rs
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Post by rs on Dec 21, 2018 14:36:22 GMT
I replied and agreed with resolution.
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DiQ
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Post by DiQ on Dec 21, 2018 14:38:59 GMT
Replied positively
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michaelc
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Post by michaelc on Dec 21, 2018 14:44:28 GMT
Replied agreeing to the resolution (copy/pasting as required) but added a single sentence stating something like I am very unhappy it has taken so long for them to request such permission.
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alison
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Sanctuary!!
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Post by alison on Dec 21, 2018 14:44:57 GMT
Useless bunch of incompetents. They are still only sending emails to me and not the other half.
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upland
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Post by upland on Dec 21, 2018 14:47:44 GMT
If they do take action against the borrowers what is the chance of another Lendy type situation appearing ?
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adrianc
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Post by adrianc on Dec 21, 2018 14:55:24 GMT
If they do take action against the borrowers what is the chance of another Lendy type situation appearing ? About the same as the chance of the Lendy one coming to anything more than delaying scaremongering.
No-brainer, replied as soon as I read it, even before reading Monetus's strong recommendation.
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TitoPuente
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Post by TitoPuente on Dec 21, 2018 15:07:29 GMT
I prefer to believe that this sudden request for some sort of support from investors is just to cover their asses. I find it hard to believe that this is absolutely necessary and they have had their hands tied since April. If that was the case then the Court should have grounds to remove them and charge them with gross negligence.
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kermie
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Post by kermie on Dec 21, 2018 15:15:56 GMT
It's just a tick-in-the-box to cover arses; as suggested - reply positively, relatively promptly and then get back to wrapping presents.
You'll note from the wording of the letter that it also seeks to retrospectively seek approval for any enforcement or collection action that may have already commenced....which in some ways is reassuring - meaning (hopefully!) BDO have actually started some enforcement action already...?!
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upland
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Post by upland on Dec 21, 2018 15:24:14 GMT
I did wonder if it was rather like some of the p2p firms that see a 'difficult' decision and ask the lenders opinion. They can then say that it was what the lenders wanted.
I always thought that administrators could do pretty well what they wanted.
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GeorgeT
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Post by GeorgeT on Dec 21, 2018 15:36:03 GMT
I prefer to believe that this sudden request for some sort of support from investors is just to cover their asses. I find it hard to believe that this is absolutely necessary and they have had their hands tied since April. If that was the case then the Court should have grounds to remove them and charge them with gross negligence. It does seem bizarre that they were appointed in this matter in April - the core part of which is to recover the monies loaned out against the various assets - and 8 months into the job and a substantial 6 figure sum of fees amassed already, they seem to be saying they have no authority to do the job / instigate formal action to recover any of our money until we vote on it and give them an unspecified 'sufficient majority' to start doing what they were appointed to do.
No wonder only 2 small loans have repaid in all this time. Seems they claim the only power they have had to date is to ask borrowers politely to pay us back. Any of us would have willingly done that for nothing !!!
Did they mention this matter / vote at the CC meeting a week or 2 ago?
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Post by dan1 on Dec 21, 2018 15:37:37 GMT
I've replied.
I've also downgraded my expectation of recoveries as a result of the communication.
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Post by Financial Thing on Dec 21, 2018 16:10:27 GMT
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. Happy to send out an email to my readers. Give them a good old Christmas prodding.
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ceejay
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Post by ceejay on Dec 21, 2018 16:20:38 GMT
Good to see the usual frothing and foaming going on. I guess I can understand it, especially for lenders who have unwisely allowed themselves to become overexposed to a single platform - emotions are bound to run high when a lot of money is at stake.
But, really? I saw the email and replied positively straight away. There is no other sane response. Incidentally, I was one of the many who didn't get the previous emailing, so I'm happy that they seem to have fixed that one.
As for the delay - not ideal, but remember that this only applies to the process of closing down unresponsive or broke borrowers by enforcing the security. It doesn't relate to the business-as-usual activities of first asking nicely, then asking not-so-nicely ... seizing assets is always time-consuming and expensive and should only be done as a last resort, which I guess is where we are now.
Now, back to the mince pies and Home Alone...
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baz657
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Post by baz657 on Dec 21, 2018 16:34:41 GMT
Replied to this but still awating the six month report.
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am80
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Post by am80 on Dec 21, 2018 16:46:46 GMT
Replied. This company is printing money!
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