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Post by p2pdemon on Mar 20, 2020 8:04:47 GMT
Well report it and ask it to be removed then. I will discuss my opinions as a lay person as I see fit, bearing in mind you've been refusing to discuss this one with your running commentaries remark. 5 days on perhaps an update would be in order for those with holdings as to whether you've even managed to have a conversation with them.
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number5
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Post by number5 on Mar 20, 2020 8:05:20 GMT
I would say get out at all costs. This one has been ringing alarm bells for me for some time. The IPO was supposed to happen in August.7 months on, still no update except to be told there will be no running commentaries. I think they were trying to run before they could walk. They've acquired a couple of companies in the last year via P2P lending, none of which are particularly successful although M* O****** seems to be the best performer. None of the companies compliment each other and while they claim they are precision engineering, I wouldn't class shoe tacks and fire doors as precision engineering. There is another company on their website that they say they are in the process of acquiring but it has been like this for some time, with no movement. None of the Directors seem to have any experience in the field and the founding director has just left. I don't believe the IPO will ever happen and I think the tide was going to turn on this one before the Corona pandemic. The Corona Pandemic has been a gift from God as an excuse for, at the very least, a payment holiday. None of the companies are in sectors that would have been so quickly impacted by Covid-19. The banking system is still working so it beggars the question - where is this months payment? Blaming Corona doesn't wash with me. How does it stop them making an electronic payment? If they were in the leisure industry, it would be a different kettle of fish.Get out. If you can. Just saying that you need to be very careful on this board. This could amount to financial advice. In these times especially, that is not helpful. Any update from the borrower on this one?
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Post by ablrate on Mar 20, 2020 9:12:36 GMT
Well report it and ask it to be removed then. I will discuss my opinions as a lay person as I see fit, bearing in mind you've been refusing to discuss this one with your running commentaries remark. 5 days on perhaps an update would be in order for those with holdings as to whether you've even managed to have a conversation with them. We note that you joined in March, so just a heads up. Opinions are no problems at all, the community here is very good at given free advice! We have listened on numerous occasions and I think that the majority would agree that we are open in our communications. However, as we have said previously language needs to be moderated because borrowers are watching. This is why we redact names etc to avoid potential legal issues. The regulator are also watching and where opinions stray into advice you, and the P2PIF could be in trouble. We also are not able to give advice, so when you say 'get out at all costs', how do we counter that at all? If someone has been influenced by your post to sell at a discount, and subsequently everything is OK there could be trouble. I will give you practical example. There is clearly a move to cash across all markets, understandable, but on some loans on the platform we said that it was being repaid shortly. There was a couple of thousand pounds of those loans trading at a discount of up to ten percent. We paused the market so those people didn't make a loss and will be repaid in full. There hasn't been a post that I have seen that mentioned those loans in any sort of disparaging way, but if there had and those lenders lost 10% would they have a legitimate case against this board? Debatable... but why take the chance? p2pdemon we are happy to hear your opinions and welcome you, this community is pretty awesome, and while sometimes we bang our heads in frustration, it has been a positive relationship and place where the collective has a constructive voice. If we descend into 'everything is  and everyone is a rogue' then this board will lose its usefulness. I could understand your frustrations if we were known for doing nothing, but I would suggest that people know that is not our style. Where we can update you with information we do, but if we don't then we would hope that lenders would know that we have not let anything go. I am not suggesting that we should not be held up to scrutiny, we should, and in 396 threads, 15000+ posts and 6 years of business, we certainly have been, but the interaction in those posts, in the main (!) has been constructive and friendly and in that spirit I would ask you to moderate the way you communicate your opinions, that's all. Give us a kicking whenever you feel it is deserved, but please just think about the points above To answer your specific question. We are in a global pandemic, every business, it doesn't matter what sector is going to be affected by this (outside of hand sanitizers and toilet paper..). I would disagree about manufacturing not being affected, you can't take home an industrial lathe, and engineers are not immune to the virus. What we are doing is working through the Chancellor's measures with special attention to any announcements today. This is a standing order for all of our loan book and probably every business in the country. We are working through each business and we will be updating lenders, but to give a definitive ahead of the measures coming in next week (the guaranteed loans) and further announcements today would be premature and unhelpful to lenders because there is not much we could say. That may not be the answer you want to hear, but that is the current scenario. Rest assured, we value our customers, borrowers and lenders and we are doing everything possible to do our part to get everyone through. Next week we will be in a much better situation to give you specific information and updates.
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Post by GSV3MIaC on Mar 20, 2020 10:21:34 GMT
/mod hat off
Good reply ablrate, but clearly this one is somewhat special, since the exit was supposed to be a stock market floatation iirc, and right now you couldn't float a balsa wood log, so some new plan or times scale is needed. Also explanation for any interest payment failure... Capital redemption failure is more obvious as to cause.
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Post by ablrate on Mar 20, 2020 10:42:09 GMT
/mod hat off
Good reply ablrate , but clearly this one is somewhat special, since the exit was supposed to be a stock market floatation iirc, and right now you couldn't float a balsa wood log, so some new plan or times scale is needed. Also explanation for any interest payment failure... Capital redemption failure is more obvious as to cause. agreed, and the point is not lost on us, of course, but now is not the time to make an update ahead of next week without fully evaluating the situation against the Chancellor's measures. Access to the loans and the size, salary arrangements etc will all be in the mix on the strategy going forward.
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number5
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Post by number5 on Mar 20, 2020 11:56:39 GMT
/mod hat off
Good reply ablrate , but clearly this one is somewhat special, since the exit was supposed to be a stock market floatation iirc, and right now you couldn't float a balsa wood log, so some new plan or times scale is needed. Also explanation for any interest payment failure... Capital redemption failure is more obvious as to cause. agreed, and the point is not lost on us, of course, but now is not the time to make an update ahead of next week without fully evaluating the situation against the Chancellor's measures. Access to the loans and the size, salary arrangements etc will all be in the mix on the strategy going forward. Is this in the context of this specific loan or the whole loan book in general?
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Post by ablrate on Mar 20, 2020 12:01:15 GMT
agreed, and the point is not lost on us, of course, but now is not the time to make an update ahead of next week without fully evaluating the situation against the Chancellor's measures. Access to the loans and the size, salary arrangements etc will all be in the mix on the strategy going forward. Is this in the context of this specific loan or the whole loan book in general? The whole book. We have spoken to a number of borrowers and will be formulating updates, but we want to have the full info on access to the loans, whatever measures Chancellor Sunak announces today etc. I think we can then give a balanced view based on the borrowers' feedback and the economic environment. Anything right now will be speculation, but we will give a view on all loans next week.
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Post by Badly Drawn Stickman on Mar 21, 2020 23:14:27 GMT
I am content enough to see what develops over the next few weeks...... however.
Looking at the current state of the secondary market I suspect many (me among them) would be happier if the two loans not drawn down were abandoned or at least suspended for a while.
I think there would probably be a consensus for the instant returns being not paid under the circumstances. Currently we would be straight into negative territory at launch.
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number5
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Post by number5 on Mar 26, 2020 14:55:10 GMT
ablrate any update on March's payment yet?
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p2pfan
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Post by p2pfan on Mar 28, 2020 23:01:59 GMT
ablrate any update on March's payment yet? Don't expect a response. For some reason AB - who I've always had the very highest of respect for - are being very secretive regarding this borrower. It's above and beyond the fact that this borrower were supposed to float several months ago and the regulations related to that (something I was highly suspicious about from the very moment go, as their behaviour has been quite distinct to other companies I've seen trying to float). The chances of this borrower floating anytime soon with Corona going on are 0%. The fact that this company already started defaulting on interest payments before the virus had even begun to affect their earnings on top of all the other shenanigans that Columbo would have had a field day with mean these loans are not looking good to say the least.
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blender
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Post by blender on Mar 29, 2020 11:37:25 GMT
ablrate any update on March's payment yet? Don't expect a response. For some reason AB - who I've always had the very highest of respect for - are being very secretive regarding this borrower. It's above and beyond the fact that this borrower were supposed to float several months ago and the regulations related to that (something I was highly suspicious about from the very moment go, as their behaviour has been quite distinct to other companies I've seen trying to float). The chances of this borrower floating anytime soon with Corona going on are 0%. The fact that this company already started defaulting on interest payments before the virus had even begun to affect their earnings on top of all the other shenanigans that Columbo would have had a field day with mean these loans are not looking good to say the least. Just so we know where you are coming from, p2pfan , are you a seller, buyer, or not a holder of these loans? No comment on your statements.
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p2pfan
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Post by p2pfan on Mar 29, 2020 14:12:59 GMT
Don't expect a response. For some reason AB - who I've always had the very highest of respect for - are being very secretive regarding this borrower. It's above and beyond the fact that this borrower were supposed to float several months ago and the regulations related to that (something I was highly suspicious about from the very moment go, as their behaviour has been quite distinct to other companies I've seen trying to float). The chances of this borrower floating anytime soon with Corona going on are 0%. The fact that this company already started defaulting on interest payments before the virus had even begun to affect their earnings on top of all the other shenanigans that Columbo would have had a field day with mean these loans are not looking good to say the least. Just so we know where you are coming from, p2pfan , are you a seller, buyer, or not a holder of these loans? No comment on your statements. I was a buyer in these loans. I had my concerns, but overall confidence in this company. But after months and months of excuses about their so-called flotation and various bits of negative news, and now the Corona situation that will put a halt to their flotation, plus their worrying non-payment of the last monthly interest amount, I'm a seller.
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blender
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Post by blender on Mar 29, 2020 14:27:22 GMT
Just so we know where you are coming from, p2pfan , are you a seller, buyer, or not a holder of these loans? No comment on your statements. I was a buyer in these loans. I had my concerns, but overall confidence in this company. But after months and months of excuses about their so-called flotation and various bits of negative news, and now the Corona situation that will put a halt to their flotation, plus their worrying non-payment of the last monthly interest amount, I'm a seller. Curious. You are selling the loan and warning others not to buy it. These are strange times indeed. Reminds me of The Life of Brian haggling scene.
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Post by Ace on Mar 29, 2020 15:16:11 GMT
I was a buyer in these loans. I had my concerns, but overall confidence in this company. But after months and months of excuses about their so-called flotation and various bits of negative news, and now the Corona situation that will put a halt to their flotation, plus their worrying non-payment of the last monthly interest amount, I'm a seller. Curious. You are selling the loan and warning others not to buy it. These are strange times indeed. Reminds me of The Life of Brian haggling scene. I'm willing to offer mine at a negative discount. How about -10%? 
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Post by Badly Drawn Stickman on Mar 29, 2020 15:21:31 GMT
I was a buyer in these loans. I had my concerns, but overall confidence in this company. But after months and months of excuses about their so-called flotation and various bits of negative news, and now the Corona situation that will put a halt to their flotation, plus their worrying non-payment of the last monthly interest amount, I'm a seller. Curious. You are selling the loan and warning others not to buy it. These are strange times indeed. Reminds me of The Life of Brian haggling scene. Clever double bluff maybe? I think the serious sellers (i.e whatever discount it takes) did most of their work last week. We seem to currently be in a bit more of a SM poker game. For disclosure I am all 3. (Obviously I might be mirror bluffing)
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and everyone is a rogue' then this board will lose its usefulness.
