locutus
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Post by locutus on Jul 16, 2019 9:10:11 GMT
Will they be paying the interest owed on the loans they stopped paying on even though there was still interest on account such as PBL199 Doubtful.
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tony9239
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Post by tony9239 on Jul 16, 2019 9:47:51 GMT
Just looking at the Proxy documents for the creditors meeting on July 31. Is anyone planning to attend who is happy to be my Proxy?
Not sure I want to appoint the Chair of the Meeting as likely to be an RSM person, so not impartial about fees etc.
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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 16, 2019 10:10:12 GMT
Just looking at the Proxy documents for the creditors meeting on July 31. Is anyone planning to attend who is happy to be my Proxy? Not sure I want to appoint the Chair of the Meeting as likely to be an RSM person, so not impartial about fees etc. I would assume someone from LAG will be attending given they precipitated it @monetus
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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 16, 2019 10:16:37 GMT
Will they be paying the interest owed on the loans they stopped paying on even though there was still interest on account such as PBL199 FYI There was no interest on account for PBL199/PBL201, only 6 months were retained. (Undoubtably, subject of a mis-selling claim)
Loans with interest on account outstanding were DFL034/37, DFL032 DFL029, PBL197/6
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ilmoro
Member of DD Central
'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 16, 2019 10:21:20 GMT
Anyone got any idea why the entire group wasn't put into administration (e.g. making it easier to trace and/or claw back any funds that may have previously been siphoned off via the parent company), and what might be required if it were desirable to make that happen?
No grounds. Dont fall under FCA regulation so no power to take action which is what led to Lendy going into administration. Presumably administrators would have to persue claims against the group companies and seek to have them wound up as a consequence, triggering them entering administration to avoid.
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Post by popeye on Jul 16, 2019 10:23:22 GMT
Hello
Is there a list of Model 1 type loans?
Thanks in advance
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garfield
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Post by garfield on Jul 16, 2019 10:36:00 GMT
Hello Is there a list of Model 1 type loans? Thanks in advance Hi, DFL001/2, PBL027 and PBL056 are the only ones outstanding.
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garfield
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Post by garfield on Jul 16, 2019 10:39:20 GMT
Do you think the mechanic at your local franchised premium-brand car dealership gets paid the £100+/hr that's being charged for labour...? The mechanic would if he were also an owner of the business, as a partner is! Do feel free to add in overheads such as support staff (secretaries, cleaners...), building costs (mortgage/rent, lighting...), equipment (computers, office furniture...) etc. etc.
Have you ever run a business?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 16, 2019 11:01:22 GMT
What stood out to me from the downloadable document on rsm's website:
9.2 Since appointment, the Joint Administrators have incurred time costs of £493,775.
Appendix E: Partner Rate per hour: £625
Incredible. Partners can basically retire as multi millionaires after a single case like Lendy while others suffer high losses.
Do you think the mechanic at your local franchised premium-brand car dealership gets paid the £100+/hr that's being charged for labour...? That's not the point though, is it.
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averageguy
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Post by averageguy on Jul 16, 2019 11:31:53 GMT
In point 5.3.1 where it talks about how credit balances ....as regards to the H********** proceeds it refers to “waterfall” costs ...excise my ignorance but what does this mean exactly
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Post by jay2 on Jul 16, 2019 11:44:39 GMT
Just looking at the Proxy documents for the creditors meeting on July 31. Is anyone planning to attend who is happy to be my Proxy? Not sure I want to appoint the Chair of the Meeting as likely to be an RSM person, so not impartial about fees etc. I would assume someone from LAG will be attending given they precipitated it @monetus Any idea why they forced a meeting? As someone with zero experience of this type of thing it seems like a large expense that will simply be deducted from our recoveries...
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KoR_Wraith
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Post by KoR_Wraith on Jul 16, 2019 11:54:34 GMT
In point 5.3.1 where it talks about how credit balances ....as regards to the H********** proceeds it refers to “waterfall” costs ...excise my ignorance but what does this mean exactly First pay administrators, whatever's left flows down the waterfall to pay Lendy's costs, whatever's left flows down the waterfall to repay investor capital, so on and so forth. The issue with the model seems to be that, without a service agreement, Lendy could claim costs to be any amount, leaving less for those further down the waterfall. At least that's my understanding.
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bramhall17
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Post by bramhall17 on Jul 16, 2019 11:55:06 GMT
'Waterfall' -- usually means the priority & sequence that claimants get paid.
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Greenwood2
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Post by Greenwood2 on Jul 16, 2019 12:30:01 GMT
I would assume someone from LAG will be attending given they precipitated it @monetus Any idea why they forced a meeting? As someone with zero experience of this type of thing it seems like a large expense that will simply be deducted from our recoveries... I don't suppose RSM will reveal any more in a meeting than they have on paper. I think LAG want the meeting to vote for a creditors committee, but that doesn't seem to have altered the course of events, or the administrators fees on Collateral. And that committee was arranged easily enough through email voting, which was probably more democratic as I doubt a lot of lenders will be able to attend in person to put themselves forward, or to vote.
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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 16, 2019 12:39:05 GMT
I would assume someone from LAG will be attending given they precipitated it @monetus Any idea why they forced a meeting? As someone with zero experience of this type of thing it seems like a large expense that will simply be deducted from our recoveries...
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