mary
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Post by mary on Jul 15, 2019 18:59:37 GMT
Anyone else notice that the former CFO, appointed July’18, is claiming £6m!
It appears that his claim is, fortunately, unsecured.
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mary
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Post by mary on Jul 15, 2019 19:02:30 GMT
All I saw was that we may get an average of 50% ish back,,am I wrong.!? Yes, if you are invested equally in all New T&Cs loans. Else it could be as bad as 7p, or as good as 100p, in the £. Not likely as good as 7p for Old T&Cs loans as likely unsecured.
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Post by billy169 on Jul 15, 2019 19:06:17 GMT
Possibly 7p in £,,,,GULP !!
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Post by mikeyb999 on Jul 15, 2019 19:15:38 GMT
Quite interesting reading such as the upfront interest held on account to be paid each month. Should have been 196K, but the account only contained 4K...........
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adrianc
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Post by adrianc on Jul 15, 2019 19:29:40 GMT
Anyone else notice that the former CFO, appointed July’18, is claiming £6m! It appears that his claim is, fortunately, unsecured. Yes, that raised my eyebrows, too. Helluva golden parachute.
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adrianc
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Post by adrianc on Jul 15, 2019 19:30:18 GMT
Possibly 7p in £,,,,GULP !! I think we can take a good guess as to which loan that is.
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sb
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Post by sb on Jul 15, 2019 19:43:47 GMT
Anyone else notice that the former CFO, appointed July’18, is claiming £6m! It appears that his claim is, fortunately, unsecured. It is a preferential liability, unfortunately.
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Post by banffy on Jul 15, 2019 20:18:08 GMT
Which loan would only fetch 7p in the pound? Hope it's not the one I'm in with a few pounds
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Post by threeds on Jul 15, 2019 20:25:25 GMT
Is it me, but when I initially invested, I was under the impression that client money’s were protected, as part of the FCA regulations. So how come we are being treated as creditors, I just fail to see how any of the peer to peer market can get away with this!
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agent69
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Post by agent69 on Jul 15, 2019 20:37:06 GMT
So the riskier development loans are projected to return an average of 57p in the pound before costs, while the less risky bridging loans will get 1p more?
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Post by billy169 on Jul 15, 2019 20:47:17 GMT
So really RSM are confirming that PG's etc are worthless, otherwise they'd be projecting better results.  |
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Post by darkgen on Jul 15, 2019 20:52:40 GMT
Hells bells, that pdf is a tough read. I hope someone will provide a layman's interpretation as to the next steps and whether we should be completing any of the forms in the appendices?
I think I'll retire for the night!
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 15, 2019 20:57:12 GMT
Is it me, but when I initially invested, I was under the impression that client money’s were protected, as part of the FCA regulations. So how come we are being treated as creditors, I just fail to see how any of the peer to peer market can get away with this! Client money is protected and is stated as such in the report (section 5.3.1). Client money is just cash on account belonging to lenders (and borrowers though that seems to have some issues) You are being treated as a creditor in relation to model 1 loans as they were direct to Lendy and as a potential creditor for any shortfalls on model 2 loans by virtue of Lendy having a contingent liability towards you under the agency agreement AIUI. You are not being treated as a creditor of Lendy for client money or model 2 loans initially.
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Post by picanto on Jul 15, 2019 20:57:46 GMT
Wouldn't it be very difficult to predict the amount of capital recovery at this stage? Anyway, I'm pleased that RSM are looking to pursue PGs and professional claims, all we do know for certain is that we'll be in for the long haul.
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adrianc
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Post by adrianc on Jul 15, 2019 21:02:43 GMT
Which loan would only fetch 7p in the pound? Head of the list of usual suspects has to be Hastings, followed rapidly by the legal twins, with some of our friend Mr D's Bury-d treasure in with a chance.
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