rrrupert
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Post by rrrupert on Oct 29, 2018 15:02:23 GMT
"Lendy in talks over deal that would involve selling loanbook at discount to face value."
As reported on the front page of the FT online
They seem to be looking at selling the entire loanbook at a discount (presumeably large).
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jeremy12
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Everything's frozen
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Post by jeremy12 on Oct 29, 2018 15:22:15 GMT
This is a major development
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rrrupert
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Post by rrrupert on Oct 29, 2018 15:26:51 GMT
Agreed. It is basically Lendy closing down. I wonder if they sell the entire loanbook how the sales proceeds would be distributed amongst the Lenders. Since the worst cases get mixed in with the less severe cases I imagine.
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jeremy12
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Post by jeremy12 on Oct 29, 2018 15:30:31 GMT
There's a whole new equation to solve regarding how the sale proceeds are apportioned. I dare say there are some standard methodologies for doing this.
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moist
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Post by moist on Oct 29, 2018 15:31:40 GMT
are the loans theirs to sell.....or the investors
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Post by picanto on Oct 29, 2018 15:37:47 GMT
I'm not subscribed to FT so could somebody summarise what the article is about? It seems odd that Lendy would be closing down because they've recently employed new staff and they haven't said anything to suggest that this would be the case. I can't see how Lendy can "sell the loanbook" because they don't own the loan parts, us investors do.
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rocky1
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Post by rocky1 on Oct 29, 2018 15:38:40 GMT
well lets hope the monthly update lets us know what is going on in a bit more detail and also the other big problem needs a mention from lendy.who in their right mind would start /continue throwing money into this cesspit of a loan book the way things are going.well done again lendy 5 stars.i hope you enjoy your retirement.
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Greenwood2
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Post by Greenwood2 on Oct 29, 2018 15:39:11 GMT
The article is posted on Frank.
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wuzimu
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Post by wuzimu on Oct 29, 2018 15:40:11 GMT
Hands up if you think lenders will get a vote on this?
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Greenwood2
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Post by Greenwood2 on Oct 29, 2018 15:41:41 GMT
Why not just allow discounting on the SM? Will anyone want to buy at any price on the SM? and will Lendy still be running a platform for the SM to exist on?
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rrrupert
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Post by rrrupert on Oct 29, 2018 15:43:30 GMT
"A potential deal would involve selling the loans at a discount to their face value, exposing thousands of retail investors to losses, according to people familiar with the discussions"
I cant post the entire article due to copyright. But the above quote pretty much sums it up. There is no information in the article about the size of any discount or the distribution of any proceeds. Also it is something that has been discussed, apparently, over the last few weeks so like all these things it may or may not go ahead.
Personally I think it will progress because most likely it is the only way out for Lendy.
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Post by eascogo on Oct 29, 2018 15:46:43 GMT
I'm not subscribed to FT so could somebody summarise what the article is about? It seems odd that Lendy would be closing down because they've recently employed new staff and they haven't said anything to suggest that this would be the case. I can't see how Lendy can "sell the loanbook" because they don't own the loan parts, us investors do. Just google "UK P2P lender looks into selling the loans on its platform" avoids the subscription request!
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rrrupert
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Post by rrrupert on Oct 29, 2018 15:49:26 GMT
^I find googling the quote in incognito mode and then opening it in incognito mode works for me normally.
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Greenwood2
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Post by Greenwood2 on Oct 29, 2018 15:57:54 GMT
Could lenders push for Administration instead (although that doesn't seem to be going too well for Col), or the orderly wind down Lendy has in place (we hope) to possibly get better recovery? Will the FCA step in to protect lenders interests? Whatever happens it looks like the end of Lendy and extremely bad for lenders.
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rocky1
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Post by rocky1 on Oct 29, 2018 16:08:45 GMT
liam and lendy still trying to screw every last penny out of [investors] before sailing off into the sunset.will lendy towers come as part of the deal?
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