merlin99
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Post by merlin99 on Aug 13, 2021 9:38:43 GMT
So how long before we start getting our money? So how long can you hold your breath? Seriously my guess is it wont be soon. Liquidators are never quick in coughing up what is due to creditors unless they are pushed. However they do pay out in the end -usually!
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 13, 2021 9:56:27 GMT
Yes, a magnification achievement. However, it really shouldn't have been incumbent on us lenders to fund a court case to achieve justice. By a "magnification" achievement, I hope you mean that a small amount of returns thus far will become BIGGER!!  Any idea as to the power of your eyepiece? 
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Post by Ace on Aug 13, 2021 10:23:57 GMT
Yes, a magnification achievement. However, it really shouldn't have been incumbent on us lenders to fund a court case to achieve justice. By a "magnification" achievement, I hope you mean that a small amount of returns thus far will become BIGGER!! Any idea as to the power of your eyepiece? Oops, I really shouldn't post when I don't have access to my glasses. Yes, I'm hoping my single digit pence returns will become double digit pence. I have no chance of recovering even the funds I contributed to the LAG, but I'd gladly contribute more if there was a chance that the perpetrators of this debacle would be properly punished. Money well spent in my book to deter others from doing the same. Its also a shocking indictment of the FCA that they didn't veto the unfair contract terms IMO.
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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 Aug 13, 2021 10:27:13 GMT
Yes, a magnification achievement. However, it really shouldn't have been incumbent on us lenders to fund a court case to achieve justice. By a "magnification" achievement, I hope you mean that a small amount of returns thus far will become BIGGER!! Any idea as to the power of your eyepiece? Will depend on which loans you are in and the exact details but so far £19m has been returned to lenders and there is £9.2 in 'Lendy' entitlement so could be about another 50%. Edit: oops maths wrong, actually better
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 13, 2021 10:28:25 GMT
By a "magnification" achievement, I hope you mean that a small amount of returns thus far will become BIGGER!! Any idea as to the power of your eyepiece? Oops, I really shouldn't post when I don't have access to my glasses. Yes, I'm hoping my single digit pence returns will become double digit pence. I have no chance of recovering even the funds I contributed to the LAG, but I'd gladly contribute more if there was a chance that the perpetrators of this debacle would be properly punished. Money will spent in my book to deter others from doing the same. Its also a shocking indictment of the FCA that they didn't veto the unfair contract terms IMO. Well, if you use your glasses, it really will be a magnification achievement 
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qlassa
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Post by qlassa on Aug 13, 2021 20:19:27 GMT
So how long before we start getting our money? No one knows but let's hope soon
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Post by Deleted on Aug 13, 2021 21:48:22 GMT
It is good news, but this could be an unpleasant fly in the ointment:
There remain the three deferred Issues, namely
(c) what amounts should the Administrators should be allowed to deduct money from M2 loan recoveries to cover the costs incurred in administering, recovering and distributing the loans, and if so on what basis.
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Post by billy169 on Aug 13, 2021 22:08:45 GMT
Yes..those 3 points are pretty dam big points, I hope we're not celebrating too soon.
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Post by nooneere on Aug 30, 2021 17:34:44 GMT
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izigor
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Post by izigor on Sept 1, 2021 17:27:52 GMT
I'm both an M1 investor and an M2 investor.
Can I please ask, what's the change or expection for an M1 investor following the recent legal results? I'm not sure I understand what's really happened. Many thanks.
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Post by GSV3MIaC on Sept 1, 2021 20:34:49 GMT
AIUI, M2 investors should get more, less funds going to lendy. Therefore M1 investors, and other ly creditors, get less, depending on what the administrators can extract from ly debtors and mgmt / owners.
That's as simple as anyone can make it, hence inaccurate in some details.
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Brainer
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Post by Brainer on Sept 7, 2021 13:23:26 GMT
I'm both an M1 investor and an M2 investor. Can I please ask, what's the change or expection for an M1 investor following the recent legal results? I'm not sure I understand what's really happened. Many thanks. Reads like a pretty terrible outcome for M1 investors to me.
In the Administrators' third progress report they said "Investors under Model 1 are creditors of the Company for the value of their investment." The recent legal ruling seems to have demoted this to "Model 1 Investors’ contractual claims are to be valued in an amount equal to the gross proceeds received by Lendy on the relevant Model 1 Loan."
Given the recoveries on M1 loans have generally been poor, M1 contractual claims are now a fraction of what they were. And as GSV3MIaC points out, the pot for creditors is also now significantly smaller.
Unless the Administrators land the Marshall Island mystery prize of ~£7m, I wouldn't be expecting much back from any M1 loan.
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iano
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Post by iano on Sept 7, 2021 18:01:01 GMT
Apologies if this has already been listed but do we know which loans are M1?
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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 Sept 7, 2021 18:55:54 GMT
Apologies if this has already been listed but do we know which loans are M1? DFL001 & 2 PBL027, 31, 56
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iano
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Post by iano on Sept 7, 2021 19:54:38 GMT
Thanks ilmoro
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