theprisoner
Assetz Capital reported this review for breaching of Trustpilot guidelines.
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Post by theprisoner on Sept 28, 2020 15:22:16 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. www.assetzcapital.co.uk/in-the-press/assetz-lines-up-over-110m-in-institutional-money-as-platform-growsMarch 2019. Was trading in #227 suspended, and were the GBBA accounts closed at that point?
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ilmoro
Member of DD Central
'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 16:00:29 GMT
Yes, suspended Mar 18, possibly Dec 17, no, GBBA/PSA shut Nov 19. Dont think GBBA investments could be made into suspended loans.
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capucino
Member of DD Central
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Post by capucino on Sept 28, 2020 19:25:21 GMT
I am voting B. If we all vote B, AC and the borrower will come with a better offer.
I am happy to forgo the interest but they have to return the capital.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
Likes: 11,127
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Post by ilmoro on Sept 28, 2020 20:18:07 GMT
I am voting B. If we all vote B, AC and the borrower will come with a better offer. I am happy to forgo the interest but they have to return the capital. That seems wishful thinking. Where is the money going to come from? The refinance doesnt have any padding in it. Its a straight choice between this and administration. The question for me is whether the outcome from administration will be more favourable. Could the administrators raise the funding to complete the infrastructure to allow the full value of the plots to be realised? Is this a possibility without involvement of the borrower? This seems to me to be something that hasnt really been explored.
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Post by df on Sept 28, 2020 20:44:32 GMT
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. All my 227 funds (except 3p stuck in PSA experiment) are in GBBA. Two thirds of capital + PF + some probable top up in future sounds good to me. Apart from that, I'd like this saga to crystallyse sooner rather than later. I don't normally vote, but did take part in this vote.
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travolta
Member of DD Central
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Post by travolta on Sept 28, 2020 20:46:26 GMT
We are all fooling our selves: A: They win B: We lose. Both options equal very little carrot left for the donkeys. I vote absolutely no confidence.
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jlend
Member of DD Central
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Post by jlend on Sept 29, 2020 6:18:45 GMT
I have voted A.
5 figure sum in the GBBA1 and smaller sum in the PSA.
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ton27
Member of DD Central
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Post by ton27 on Sept 29, 2020 12:34:41 GMT
Unfortunately AC have given us only one choice if we are not to suffer financially. Not really a proper vote but that does seem to be happening more often.
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tonyr
Member of DD Central
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Post by tonyr on Sept 30, 2020 8:40:51 GMT
Unfortunately AC have given us only one choice if we are not to suffer financially. Not really a proper vote but that does seem to be happening more often. Not when the borrower writes both of our choices. We ought to be able to write one of them at least i.e. pay for view on the proceeds from administration - then we'd have an honest choice.
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tonyr
Member of DD Central
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Post by tonyr on Sept 30, 2020 8:44:36 GMT
I am voting B. If we all vote B, AC and the borrower will come with a better offer. I am happy to forgo the interest but they have to return the capital. Whilst I agree with your sentiment, if we vote B we have told AC that we want administration. If we could write the B option then yes, I'd have voted for it (at about 3% of the max votes, so maybe significant if not many people vote). But the borrower got to write option B, so we have no chance to negotiate - and so we are stuffed.
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ton27
Member of DD Central
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Post by ton27 on Sept 30, 2020 12:18:59 GMT
Yes - we are being stuffed - the borrower gets away with another haircut to lenders and the GBBA provision fund is drained thus leaving nothing for other defaults...and possibly worst of all AC seem to be enjoying giving a continuous output of drivel to Lenders questions.
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jlend
Member of DD Central
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Post by jlend on Sept 30, 2020 16:51:14 GMT
94% Option A
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Post by bracknellboy on Sept 30, 2020 17:49:41 GMT
Years of votes deferring any positive action despite no interest or repayments, then suddenly every is happy with a loss. P2P makes less sense than ever to me. This should have been called in two years ago and never got this far.
The only positive will be being able to declare the loan a partial loss!
For those of us who got stuffed with this in the GBBA, the relatively low actual capital loss I would suggest is the reason its gone through. Regardless of the lost opportunity cost of no interest which should also be taken into account.
I am far from convinced that calling it in earlier would have necessarily led to a better outcome - for those holding it in GBBA.
Oh, and for the record. Regardless of the fact that I voted for this option, I still don't discharge AC from responsibility for my being stuffed like a Xmas turkey with having such a big exposure to this in the GBBA.
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theprisoner
Assetz Capital reported this review for breaching of Trustpilot guidelines.
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Post by theprisoner on Sept 30, 2020 18:05:32 GMT
Years of votes deferring any positive action despite no interest or repayments, then suddenly every is happy with a loss. P2P makes less sense than ever to me. This should have been called in two years ago and never got this far.
The only positive will be being able to declare the loan a partial loss!
Oh, and for the record. Regardless of the fact that I voted for this option, I still don't discharge AC from responsibility for my being stuffed like a Xmas turkey with having such a big exposure to this in the GBBA.
Was this fully explained in any terms and conditions published for these accounts, and are there any grounds for taking legal action against AC on the basis of mis-representation?
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mogish
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Post by mogish on Sept 30, 2020 18:55:42 GMT
Correct me if I'm wrong but I believe the laird has managed the same borrowing tactics with 4 lenders now over the last 20 years.no doubt with the same outcome. As a lender would DD not take this into account and closer monitoring and enforcement been applied? Oh I forgot, AC have other interests in this loan.
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