dermot
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Post by dermot on Sept 26, 2020 12:59:04 GMT
If the deal is not finalised by the last day of October, I will be asking on 1st November for another vote for administration. Anybody feel the same?
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Post by bracknellboy on Sept 26, 2020 15:11:50 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. what makes you sure the borrower has drafted the wording of option B ?
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mogish
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Post by mogish on Sept 26, 2020 18:37:05 GMT
I Gree with dermot.... a month longer to wait is nothing . If the deal fails to materialise then I doubt any future discussions will lead to anything and we will be left with no option but to vote for administration.
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Post by davee39 on Sept 26, 2020 22:53:32 GMT
Following an 'A' vote:-
Vital documents will be eaten by cockroaches The solicitors will need to self isolate Bad weather will delay the surveyors The batteries on the valuers calculator will go flat The Laird's biro will be lost
November and December will result in little progress due to Christmas Weather again in January A new finance offer will be considered in February - just needing a few weeks to finalize The September vote will be forgotten by March
A new vote and a new story will be spun in April AC will recommend 'A' - Give the borrower one very very very very very very last chance Unwelcome questions on the Q&A will be deleted AC does something helpful - Pigs might fly
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tonyr
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Post by tonyr on Sept 27, 2020 10:27:44 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. what makes you sure the borrower has drafted the wording of option B ? Because AC told us they did (see below). I do agree, psycologically the borrower has set things up as a "my way or AC will force administration", but in fact both were written by the borrower so we really don't know what ACs position is here. AC are asking us to vote on one sided information - i.e. it's rigged in favour of the borrower. Assetz Capital Note:
The wording of the sections titled Current Position & Borrower Proposal, Option A – Borrower Proposal and Option B - Appointment of Administrator Alternative, Appendix 1 and Appendix 2 (including the information relating to the overage profit share agreement and discounted Covid-19 offers) of this Lender vote have been prepared by the Borrower in conjunction with Duff & Phelps. We must stress that the information provided to us by Duff & Phelps and the Borrower does not constitute advice (valuation or otherwise) to the Lenders.
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pikestaff
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Post by pikestaff on Sept 27, 2020 10:47:02 GMT
what makes you sure the borrower has drafted the wording of option B ? Because AC told us they did (see below). I do agree, psycologically the borrower has set things up as a "my way or AC will force administration", but in fact both were written by the borrower so we really don't know what ACs position is here. AC are asking us to vote on one sided information - i.e. it's rigged in favour of the borrower. Assetz Capital Note:
The wording of the sections titled Current Position & Borrower Proposal, Option A – Borrower Proposal and Option B - Appointment of Administrator Alternative, Appendix 1 and Appendix 2 (including the information relating to the overage profit share agreement and discounted Covid-19 offers) of this Lender vote have been prepared by the Borrower in conjunction with Duff & Phelps. We must stress that the information provided to us by Duff & Phelps and the Borrower does not constitute advice (valuation or otherwise) to the Lenders.
Although the info was "prepared by the Borrower in conjunction with Duff & Phelps", I'm sure that it will have been reviewed by and agreed with AC. Therefore I don't believe that the information is one sided or rigged. AC would not present us with the information if they thought that this was so. It's been done this way for legal reasons, to cover the fact that AC are not permitted to, and purport not to be (but plainly are) giving us advice.
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Mick
Be nice... People respond.
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Post by Mick on Sept 27, 2020 14:52:40 GMT
Is the voting system working, i've got no confirmation of voting. In fact I seem to be able to vote many times! B.
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tonyr
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Post by tonyr on Sept 27, 2020 16:42:50 GMT
Is the voting system working, i've got no confirmation of voting. In fact I seem to be able to vote many times! B. Did you get an authentication request, or is that what you mean by "confirmation"? Without authentication I don't think you've voted. The system lets you change your mind, you just vote again.
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tonyr
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Post by tonyr on Sept 27, 2020 16:46:16 GMT
For what it's worth, I'm about to vote A. If I ever meet him I'll let him know what I think!
A will almost certainly win. The interesting odds are what will happen next - will the whole transaction go through or will some 'unforeseen problem' arise.
My guess is that we'll be voting again soon and it won't be as good an offer.
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Mikeme
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Post by Mikeme on Sept 28, 2020 8:49:42 GMT
This delinquent borrower should not be allowed to profit from this. look at the original valuations and also the site that is possibly making a payment for A. The borrower has deliberately down played the valuation in B and even in the worst case that plus his PG and IMHO the added value from the adjacent site that should also be made to B also would give a better result and show all borrowers that we lenders won't be taken for a ride. More is written on the private board. I would take a loss rather than him make money in this planned way.
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Mikeme
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Post by Mikeme on Sept 28, 2020 8:53:16 GMT
I also think that if option B wins that AC should still forego their fees as in A
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theprisoner
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Post by theprisoner on Sept 28, 2020 12:19:51 GMT
The result is a foregone conclusion. Assetz will have received the necessary assurances that, despite certain possible reservations the institutional block voters are still on board.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 28, 2020 12:34:14 GMT
The result is a foregone conclusion. Assetz will have received the necessary assurances that, despite certain possible reservations the institutional block voters are still on board. What institutional block votes? Any evidence? AFAIUI only the Luxembourg fund invests in loans available to retail and I dont think they were around to invest in this loan. GBBA holds the cards.
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jlend
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Post by jlend on Sept 28, 2020 12:45:41 GMT
The result is a foregone conclusion. Assetz will have received the necessary assurances that, despite certain possible reservations the institutional block voters are still on board. What institutional block votes? Any evidence? AFAIUI only the Luxembourg fund invests in loans available to retail and I dont think they were around to invest in this loan. GBBA holds the cards. Agreed A question on the Q&A for this loan asked on the 2nd August 2020 gives the loan breakdown in the GBBA1, PSA and Access Accounts, with the remaining amount in the MLA. I won't post here but anyone in this loan can look it up if they are interested on the AC website for this loan.
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Mikeme
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Post by Mikeme on Sept 28, 2020 13:09:47 GMT
I think Iread that AA holders didn't get counted???
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