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Post by davee39 on Sept 21, 2020 21:17:10 GMT
I have made my thoughts known on the private board.
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drgonzo
Member of DD Central
Posts: 82
Likes: 95
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Post by drgonzo on Sept 25, 2020 16:11:07 GMT
New update / vote on this loan (if you can get to it... site is currently running like treacle).
I've actually voted option A for once!
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Post by investor01010101 on Sept 25, 2020 16:22:20 GMT
Option B all the way, I want to put him out of business. And because AC clearly want everyone to vote A..........knowing that by the end of October it will all have fallen through again or actually turn out to be half what is being touted.
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Post by queenvictoria on Sept 25, 2020 17:32:08 GMT
I'd be surprised too but have voted 'A' just in the hope that we can see the back of this and then the back of AC and the back of P2P for that matter.......
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Post by thunderstruck on Sept 25, 2020 17:37:35 GMT
I'd be surprised too but have voted 'A' just in the hope that we can see the back of this and then the back of AC and the back of P2P for that matter....... Well looks like this one has a strange way of reducing his mortgage the last lender took a ..million haircut to pass on the car crash to AC and he-ho on to the next one with a .. Million haircut to AC once lost interest is taken into account.
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Post by brightspark on Sept 25, 2020 19:32:01 GMT
Option B all the way, I want to put him out of business. And because AC clearly want everyone to vote A..........knowing that by the end of October it will all have fallen through again or actually turn out to be half what is being touted. On balance I too have voted B for 2 reasons. 1 I am unconvinced that if matters remain with the borrower that things will necessarily pan out as stated. 2 The impression I have is that AC are too close to the borrower and all along this has influenced their judgment. AC's hindsight should be firmly telling them that if the had acted promptly as small investors were calling for when this loan became distressed a better outcome would have resulted for AC and lenders. This was always a bad judgement call by AC with Covid circumstances heaping on additional pain and it is going to cost MLA lenders and the PF dear. I am not a fan of Administration. By the time Administrators have plucked the carcase investors may well be left with very bare bones but the alternative of seeing the borrower walk away as I see it relatively unscathed and with his reputation for probity intact is equally unappealing.
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Post by overthehill on Sept 25, 2020 21:09:49 GMT
How did AC manage to get into this loan for 6M when the security sales figures are way below that? Simple one line answers will suffice as I know it's been a long running saga of cockup dimensions. I've only got a small amount in the GBBA but it concerns me and affects my health when I see borrowers so easily taking the company and lenders for a ride, it's called FundingSecure syndrome.
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slippery
Member of DD Central
Posts: 83
Likes: 61
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Post by slippery on Sept 25, 2020 22:50:12 GMT
I'd be surprised too but have voted 'A' just in the hope that we can see the back of this and then the back of AC and the back of P2P for that matter....... Well looks like this one has a strange way of reducing his mortgage the last lender took a ..million haircut to pass on the car crash to AC and he-ho on to the next one with a .. Million haircut to AC once lost interest is taken into account. Yes, the lender update of 9.2.2016 shows the size of the RBS haircut, once the full figure was eventually discovered by AC. I assume once the Option A proceeds fail to materialize the laird will expect lenders to eventually accept a haircut of the same magnitude (by the time we are at the March 2021 or 2022 vote). But maybe I'm just cynical.
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slippery
Member of DD Central
Posts: 83
Likes: 61
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Post by slippery on Sept 25, 2020 22:53:47 GMT
Option B all the way, I want to put him out of business. And because AC clearly want everyone to vote A..........knowing that by the end of October it will all have fallen through again or actually turn out to be half what is being touted. On balance I too have voted B for 2 reasons. 1 I am unconvinced that if matters remain with the borrower that things will necessarily pan out as stated. 2 The impression I have is that AC are too close to the borrower and all along this has influenced their judgment. AC's hindsight should be firmly telling them that if the had acted promptly as small investors were calling for when this loan became distressed a better outcome would have resulted for AC and lenders. This was always a bad judgement call by AC with Covid circumstances heaping on additional pain and it is going to cost MLA lenders and the PF dear. I am not a fan of Administration. By the time Administrators have plucked the carcase investors may well be left with very bare bones but the alternative of seeing the borrower walk away as I see it relatively unscathed and with his reputation for probity intact is equally unappealing. Also voting B, for the same reasons although expecting A will win but that the promised payment will not arrive.
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Post by madmitch on Sept 25, 2020 23:11:10 GMT
The voices in my head were screaming "...B......B......B...", don't let the B...... get away with it!(Again)
However; with AC having very graciously donated four figures of my money into this complete debacle, the pragmatic view has had to prevail.
Can someone remind me - when it said, "...the end of October...", did it actually mention which year? ?
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ian
Posts: 342
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Post by ian on Sept 26, 2020 4:25:12 GMT
The voices in my head were screaming "...B......B......B...", don't let the B...... get away with it!(Again)
However; with AC having very graciously donated four figures of my money into this complete debacle, the pragmatic view has had to prevail.
Can someone remind me - when it said, "...the end of October...", did it actually mention which year? ? AC have forsaken fees & interest NO CAPITAL. The provision fund comes from our interest. Tough one as I’m in the GBBA - sets a precedent of accepting a haircut in the GBBA between 11% & 1.7% (plus interest) similar to the 8% were expected to take on the access accounts !
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pikestaff
Member of DD Central
Posts: 2,136
Likes: 1,484
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Post by pikestaff on Sept 26, 2020 6:58:09 GMT
I've voted A as the least bad option.
Voting B to "put him out of business" would lose me a lot more money and probably would not work anyway, because he'd probably find a way of buying the business out of receivership for a knock-down price.
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jcb208
Member of DD Central
Posts: 820
Likes: 606
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Post by jcb208 on Sept 26, 2020 8:06:45 GMT
As Assetz decided to invest 20% of my money in this debacle through the GBAA account maybe they should cover any shortfall out of there profit they boast about If I decide to vote A
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tonyr
Member of DD Central
Posts: 476
Likes: 257
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Post by tonyr on Sept 26, 2020 8:40:40 GMT
What is AC's policy on the finality of this vote?
If we vote A then, if the past has anything to tell us, we'll have conceeded a substantial chunk of capital and all interest and something will happen which means the borrower asks for more.
If we vote B, does AC have to honour the borrowers wording?
By allowing the borrower to dictate the terms of the wording we lose all the negotiating position. I've very tempted to vote B because AC can't enforce vote A and we may well find that the borrower comes back to us with better terms.
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dermot
Member of DD Central
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Post by dermot on Sept 26, 2020 12:56:03 GMT
I've gone for A as the last chance saloon option. If this falls through for *any* reason, I'll be voting for Administration from now on, and I have a substantial 4 figure GBBA *and* PSA holding in this one, to my shame and regret.
If it falls through this time, then I am convinced that no deal will ever materialise and getting a few scraps from administration will be the only option. With the hope that it leaves the financial reputation of the borrower in tatters.
I take ACs view that administration will cause a collapse in the value of any potential sale, but even that will be better than the nothing at all we get from continual can-kicking.
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