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Post by ablrate on Nov 14, 2018 17:29:33 GMT
Ref the guarantee - the terminology 'cross guarantee' in the borrowing proposal was used and has been transposed in each subsequent document. Technically this language is incorrect, however the corporate document is unequivocally one way from B******night to C********** and does not expose the relevant loans to the B******night administration via a reciprocal guarantee.
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blender
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Post by blender on Nov 14, 2018 19:58:00 GMT
I am reading this as guarantees from B...N... to T...S... and C... to T... S... (as was). But I am very pleased to hear that this is a guarantee and not a cross guarantee. It also makes more sense of the name change. Shame I can no longer buy discounted 97.
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Post by westcountry on Nov 14, 2018 21:16:44 GMT
Ref the guarantee - the terminology 'cross guarantee' in the borrowing proposal was used and has been transposed in each subsequent document. Technically this language is incorrect, however the corporate document is unequivocally one way from B******night to C********** and does not expose the relevant loans to the B******night administration via a reciprocal guarantee. Thank you ablrate for clearing this uncertainty about the 'cross guarantee' up. But given that it is only a one-way guarantee from B******night to T**** S***** and not vice versa, my question of Nov 3rd still stands - why has the B******night administration caused the T**** S***** loans to default on their repayments, please, when the T**** S***** pubs/hotels are trading and not exposed to any debts etc of B******night?
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macq
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Post by macq on Nov 14, 2018 22:07:31 GMT
While its nice to know its only "Technically this language is incorrect" it still seems it should have been corrected a lot sooner as one day a technical typo like this i assume may come back to be challenged by an interested party given the right or wrong circumstance
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elliotn
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Post by elliotn on Nov 15, 2018 4:37:52 GMT
I am reading this as guarantees from B...N... to T...S... and C... to T... S... (as was). But I am very pleased to hear that this is a guarantee and not a cross guarantee. It also makes more sense of the name change. Shame I can no longer buy discounted 97. Good news and the way I interpreted(/hoped?) at loan launch, slightly disappointing crossing of t's at origination though given the potentially significant difference in investment outcomes (and for those that have traded at a loss because of this little transpo error which might take it more into official complaint territory). - edit crossed with macq on the potential sweeping under the carpet of technically incorrect loan launch information which might have material impact on the disclosed security suite.
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blender
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Post by blender on Nov 15, 2018 9:16:14 GMT
I am reading this as guarantees from B...N... to T...S... and C... to T... S... (as was). But I am very pleased to hear that this is a guarantee and not a cross guarantee. It also makes more sense of the name change. Shame I can no longer buy discounted 97. Good news and the way I interpreted(/hoped?) at loan launch, slightly disappointing crossing of t's at origination though given the potentially significant difference in investment outcomes (and for those that have traded at a loss because of this little transpo error which might take it more into official complaint territory). - edit crossed with macq on the potential sweeping under the carpet of technically incorrect loan launch information which might have material impact on the disclosed security suite. Considering this, and being positive, we should appreciate that ablrate, however tardily, has confirmed the incorrectness rather than continue the silence which would be the practice of some other platforms. That helps to maintain confidence.
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macq
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Post by macq on Nov 15, 2018 11:03:30 GMT
Would agree Abl are one of the more up front platforms about problems who also engage on here and are willing to listen to lenders suggestions.But this reply felt more like don't worry the contracts ok but the loan documents are a tad wrong in wording even when we are told not to invest without downloading & studying said doc's(and i will be the first to admit i don't understand every fine point contained in them:( ) But fingers crossed for water under the bridge.
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blender
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Post by blender on Nov 15, 2018 11:22:20 GMT
The technically (which I read as not materially) incorrect statements are in the borrowing proposals, which are documents owned by the borrower, not Ablrate, and which are elements of our contractual agreements (I have a little in 97). So it might be difficult for Ablrate to make any unilateral statement, even when clearly necessary and beneficial, overall. The principal security when participating, for me at least, was always the pubs - as long as they keep trading.
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nyneil
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Post by nyneil on Nov 15, 2018 11:38:28 GMT
While this technical slip is undesirable, I do have more confidence in ABL to deliver as good an outcome as is possible.
ABL is a platform i would love to add more funds to, if only they could get some more quality borrowers onboard. I do have a 'partial theory' about why this is and correct me if i'm wrong: ABL do seem to take DD seriously, unlike some other platforms, so this weeds out most? of the blatantly dodgy proposals. Also, and personally i do think this is important, why would, shall i say 'lower quality' borrowers, sign up with ABL, knowing they (ABL) won't take any BS when it comes to repaying the loans. We've seen this recently where a borrower has said 'funds will be here soon' and ABL said, 'great news, but we won't stop legal action against you until we actually receive the money'. Oh, if only some of the other platforms would take this strong approach!
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Post by ablrate on Nov 15, 2018 12:14:41 GMT
Ref the guarantee - the terminology 'cross guarantee' in the borrowing proposal was used and has been transposed in each subsequent document. Technically this language is incorrect, however the corporate document is unequivocally one way from B******night to C********** and does not expose the relevant loans to the B******night administration via a reciprocal guarantee. Thank you ablrate for clearing this uncertainty about the 'cross guarantee' up. But given that it is only a one-way guarantee from B******night to T**** S***** and not vice versa, my question of Nov 3rd still stands - why has the B******night administration caused the T**** S***** loans to default on their repayments, please, when the T**** S***** pubs/hotels are trading and not exposed to any debts etc of B******night? The BN issue caused issues with suppliers and with various support functions supplied by the BN group. This is why the restructures we are proposing would give time for the businesses to recover and trade out of their current situation. We should have an update on all shortly.
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pi
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Post by pi on Nov 15, 2018 12:29:19 GMT
Any idea why 67 is tradable in SM and not others?
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blender
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Post by blender on Nov 15, 2018 12:36:15 GMT
Any idea why 67 is tradable in SM and not others? Because it is interest only and the rest are amortising and have been systematically removed from the SM.
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Post by westcountry on Nov 16, 2018 12:18:26 GMT
Thank you ablrate for clearing this uncertainty about the 'cross guarantee' up. But given that it is only a one-way guarantee from B******night to T**** S***** and not vice versa, my question of Nov 3rd still stands - why has the B******night administration caused the T**** S***** loans to default on their repayments, please, when the T**** S***** pubs/hotels are trading and not exposed to any debts etc of B******night? The BN issue caused issues with suppliers and with various support functions supplied by the BN group. This is why the restructures we are proposing would give time for the businesses to recover and trade out of their current situation. We should have an update on all shortly. Thanks ablrate for your reply. I look forward to the update :-) As with the fishing loan, now that repayments have not been made on these loans 67/68/85/97/104/105, are they therefore accruing interest at the default rate of 6%pa above their stated interest rate, please?
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Post by ladywhitenap on Nov 20, 2018 9:52:05 GMT
ablrate Are we any nearer getting the promised update on the BN related loans please LW
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Post by ablrate on Nov 20, 2018 13:10:18 GMT
ablrate Are we any nearer getting the promised update on the BN related loans please LW Hi, yes, we expect to update you very soon.
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