BDO Joint Administrators’ proposals to creditors - June 21

Same here and I am not impressed with the drip feeding of information , in this day and age this should be better organised.

Unfortunately the truth is that BDO have us over a barrel and they know it.  The report is a lot of air with little substance, as we all would have realistically felt that a majority of promises should have been completed by now.

They know they can happily throw £1/2 Mill+ in costs at us for dealing with such a small company and there's nothing we're going to do about it, why is that?  Well we are 1,000 or so individuals, waiting desperately for our money, which is currently dead money as it is not doing what we invested it for in the first place, earn us more money.  We all want it back now, to either put it under the mattress or invest again, with more caution I would imagine. 

So if we reject BDO, we can pretty much guarantee adding up to another year to this sorry debacle, and in reality probably even more costs.

So can I just say what we are probably all thinking.  BDO, get your fingers out of that orifice and get on with it already!!!

Please let's be CLEAR ; IT'S VALUE FOR MONEY THAT MATTERS, not how much per hour, or how many hours but what has been achieved for that money in those hours. Everyone can have a different view whether what they have received so far is worth £36k, I am in the very expensive camp, but am happy to concede others might think they have had a bargain.

I would be very interested for anyone to be able to demonstrate that £1/2m was going to be good value for money?

Please feel free to show your workings!

Can anyone ? SteveT or ilmoro or archie throw any thoughts in on the £477k imbalance on lenders funds versus what appears to be in the pot? I am assuming that the lenders indebtedness of £17.5m does not include accrued interest as it likely totals all out proof of debts forms. Therefore if interest is received then both sides of the equation go up by the same amount. Given that, surely the $477k is light becoause cash held will include some interest retained which is not in the £17.5m. The only gap closure I can see is the £350k+ taken out by Directors and that possibly there are some further bank accounts somewhere. I just find the numbers confusing to understand so any thoughts/views appreciated. Also by my understanding, we are in a position of a 6% loss to start with (£477k + £500k fees out of £17.5m) which can only increase for such as defaults less any interest received? Do people think this should be a matter for urgent discussion at the Creditors Committee? Would be happy for the three above to be on it if they felt the wish - they all have longstanding presences on the forum and have a wealth of knowledge to ask both the searching and obvious questions - up to them, just a thought, but equally happy with DI.

That is a most gracious, if qualified, offer of support & I have given the matter serious consideration but have concluded that lenders interests would be best served by a collective voice, as opposed to individual representatives, & as such have pledged my support to Steve Findlay as the Bond Mason applicant, provided that he liaises with Ed MoneyThing to coordinate strategy & approach. I feel this approach will give investors the most "value for money" to continue a theme.

Still waiting for my email to confirm amount. Anyone else waiting?