benaj
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Post by benaj on Apr 12, 2024 16:14:10 GMT
It is understood that a settlement has been reached between the parties. The terms of the settlement are not known. The litigation is now over. I wonder why we have yet received any Update from Unbolted. What can lenders get in return after the “settlement”?
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nick
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Post by nick on Apr 12, 2024 16:44:17 GMT
I would be pleasently surprised if we don't suffer some sort of haircut on these loans. If I had to guess, waivering of the penalty/late interest and UB eat thier legal costs would be the minimum I would settle for to avoid litigation costs that would be incurred if the whole thing played out in court and further potential costs that would be incurred to try to enforce judgement. The law really is an ass. I've written-off these loans a long time ago and merit has to be given to UB in doggedly pressing the debtor at signicant expense.
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jcb208
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Post by jcb208 on Apr 12, 2024 17:32:51 GMT
If this is now settled and with no loss I will start re investment with unbolted on a small scale
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agent69
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Post by agent69 on Apr 12, 2024 17:57:46 GMT
If this is now settled and with no loss I will start re investment with unbolted on a small scale Think I'll wait for the email from UB explaining what has happened.
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Post by df on Apr 12, 2024 18:14:17 GMT
It is understood that a settlement has been reached between the parties. The terms of the settlement are not known. The litigation is now over. I wonder why we have yet received any Update from Unbolted. What can lenders get in return after the “settlement”? I wouldn't expect the update on exact figures before UB receives the funds ready for distribution to investors. I don't have any expectations, but I trust UB will be treating us fairly. If my memory is not failing me, at the beginning of this saga UB wanted to repay the capital to investors and proceed with this case without any involvement of investors, but FCA didn't let them do this.
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archie
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Post by archie on Apr 13, 2024 6:30:05 GMT
It's possible we'll have to wait for everything to be sold at auction, repayment might not be soon.
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Post by spareapennyor2 on Apr 13, 2024 7:58:46 GMT
what would a win be for the borrower hypothetically no costs to pay no interest to pay assets worth less than unbolted costs already had the money for assets walk away smug
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IFISAcava
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Post by IFISAcava on Apr 14, 2024 11:03:07 GMT
what would a win be for the borrower hypothetically no costs to pay no interest to pay assets worth less than unbolted costs already had the money for assets walk away smug He has already paid a chunk of UB's costs on previous hearings (although did have some of his costs paid on last hearing). The cost of this going to trial was huge, and the risks to both sides significant. There will have been some sort of economic view taken by both sides that eventually aligned, and we will likely never know the full details of the settlement. A drop hands (where both parties shoulder their own costs) is a possibility I would think - UB's costs were in large 6 figure territory, so that could have massively impacted the Claimant if he had lost at trial (which was a significant likelihood). From recollection the loans are protected so we should get the capital back as a minimum. Confirmation from UB would be good though. Sometimes it needs the judge to approve the settlement.
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Post by df on Apr 14, 2024 13:44:14 GMT
From recollection the loans are protected so we should get the capital back as a minimum. Do you mean Gold Trust and Provision Trust? These have been scrapped in December 2019.
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picnicman
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Post by picnicman on Apr 15, 2024 9:11:13 GMT
From recollection the loans are protected so we should get the capital back as a minimum. Do you mean Gold Trust and Provision Trust? These have been scrapped in December 2019. @ifisacava is correct in my understanding in that whilst the Provision Trust was removed on 6/12/19 per the email from UB, all loans before then would still be covered of which those sitting with the claimant fall into as they were all in 2018. I also have an email from UB confirming that all relevant assets on the said loans were being held by UB. I might have got this all wrong, but I would be expecting all capital to be repaid as a minimum. Lets wait for the email from UB and then we investors will all know for certain one way or the other. Cheers P
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badersleg
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Post by badersleg on Apr 15, 2024 13:58:55 GMT
You should have received an email about this. It's probably a good idea to take the first paragraph seriously.
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Post by woodyalan on Apr 15, 2024 14:07:08 GMT
Basically don't say anything. As it's not 1984 I feel free to think lots of things.
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travolta
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Post by travolta on Apr 15, 2024 14:51:35 GMT
Phew!
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benaj
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Post by benaj on Apr 15, 2024 15:27:08 GMT
You should have received an email about this. It's probably a good idea to take the first paragraph seriously.
😅 Am I the only one have not received the email yet? I hope it is just a delay for mine and I am being treated fairly like other lenders.
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hantsowl
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Post by hantsowl on Apr 15, 2024 15:51:16 GMT
You should have received an email about this. It's probably a good idea to take the first paragraph seriously.
😅 Am I the only one have not received the email yet? I hope it is just a delay for mine and I am being treated fairly like other lenders. Check your junk folder. My wife and I both received the email but it went directly to the junk folder in both cases.
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