averageguy
Member of DD Central
Posts: 1,165
Likes: 841
|
Post by averageguy on Apr 23, 2020 19:39:28 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.It’s puzzling as to why they havnt be sold though ...or am i missing something.
|
|
|
Post by df on Apr 23, 2020 20:36:49 GMT
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.It’s puzzling as to why they havnt be sold though ...or am i missing something. I've no idea, can only speculate. It could be that there is an offer from somebody to buy them all in one go as it was at the beginning before BDO took over. But then I'd imagine some of chattels could've already repaid long time ago. Puzzling indeed
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Apr 23, 2020 20:53:10 GMT
I suspect that the proceeds thus far from the selling of the chattels doesn't cover BDO's Fees.
Lenders who were astute and did thorough DD, investing mainly in "Good" Property (Bridging) Loans will probably be "rewarded" by subsidising those who did FA DD and bought carp.
Just the usual weary OzBoy P2P scepticism. 😨
|
|
ceejay
Posts: 971
Likes: 1,149
|
Post by ceejay on Apr 23, 2020 21:18:59 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... Another indication of their real value is that, as I understand it, none of the borrowers have bothered to redeem them. Why would you not do that if they really worth X% more than the loan value? Is it possible that the administrators are hanging on to them in case they are needed in evidence of .... something?
|
|
justme
Member of DD Central
Posts: 203
Likes: 89
|
Post by justme on Apr 23, 2020 21:29:06 GMT
I reckon some legal issues with selling them- procedure has to be done in a certain sequence or something like that ..
|
|
|
Post by df on Apr 23, 2020 21:35:15 GMT
I suspect that the proceeds thus far from the selling of the chattels doesn't cover BDO's Fees. Lenders who were astute and did thorough DD, investing mainly in "Good" Property (Bridging) Loans will probably be "rewarded" by subsidising those who did FA DD and bought carp. Just the usual weary OzBoy P2P scepticism. 😨 May be, but as CG(FS) administration experience seems to be showing it doesn't take two years to sell a conventional pawn item if the platform/administrators are in possession of the asset. As far as I can remember there were mainly bling and cars in Col loan book. In theory most of them should've been sold by now.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,742
Likes: 3,136
|
Post by jonno on Apr 24, 2020 11:05:29 GMT
I suspect that the proceeds thus far from the selling of the chattels doesn't cover BDO's Fees. Lenders who were astute and did thorough DD, investing mainly in "Good" Property (Bridging) Loans will probably be "rewarded" by subsidising those who did FA DD and bought carp.Just the usual weary OzBoy P2P scepticism. 😨 I knew there was something bloody fishy going on
|
|
agent69
Member of DD Central
Posts: 5,598
Likes: 4,183
|
Post by agent69 on Apr 24, 2020 11:20:08 GMT
I suspect that the proceeds thus far from the selling of the chattels doesn't cover BDO's Fees. Lenders who were astute and did thorough DD, investing mainly in "Good" Property (Bridging) Loans will probably be "rewarded" by subsidising those who did FA DD and bought carp. Just the usual weary OzBoy P2P scepticism. 😨 And here was me thinking that my prudent approch would reap dividends!
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Apr 24, 2020 15:29:15 GMT
Given that gold prices have risen recently, perhaps holding back the chattels was a good move.
More seriously, were BDO actually in a position to allow pledges to be redeemed? I would imagine they'd need to be very cautious about handing over "stuff" if the original book keeping was at all suspect.
|
|
chris1200
Member of DD Central
Posts: 827
Likes: 508
|
Post by chris1200 on Apr 25, 2020 8:50:25 GMT
I suspect that the proceeds thus far from the selling of the chattels doesn't cover BDO's Fees. Lenders who were astute and did thorough DD, investing mainly in "Good" Property (Bridging) Loans will probably be "rewarded" by subsidising those who did FA DD and bought carp. Just the usual weary OzBoy P2P scepticism. 😨 Forgive me if this has been clarified (I might've even asked this before), but I'm getting forgetful as this drags on! Do we yet know the concrete plan for how BDO's fees will be paid? I remember reading that they would attach some costs to specific loans (related to disposing of the asset etc.) and others might be general costs to be shared across the board (or do I remember wrongly?). But do we know how spreading of these costs will actually happen? Will it be proportionately spread based on an individual's returns? e.g. Property X sells for £1m Total associated BDO fees = £100k = 10% of proceeds Each investor loses 10% of their share of the proceeds to BDO Is this sort of thing what we're talking about? If so, an added complication may be different tranches of a single loan, like the Bolton student accommodation. I believe I have some of the earlier tranches that should really pay out 100% even if the total recovery amount is pretty awful. Others in the later tranches may get nothing. Presumably, the same % figure from the whole loan still comes in here - the people with no payout just don't pay any fees and I'm likely to be facing a higher % deducted from my payout because of this. The alternative would be to recoup a % of investors' amount invested rather than payout. Clearly that couldn't work in the above scenario in isolation (because there's no payout for some investors), but it could potentially be evened out across an entire investment portfolio - e.g. taking from an investor's proceeds from Property Y to pay for their fees for Property X, where they got no/not enough payout to cover them. I'd imagine the former seems more likely than the latter. Thoughts??
|
|
|
Post by brightspark on Apr 25, 2020 18:34:07 GMT
Let us hope you are not counting your chickens before the eggs are hatched. So far I think repayment to anyone is zilch. Certainly I have not see a penny of the 3K lost in this quagmire. In all my 72 years I have never socialised with anyone who admitted to being an Administrator - they must keep a very low profile!
|
|
tommytaylor
P2P - The new wild west
Posts: 234
Likes: 375
|
Post by tommytaylor on Apr 26, 2020 7:29:04 GMT
Let us hope you are not counting your chickens before the eggs are hatched. So far I think repayment to anyone is zilch. Certainly I have not see a penny of the 3K lost in this quagmire. In all my 72 years I have never socialised with anyone who admitted to being an Administrator - they must keep a very low profile! Zilch. My God Brightspark. You have cheered me up no-end. If it was zilch i wouldnt be surprised if BDO chucked in a few coppers that they found down the back of their winchester chairs just to say there you go , at least you received something from us. Come back again now. I cant see it being Zilch at all. It may not be anywhere near what you held with them but it will be something. Plus there is always our man Duck and the FCA angle and maybe possibly court cases who knows. I just hope its all settled real soon because this has seriously stretched my mental health to the limit.
|
|
duck
Member of DD Central
Posts: 2,576
Likes: 5,688
|
Post by duck on Apr 26, 2020 16:19:44 GMT
.... Plus there is always our man Duck and the FCA angle and maybe possibly court cases who knows. I just hope its all settled real soon because this has seriously stretched my mental health to the limit. Court cases are a certainty wrt one aspect of the Administration/Liquidation, possibly others. What the outcome of the FCAs investigation will be well your guess is as good as mine. Behind the scenes we have worked through various scenarios but in reality the outcome of the FCAs investigation has little/no bearing on investors position wrt the FCAs conduct. The next 6 month review is due in June and I would love to be able to say that matters will close at that point, but I can't. I firmly believe that another 6 month extension will be called by the FCA. With a court case pending and possibly others to follow and Courts having to work remotely I can see the next 6 months filling easily. BDO have to shift the remaining assets, this will not be an easy task at this time and I anticipate any realisations will be on the low side. That said from my 'FCA point of view' the sooner the liquidation is over the sooner we will know what our losses actually are and for the first time real numbers can be ascertained. At that time further complaints to the FCA may be necessary ....... but we will get over that hurdle when we have more detail and know the then current bigger picture. Sorry if this post sounds bleak, it isn't supposed to, my aim is to give a realistic picture of where I believe we are. I appreciate that many people here have felt serious stress over the whole Col debacle, all I can say is stick with it, I and 'the lings' certainly will be no matter how long it takes.
|
|
chris1200
Member of DD Central
Posts: 827
Likes: 508
|
Post by chris1200 on Apr 26, 2020 18:32:25 GMT
Let us hope you are not counting your chickens before the eggs are hatched. So far I think repayment to anyone is zilch. Certainly I have not see a penny of the 3K lost in this quagmire. In all my 72 years I have never socialised with anyone who admitted to being an Administrator - they must keep a very low profile! Zilch. My God Brightspark. You have cheered me up no-end. If it was zilch i wouldnt be surprised if BDO chucked in a few coppers that they found down the back of their winchester chairs just to say there you go , at least you received something from us. Come back again now. I cant see it being Zilch at all. It may not be anywhere near what you held with them but it will be something. Plus there is always our man Duck and the FCA angle and maybe possibly court cases who knows. I just hope its all settled real soon because this has seriously stretched my mental health to the limit. Quite. Of course repayments so far are zilch - that doesn't mean much for how things will be. Some realisations have already produced more than the outstanding principal of their respective loans. BDO would have to charge a very large amount in fees indeed to gobble up every penny of that.
|
|
|
Post by webbski9 on May 7, 2020 11:07:29 GMT
Good friends and investors.Being a bit slow on the uptake, where do I find the latest info re this catastrophe ? Is there a administrators report ? Thanks in advance
|
|