 18, 2023 20:21:31 GMT
On the face of it, DBW is acting more in line with lenders' interests on the "Leeds" loans - Griffin getting more involved and his engagement with the administrator / HMRC. That is welcome, but might it be too late to effect significant recovery? Time will tell. That's not my reading of the situation. Is there one single defaulted loan that has been turned around in the last year and full payment made? Nope. These "updates" are just bare-minimum kicking-the-can-down-the-road exercises. The priority these days is boat parties etc. in Dubai for not just Ablrate bods but Ablrate's borrowers e.g. the luxury shoes borrower continues to be in default and has not paid a penny in an extremely long time, yet on Instagram he is showoffing a life that makes Elon Musk look like a pauper.
You know about the nuances and blurry legal lines between tax avoidance and tax evasion, the whole sorry loanbook mess is undoubtedly debt repayment avoidance or debt repayment evasion. I know what my money is on... literally.
Excluding the property development loans , it would be interesting to know if anyone comes out the end of this shambles in the black. When I started to see the 'fundingsecure' signals, I tried to evacuate but an uncomfortable amount of money was trapped and will render this investing choice a complete waste of time and a loss, could even surpass fundingsecure losses.
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Balder
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Post by Balder on Jul 10, 2023 17:13:36 GMT
Is this looking more like zero recovery for everything? Is DBW just using this as time for him to get clean away with his mates?
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eeyore
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Post by eeyore on Jul 10, 2023 18:14:55 GMT
This latest "update" seems to me to have been written by someone who has given up - it's all just too much of an effort.
Far from the claim in the opening sentence "we are managing the process of the wind down of the Ablrate Loan Book", there seems to be precious little managing going on - it's all just passive - always waiting for someone else to do something, anything... As for relying on the borrowers to make proposals, that's a complete abdication! What does the CEO think he's getting paid for?
Handing it all over to Griffin is the opportunity to escape the responsibility towards lenders.
PS: Is the Ablrate support team now working only 10 hours per week?
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p2pfan
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Post by p2pfan on Jul 10, 2023 19:27:04 GMT
I have to concur with the above statements.
As with previous "updates", this one, on almost every single loan, is essentially saying, "we 'aint done anything over the last few months... and we will continue just sitting around doing nothing".
The bit about the fella being on his paternity leave hence nothing having been done was, I must say, a creative way of trying to shift responsibility. I thought I'd experienced every excuse under the sun from borrowers and their mates running the lending platforms for their inability to pay borrowed money back, but this one that the fella responsible has spent the last few months playing with his baby huddled up in its pram is one even I've not come across before!
All in all, a farce.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 10, 2023 20:21:58 GMT
I have to concur with the above statements. As with previous "updates", this one, on almost every single loan, is essentially saying, "we 'aint done anything over the last few months... and we will continue just sitting around doing nothing". The bit about the fella being on his paternity leave hence nothing having been done was, I must say, a creative way of trying to shift responsibility. I thought I'd experienced every excuse under the sun from borrowers and their mates running the lending platforms for their inability to pay borrowed money back, but this one that the fella responsible has spent the last few months playing with his baby huddled up in its pram is one even I've not come across before! All in all, a farce. Paternity leave is normally two weeks ... so may not even be a particularly good excuse. I see considerable attention to detail ... isnt the company Griffins? An IP as opposed to Griffin who are a law firm.
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macq
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Post by macq on Jul 10, 2023 21:48:43 GMT
I have to concur with the above statements. As with previous "updates", this one, on almost every single loan, is essentially saying, "we 'aint done anything over the last few months... and we will continue just sitting around doing nothing". The bit about the fella being on his paternity leave hence nothing having been done was, I must say, a creative way of trying to shift responsibility. I thought I'd experienced every excuse under the sun from borrowers and their mates running the lending platforms for their inability to pay borrowed money back, but this one that the fella responsible has spent the last few months playing with his baby huddled up in its pram is one even I've not come across before! All in all, a farce. Paternity leave is normally two weeks ... so may not even be a particularly good excuse. I see considerable attention to detail ... isnt the company Griffins? An IP as opposed to Griffin who are a law firm. Going by the wording in the second paragraph of "monitoring other IPs" guess its the former
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Post by Ace on Aug 14, 2023 22:06:24 GMT
It will be exactly 3 months since the last quarterly update tomorrow.
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dh1
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Post by dh1 on Aug 15, 2023 5:30:43 GMT
Not holding my breath, Ace not only because blue just isn't my colour! Still something meaningful could emerge but I doubt it.
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Post by overthehill on Aug 15, 2023 16:04:35 GMT
That gave him 4 hours to do the quarterly update while he waited for something to happen? All his ablrate investors are waiting for something to happen.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 15, 2023 17:21:18 GMT
There are a couple of things that will need quite some wordsmithing this time though aren't there? One of the borrowers is being liquidated by order of the court at the hands of another creditor One of the Directors / PSCs of several borrowers is subject to an international arrest warrant for fraud "We have recently become aware of some adverse information in relation to the {insert relevant party}. We are currently seeking clarification/taking advice* and will update lenders when we have formalised a response/strategy* (*delete as appropriate) ." There you go, job done ...
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ptr120
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Post by ptr120 on Aug 17, 2023 12:21:36 GMT
David has accidentially packed the notes for the next update in a box which is being sent to his new house in Dubai via shipping container in a cargo aircraft. That nice Mr. foreman organised the move for him.
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Balder
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Post by Balder on Nov 4, 2023 13:37:13 GMT
Are we now not overdue a 3 Month update?
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Post by Ace on Nov 4, 2023 14:06:29 GMT
Are we now not overdue a 3 Month update? I think we are. The last general update I can find is 10th July 2023.
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Post by overthehill on Nov 4, 2023 14:47:32 GMT
Are we now not overdue a 3 Month update? I think we are. The last general update I can find is 10th July 2023. "Walking on the beaches looking at the peaches"
best regards quarterly update.
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