Mousey
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Post by Mousey on Feb 1, 2022 11:31:16 GMT
Mousey - something for you to nibble on? 31/01/2022 - " The purchasers of the litigation have advised that this matter has been listed for a hearing in March 2022." Well indeed. There's quite a lot to nibble on at the moment, in addition to running a business and everything else. 33% of the effort is attending the hearing, 66% is writing it up. So I still haven't been motivated enough to write up the last hearing on this matter. It is likely I'm going to be charging a small amount for immediate access to my reports in the future - with free access after 4-weeks or so. I understand the claimants were minded to make a so-called Blight & Brewster application. I'm unsure if that is what the hearing will be about.
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adrian77
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Post by adrian77 on Feb 1, 2022 12:18:38 GMT
great stuff Mousey - hopefully we can attack his pension pot but I still don't understand why this bloke is not behind bars...
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mikes1531
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Post by mikes1531 on Feb 5, 2022 15:40:49 GMT
great stuff Mousey - hopefully we can attack his pension pot but I still don't understand why this bloke is not behind bars... Maybe he got enough money from FS to pay for enough lawyers to keep him free until he dies of old age?
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Mousey
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Post by Mousey on Mar 1, 2022 18:46:28 GMT
In court tomorrow before Andrew Hochhauser QC sitting as a Judge of the Chancery Divison (sic)
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Mousey
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Post by Mousey on Mar 2, 2022 14:34:24 GMT
"If someone acts fraudulently why on earth shouldn’t they be held to account" asks Andrew Hochhauser QC sitting as a Judge of the Chancery Division
The hearing continues...
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Post by lostinspace on Mar 2, 2022 14:42:04 GMT
"If someone acts fraudulently why on earth shouldn’t they be held to account" asks Andrew Hochhauser QC sitting as a Judge of the Chancery Division The hearing continues... A fraud endorsed by the FCA
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 2, 2022 14:42:41 GMT
"If someone acts fraudulently why on earth shouldn’t they be held to account" asks Andrew Hochhauser QC sitting as a Judge of the Chancery Division The hearing continues... Mmm; rather well said milord.
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Mousey
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Post by Mousey on Mar 2, 2022 16:16:41 GMT
BREAKING: A win for investors as High Court agrees the debt *can* be taken from the borrowers pension scheme in £2.3m Art Loan fiasco.
The pension fund will not cover the entire debt and it's understood 75% of the funds recovered will be kept by the four individuals who bought the litigation from FundingSecure following its administration
A full judgment will be handed down on Monday.
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pfffill
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Post by pfffill on Mar 2, 2022 16:20:00 GMT
BREAKING: A win for investors as High Court agrees the debt *can* be taken from the borrowers pension scheme in £2.3m Art Loan fiasco. The pension fund will not cover the entire debt and it's understood 75% of the funds recovered will be kept by the four individuals who bought the litigation from FundingSecure following its administration A full judgment will be handed down on Monday. I'm not in this one but a win for investors in such a blatant fraud has just a small, warm feeling.
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agent69
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Post by agent69 on Mar 2, 2022 16:25:07 GMT
BREAKING: A win for investors as High Court agrees the debt *can* be taken from the borrowers pension scheme in £2.3m Art Loan fiasco. The pension fund will not cover the entire debt and it's understood 75% of the funds recovered will be kept by the four individuals who bought the litigation from FundingSecure following its administration A full judgment will be handed down on Monday. Is this how the court described it?
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nyneil
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Post by nyneil on Mar 2, 2022 17:04:19 GMT
BREAKING: A win for investors as High Court agrees the debt *can* be taken from the borrowers pension scheme in £2.3m Art Loan fiasco. The pension fund will not cover the entire debt and it's understood 75% of the funds recovered will be kept by the four individuals who bought the litigation from FundingSecure following its administration A full judgment will be handed down on Monday. Wasn't the agreement 70:30 split in our favour? For the four individuals to be keeping 75%, they must have held just over 64% of the loans. (30+0.643*70=75). Crikey, that's a lot, no wonder they were upset.
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travolta
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Post by travolta on Mar 2, 2022 18:14:29 GMT
Lisa Taylor explains that, we, the other debtors in this loan will not receive anything due to the 'quistclose clause' .....can someone explain how this applies in this instance?
I've checked a basic definition ,but would like a bit more clarification (in words suitable for a bright'ish 12 year old).
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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 Mar 2, 2022 19:09:16 GMT
Lisa Taylor explains that, we, the other debtors in this loan will not receive anything due to the 'quistclose clause' .....can someone explain how this applies in this instance? I've checked a basic definition ,but would like a bit more clarification (in words suitable for a bright'ish 12 year old). Might be talking that out of context. The Quistclose currently prevents any payouts. It isn't likely to affect this loan any different to any other loan.
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Mousey
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Post by Mousey on Mar 2, 2022 19:27:02 GMT
BREAKING: A win for investors as High Court agrees the debt *can* be taken from the borrowers pension scheme in £2.3m Art Loan fiasco. The pension fund will not cover the entire debt and it's understood 75% of the funds recovered will be kept by the four individuals who bought the litigation from FundingSecure following its administration A full judgment will be handed down on Monday. Is this how the court described it? Not quite, it was common ground that the judgment debt existed so the source of the money didn't really feature
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Post by overthehill on Mar 2, 2022 20:39:48 GMT
BREAKING: A win for investors as High Court agrees the debt *can* be taken from the borrowers pension scheme in £2.3m Art Loan fiasco. The pension fund will not cover the entire debt and it's understood 75% of the funds recovered will be kept by the four individuals who bought the litigation from FundingSecure following its administration A full judgment will be handed down on Monday. Wasn't the agreement 70:30 split in our favour? For the four individuals to be keeping 75%, they must have held just over 64% of the loans. (30+0.643*70=75). Crikey, that's a lot, no wonder they were upset.
It was 70:30 but I didn't realize the litigation was bought by lenders. Good result for them and a great relief, I was pissed off losing £800. Pity axiafunder weren't more on the ball! I make it they held roughly 45% of the loan assuming the whole loan was recovered (i.e. 75% of 100k loan = 30k for litigation + 45k investment) which it won't be. You need to know the actual recovery percentage to be more accurate, surely.
It'll be another 2 years before the pension company runs out of excuses not to pay it.
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