Monetus
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Post by Monetus on Sept 26, 2018 19:03:38 GMT
The Collateral Creditors Committee meeting took place today at the BDO offices in London. (mod edit: September 26th 2018)
The vast majority of information in regards to the meeting is of course confidential and under NDA but I can give the following updates:
- The meeting was detailed, engaging and constructive and I was pleased with how open BDO were with the Committee.
- My own personal opinion is that they are managing the loan book in an intelligent way and handling recoveries sensibly and in the best possible interests of investors.
- BDO are currently liaising with the directors and other third parties who have information concerning the Companies affairs in order to gather information that will assist them with the process of administration.
- The IT platform and data has been recovered and restored, and continuing efforts are being made to create a front end that will enable BDO to manipulate the data in a useful way - with the ultimate goal being the reconcilation of the entire loan book.
- BDO are in dialogue with a significant majority of the borrowers. A number of loans have been repaid to date (being principal plus interest), and a number of other repayments are expected over the next few weeks.
- BDO have received a number of repayment proposals from borrowers, which are being considered. In respect of the chattel loans, a number of borrowers are making the stock available for BDO to take into collection for disposal.
- BDO are receiving legal and property advice from S&B and GVA where appropriate.
- They are working with borrowers consensually to repay loans wherever possible, but are also relying on Collateral’s rights to enforce the loans in the event that loans remain unpaid or no appropriate repayment proposals are received. - I was personally pleased to hear that they are taking a firm approach with borrowers and using all possible avenues of recovery to enforce loans.
- It is currently too early to say what the likely total level of recoveries from the loan books will be but BDO are pursing all lines of enquiry to maximise recoveries for investors and creditors.
- The next Creditors Committee Meeting will likely be taking place in early December (so around 2 months time).
- There were sandwiches for lunch (no caviar sadly).
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mickj
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Post by mickj on Sept 26, 2018 19:14:55 GMT
Thanks @monetus that's a more promising update than I was expecting, only sandwiches eh! you poor dears.
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jcb208
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Post by jcb208 on Sept 26, 2018 19:18:20 GMT
Yes thanks for the update and Im pleased they have found the data and will try to reconcile the loan book which should work out beneficial for me,
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averageguy
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Post by averageguy on Sept 26, 2018 19:24:11 GMT
The Collateral Creditors Committee meeting took place today at the BDO offices in London. The vast majority of information in regards to the meeting is of course confidential and under NDA but I can give the following updates: - The meeting was detailed, engaging and constructive and I was pleased with how open BDO were with the Committee. - My own personal opinion is that they are managing the loan book in an intelligent way and handling recoveries sensibly and in the best possible interests of investors. - BDO are currently liaising with the directors and other third parties who have information concerning the Companies affairs in order to gather information that will assist them with the process of administration. - The IT platform and data has been recovered and restored, and continuing efforts are being made to create a front end that will enable BDO to manipulate the data in a useful way - with the ultimate goal being the reconcilation of the entire loan book.
- BDO are in dialogue with a significant majority of the borrowers. A number of loans have been repaid to date (being principal plus interest), and a number of other repayments are expected over the next few weeks.
- BDO have received a number of repayment proposals from borrowers, which are being considered. In respect of the chattel loans, a number of borrowers are making the stock available for BDO to take into collection for disposal. - BDO are receiving legal and property advice from S&B and GVA where appropriate. - They are working with borrowers consensually to repay loans wherever possible, but are also relying on Collateral’s rights to enforce the loans in the event that loans remain unpaid or no appropriate repayment proposals are received. - I was personally pleased to hear that they are taking a firm approach with borrowers and using all possible avenues of recovery to enforce loans. - It is currently too early to say what the likely total level of recoveries from the loan books will be but BDO are pursing all lines of enquiry to maximise recoveries for investors and creditors. - The next Creditors Committee Meeting will likely be taking place in early December (so around 2 months time). - There were sandwiches for lunch (no caviar sadly). Thank you for that information which is very useful.....on the bit re data restored can one now assume payments to lenders will now be loan specific and not from one pot?
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Post by Please turn me over on Sept 26, 2018 19:34:07 GMT
Thank you, Monetus, especially regarding the news about the IT platform and data recovery.
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Post by Butch Cassidy on Sept 26, 2018 19:34:30 GMT
Monetus many thanks for your efforts; Can you say whether any timescale for returning funds was discussed? If so can you say if interim payments were proposed? Please feel free to claim NDA amnesty at any point!
Did BDO show any sign of thinking that communication any of this information to investors might be a good idea?
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Greenwood2
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Post by Greenwood2 on Sept 26, 2018 19:40:00 GMT
- BDO are in dialogue with a significant majority of the borrowers. Implies some borrowers are not cooperating.
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averageguy
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Post by averageguy on Sept 26, 2018 19:45:17 GMT
- BDO are in dialogue with a significant majority of the borrowers. Implies some borrowers are not cooperating. I was personally pleased to hear that they are taking a firm approach with borrowers and using all possible avenues of recovery to enforce loans.Hopefully sorts that out
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michaelc
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Post by michaelc on Sept 26, 2018 19:46:52 GMT
Yes thanks Monetus. So far at least, if you hadn't provided this report we'd still be completely in the dark.
I don't want to push my luck but I wonder if you are able or have already said what is covered by the NDA and what isn't without breaking the agreement itself?
My only other comment would be a new front end to manipulate the data wouldn't be cheap if done on commercial terms with a large IT company. Depending on the underlying technology to store the data I am qualified and would probably do it free of charge but I imagine such offers would not be considered.
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GeorgeT
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Post by GeorgeT on Sept 26, 2018 19:48:30 GMT
@monetus
Thank you very much for your update which actually goes a little bit further than I feared would be allowed in terms of the disclosure of information and I am grateful to you for imparting upon us all that you can and of course for attending the committee meeting in the first place.
I am also encouraged slightly by the report in that it does at least seem clear that something has been happening and I will take what you have written at your word.
Now that the inevitable has happened and the website data has been recovered, and I think there was nobody who knew anything about web sites who really ever thought that it couldn't be, I would guess that the recoveries can be done on a loan by loan basis in terms of people getting back based on what they invested in rather than a one-size-fits-all, fixed % approach. While that approach will benefit some and not others I think we would all have to agree that it is the fair approach and on that basis I fully support it.
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star dust
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Post by star dust on Sept 26, 2018 20:28:31 GMT
Thanks for both attending and reporting back Monetus, from a personal perspective I found your report of BDO activity more positive than I expected, and I hope things continue in that vein although I am sure there will be the inevitable hiccups along the way. I look forward to feed-back from the next one and maybe an official BDO report in the interim or shortly thereafter. Mod Hat On/ I’ve quoted the feed-back post into the significant updates pinned thread – here p2pindependentforum.com/post/289591/threadAnd I will do a bit of pinning and unpinning of threads until the next time 😊
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hantsowl
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Post by hantsowl on Sept 26, 2018 20:45:25 GMT
Yes thanks Monetus. So far at least, if you hadn't provided this report we'd still be completely in the dark. I don't want to push my luck but I wonder if you are able or have already said what is covered by the NDA and what isn't without breaking the agreement itself? My only other comment would be a new front end to manipulate the data wouldn't be cheap if done on commercial terms with a large IT company. Depending on the underlying technology to store the data I am qualified and would probably do it free of charge but I imagine such offers would not be considered. I am a retired programmer who also may be able to assist for free (again depending on the underlying technology and access to the source code).
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tommytaylor
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Post by tommytaylor on Sept 26, 2018 20:50:48 GMT
Yes thanks Monetus. So far at least, if you hadn't provided this report we'd still be completely in the dark. I don't want to push my luck but I wonder if you are able or have already said what is covered by the NDA and what isn't without breaking the agreement itself? My only other comment would be a new front end to manipulate the data wouldn't be cheap if done on commercial terms with a large IT company. Depending on the underlying technology to store the data I am qualified and would probably do it free of charge but I imagine such offers would not be considered. I am a retired programmer who also may be able to assist for free (again depending on the underlying technology and access to the source code). Thankyou to Monetus for his optimistic update and for giving up his free time to benefit us all. Also thankyou hantsowl for your offer to help with the IT side of things for free as others have mentioned this would not be cheap. It makes you feel good about things when people come together to help each other over the whole fiasco I just wish i had something to offer.
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hantsowl
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Post by hantsowl on Sept 26, 2018 20:54:19 GMT
I am a retired programmer who also may be able to assist for free (again depending on the underlying technology and access to the source code). Thankyou to Monetus for his optimistic update and for giving up his free time to benefit us all. Also thankyou hantsowl for your offer to help with the IT side of things for free as others have mentioned this would not be cheap. It makes you feel good about things when people come together to help each other over the whole fiasco I just wish i had something to offer. You can provide the caviar and sandwiches 😉
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Post by df on Sept 26, 2018 21:08:20 GMT
Thank you @monetus for this prompt report! It's good news that there is a development and especially the data has been recovered. We're not completely in the dark now.
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