All investors in Collateral should have just received an email from BDO today containing a Lenders Resolution letter.
I strongly encourage all investors to reply positively to this email as soon as possible.
I am sure there will be plenty of questions surrounding this communication but please be aware that it is necessary due to the content of Collateral's original terms and conditions. Obtaining a sufficient amount of responses will be highly beneficial to Investors and allow BDO to take appropriate recovery action when required.
If the Joint Administrators do not receive a positive response from a sufficient majority of investors, it will be necessary for them to make a court application as a prelude to enforcement action. Any court application will add additional cost and delay to the enforcement process, most likely resulting in a slower and reduced return of funds to investors.
If you happen to be in contact with any other investors who don't frequent these forums, it would be great if you could also please reach out to them and encourage them to respond also.
It is VERY important that people don't just ignore this communication and instead respond positively to BDO's request.
Post by Butch Cassidy on Dec 21, 2018 12:22:28 GMT
Whilst I gave them the go ahead for recovery action I also added the following, as I am disgusted with the amount of fees charged so far for the progress made.
"What I am unhappy about is “To enable the Joint Administrators to take enforcement action as quickly and efficiently as possible,” none of which has been demonstrated so far, in fact quite the opposite. It is nearly 9 months & you have achieved virtually nothing to benefit investors, which is in stark contrast to the amount of time that it has taken to do it. It must be a coincidence that the time spent directly benefits BDO yet achieving anything substantial would significantly reduce these ongoing financial benefits.
When are you going to repay investor funds, even via an interim payment?
How much longer are you going to rack up substantial fees whilst keeping investors in the dark?
Can you provide an end date or will this fees bonanza continue indefinitely?
Investors would be happy to pay for results but it currently appears that substantial fees are being generated for cynically shuffling paperwork & appearing busy whilst achieving virtually nothing & certainly no transparency about what funds have been recovered & when they will be dispersed. Singularly unimpressed with the efficiency & effectiveness of your recovery action & investor communication demonstrated so far."