ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330 
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Post by ilmoro on Sept 7, 2021 21:25:44 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.
For the record the recovery % for the M1 loans on the basis of gross proceeds distributed to Lendy are PBL027 - 0% PBL031 - ? PBL056 - 98% DFL001 - 22% DFL002 - 75%
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Sept 8, 2021 15:48:03 GMT
Ah well. No more crumbs off the table until they've devised another devilishly clever way of stealing the rest of our money  |
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Post by rooster on Sept 8, 2021 17:38:59 GMT
Ah well. No more crumbs off the table until they've devised another devilishly clever way of stealing the rest of our money The joke of it is, the administrator's only shared their intent to run their intended fees past the FCA clowns so that their viewpoint can be obtained!! ...Perhaps I'm reading it the wrong way actually. Maybe obtaining the FCA's viewpoint is necessary so that the administrators can pursue the polar opposite of it - Now that, I would support!
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sam i am
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Post by sam i am on Nov 22, 2021 16:04:24 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.
Is anyone able to give any update on this? Sorry if I've missed it elsewhere.
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Nov 22, 2021 19:36:39 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.
Is anyone able to give any update on this? Sorry if I've missed it elsewhere. Discussions between LAG & RSM to reach an agreement on going
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sam i am
Member of DD Central
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Post by sam i am on Nov 23, 2021 11:40:28 GMT
Is anyone able to give any update on this? Sorry if I've missed it elsewhere. Discussions between LAG & RSM to reach an agreement on going Thanks ilmoro. At least they are still talking rather than having to go back to court for directions (well, not yet). Do the discussions have a target date? Are they making progress? Maybe a bit too much to ask 
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jester
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Post by jester on Dec 10, 2021 5:04:56 GMT
Having just gone on to Lendys website to confirm my state of play for tax return purposes I see that I only have access to updates and not my specific account.
I assume the only available information about our individual holdings is our own personal records at this point?
Also are people waiting for properties to be sold before reclaiming losses or are you claiming everything now and then paying tax on any (minimal) recoveries?
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Dec 10, 2021 7:56:31 GMT
Having just gone on to Lendys website to confirm my state of play for tax return purposes I see that I only have access to updates and not my specific account. I assume the only available information about our individual holdings is our own personal records at this point? Also are people waiting for properties to be sold before reclaiming losses or are you claiming everything now and then paying tax on any (minimal) recoveries? Access seems to be as normal for me. Seems pointless not to claim eligible losses (not all loans are eligible under the rules) if you have the P2P income to offset. Lot of people seem to be amending previous years to claim losses when they first became eligible as likely to have more p2p income to offset previously given the current depressed state of the P2P market so max benefit.
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