adrian77
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Post by adrian77 on Dec 17, 2018 12:15:02 GMT
Well this one is a right mess so here is a poll as suggested
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adrian77
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Post by adrian77 on Dec 17, 2018 17:08:04 GMT
thanks for voting - interesting result!
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arby
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Post by arby on Dec 17, 2018 18:10:59 GMT
thanks for voting - interesting result! Yep, who'd want to be in charge of investor relations?!
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adrian77
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Post by adrian77 on Dec 20, 2018 9:42:04 GMT
interesting result - not what I was expecting so I think we will have a people's vote (joking)
surely cutting our losses won't exceed a loss greater than Whitehaven....
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pip
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Post by pip on Dec 20, 2018 9:51:06 GMT
The thing is a half finished boat made for an abandoned project, which has proven to not be able to be economically viable or create sufficient interest in sponsors.....Well we will probably be paying for scrappage costs!
I think only option is to let it run and hope for a miracle. Either 100% chance of total write off if default and repossess, or 95% chance in letting it run.
As a small investor in one of the loans I have written this amount off, do not expect to get anything back. Lesson learned, lending to people creating boats to do a round the world trip before they have sponsorship secured is not secured lending, it's gambling.
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Doc
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Post by Doc on Dec 20, 2018 11:05:41 GMT
I'm not invested in this loan (E******* E******** B***), but find it hard to believe anyone who is actually invested in this loan would want to sell the boat part completed, how much do you seriously expect this will raise ? Completing the boat and then securing sponsorship has always been the only viable route open for repaying this loan.
Would be interested to hear the arguments for those voting to sell the boat part completed ? Are those that voted to sell the part built boat even invested in this loan ? (voting for a fire sale is probably a lot easier when it's not your money on the line)
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Garage246
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Post by Garage246 on Dec 20, 2018 11:19:56 GMT
If this thread is about the endurance boat, and there is a lot of confusion between this and other boat threads, so let's be clear which loan we are talking about please, then a lot of the previous postings and cynicism is based on conjecture and untruths. I am an investor in this loan at a very significant level (indeed the largest investor) and have been to see the boat and meet the team within the last 2 weeks. Work is most definitely still ongoing and all the parts needed to complete are physically there - seen them myself. The engineering on the boat is high quality and a lot of thought has been put into the ability to refit the boat for sale following the record attempt.
The skipper, Dr A*** P*****, and his team are very credible and whilst I have never had dealings with him before, I had a good couple of hours talking to him and looking over the boat. Expect some improved communications very soon, but to be clear updates have been sent to FS regularly throughout. Open days will be offered in the New Year to investors who want to see the boat and meet the team. The sponsorship side of things is being worked on and progressing.
To emphasise I don't have any direct connection to the team of FS other than an investor with the rest of us, but think the main issue is cynicism from other investors founded on a lack of communication. That is going to be fixed. In terms of the safety of this loan, I personally am not worried and have other P2P loans I am far more concerned about, particularly on Lendy.
Hope this helps alleviate some of the concerns.
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adrian77
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Post by adrian77 on Dec 20, 2018 11:25:06 GMT
I am very puzzled which boat we are talking about here and what if any charge FS have on the related electric boat.
To me I think it is the speedboat for endurance racing which is/was being updated rather than the 1/2 built endurance boat designed to go around the world although I wonder if these 2 loans are indirectly linked?
I have asked FS about this boat but a complete waste of time
If it is the boat that was new in 2015 then - hopefully the damn thing works and is sea-worthy so would be sellable albeit at nothing like the loan value.
I guess once such boats get to 4 years old they rapidly deplete in value?
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Monetus
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Post by Monetus on Dec 20, 2018 11:26:41 GMT
This poll is for the Powerboat loans (not Endurance Boat) which have been running for around 2.5 years now (so definitely long enough to be considered a "saga")  |
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Garage246
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Post by Garage246 on Dec 20, 2018 11:28:54 GMT
Agree with Adrian77 - it is confusing and other threads seems to get crossed. My comments relate only to the Endurance Boat for the RTW record attempt. I'm not invested in any of the other boat loans and as far as I'm aware the Endurance Boat team are nothing to do with these other loans.
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bg
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Post by bg on Dec 20, 2018 11:34:45 GMT
I am very puzzled which boat we are talking about here and what if any charge FS have on the related electric boat. To me I think it is the speedboat for endurance racing which is/was being updated rather than the 1/2 built endurance boat designed to go around the world although I wonder if these 2 loans are indirectly linked? I have asked FS about this boat but a complete waste of time If it is the boat that was new in 2015 then - hopefully the damn thing works and is sea-worthy so would be sellable albeit at nothing like the loan value. I guess once such boats get to 4 years old they rapidly deplete in value? You started the poll! You started it in response to the request by arby in the thread 'Power Boat 4945807152' p2pindependentforum.com/post/302759That boat is indeed complete and they are not looking for sponsorship so the poll makes little sense.
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Post by bracknellboy on Dec 20, 2018 11:44:45 GMT
Well one would have thought that the title would be enough to avoid confusion between power boat and endurance boat; apparently not. Or maybe the title got edited.
EDIT: and yes, the opening line about "sponsorship" also doesn't stack up. now, waiting for "equity partner" would stack up (though not necessarily "make sense"). Waiting for "equity partner" I understand can sometimes be compared to "Waiting for Godot".
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Doc
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Post by Doc on Dec 20, 2018 11:47:43 GMT
Well one would have thought that the title would be enough to avoid confusion between power boat and endurance boat; apparently not. Or maybe the title got edited. I was only aware of one powerboat that was partially completed, as bg points out the powerboat is completed ?
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SteveT
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Post by SteveT on Dec 20, 2018 11:50:10 GMT
I am very puzzled which boat we are talking about here and what if any charge FS have on the related electric boat. To me I think it is the speedboat for endurance racing which is/was being updated rather than the 1/2 built endurance boat designed to go around the world although I wonder if these 2 loans are indirectly linked? Seriously, how hard is it for you to understand? A) There are three loans on FS that involve "high speed boats" B) Two of these loans (4945807152 and 5818112533, for £650k and £550k) are to the same Powerboat racing company, V*****. They both contain the word " Powerboat" in the loan title. They are massively overdue and myriad promises have been made and broken that equity funding from an overseas investor is imminent. C) The third loan (2535541073 for £938k) is for a part-built round-the-world Endurance Boat, desperately in need of sponsorship. The loan title contains the words " Endurance Boat" D) The Endurance Boat loan has no connection whatsoever to the two Powerboat loans (that anyone has ever suggested or identified, anyway). (crossed with bracknellboy )
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Doc
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Post by Doc on Dec 20, 2018 13:57:29 GMT
I am very puzzled which boat we are talking about here and what if any charge FS have on the related electric boat. To me I think it is the speedboat for endurance racing which is/was being updated rather than the 1/2 built endurance boat designed to go around the world although I wonder if these 2 loans are indirectly linked? I have asked FS about this boat but a complete waste of time If it is the boat that was new in 2015 then - hopefully the damn thing works and is sea-worthy so would be sellable albeit at nothing like the loan value. I guess once such boats get to 4 years old they rapidly deplete in value? ... That's strange, your post on the Endurance Boat loan thread seems to suggest you are talking about the half complete Endurance boat.
Nov 29, 2018 at 10:28am adrian77 said:
What exactly would you have them do?
'Cut their viz OUR losses - in fact anything than do nothing but wait
Granted a very difficult situation FS have got themselves into but I would say take control of the asset and try and sell it to another team in this business e.g. wealthy overseas individual or whatever. They can always take control and sell the boat subject to completion at the valuation of £1.75m (can't possibly be an overhigh valuation). It will be sad to see this one go overseas if need be but business is business. Maybe R Branson would be interested although he learnt the hard way just how expensive and problematic this sort of thing can be.
I can't see any mythical sponsor coming up with the readies until the boat is in the water and tested so that is probably well over a year away
Agree with the above post which said this is the wrong sort of funding for a project like this and has always been nothing but a gamble.
Interesting one to follow.'
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