cb25
Posts: 3,521
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Post by cb25 on Feb 28, 2020 16:38:09 GMT
Oh, total surprise (not!), the 28 Feb 2020 update is kicked down the road to 30 Apr 2020 (9 weeks away). Different year, same **** as before
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travolta
Member of DD Central
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Post by travolta on Feb 28, 2020 20:58:25 GMT
Wasnt their meant to be a payment of some sort about now ?
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Post by investor01010101 on Feb 28, 2020 22:55:20 GMT
More Bullsh!t from the master of deception.
How the F*** was this fleecer ever allowed to run a company, even he must realise this is way over his head and he is out of his depth with our money being dragged down with him.
We should book a lender event at our castle........................
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Post by investor01010101 on Feb 28, 2020 23:00:08 GMT
Wasnt their meant to be a payment of some sort about now ? Not going to happen, dog ate the paperwork lol I seriously doubt we will ever see any money back from this, the borrower is going from one mess to another on a monthly basis at our expense.
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tonyr
Member of DD Central
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Post by tonyr on Mar 1, 2020 17:34:57 GMT
Wasnt their meant to be a payment of some sort about now ? Not going to happen, dog ate the paperwork lol I seriously doubt we will ever see any money back from this, the borrower is going from one mess to another on a monthly basis at our expense. The only thing that stops me agreeing 100% with you is that Stuart Law has put a lot of effort into making this work (via three companies and personal effort). He's met the borrower, he's been in this business donkey's years, he's seen every trick in the book. If there wasn't a reasonable chance of the scheme we just voted for working I don't think he'd have put any personal effort in at all.
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Post by crabbyoldgit on Mar 1, 2020 21:45:03 GMT
Not going to happen, dog ate the paperwork lol I seriously doubt we will ever see any money back from this, the borrower is going from one mess to another on a monthly basis at our expense. The only thing that stops me agreeing 100% with you is that Stuart Law has put a lot of effort into making this work (via three companies and personal effort). He's met the borrower, he's been in this business donkey's years, he's seen every trick in the book. If there wasn't a reasonable chance of the scheme we just voted for working I don't think he'd have put any personal effort in at all.f I agree, Stuart is putting a lot of his personal credability on the line in being directly associated with a plan to turn this loan arround and as md of AC its credability is more at stake as well by inference of his involvement. If it all works out without too much pain and there will be some pain, I will take my hat off to him. More courage than I would have dealing with this individual but i suspect he has dealt with a lot worse in the past.
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Post by buzzablinio on Mar 1, 2020 22:47:12 GMT
Long story short...are we going to see any money returned any time soon?
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Post by davee39 on Mar 2, 2020 9:13:51 GMT
Long story short...are we going to see any money returned any time soon? No. But we will be getting a lot more Fairy Stories.
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Post by brightspark on Mar 2, 2020 9:27:03 GMT
Stuart is not just putting his credibility on the line. He is also risking AC as an entity at a moment of more general economic crisis where battening down the hatches should be the order of the day. DM has had a lot of time and effort devoted to it for no gain. AC management has more important things to do than working on this problem. Time to pull the rug out from under the feet of the borrower. Lenders will take a hit but that is the nature of investment.
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neeps
Posts: 79
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Post by neeps on Mar 2, 2020 9:42:17 GMT
Stuart is not just putting his credibility on the line. He is also risking AC as an entity at a moment of more general economic crisis where battening down the hatches should be the order of the day. DM has had a lot of time and effort devoted to it for no gain. AC management has more important things to do than working on this problem. Time to pull the rug out from under the feet of the borrower. Lenders will take a hit but that is the nature of investment. Trouble is that if they pull the rug AC will lose all credibility. Don't forget that a huge amount of this loan is in people's GBBA accounts where it wasn't their choice to invest. There are some huge chunks in GBBA where, theoretically, the provision fund covers shortfalls. That PF will be completely decimated and if people take a hit Assetz would have to make it up by borrowing elsewhere. They are between a rock & a hard place!
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Post by brightspark on Mar 2, 2020 12:16:43 GMT
GBBA was a bit of a disaster for all concerned. Nevertheless I and many others decided to invest via that vehicle. In hindsight a poor decision but now things need to be moved on. The borrower has been given breathing space to no avail. Administration beckons.
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shimself
Member of DD Central
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Post by shimself on Mar 2, 2020 16:05:42 GMT
GBBA was a bit of a disaster for all concerned. Nevertheless I and many others decided to invest via that vehicle. In hindsight a poor decision but now things need to be moved on. The borrower has been given breathing space to no avail. Administration beckons. I don't think anyone (even AC?) realised that GBBA investors could be lumbered with huge chunks of one particular loan until it happened with the worst possible one
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cb25
Posts: 3,521
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Post by cb25 on Mar 2, 2020 18:13:48 GMT
GBBA was a bit of a disaster for all concerned. Nevertheless I and many others decided to invest via that vehicle. In hindsight a poor decision but now things need to be moved on. The borrower has been given breathing space to no avail. Administration beckons. I don't think anyone (even AC?) realised that GBBA investors could be lumbered with huge chunks of one particular loan until it happened with the worst possible one I disagree. Imo the blame for this falls very much on AC:
i) They were the ones who invented the (over-)allocation algorithm - up to 20% - which might have been OK if it had been backed up by a guarantee of PF repayment, but it wasn't.
ii) AC lent money on day1 using the final value of the plot developments. Is there any other development loan that has the final development valuation used to determine how much can be borrowed on day1? I haven't seen one.
iii) When this loan was put into the GBBA, AC had the means to model its effects given the funds available in the GBBA at the time. (Edit: given the size of the loan, I think AC should have done this). Even if AC hoped for a much greater inflow of funds later to the GBBA I don't believe it would have helped as re-allocation only came in much later.
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Post by investor01010101 on Mar 2, 2020 18:20:25 GMT
Not going to happen, dog ate the paperwork lol I seriously doubt we will ever see any money back from this, the borrower is going from one mess to another on a monthly basis at our expense. The only thing that stops me agreeing 100% with you is that Stuart Law has put a lot of effort into making this work (via three companies and personal effort). He's met the borrower, he's been in this business donkey's years, he's seen every trick in the book. If there wasn't a reasonable chance of the scheme we just voted for working I don't think he'd have put any personal effort in at all. The only thing that stops me 100% agreeing with you is that a multi million pound hit on AC will not be good for them. So is he working for us or just trying to save his own ar$e and that of AC. This is an out and out shambles of a mess and time needs to be called on it.
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Post by investor01010101 on Mar 2, 2020 18:26:48 GMT
Long story short...are we going to see any money returned any time soon? Not a hope in hell. This is just heading for the inevitable January 2021 total loss.
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