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 Jun 16, 2019 12:03:56 GMT
According to my research - zero! All FS had to do was research the director's history and listen to the alarm bells. Mr C picked up the linked ownership in late 2017! - well done that man - shame he doesn't work for FS! As I said I really don't see the problem - loans defaulted so repossess the damn assets...granted we will take a hit but IMO better cash now than wait forever. I agree with you (not always the case  ) But as loans are linked then sell the best assets first and then go for those with lesser chance of full recovery any outstanding capital from good loans can go to pay capital in those with final loss. (Then sell his wife and kids to the slave trade to make up the difference ) That assumes that there is a linkage that allows cross collateralisation. Not convinced that is the case here.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jun 16, 2019 12:05:43 GMT
I agree with you (not always the case ) But as loans are linked then sell the best assets first and then go for those with lesser chance of full recovery any outstanding capital from good loans can go to pay capital in those with final loss. (Then sell his wife and kids to the slave trade to make up the difference ) That assumes that there is a linkage that allows cross collateralisation. Not convinced that is the case here. I thought most had a PG from the director. ?
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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 Jun 16, 2019 12:46:22 GMT
That assumes that there is a linkage that allows cross collateralisation. Not convinced that is the case here. I thought most had a PG from the director. ? Yes, but the directors aren't all the same and the borrowing entities aren't the same. I suspect it's a moot point as if there is a surplus on a realisation for FS lenders, it will be absorbed by other creditors before any is returned to PG provider.
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iRobot
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Post by iRobot on Jun 16, 2019 16:07:45 GMT
According to my research - zero! Exactly. So what did the recent court action achieve?
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adrian77
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Post by adrian77 on Jun 16, 2019 18:49:39 GMT
Nothing - not that it should have been done months ago as a safety device - I think this confidential email about legal action taken etc is completely meaningless and was a cheap PR stunt to try and hide the fact that in effect nothing has been done about these loans of which e.g. the LST loan is over a year late
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adrian77
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Post by adrian77 on Jun 16, 2019 18:51:20 GMT
Jo Brand type comment
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iRobot
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Post by iRobot on Jun 16, 2019 21:33:19 GMT
Nothing - not that it should have been done months ago as a safety device - I think this confidential email about legal action taken etc is completely meaningless and was a cheap PR stunt to try and hide the fact that in effect nothing has been done about these loans of which e.g. the LST loan is over a year late OK, time will tell, but I think you're as wide of the mark on this one, as your opinion of the ' UK cricket team' is (or, hopefully, that's now 'was').
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Post by mrclondon on Jun 19, 2019 22:17:59 GMT
Does it matter if they are linked, as long as the valuations were correct and security was perfected in each case? AIUI, the companies involved in these loans all had the same registered office. How could FS not realise that there might be some link? [...] Total borrowings: Parcel in EL: £120k GH: £200k Land in LSA: £3.05m PM: £1.331m Rish: £610k Total: £5.311m Please correct me if I have my figures wrong.
I'm not in any of these, and as far as i can remember I have never been in any of them, so have not received the 'confidential email'. I've also been too busy to take much notice of p2p matters in the last month or so, and I'm commenting now without having the time for further research.
Earlier in this thread I was credited with having spotted the linkages some time ago. That was, I'm afraid, being overly generous, as whilst it was obvious (to me) Land in LSA/PM are common, and GH/Rish (albeit with mispelt surname in one case) I hadn't found any explicit linkage between the three sets of loans. However, I have expresssed concerns on a number of occaisons that I felt a number of p2p borrowers (esp. those in the wide acquaintance circle of GT/SD including those linked to certain addresses in Liverpool) were likely to be 'frontmen' providing a publicly acceptable face for others who were/are the masterminds. It is all too easy with SPV's to shuffle ownership of assets between people. I remain fearful of how the unwinding of the loans across COL/L/FS to entities connected to these North West based borrowers will pan out.
More immediately, I fear that there may be at least 2 more loans on FS linked to this current debacle - there is some evidence that the borrower of Parcel in EL has connections to the borrower of Flat in Clith/Flat in LSA. (tagging fundingsecure for info; borrower of Parcel in EL has another company M******* C************** Ltd which has connections to the Flat in LSA address.)
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Post by martin44 on Jun 19, 2019 23:38:36 GMT
Does it matter if they are linked, as long as the valuations were correct and security was perfected in each case? AIUI, the companies involved in these loans all had the same registered office. How could FS not realise that there might be some link? [...] Total borrowings: Parcel in EL: £120k GH: £200k Land in LSA: £3.05m PM: £1.331m Rish: £610k Total: £5.311m Please correct me if I have my figures wrong.
I'm not in any of these, and as far as i can remember I have never been in any of them, so have not received the 'confidential email'. I've also been too busy to take much notice of p2p matters in the last month or so, and I'm commenting now without having the time for further research.
Earlier in this thread I was credited with having spotted the linkages some time ago. That was, I'm afraid, being overly generous, as whilst it was obvious (to me) Land in LSA/PM are common, and GH/Rish (albeit with mispelt surname in one case) I hadn't found any explicit linkage between the three sets of loans. However, I have expresssed concerns on a number of occaisons that I felt a number of p2p borrowers (esp. those in the wide acquaintance circle of GT/SD including those linked to certain addresses in Liverpool) were likely to be 'frontmen' providing a publicly acceptable face for others who were/are the masterminds. It is all too easy with SPV's to shuffle ownership of assets between people. I remain fearful of how the unwinding of the loans across COL/L/FS to entities connected to these North West based borrowers will pan out.
More immediately, I fear that there may be at least 2 more loans on FS linked to this current debacle - there is some evidence that the borrower of Parcel in EL has connections to the borrower of Flat in Clith/Flat in LSA. (tagging fundingsecure for info; borrower of Parcel in EL has another company M******* C************** Ltd which has connections to the Flat in LSA address.) While i find your insight and info admirable, i think your expectation of tagging fundingsecure and receiving any response is at the least...... futile. 
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trium
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Post by trium on Jun 20, 2019 0:41:27 GMT
While i find your insight and info admirable, i think your expectation of tagging fundingsecure and receiving any response is at the least...... futile. They take notice of this particular poster. In any case, he tagged them for info - no response required.
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Post by martin44 on Jun 20, 2019 0:54:04 GMT
While i find your insight and info admirable, i think your expectation of tagging fundingsecure and receiving any response is at the least...... futile. They take notice of this particular poster. In any case, he tagged them for info - no response required. No response means no info.... therefor.. with respect.. response is required. EDIT ... Tagging fundingsecure as the questioner did... requires a response..
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moist
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Post by moist on Jun 20, 2019 3:58:03 GMT
Anyone had this 'special' email? I'm in one of these, but had nothing
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KoR_Wraith
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Post by KoR_Wraith on Jun 20, 2019 7:49:44 GMT
Anyone had this 'special' email? I'm in one of these, but had nothing Negatory
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trium
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Post by trium on Jun 20, 2019 12:05:35 GMT
They take notice of this particular poster. In any case, he tagged them for info - no response required. No response means no info.... therefor.. with respect.. response is required. EDIT ... Tagging fundingsecure as the questioner did... requires a response.. I believe the poster meant he was tagging FS to provide them with info he has uncovered (regarding the other company belonging to the borrower of Parcel in EL), not that he was seeking info from them. I may have misunderstood him of course. I received mine last Friday 14th (relating to the Land in LSA loan). Suggest you check your junk folder - if no joy contact enquiries@fundingsecure.com
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jun 21, 2019 13:00:11 GMT
They don't usually respond here but they read it and sometimes respond via their own updates.
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) But as loans are linked then sell the best assets first and then go for those with lesser chance of full recovery any outstanding capital from good loans can go to pay capital in those with final loss. (Then sell his wife and kids to the slave trade to make up the difference 
