7d7
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Post by 7d7 on Mar 7, 2020 12:41:21 GMT
According to Steve, there is a meeting due at the end of this month. As you can see below, a date was not provided.
"Next Creditor Committee meeting is end of March. We will ask what, if any, updates we can provide after that.
Please bear in mind that we are under NDA, and there is a separate legal process ongoing, so we will likely be limited in terms of what we can say."
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averageguy
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Post by averageguy on Mar 7, 2020 13:59:28 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections. I was told end of the month Not sure why I bothered posting this
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averageguy
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Post by averageguy on Mar 7, 2020 14:01:04 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections. I was told end of the month This came from Steve
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duck
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Post by duck on Mar 7, 2020 15:32:47 GMT
........
Maybe there will be a few pennies tossed into the recovery pot from the FCA for the incompetent part they played in the COL story but I doubt it. Are you trying to depress me? We have built a very strong case which the FCA and Complaints Commissioner know and appreciate. Oh and in case you didn't know the FCA do monitor this forum, please don't give them ideas.
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michaelc
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Post by michaelc on Mar 7, 2020 16:26:31 GMT
Must be losing my memory in my dotage but what happened to Monetus? And did we play a part voting him on to the CC ?
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ozboy
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Post by ozboy on Mar 7, 2020 16:30:28 GMT
@monetus had to withdraw and step back for an indeterminate period while he has to attend to some issues. I recall yes, we voted him onto the CC. He didn't let us down and was exemplary.
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Post by brightspark on Mar 7, 2020 20:02:09 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections. Faults lie with the legislation which leaves investors exposed to unscrupulous platforms, with the FCA who failed most particularly with regard to keeping an accurate register and with Administrators who desire to be extremely tidily remunerated. Creditors committees have by law a limited role very much at the margin. Administrators will listen to their pleadings but have little obligation to take notice. This Administration was confounded by the fact that the platform was operating illegally and records were destroyed and had to be reconstructed. The Administrators for all their faults real or imagined must follow Administration law. They cannot willy-nilly seize and dispose of property belonging to borrowers without due process. They cannot repay money to investors unless they are certain of to whom exactly it must be paid. I am as fed up as anyone else with the whole sorry charade but castigating the creditors committee is not the way forward.
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tommytaylor
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Post by tommytaylor on Mar 8, 2020 8:51:00 GMT
On behalf of the many of us who have some of our life savings lost in this black hole, is there any reason why we can't be told when the next meeting is here on the forum. Surely the lame creditors' committee have not now signed up to a secrecy agreement on the meetings. Given the apparent waving through of exorbitant fees and and excessive time to value and dispose of assets, it all smacks of a bit of a racket involving people with cosy connections. I do not believe that the creditors committee fall into the lame category but are restricted by an NDA.
Their remit as far as I recall was simply to keep an eye on things to ensure 'fair play' by the liquidators where possible. It is not their responsibility to report back either good news or most probably bad news - that is the responsibility of BDO who no doubt have their arses fee notes well and truly covered.
No point in beating around the bush and as was mentioned by a forum member when COL collapsed, whatever the outcome of individual loans would be, as lenders/investors our return will finish up being pennies in the pound.
It's injustice at it's finest and totally unfair but that's how things are. Lenders protests/comments/etc will have little (if any) effect on the overall outcome.
Maybe there will be a few pennies tossed into the recovery pot from the FCA for the incompetent part they played in the COL story but I doubt it. Your a cheery soul. Thanks for that.
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Post by stevefindlay on Mar 8, 2020 13:56:13 GMT
stevefindlayWith Monetus being unable to continue at present, and apologies if I am mistaken, but I believe you are still on the CC. If so, do you know when the next CC is due. Clearly viz the NDA, you may not be able to say much here, but can you please ask BDO to give us some sort of update if you are not allowed to do so, on 1. Progress with selling the chattels and do they plan to repay these funds (if there are any) from this part of the loan book without prejudice from the property side of the loan book - to have such a situation would be unfair to holders of such loans 2. When they plan to send out schedules of investors loan holdings - it must be 'feasible to do so' by now. 3. When they plan to release interim payments - as others on L and FS boards have said, Administrators have immediately paid out once funds have been recovered??!! - I appreciate the different issues here, re lost IT system etc, but it has been over two years now. If you are not on the CC still or this is not appropriate, I fully apologise, but not sure who else to contact. Cheers P Yes, have added these questions to my list. I hope @monetus is OK, and while he's stepped away, feel free to shoot any sensible questions across and I'll do my best. Obviously, can't guarantee response / ability to share much given NDA. But it doesn't mean that I can't press the issues... Thanks
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james21
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Post by james21 on Mar 8, 2020 15:19:19 GMT
Steve other questions you might ask please.
Could we have a partial update on anything they think relevant, before the "official" one due in June?
Regarding a partial distribution can they forecast when this is likely?
Are there any loans remaining that are not in the hands of receivers? If so what is the status
Thank you
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7d7
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Post by 7d7 on Mar 8, 2020 19:39:56 GMT
stevefindlayHi Steve Below are further questions for you and BDO. a) What is the long term strategy re administrator fees? How frequent are reviews undertaken? When is the upcoming one? Is it not time for fees to be fixed on other bases e.g. as a percentage? Remuneration has been fixed on a time cost basis for 2 years resulting in minimal realisations (few settlements reported so far), nil payments to investors but plenty of income for BDO. b) Re chattel loans, have the administrators received a substantive response from the ex-directors? If not, what is the current plan? Why could they not make an optimum recovery of funds from the disposition of chattels while pursuing negligence claims? c) It was stated by the administrators that the first distributions to investors will only be made when recoveries have reached a level sufficient to make a distribution economic. What does this signify? d) BDO have provided a dedicated email address for communication. Nonetheless, they consistently refuse to respond to messages. Why? By the way, has a date been confirmed for the meeting?
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averageguy
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Post by averageguy on Mar 17, 2020 22:10:29 GMT
stevefindlay With Monetus being unable to continue at present, and apologies if I am mistaken, but I believe you are still on the CC. If so, do you know when the next CC is due. Clearly viz the NDA, you may not be able to say much here, but can you please ask BDO to give us some sort of update if you are not allowed to do so, on 1. Progress with selling the chattels and do they plan to repay these funds (if there are any) from this part of the loan book without prejudice from the property side of the loan book - to have such a situation would be unfair to holders of such loans 2. When they plan to send out schedules of investors loan holdings - it must be 'feasible to do so' by now. 3. When they plan to release interim payments - as others on L and FS boards have said, Administrators have immediately paid out once funds have been recovered??!! - I appreciate the different issues here, re lost IT system etc, but it has been over two years now. If you are not on the CC still or this is not appropriate, I fully apologise, but not sure who else to contact. Cheers P Yes, have added these questions to my list. I hope @monetus is OK, and while he's stepped away, feel free to shoot any sensible questions across and I'll do my best. Obviously, can't guarantee response / ability to share much given NDA. But it doesn't mean that I can't press the issues... Thanks Is the meeting normally held over a video link....and therefore presumably will still go ahead?
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GeorgeT
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Post by GeorgeT on Mar 20, 2020 0:14:31 GMT
"Is the meeting normally held over a video link....and therefore presumably will still go ahead?"
I believe it has previously been held face to face in London because we have heard about the sandwiches.
In the current serious circumstances that cannot happen but, with all the technology available today, I very much hope the terrible virus will not be used as an excuse to call it off and delay matters.
Obviously if 1 or 2 key participants are unwell a delay would be unavoidable but otherwise I would have thought it should all be able to be done at distance using some sort of video conference program.
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averageguy
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Post by averageguy on Mar 27, 2020 22:15:24 GMT
stevefindlay With Monetus being unable to continue at present, and apologies if I am mistaken, but I believe you are still on the CC. If so, do you know when the next CC is due. Clearly viz the NDA, you may not be able to say much here, but can you please ask BDO to give us some sort of update if you are not allowed to do so, on 1. Progress with selling the chattels and do they plan to repay these funds (if there are any) from this part of the loan book without prejudice from the property side of the loan book - to have such a situation would be unfair to holders of such loans 2. When they plan to send out schedules of investors loan holdings - it must be 'feasible to do so' by now. 3. When they plan to release interim payments - as others on L and FS boards have said, Administrators have immediately paid out once funds have been recovered??!! - I appreciate the different issues here, re lost IT system etc, but it has been over two years now. If you are not on the CC still or this is not appropriate, I fully apologise, but not sure who else to contact. Cheers P Yes, have added these questions to my list. I hope @monetus is OK, and while he's stepped away, feel free to shoot any sensible questions across and I'll do my best. Obviously, can't guarantee response / ability to share much given NDA. But it doesn't mean that I can't press the issues... Thanks I thought it was due this month ...an assumed by a video link...can you confirm anything
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Post by hoy on Mar 28, 2020 10:45:37 GMT
The meeting was scheduled for 31 March but was postponed indefinitely some time ago.
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