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Post by honeybadger on Mar 14, 2021 18:56:51 GMT
Quick, weekend reply from BP, abstaining does not prejudice your share of the sales’ distributions, perhaps more of an ass/liability covering, legal exercise (I’ve done all other crowd property sales via platform votes).
Me: Will Shareholders whose shares are compulsorily acquired automatically be included in any distribution to British Pearl accounts alongside Share Investors that directly sign to accept the Acceptance Offer.BP: Yes, all Share Investors will be included in the distribution even if they did not accept the offer.I would have considered a 20% equity loss (17% haircut + one year’s ~3% rent withheld in spv’s) a really good result in administration. But they completely ballsed up their sale’s thesis - even justifying the continued sale last year to their owner because of the 2nd lockdown despite a world beating vaccine rollout, clear reopening roadmap and robust property market this year as he drew up their extensive legal docs - and Lord Xxxk is presumably not short of a pretty penny and now has the chance to recoup some of his cumulative platform losses from further improvement in the future performance of our properties. I’ll be taking my losses but this has been a complete waste of 3 years of capital and a wholly unsatisfactory way for the platform to rid themselves of their loss making model. Completely agree. Thing is i think the model itself (ie the investment principal) actually could and would work, and the investments themselves may have still worked for all the reasons you mention plus more. I think the weakness was customer identification, acquisition and brand. Plus...I guess we never will find out how good the property selections were themselves. Oh well. Moving on. Good luck all.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,318 
Likes: 11,525
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Post by ilmoro on Mar 23, 2021 13:00:28 GMT
Here comes the potential resurrection they hope
Email received on new opportunity
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jester
Member of DD Central
Posts: 175
Likes: 208
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Post by jester on Mar 23, 2021 16:00:42 GMT
Part of me feels I should analyse this with a calculated mindset ....
but it's hard to see past the fact I feel they made a complete shambles of my previous investment and didn't remotely follow through with the initial plan they set out!
Anyone feeling remotely more forgiving?
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mrk
Posts: 807
Likes: 753
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Post by mrk on Mar 23, 2021 16:05:45 GMT
Part of me feels I should analyse this with a calculated mindset .... but it's hard to see past the fact I feel they made a complete shambles of my previous investment and didn't remotely follow through with the initial plan they set out! Anyone feeling remotely more forgiving? Certainly not me. As soon as I saw that email I thought "they must be joking!" and deleted it.
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Post by Ace on Mar 23, 2021 16:08:34 GMT
Part of me feels I should analyse this with a calculated mindset .... but it's hard to see past the fact I feel they made a complete shambles of my previous investment and didn't remotely follow through with the initial plan they set out! Anyone feeling remotely more forgiving? Certainly not me. As soon as I saw that email I thought "they must be joking!" and deleted it. Same here. Not knowing if I can trust a platform is one thing. Knowing I can't means I won't even read the proposition.
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hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
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Post by hazellend on Mar 23, 2021 22:02:56 GMT
Certainly not me. As soon as I saw that email I thought "they must be joking!" and deleted it. Same here. Not knowing if I can trust a platform is one thing. Knowing I can't means I won't even read the proposition. I took a 20 - 30% haircut when offered to get my funds out of Property Moose. Really glad I did, seems like a good deal. I think the new company didn’t realise how awful PM were at picking properties that nobody else would touch.
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Post by honeybadger on Mar 24, 2021 11:46:36 GMT
What's that noise they make on Family Fortunes when you get an answer wrong? Yeah that.
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Post by Ace on Apr 1, 2021 12:13:38 GMT
I've received a small payment titled "ShareExitProceedsWithoutHurdleRate W*lv*rsd*n* G*t*, And*v*r".
I don't understand what this means, but needless to say, I've requested a withdrawal.
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Post by Ace on Apr 1, 2021 13:54:53 GMT
I've received a small payment titled "ShareExitProceedsWithoutHurdleRate W*lv*rsd*n* G*t*, And*v*r". I don't understand what this means, but needless to say, I've requested a withdrawal. Remaining funds also returned now, and also withdrawn. Looks like being a total XIRR of -6.7% (would have been an XIRR of -9.4% without the cashback).
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jester
Member of DD Central
Posts: 175
Likes: 208
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Post by jester on Apr 5, 2021 13:02:23 GMT
I guess there aren't many times to be thankful for having less money, but as a very small investor my bonuses and previously earned interest actually allowed me to walk away in the plus ... narrowly!!
I'll certainly be considering other options in this field such as Assetz Exchange long before contemplating British Pearl's future offerings though.
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Post by Ace on Apr 7, 2021 23:32:03 GMT
I've now received my final payments from BP.
My first crystallised platform loss in P2P.
My final XIRR was -6.44% (the underlying investment loss was an XIRR of -8.91%, I.e. excluding the £250 cashback).
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qwakuk
Member of DD Central
Posts: 259
Likes: 96
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Post by qwakuk on Apr 8, 2021 8:06:53 GMT
I've now received my final payments from BP. My first crystallised platform loss in P2P. My final XIRR was -6.44% (the underlying investment loss was an XIRR of -8.91%, I.e. excluding the £250 cashback). My funds arrived overnight, but my loss is more !
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