There's perhaps an indication of where we are now from two statements made by BondMason. The first made at the time they went into wind-down, the latter made just last week:
"We had 2-2.5% in COL (depending on whether you take it as a fraction of the current loan book, or the time it went into administration)."
"Estimated write-down for Collateral positions of 1.5%."
So by my maths, and depending on which of the two initial percentages to take, BM are currently estimating a capital loss of either 60% or 75% on their Collateral loans.
They are only in property loans, and if they did their job properly are only in the safest of the property loans. They also have a staff member on the Collateral CC, so have a much better idea of the state of the administration than most.
I believe we are due a report in October. Then more of the same 😁
Next report is officially due next year as company is now in liquidation and statutory reporting requirements are annual not 6 monthly. BDO may decide to report more regularly & CC may be able to provide some info outside of NDA.
Minor shareholder in AC, Brickowner, Welendus, W.alpha, Propifi, Orca, Ccube, Ass.XChange ABL
PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so nothing posted should be consider financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
This COLL debacle is being milked relentlessly, and Bailey & his FCA have a LOT to answer for, they were instrumental in CAUSING it.
There were undoubtedly better, more business like ways of handling COLL's situation which would have considerably protected Lender's interests, as per the FCA's supposed "remit", instead they were drunk on their power and just smashed COLL up to prove some kind of point, without any consideration whatsoever of the repercussions on Lenders.
Compensation MUST be paid, Lenders did NOTHING wrong, we only did what the FCA recommends - "Check the Register."!!!
I mean, For Fornications Sake, how on earth can the FCA deny culpability and wash their hands of this "creation" of theirs?
The FCA seem too busy advertising PPI claims are coming to an end. They had a chance to take control and run this down properly. They had a chance, if they were so certain to destroy Col, to take the Directors down and chuck em in the clink. They had a chance to go after the supposed solicitors that I recall told the Col Directors (in an update Col posted) that they didn't need permission to operate or something along those lines (Smoke & mirrors? Who knows...). I look forward to the day they all answer for their incompetence and supposed crimes. We all know, alas, that will never happen. Rob a person on the street of a fiver, to the court you go. Rob many people of millions, that's ok, have a nice retirement. Excuse my ramblings, not enough sleep last night...