iRobot
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Post by iRobot on Jun 19, 2019 19:02:53 GMT
<snip>
In respect of the chattel loans, all but one of the borrowers have returned their stock, which the Administrators now have in their possession and are currently valuing. It is currently too early to determine the likely total level of recoveries from the loan books. <snip> <snip> - In respect of the chattel loans, all of the borrowers have returned their stock, which BDO are having valued and will realise in due course. <snip> Exactly and it’s what sticks out most ..quite frankly it’s incomprehensible Took the Administrators six months to realise that no matter how many back-episodes of Antiques Roadshow or Bargain Hunt they watched, they weren't the best resource to do the valuing, so have now decided to send it out and are having it valued. Maybe they should have realised that sooner. About a year sooner. You know, around about the same time that they should have realised that getting the data stitched back together was beyond their in-house 'expertise'. First section written in jest. Second section, not. (Apologies Monetus. Not having a dig at you. Kudos for repeatedly sticking your head above the parapet, and passing on what you can.)
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Greenwood2
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Post by Greenwood2 on Jun 19, 2019 19:31:47 GMT
Exactly and it’s what sticks out most ..quite frankly it’s incomprehensible Took the Administrators six months to realise that no matter how many back-episodes of Antiques Roadshow or Bargain Hunt they watched, they weren't the best resource to do the valuing, so have now decided to send it out and are having it valued. Maybe they should have realised that sooner. About a year sooner. You know, around about the same time that they should have realised that getting the data stitched back together was beyond their in-house 'expertise'. First section written in jest. Second section, not. (Apologies Monetus . Not having a dig at you. Kudos for repeatedly sticking your head above the parapet, and passing on what you can.) Was that what Collateral used? Their valuations seem to be pretty bad, one way or another we will only get back what the objects are worth, or less.
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adrianc
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Post by adrianc on Jun 19, 2019 19:55:16 GMT
The Collateral Creditors Committee meeting happened yesterday at 11.30am. Here are a few updates on subjects that I allowed to discuss: - <snip> So many questions that can't be asked because I respect the NDA. I can only imagine how frustrating it must be for you, Monetus... Thank you.
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ozboy
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Post by ozboy on Jun 20, 2019 12:11:42 GMT
I have said it several times now. BDO may be a necessary evil, they're doing a good job (?!) given the circumstances blah blah, and it's no fault of their own that the friendly FCA parachuted them into a goldmine, in which they have now found diamonds as well. But they need to be Audited on what they have done, it's not exactly all stacking up is it? It would be more than worth the cost, trust me.
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ozboy
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Post by ozboy on Jun 20, 2019 12:30:28 GMT
"Effectively the High Court appointed BDO." If so, on whose effective recommendation we wonder?!!!! Greenwood2
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iRobot
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Post by iRobot on Jun 20, 2019 12:50:31 GMT
.... But they need to be Audited on what they have done, it's not exactly all stacking up is it? It would be more than worth the cost, trust me. Can you expand on the cost / benefit equation a bit, please? Particularly on who'd be charging and how much - ie: who 'audits the auditors'? Who'd be qualified / experienced enough undertake the task with authority? I trusted COL. I trusted the FCA. Not saying I don't trust you, but ...
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iRobot
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Post by iRobot on Jun 20, 2019 12:53:15 GMT
The Collateral Creditors Committee meeting happened yesterday at 11.30am. Here are a few updates on subjects that I allowed to discuss: - <snip> So many questions that can't be asked because I respect the NDA. I can only imagine how frustrating it must be for you, Monetus ... Thank you. BTW - are the CC meetings minuted? Will those minutes be made available to creditors once the final dividend is paid? If not, are the NDA's time constrained? (Or, in other words: when can you spill the beans, Monetus? )
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Greenwood2
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Post by Greenwood2 on Jun 20, 2019 12:57:16 GMT
"Effectively the High Court appointed BDO." If so, on whose effective recommendation we wonder?!!!! Greenwood2 Just pointing out the final say was with the High Court, if they didn't think BDO were suitable or capable they could have gone another way. So the buck stops with the High Court. I can safely assume BDO was not your recommendation ozboy, can't think who you could mean.
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Greenwood2
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Post by Greenwood2 on Jun 20, 2019 13:07:08 GMT
.... But they need to be Audited on what they have done, it's not exactly all stacking up is it? It would be more than worth the cost, trust me. Can you expand on the cost / benefit equation a bit, please? Particularly on who'd be charging and how much - ie: who 'audits the auditors'? Who'd be qualified / experienced enough undertake the task with authority? I trusted COL. I trusted the FCA. Not saying I don't trust you, but ... If they hadn't gone bust we could have used RR to audit BDO they would have been well motivated!
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Monetus
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Post by Monetus on Jun 20, 2019 13:16:15 GMT
So many questions that can't be asked because I respect the NDA. I can only imagine how frustrating it must be for you, Monetus ... Thank you. BTW - are the CC meetings minuted? Will those minutes be made available to creditors once the final dividend is paid? If not, are the NDA's time constrained? (Or, in other words: when can you spill the beans, Monetus ? ) 1. They are minuted but I'm not sure if they will be circulated in public afterwards. Not sure of the procedure around this you'd need to look up what happens in administrations. 2. Again not entirely sure but I presume it would end when the administration/any other potential investigations are fully completed. Perhaps I will never be able to speak of Collateral ever again!
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gc
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Post by gc on Jun 20, 2019 15:56:14 GMT
As someone who has a high proportion of bling 'lost' in this debacle I find the contrasting updates six months apart incredibly disappointing. Given all BDO are doing is likely instructing valuers I can't imagine what on earth could take so long, and given such an inordinate time-frame fear for the escalating impact of Administrators fees on whatever is finally realised <snip>
In respect of the chattel loans, all but one of the borrowers have returned their stock, which the Administrators now have in their possession and are currently valuing. It is currently too early to determine the likely total level of recoveries from the loan books. <snip> <snip> - In respect of the chattel loans, all of the borrowers have returned their stock, which BDO are having valued and will realise in due course. <snip> Oh believe me, things will speed up pretty quickly when the funds run out and it becomes a dead horse to the amdinistrators as they will just want out due to no more money. BUT, in the meantime, there is still life (or money) in this old dog so worth hanging in there. Over time, I have witnessed 2 companies fall into administration. It isn't just the time taken, though that is a big part, it is also the lack of information being provided to the people that invested.
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averageguy
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Post by averageguy on Jun 20, 2019 17:20:54 GMT
Monetus Looking through the notes of the first creditors meeting back in September last year ..you were quite encouraged by what BDO had to say ...do you feel the same now. I see then that things like chattel loans and data recovery were discussed and yet here we are nine months later and still those issues along with others remain unresolved.
Also, can I ask whether the subject of their fees was discussed
Many thanks in advance
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ozboy
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Post by ozboy on Jun 20, 2019 17:54:14 GMT
It's "Kipper" time!!!!! (as in being done up like.) gc
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ptr120
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Post by ptr120 on Jun 20, 2019 19:32:58 GMT
Monetus I'd previously asked a couple of questions about when BDO might provide their next update, if there is a prospect of any interim distributions. Are you able to provide any insight?
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Monetus
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Post by Monetus on Jun 21, 2019 7:53:53 GMT
Monetus I'd previously asked a couple of questions about when BDO might provide their next update, if there is a prospect of any interim distributions. Are you able to provide any insight? No I am sadly unable to provide any insight at this stage.
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