michaelc
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Post by michaelc on Sept 27, 2018 14:23:59 GMT
Well at risk of getting a few backs up (definitely not my intention) I can see that Monetus' opinion of BDO is more rosy than it was. I'm not sure if that's good, bad or a little bit of both.
I obviously know very little about administrators and I'm not impressed as to what I've seen so far. Very little information is released and even those who are representing us have had to sign (onerous?) NDAs and apparently can't even say what is in the NDA and what is not. It seems to me that no doubt under threat of being sued, anything they say has to be cleared by BDO first.
I will certainly not be happy until I see the administrators' bill as well as how much they have recovered. I would also like to see all payments made by BDO scutinised but I suspect there is fat chance of that.
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tommytaylor
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Post by tommytaylor on Sept 27, 2018 15:08:46 GMT
Well at risk of getting a few backs up (definitely not my intention) I can see that Monetus' opinion of BDO is more rosy than it was. I'm not sure if that's good, bad or a little bit of both. I obviously know very little about administrators and I'm not impressed as to what I've seen so far. Very little information is released and even those who are representing us have had to sign (onerous?) NDAs and apparently can't even say what is in the NDA and what is not. It seems to me that no doubt under threat of being sued, anything they say has to be cleared by BDO first. I will certainly not be happy until I see the administrators' bill as well as how much they have recovered. I would also like to see all payments made by BDO scutinised but I suspect there is fat chance of that. I understand exactly what your saying michaelc. I too know very little about administrators and how they work and i also believe that BDO have produced next to nothing to date. But i suppose we must take spirit from Monetus update and at the end of the day he must have had to sign something for the legality reasons so cant tell us too much especially on a public forum. I just want this over with now and my money back but i do feel slightly better after yesterday.
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jj
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Jolly Jammy
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Post by jj on Sept 27, 2018 19:54:59 GMT
I, for one am glad I voted for Monetus. We are getting diddly-squat off of anybody else.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Sept 27, 2018 20:32:36 GMT
My meeting was face to face and one on one, albeit in a coffee shop, so not an ideal environment. There was much to discuss and what sort of offer to buy wasn't detailed by the Director, suffice to say that BDO was contacted, in writing, by the Platform (allegedly), with a view to potentially purchasing the Loan Book, and BDO never replied. I vaguely recall the Director also said they made one "chasing" phone call, to no avail, so then gave up. mattygroves @pennywise.
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GeorgeT
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Post by GeorgeT on Sept 27, 2018 21:39:48 GMT
My meeting was face to face and one on one, albeit in a coffee shop, so not an ideal environment. There was much to discuss and what sort of offer to buy wasn't detailed by the Director, suffice to say that BDO was contacted, in writing, by the Platform (allegedly), with a view to potentially purchasing the Loan Book, and BDO never replied. I vaguely recall the Director also said they made one "chasing" phone call, to no avail, so then gave up. mattygroves @pennywise. The stock explanation these days in these sorts of situations is the "I don't recall.." one. It never ceases to amaze me that so many intelligent people in good jobs have such bad memories. Heard it a lot in the Leveson Inquiry and only in the last week pretty sure I heard the DUP leader use it in connection with some important communication. It never seems to fail and seems to provide carte blanche to say anything that suits you. For the avoidance of doubt I have no idea whether any formal approach was made to buy the whole loan book or not because obviously I do not run a platform and nor do I work for BDO.
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nevace
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Post by nevace on Sept 30, 2018 0:58:55 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). Firstly I'd like to thank Monetus for the updates, it has shed some light on what's going on and made me feel slightly more at ease. I've been following this forum closely since it was announced Collateral were in administration and I have mid 5 figures invested in this platform. I've been a web developer for 10+ years and I'm happy to help build the frontend if this is possible. I live in London and work in the City so it would be easy to meet up with anybody I'd need to.
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travolta
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Post by travolta on Nov 20, 2018 16:13:04 GMT
I, for one am glad I voted for Monetus. We are getting diddly-squat off of anybody else.
mmm Me too. Lovely boy xx
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Godanubis
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Post by Godanubis on Nov 20, 2018 19:06:14 GMT
I, for one am glad I voted for Monetus. We are getting diddly-squat off of anybody else.
mmm Me too. Lovely boy xx You two should get a room and discuss things
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travolta
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Post by travolta on Nov 22, 2018 13:39:05 GMT
mmm Me too. Lovely boy xx You two should get a room and discuss things eu! As a 98 year old, gender fluid, Grand Person ,with a prosthesis and monocle, I feel harassed and disrespected by your unworthy surmise and may appeal to have you erased.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Nov 22, 2018 21:13:41 GMT
You two should get a room and discuss things eu! As a 98 year old, gender fluid, Grand Person ,with a prosthesis and monocle, I feel harassed and disrespected by your unworthy surmise and may appeal to have you erased. Nothing was implied other than close proximity of each other would allow discourse without lengthy typing. The only exchange would be in ideas. The monocle would imply some visual imparement so close proximity would be beneficial for interaction involving visual and non vocal communications. Nearly every part of the body can be replaced with a prosthesis I,m not sure what part you had replaced but I am sure it was to enhance your life. Advocating erasure of someone is not condusive to the maintenance of a civil society and not a nice thing to appeal for. However as an Imortal it has no meaning for me. As for your age and gender fluidity “Tena” provide products that should keep you as dry as your wit no matter where you flow. Have a good evening if you are still awake
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Monetus
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Post by Monetus on Dec 12, 2018 19:06:12 GMT
The second Collateral Creditors Committee meeting took place today at the BDO offices in Central London. The vast majority of the meeting is covered under NDA and due to the sensitive nature of the information discussed it would not be in the interests of investors for the material to be shared in the public domain. However here are a few updates that are not covered by the NDA...
Loan Repayments
The Administrators remain in dialogue with a significant majority of the borrowers. A number of repayments are expected shortly and the Administrators have received a number of other settlement proposals which are being considered. The Administrators are obtaining appropriate legal and property advice from S&B and GVA. Whilst they will prefer to resolve matters consensually with the borrowers, they will rely on Collateral’s rights to enforce the loans in the event that loans remain unpaid or no appropriate settlement proposals are received. This may include appointing receivers over the properties held as security. 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.
Data Recovery
The administrators appear to have made significant progress with the recovery of the platform data and now have much more meaningful data available to them. Committee Members who hold an active investment in the platform were provided with a breakdown of their individual loan positions recovered directly from the Collateral databases. The data retrieved appeared to be accurate to within a small margin of error and feedback on the accuracy of the information amongst Committee members was positive. The Administrators will be continuing their efforts to recover and refine the data retrieved over the course of the coming weeks.
Fees
Whilst several Committee members expressed various concerns in regards to the level of fees in both a pre-Committee meeting and the main meeting itself, the decision was ultimately made to "accept the inevitable" and approve the Administrators fees to date. The alternative would be the Administrators having the ability to take the matter to court which would likely result in them being approved anyway and would create significant additional costs to the Administration (as well as significantly slowing progress made). The Administrators have agreed to provide a new updated estimate of total likely costs based on a worse case scenario and it's clear at this point that total costs will be higher than the original proposals presented by BDO on the 27th of June.
Updates
During the meeting it was proposed by some Committee members that the Administrators could consider providing more regular information and brief updates to the investor base (for example when loans are repaid) via the Collateral portal on the BDO website. The Administrators have taken this feedback on board and in future will endeavour to update investors using the dedicated website more frequently (although not following any set schedule).
FCA Letter
Some members of the forum had expressed to myself and another Committee member a desire to forward and distribute a letter regarding errors in the FCA register to all investors in Collateral. Another Committee member will be forwarding the letter to BDO this week who will review the content and consider this matter further.
Missing Emails
Various people had emailed myself and other Committee members in regards to not receiving the previous Administrators Proposals communication from BDO. This was mentioned to the Administrators and to the best of their knowledge should just be an isolated incident (possibly related to an internal email error) as they are still in possession of all your details and you are still on their mailing lists. If anyone has any issues in the future then please feel free to let me know and I can follow up.
Next Meeting
The next meeting is scheduled for the end of February / early March. I will let you all know when the date is confirmed.
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hazellend
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Post by hazellend on Dec 12, 2018 19:53:52 GMT
Positive news on the data recovery. Thank you for the update Monetus
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averageguy
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Post by averageguy on Dec 12, 2018 20:21:24 GMT
No surprise re the fees being ultimately higher than originally set out....will be interesting to see their ''worst case scenario'' figure!
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averageguy
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Post by averageguy on Dec 12, 2018 20:23:58 GMT
Excuse my ignorance but on the chattel loans and we see that all but one has returned their stock....should there be a shortfall are the borrowers still obliged to pay any balance still outstanding after sale
TIA
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Monetus
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Post by Monetus on Dec 12, 2018 20:28:55 GMT
Excuse my ignorance but on the chattel loans and we see that all but one has returned their stock....should there be a shortfall are the borrowers still obliged to pay any balance still outstanding after sale TIA No. As these are pawn agreements the borrowers exposure is limited to just the asset itself.
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