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Post by stevefindlay on Mar 28, 2020 11:31:36 GMT
The meeting was scheduled for 31 March but was postponed indefinitely some time ago. Correct. It was scheduled for 31 March, but for some reason - I don't understand why - I was in a minority of people who was ok to have it switched to a conference call / video call. So it's been postponed instead. Nonetheless, I submitted some written questions, including some submitted to me from Forum members, and am awaiting feedback.
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Post by brightspark on Mar 28, 2020 15:21:00 GMT
How long are you thinking of waiting? If they do not respond, do you, as a committee member have any legal redress? How long do investors have to wait before you would opine that I can lodge a reasonable as opposed to mischievous complaint with the professional body that oversees Administrators. Most would agree that investors have been very patient but there has developed a strong sense of being let down, taken for granted and treated as mugs.
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micky
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Post by micky on Mar 28, 2020 17:40:21 GMT
I'm just waiting for the day that the FCA announce that all this is over. That the Curry bro's have been given enough opportunity to explain what has happened and then begin legal proceedings against the pair, that will surely hit the press with some interesting headlines to follow.
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Post by stevefindlay on Mar 28, 2020 23:03:27 GMT
How long are you thinking of waiting? If they do not respond, do you, as a committee member have any legal redress? How long do investors have to wait before you would opine that I can lodge a reasonable as opposed to mischievous complaint with the professional body that oversees Administrators. Most would agree that investors have been very patient but there has developed a strong sense of being let down, taken for granted and treated as mugs. I think a couple of weeks or so is reasonable, given the nature of the questions and the current circumstances. I'm not expecting BDO to be difficult / avoid the issues - indeed, they offered to take my questions given the postponement of the meeting. Let's wait and see... In the meantime, I hope all Forumers and their families are safe and well at the current time. Look after yourselves, and each other...
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7d7
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Post by 7d7 on Mar 29, 2020 13:05:27 GMT
stevefindlayHi Steve While we wait for BDO's response, would you mind addressing the following Committee related queries? 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) With Monetus on R & R, does the Committee intend to find a temporary replacement? If so, will it be an active member of this forum? c) According to the liquidators, the purpose of the Creditors' Committee is to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. How could this be achieved without constant engagement with the investor base? Should there not be predefined channels of communication? With the exception of Monetus (in the past) and yourself (at present) on the forum, dialogue is non-existent. Thanks in advance
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Post by stevefindlay on Mar 29, 2020 13:56:28 GMT
stevefindlayHi Steve While we wait for BDO's response, would you mind addressing the following Committee related queries? 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) With Monetus on R & R, does the Committee intend to find a temporary replacement? If so, will it be an active member of this forum? c) According to the liquidators, the purpose of the Creditors' Committee is to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. How could this be achieved without constant engagement with the investor base? Should there not be predefined channels of communication? With the exception of Monetus (in the past) and yourself (at present) on the forum, dialogue is non-existent. Thanks in advance (A) Value for money on fees is important. In my opinion, we are entering the stage whereby the trade-off of expected increase in investor return vs additional fees is now more important than simply time-served. I've made the point in my latest questions, and am awaiting a response. (B) I'm not aware that a replacement is being sought. I can ask what the suggested protocol is. (C) Each member of the committee may answer this differently. My approach is to use my judgment based on 20 years in financial services and having sat on various investment committees over that time, to consider the most appropriate course(s) of action. I do this as a representative of all of our clients at BM and with a healthy consideration to those on the Forum. I'm happy for people to contact me with specific questions and concerns. Sadly, the information flow is limited due to the NDA, but this is necessary to get the best outcome.
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ilmoro
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Post by ilmoro on Mar 29, 2020 14:09:25 GMT
stevefindlay Hi Steve While we wait for BDO's response, would you mind addressing the following Committee related queries? 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) With Monetus on R & R, does the Committee intend to find a temporary replacement? If so, will it be an active member of this forum? c) According to the liquidators, the purpose of the Creditors' Committee is to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members. How could this be achieved without constant engagement with the investor base? Should there not be predefined channels of communication? With the exception of Monetus (in the past) and yourself (at present) on the forum, dialogue is non-existent. Thanks in advance (B) I'm not aware that a replacement is being sought. I can ask what the suggested protocol is. There is still a CC of the required number (3+) so I doubt there is any requirement to replace Monetus and he can send a proxy at his discretion.
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picnicman
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Post by picnicman on Apr 16, 2020 10:50:48 GMT
How long are you thinking of waiting? If they do not respond, do you, as a committee member have any legal redress? How long do investors have to wait before you would opine that I can lodge a reasonable as opposed to mischievous complaint with the professional body that oversees Administrators. Most would agree that investors have been very patient but there has developed a strong sense of being let down, taken for granted and treated as mugs. I think a couple of weeks or so is reasonable, given the nature of the questions and the current circumstances. I'm not expecting BDO to be difficult / avoid the issues - indeed, they offered to take my questions given the postponement of the meeting. Let's wait and see... In the meantime, I hope all Forumers and their families are safe and well at the current time. Look after yourselves, and each other... stevefindlay - I assume you have not received any response, or else knowing you, you would have posted by now. It may be that you are still unable to say anything because of the NDA. Can you update and if nothing received, give them a prompt - not being selfish, but I am particularly keen to know what is happening on the chattels hence my previous questions to you on 7th March 2020. Cheers P
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Post by stevefindlay on Apr 16, 2020 14:18:46 GMT
I think a couple of weeks or so is reasonable, given the nature of the questions and the current circumstances. I'm not expecting BDO to be difficult / avoid the issues - indeed, they offered to take my questions given the postponement of the meeting. Let's wait and see... In the meantime, I hope all Forumers and their families are safe and well at the current time. Look after yourselves, and each other... stevefindlay - I assume you have not received any response, or else knowing you, you would have posted by now. It may be that you are still unable to say anything because of the NDA. Can you update and if nothing received, give them a prompt - not being selfish, but I am particularly keen to know what is happening on the chattels hence my previous questions to you on 7th March 2020. Cheers P Not heard anything yet... Have chased.
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duck
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Post by duck on Apr 16, 2020 15:00:35 GMT
Not heard anything yet... Have chased. I hope you are not chasing somebody who has been furloughed.
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micky
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Post by micky on Apr 23, 2020 10:51:56 GMT
dualinvestor Wrote:
The Joint Liquidators provided a update to the Creditor's committee by email last night, it extended to 11 pages and goes into detail on asset realisations, investigations and possible distributions to lenders/investors. It is subject to the NDA that all members have signed however I can say that generally nearly all property assets have either been sold or are subject to offers but some are unlikely to be completed for a while, all chattel assets are under their control, in respect of completed realisations a interim distribution is being contemplated but some details need to be resolved before that can happen. Investigations as required by the Insolvency Act are continuing and a report will be sent to all creditors on or before 10 June 2020.
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picnicman
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Post by picnicman on Apr 23, 2020 11:04:38 GMT
dualinvestor Wrote: The Joint Liquidators provided a update to the Creditor's committee by email last night, it extended to 11 pages and goes into detail on asset realisations, investigations and possible distributions to lenders/investors. It is subject to the NDA that all members have signed however I can say that generally nearly all property assets have either been sold or are subject to offers but some are unlikely to be completed for a while, all chattel assets are under their control, in respect of completed realisations a interim distribution is being contemplated but some details need to be resolved before that can happen. Investigations as required by the Insolvency Act are continuing and a report will be sent to all creditors on or before 10 June 2020. micky - thanks for this update, much appreciated - hopefully stevefindlay will have received same and may update further if he can, but probably not because of NDA Some good news, but disappointed that still no move on chattels realisation, which not being close to the action, I struggle to understand - some timescale would be good, but will have to wait until 10/6 to find out? Anyway, thanks again Cheers P
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Post by stevefindlay on Apr 23, 2020 11:21:00 GMT
Not much I can add to dualinvestor 's summary, other than I've gone back with a couple of questions, and would like: (1) to see better timing / certainty around (initial) distributions; and (2) to ensure that as the process moves ahead, investors (Creditors) are getting value for money (JL fees vs actual and net receipts).
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7d7
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Post by 7d7 on Apr 23, 2020 12:50:32 GMT
stevefindlay Hi Steve Glad to see you are focussing on JL fees vs actual/net receipts as value for money is critical for a prompt conclusion. Regarding the following questions that were submitted earlier, have you received feedback? - When do they plan to send out schedules of investor holdings? We were informed last year that these will be circulated early 2020. - 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 whilst pursuing negligence claims? - 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? - BDO have provided a dedicated email address for communication. Nonetheless, they consistently refuse to respond to messages. Why? Considering you were not expecting BDO to be difficult or avoid issues, I am wondering as thus far nothing has been mentioned.
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Post by df on Apr 23, 2020 19:36:33 GMT
Since the chattels were supposed to be something readily realisable (coins, gems, etc) and they haven’t been realised, I am concluding they are completely worthless. Sigh... There must be some reason for them not yet to be sold, but I doubt they all have no value. I might be wrong, but judging by FS realisations - vast majority of cash I've received was from pawn (hardly anything came from property loans). Most of them were capital+some interest. I think Col was not as clumsy as FS, so I expect some returns from chattels.
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