Mucho P2P
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Post by Mucho P2P on Dec 18, 2018 16:46:02 GMT
I have a simple question - could the current board of Lendy sell off all or part of the the loan book without gaining the permission of the investors involved (I am thinking the non performing delinquent part of the loan book)? Or would those loans have to go in to administration first? In theory, the could "sell off" but the lenders would still be the principals. It would raise the question of who would purchase the rights to manage and chase the repayments, administrators etc., as whoever took over the loan book would also seek a benefit for the extreme amount of management and administration in doing so. I am personally unaware of any companies that would take on that project unless paid handsomely by Lendy, due to the lack of upside to their "investment" that they would receive..
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Mucho P2P
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Post by Mucho P2P on Dec 18, 2018 17:10:59 GMT
The decision to sell will be either Lendy Board of Directors, or Administrators if L goes bust.
In theory, as we have effectively given Lendy carte blanche to operate and manage the loans and make decsions on our behalf, I would presume that they could sell on our behalf, but with the 1000's of lenders involved, that is likely annoy a few of the bigger lenders, and some might take issue and file for consequential losses, if they were not givern the first option to purchase the remnants themselves. Basically, it is a messy situation.
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jane
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Post by jane on Dec 18, 2018 19:52:50 GMT
Does anyone know much about the new board at Lendy? They all appear to be very well known to each other before joining Lendy. Gammond and Thompson managed to extract £626,254 (in 2017), in consultancy fees paid to other businesses they are connected with, from Sunlight Technology PLC where they were both directors. These excludes whatever salary they were being paid. So i'm guessing Lendy must be paying them a hell of a lot to make them resign their directorships of that nice little earner. Either that, or they are jumping ship from another botched up business they have been directors at (they have been directors at a lot of failed business's between them both). Anderson is director of a company with worse trustpilot ratings than Lendy. My guess is they all saw Liam coming. But who knows, maybe they will be Lendys saviours?? In this interview ( link) Gammond states he would like to be less conservative and more accepting of risk - looks like he's ended up at the right place!
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Mucho P2P
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Post by Mucho P2P on Dec 18, 2018 20:12:51 GMT
Does anyone know much about the new board at Lendy? They all appear to be very well known to each other before joining Lendy. Gammond and Thompson managed to extract £626,254 (in 2017), in consultancy fees paid to other businesses they are connected with, from Sunlight Technology PLC where they were both directors. These excludes whatever salary they were being paid. So i'm guessing Lendy must be paying them a hell of a lot to make them resign their directorships of that nice little earner. Either that, or they are jumping ship from another botched up business they have been directors at (they have been directors at a lot of failed business's between them both). Anderson is director of a company with worse trustpilot ratings than Lendy. My guess is they all saw Liam coming. But who knows, maybe they will be Lendys saviours?? maybe they will be Lendys saviours <----- People who can save Lendy will request a mega package (including share options), AND they will need to work freely from the CEO/founders constraints. I can not see Liam agreeing to that.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 19, 2018 2:39:14 GMT
And JC junior is saviour of the country..... Pray to JC (the real one) PBUH or his dad for some chance of a happy outcome 😃
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Mr_N
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Post by Mr_N on Dec 19, 2018 10:01:15 GMT
I have a simple question - could the current board of Lendy sell off all or part of the the loan book without gaining the permission of the investors involved (I am thinking the non performing delinquent part of the loan book)? Or would those loans have to go in to administration first? Lendy can do whatever they like. Their questionable unilateral and total control over investor funds could amount to an unfair contractual term though.
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Post by charlata on Dec 19, 2018 10:11:33 GMT
I note Gammond is a director at Racefields, a platform for buying and selling bridging loans. And the first loan I clicked on is offered by Elysium bridging, for whom the contact is...Paul Gammond! Clearly an industry insider. Maybe part of the mooted exit for investors who want out of defaulted loans.
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Post by brightspark on Dec 19, 2018 15:09:27 GMT
they might be useful at sorting out the London loan - bit of the poacher turned gamekeeper about it.
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boundah
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Post by boundah on Dec 19, 2018 18:54:39 GMT
Email just in re 'enhanced recovery'. It goes a bit further than the standard LY drivel - at least it gives some detail of who they are using for legal etc. Although I'm as critical of Lendy as anyone, it seems they are at least trying to engage with lenders more than they have for the last couple of years.
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Post by loftankerman on Dec 19, 2018 19:03:56 GMT
Email just in re 'enhanced recovery'. It goes a bit further than the standard LY drivel - at least it gives some detail of who they are using for legal etc. Although I'm as critical of Lendy as anyone, it seems they are at least trying to engage with lenders more than they have for the last couple of years. Yep! Sounds like they are really trying to do something and if not they get points for a first class act.
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Mucho P2P
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Post by Mucho P2P on Dec 19, 2018 19:13:27 GMT
Email just in re 'enhanced recovery'. It goes a bit further than the standard LY drivel - at least it gives some detail of who they are using for legal etc. Although I'm as critical of Lendy as anyone, it seems they are at least trying to engage with lenders more than they have for the last couple of years. Agreed, I was slightly surprised by this more adult approach to the Lenders in the recent email. Is Lendy feeling the pressure at last and succumbing to lender demands?
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Post by Proptechfish on Dec 19, 2018 19:29:13 GMT
I'm interpreting this new direction as LY conceding it's make or break. If they can't land some serious resolutions over the next few months after throwing their full weight behind it i think they may finally admit they can not deliver on the business model.
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baldpate
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Post by baldpate on Dec 19, 2018 20:20:02 GMT
I'm well past the point where I have the least bit of faith in any promise of 'improvement' coming from this bunch of numpties Lendy. The only thing that will now impress me is actual money recovered - and in significant amounts - from their huge list of defaulted (oops -'non-performing'!) and suspended loans.
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jonbvn
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Post by jonbvn on Dec 19, 2018 23:27:44 GMT
As long as the board gets another week in Cowes in the summer, what does it matter?  |
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sj
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Post by sj on Dec 20, 2018 0:05:23 GMT
The cynical amongst us would say that it's merely a delaying tactic while Liam frantically stuffs the last of the notes into a big sack with a pound sign on it before riding off into the sunset. Or an analogous method involving "perfectly legal" loopholes.
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