dermot
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Post by dermot on Apr 13, 2018 9:23:18 GMT
I hope the fees for the bank vaults where all the bling is stored are being paid.
Be a bit embarrassing if half a mill of bling suddenly disappeared!
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blender
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Post by blender on Apr 13, 2018 11:05:12 GMT
If RR win on April 27 my name is George Van T. Agree, but they must think they have a chance otherwise why would they bother? Maybe the owners would prefer to keep them in post, and to challenge the FCA position.
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mason
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Post by mason on Apr 13, 2018 11:55:09 GMT
If RR win on April 27 my name is George Van T. Agree, but they must think they have a chance otherwise why would they bother? There is the small matter of £48k taken in payment for pre-administration costs that was frozen by the court. No doubt they will want to express a view as to what should be done with that, if nothing else.
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Post by munchydave on Apr 13, 2018 11:57:09 GMT
Agree, but they must think they have a chance otherwise why would they bother? There is the small matter of £48k taken in payment for pre-administration costs that was frozen by the court. No doubt they will want to express a view as to what should be done with that, if nothing else. Who or what is RR?
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investibod
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Post by investibod on Apr 13, 2018 12:04:26 GMT
RR=Refresh Recovery, the current administrators.
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Post by munchydave on Apr 13, 2018 12:08:08 GMT
RR=Refresh Recovery, the current administrators. Thanks for that. I assume then we want them to loose. I have more confidence in an administrator appointed by the FCA.
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hendragon
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Post by hendragon on Apr 13, 2018 12:28:57 GMT
We will never know what may had been said and done between the FCA and RR, but it does seems to me that an IP with responsibility for a company with a known regulatory issue would have approached the FCA BEFORE accepting the job. I am starting to suspect that the origins of this dispute are territorial, rather than the interests of investors. The question has implications for the integrity and attention to detail of both parties involved.
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theshape
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Post by theshape on Apr 13, 2018 12:55:49 GMT
I hope the fees for the bank vaults where all the bling is stored are being paid. Be a bit embarrassing if half a mill of bling suddenly disappeared! Don't want to see it bid for on Storage Wars.
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mason
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Post by mason on Apr 13, 2018 17:03:44 GMT
RR=Refresh Recovery, the current administrators. Thanks for that. I assume then we want them to loose. I have more confidence in an administrator appointed by the FCA. It's hard to say which administrator would achieve the best outcome for lenders.
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Post by charliebrown on Apr 13, 2018 23:45:25 GMT
Thanks for that. I assume then we want them to loose. I have more confidence in an administrator appointed by the FCA. It's hard to say which administrator would achieve the best outcome for lenders. Probably none of them, but it’s hard to imagine any of them could do a worse job than RR are doing.
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duck
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Post by duck on Apr 14, 2018 4:40:09 GMT
I think I will sum up my thoughts in the form of a narrative .... you can draw your own conclusions as to which way I think it should/will go
1 On or about the end of January Collateral were advised they had no authorisation. Failed to consult with the FCA immediately.
2 Instead of closing down they continued to trade including accepting public money thereby becoming unauthorised deposit takers, a very serious C....... offence.
3 On or before 14 February appointed a director.
4 Did not seek Insolvency advice until 21 February (lot of rumour about what else they did in the period but no facts in the public domain).
5 On 28 February RR appointed Administrator still no consultation with the FCA.
6 The Administrator's office very bullish on payment in full to "investors" and timing thereof despite no apparent reason for position, leading to speculation that a deal had already been done.
7 Court proceedings started by FCA on 14 March, hearing on 16th March leading to a moratorium on the Administration of six weeks until the adjourned hearing of 27 April.
8 On 23 March Administrator prepares a statutory report that is publicly released which (IMHO) contains several glaring errors and mistruths.
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