insideout
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Post by insideout on Jun 24, 2018 12:40:04 GMT
"Well, I've not much idea yet how all this will pan out in reality,"
You have rarely spoken a truer word star dust
As for the 'safe' loan tranches, I envisage Court actions brought by major investors will attempt to maintain the priority of these loans.
As for supposedly sinister 'syndicates of investors' the only advantage some achieved was I believe a higher % of cashback on a few loans by lumping their investments together. In all other respects, everyone is in the same boat - and up s*** creek without a paddle.
Future disagreements between groups of lenders/investors/creditors will centre on maintaining (or not) the loan tranche priorities for repayment.
The musings of any Creditor Committee may prove almost irrelevant by comparison.
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michaelc
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Post by michaelc on Jun 24, 2018 13:34:43 GMT
- Not known in public, but I doubt anyone here would is really known in public; even if you knew his name, would you know him?. I have met DI, face to face and consider him to be a genuine guy and seriously knows his onions. He is very knowledgeable not just about what he knows, but about the P2P world, the realities of the P2P world and insolvency. He is friendly, easy to deal with but also won't mince his words and won't be afraid to speak the truth (that counts both ways between BDO & Investors
My vote is for DI. Moorfields will surely charge a lot of money (and I'm surprised nobody has looked into that line, but hey ho) and BM will have their own interests; I would prefer an impartial voice for the wider investor base.
Of course, as I understand it there can be others who can attend so this may be a moot point
Well now that a random stranger off the internet has vouched for another random stranger off the internet (based on a meeting) I'm feeling more confident in a random choice or not. It's almost as reassuring as when folks popped along to Coll and were wowed by their plans and professionalism or when they were getting together to demand RR be retained as they are the best thing ever. meh but then I suppose it's marginally better than BM looking after their own interests ho hum Frankly (so to speak), I have no intention of voting for anyone who is part of a syndicate who have members as COL investors since their interests may or may not align with mine and they certainly won't align with every investor's best interests. I would hope that anyone that throws their hat into the ring discloses any such membership.
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blender
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Post by blender on Jun 24, 2018 14:26:09 GMT
There is no point in nominating Moorfields for the creditor's committee at present. They have made one post, generously offering to review the position and answer questions up to 29th June. Not many questions on that thread yet. After 29th June they may or may not offer to represent lenders on the creditors' committee. But I doubt that will be pro-bono, why should it? If interested, best to hold your nomination until they say something.
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mason
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Post by mason on Jun 24, 2018 16:23:14 GMT
People here seem to be assuming that every investor reads this or another forum (or two) and that decisions as to members of the CC will be decided largely via the forum discussions.
The procedure might be as follows.
Any person (investor or not) may wish to be on the Committee. They can nominate themselves (?) or be nominated by other(s). They can do this via this forum or any other forum or by email to BDO.
Once all the nominations have been received I would have expected that BDO would ask each person to provide a short (300 word?) summary of their interests, expertise, real-world identity, level of investment, etc and for this to be made available on the BDO website. If they are an investor they should make clear where they stand vis-a-vis the different possible scenarios for repayment (loan by loan, or one-pot, for example). In any case, I believe investor (creditor) amounts and names will in due course be published on CH - I may be mistaken here.
EVERY investor could then vote (if they wished to do so) and for the person(s) of their choice on the CC and irrespective of whether they followed the forums or not.
I do not know if this is the procedure, but I would have expected something similar.
I am also unclear as to the real power (if any) that a member of the CC could exercise. If it is just a matter of being told what BDO are doing and how they intend to proceed, and to make cooing noises in support of their efforts - then it is largely a waste of time.
It is unclear whether there will be any actual meetings - maybe just email or skype discussions.
The impression that I get is all that will happen is (once the deadline has been reached) the 3-5 nominees representing the largest share of creditor claims will be put on the committee. No 300 word summary and ballot. If that is the case, then there absolutely is a need to coordinate and this forum must have a significant sway over the makeup of the committee. Each member of the creditor committee will be able to discuss and vote on options presented by the Administrators and challenge them on aspects of the Administration that are contentious to lenders. As others have suggested, they will be deemed to represent all lenders and creditors.
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mason
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Post by mason on Jun 24, 2018 16:33:12 GMT
- big cut- DualInvestor ( dualinvestor ) - Represents a syndicate of COL lenders who invested on preferential terms. - Not a COL investor - Identity unknown in public but a retired Insolvency Practitioner qualified as a Chartered Accountant - another big cut. You are wrong. I have asked DualInvestor to represent my interests and I am not and never have been a member of any syndicate investing in Collateral on preferential terms. His identity is readily available to anyone who wishes to make use of his services. Several non-syndicate members have asked to nominate DI as their representative, but he is also representing the syndicate mentioned. He has stated that he will represent the interests of the creditors as a whole, so it is up to individuals as to whether or not they believe he really will.
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hazellend
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Post by hazellend on Jun 24, 2018 16:40:03 GMT
I’m not to fussed about a creditors committee.
What BDO need is advice from somebody who has expert understanding of P2P.
Bling is only a small part of the total so lower priority. It’s the big DFL with first/second/third charges that are problematic.
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michaelc
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Post by michaelc on Jun 24, 2018 16:45:39 GMT
You are wrong. I have asked DualInvestor to represent my interests and I am not and never have been a member of any syndicate investing in Collateral on preferential terms. His identity is readily available to anyone who wishes to make use of his services. Several non-syndicate members have asked to nominate DI as their representative, but he is also representing the syndicate mentioned. He has stated that he will represent the interests of the creditors as a whole, so it is up to individuals as to whether or not they believe he really will. Do you think the non-syndicate members that intended to nominate him knew that he represented such a syndicate?
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mason
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Post by mason on Jun 24, 2018 16:50:18 GMT
Several non-syndicate members have asked to nominate DI as their representative, but he is also representing the syndicate mentioned. He has stated that he will represent the interests of the creditors as a whole, so it is up to individuals as to whether or not they believe he really will. Do you think the non-syndicate members that intended to nominate him knew that he represented such a syndicate? Well I currently intend to nominate him and I've known about him representing the syndicate since before the report came out. I can't speak for others, but his representation of the syndicate was discussed a couple of weeks ago in the other forum when he posted about a letter he was sending the Administrators on their behalf.
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micky
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Post by micky on Jun 24, 2018 17:02:11 GMT
I certainly did and am not a member of any syndicate and definitely have no issues with DI being one of the committee who represent our interests with BDO.
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Greenwood2
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Post by Greenwood2 on Jun 24, 2018 19:37:52 GMT
So DI has been retained? by a syndicate of preferential Col lenders to represent them. While also going to represent other ordinary lenders, who's interests may conflict. While not being a Col lender at all. Totally confused. Glad I'm not too involved in this.
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mason
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Post by mason on Jun 24, 2018 19:54:51 GMT
So DI has been retained? by a syndicate of preferential Col lenders to represent them. While also going to represent other ordinary lenders, who's interests may conflict. While not being a Col lender at all. Totally confused. Glad I'm not too involved in this. It gets better, because we also have a representative of Bond Mason, who "have a complete and accurate record of all investment positions and security". It will be in BM's interest to see that those positions and security are protected, possibly to the detriment of others whose positions and security cannot be adequately proven. Let's hope the platform data can be recovered and reconstructed.
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micky
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Post by micky on Jun 24, 2018 20:28:03 GMT
So at the moment, we seem to have BM and DI as strong candidates for the Creditors Committee.
I think that the only other person interested is 'redskyatnight' from the Frank Discussion Forum, he has informed BDO that he would be interested in serving on the Creditor Committee. He has informed the forum that he is heavily invested in Coll.
Moorfields have been mooted but we have yet to hear from them and if any costs would be incurred from their potential involvement.
Any other nominees?
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blender
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Post by blender on Jun 24, 2018 20:50:05 GMT
Redsky claims to hold 1% of the loan book and wishes to be on the creditors' committee. He has not, yet, sought the nominations of others. There may be other large investors who have sought membership, of whom we know nothing, apart from BM's nominee of course. Dualinvestor is not a creditor and relies on sufficient nominations by creditors, weighted by value.
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Post by dan1 on Jun 24, 2018 21:53:16 GMT
- big cut- DualInvestor ( dualinvestor ) - Represents a syndicate of COL lenders who invested on preferential terms. - Not a COL investor - Identity unknown in public but a retired Insolvency Practitioner qualified as a Chartered Accountant - another big cut. You are wrong. I have asked DualInvestor to represent my interests and I am not and never have been a member of any syndicate investing in Collateral on preferential terms. His identity is readily available to anyone who wishes to make use of his services. (my bold) I'm not really feeling the love here hoy. Maybe you're just teasing me, in which case this metrosexual bird (read 'magpie' for you naughty misogynists) WLTM a like-minded feathered friend, although be warned I require regular supplies of shiny things *bling* but have an intense dislike of curry
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Post by dan1 on Jun 24, 2018 21:56:02 GMT
Redsky claims to hold 1% of the loan book and wishes to be on the creditors' committee. He has not, yet, sought the nominations of others. There may be other large investors who have sought membership, of whom we know nothing, apart from BM's nominee of course. Dualinvestor is not a creditor and relies on sufficient nominations by creditors, weighted by value. Did I read that right? You mean more than £1.7m invested on COL? Seriously? I think I've had too much sun today but this person must be apoplectic whether they received preferential terms in the syndicate or not.
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