garfield
Member of DD Central
Posts: 490 
Likes: 268
|
Post by garfield on Jun 2, 2019 20:08:11 GMT
Yes..I have missed the point. Age (getting there). Stupidity ( been there a while) Was feet and inches or boxing gloves when i was a lad..the lunatics (accountants) have taken oven the asylum these days.!. Time for a whisky G&T for me please! Or a nice glass of wine.
Hey! We're all in this together. None of us is stupid!! Cheers!! And let's see what tomorrow brings... 
|
|
|
|
Post by brightspark on Jun 3, 2019 19:11:20 GMT
The Times reports that Administrators are to seek legal advice regarding the status of investors. I, a non-legal small investor nobody think the position is that legal advice will probably be hedged with caveats and will leave the administrators vulnerable to legal challenge from disaffected investors if the advice is that most investors are creditors. Basically the Administrators need money to oil their wheels but what ready money of Lendy there is i.e. cash on account and undistributed repayments, sits or should be sitting in a ring-fenced investor account, unless investors are deemed to be creditors whence the ring-fence account can be incorporated into the overall assets of the company for the Administrators to use as they see fit.
If the majority of investors are not deemed to be creditors, the Administrators must repay the ring fenced money to the owners of the money i.e. the relevant investors less a relatively small fee for administering the ring-fenced account.
If investors are not creditors then where is the money to come from to pay the costs of the Administration. I cannot believe that it can come from anywhere other than from the sale of a very heavily discounted loan-book. There is no money tree. Anyone have a view that they care to express or another solution?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329 
Likes: 11,549
|
Post by ilmoro on Jun 3, 2019 19:22:59 GMT
No need to rely on 2nd hand press reports. The context of the administrators consulting legal advisors is contained in the email letter sent to 'all known investors' late last week ... 3 para ... 'certain' 'may' 'also' being the key words.
|
|
|
|
Post by brightspark on Jun 4, 2019 7:52:32 GMT
Quite so. I read the Times article before the letter.
|
|
adrianc
Member of DD Central
Posts: 10,015
Likes: 5,144
|
Post by adrianc on Jun 4, 2019 8:08:26 GMT
The Times reports that Administrators are to seek legal advice regarding the status of investors. I, a non-legal small investor nobody think the position is that legal advice will probably be hedged with caveats and will leave the administrators vulnerable to legal challenge from disaffected investors if the advice is that most investors are creditors. Basically the Administrators need money to oil their wheels but what ready money of Lendy there is i.e. cash on account and undistributed repayments, sits or should be sitting in a ring-fenced investor account, unless investors are deemed to be creditors whence the ring-fence account can be incorporated into the overall assets of the company for the Administrators to use as they see fit. If the majority of investors are not deemed to be creditors, the Administrators must repay the ring fenced money to the owners of the money i.e. the relevant investors less a relatively small fee for administering the ring-fenced account. If investors are not creditors then where is the money to come from to pay the costs of the Administration. I cannot believe that it can come from anywhere other than from the sale of a very heavily discounted loan-book. There is no money tree. Anyone have a view that they care to express or another solution? No news. Old terms loans, new terms loans.
|
|
|
|
Post by rhea117 on Jun 4, 2019 8:43:24 GMT
The Times reports that Administrators are to seek legal advice regarding the status of investors. I, a non-legal small investor nobody think the position is that legal advice will probably be hedged with caveats and will leave the administrators vulnerable to legal challenge from disaffected investors if the advice is that most investors are creditors. Basically the Administrators need money to oil their wheels but what ready money of Lendy there is i.e. cash on account and undistributed repayments, sits or should be sitting in a ring-fenced investor account, unless investors are deemed to be creditors whence the ring-fence account can be incorporated into the overall assets of the company for the Administrators to use as they see fit. If the majority of investors are not deemed to be creditors, the Administrators must repay the ring fenced money to the owners of the money i.e. the relevant investors less a relatively small fee for administering the ring-fenced account. If investors are not creditors then where is the money to come from to pay the costs of the Administration. I cannot believe that it can come from anywhere other than from the sale of a very heavily discounted loan-book. There is no money tree. Anyone have a view that they care to express or another solution? Currently on the LY website: “We hold all our lenders’ money in a segregated client account with Barclays Bank plc, so that your money is kept separate from our other assets. Any amounts, which are due to you from the proceeds of a sale of property (or any other security) will be held on trust for you and paid into the segregated client account. If Lendy were to become insolvent, an insolvency practitioner would be appointed and would distribute the funds in the segregated client account back to lenders. Lenders’ money in the segregated client account would not be distributed to our other creditors” support.lendy.co.uk/hc/en-us/articles/115002020969-What-happens-to-my-lending-if-Lendy-goes-out-of-business-or-closes-Correct? Lies? Misselling? Fraud?
|
|
|
|
Post by billy169 on Jun 4, 2019 9:00:32 GMT
It was lendys "what if plan", that persuaded me to invest in the first place..
|
|
|
|
Post by rhea117 on Jun 4, 2019 9:21:44 GMT
It was lendys "what if plan", that persuaded me to invest in the first place.. Yep me too. It was a calculated risk. But with RICS valuations, provision and ringfence.......
|
|
peteuk
Member of DD Central
Posts: 120
Likes: 100
|
Post by peteuk on Jun 4, 2019 9:51:47 GMT
This is becoming a can of worms quite quickly, were there administraers the ones that were chosen by lendy in the living will they made, and if so on some sort of retainer not put in any work for the obvious questions that would have to be asked , And also the FCA for regulating a company and accepting fees for making rules that hadn't been tested. Someway down the line we will hopefully get somewhere near the truth, the last few loans that lendy made were worth investing in and i was hopeful they would dig themselves out of the mire THIS NEEDS INVESTIGATING BY A TREASURY COMMITTEE
|
|
|
|
Post by billy169 on Jun 4, 2019 9:56:09 GMT
Unfortunately "truth" often gets lost as time drifts...I fear the various systems will stuff us.
|
|
pi
Member of DD Central
Posts: 57
Likes: 28
|
Post by pi on Jun 4, 2019 10:51:29 GMT
Would administrators go after valuers, surveyors, IMS etc for their incorrect valuations, reporting etc? I don't think so. So they go unpunished?
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on Jun 4, 2019 11:55:44 GMT
Would administrators go behind valuers, surveyors, IMS etc for their incorrect valuations, reporting etc? I don't think so. So they go unpunished? I guess they could go in front of them
|
|
pi
Member of DD Central
Posts: 57
Likes: 28
|
Post by pi on Jun 4, 2019 12:35:50 GMT
Lendy website says "Apologies that the monthly platform updates have yet to be issued. These will be published by Friday 7th June 2019."
Is that an automated message? What are they going to tell us on 7th June? I thought no more monthly BS anymore?
|
|
|
|
Post by picanto on Jun 4, 2019 12:58:01 GMT
Lendy website says "Apologies that the monthly platform updates have yet to be issued. These will be published by Friday 7th June 2019." Is that an automated message? What are they going to tell us on 7th June? I thought no more monthly BS anymore? It's my understanding that Lendy's staff that were working prior to Lendy going into administration are still working for the administrators and running the website and will continue doing monthly updates.
|
|
|
|
Post by wildlife2 on Jun 4, 2019 13:20:37 GMT
|
|
