star dust
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Post by star dust on Jul 17, 2019 17:10:55 GMT
Perhaps I should start by saying I didn’t see the need for one at this stage and I regard the mechanism of holding a physical meeting as exclusive and unnecessarily expensive, not only for RSM (thus ultimately all investors), but for anyone wishing to attend. However, whilst there is yet to be a vote on whether there will be one, I think it is rather likely there will as the LAG has assisted in getting the RSM creditors meeting on the 31 st July called and my understanding is that at least two (very prominent) LAG members will be nominating themselves for a Creditors Committee. Nonetheless, there can be up to 5 members of the committee. I’ve no idea apart from the two LAG people who is planning to stand, but as was said in connection with the Collateral CC, and on the grounds that the BH and VBH’s will be capable of looking out for themselves; We need a few more. I’d like an ordinary small investor if possible for balance. I don’t know if there is any information out there about any potential voting mechanism should more than 5 members be nominated, will it be one person one vote at the meeting, or weighted by investment, at the meeting or afterwards? But if any investor here from the small retail background were prepared to be nominated, they’d certainly get my backing. |
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Post by Badly Drawn Stickman on Jul 17, 2019 20:42:20 GMT
Perhaps I should start by saying I didn’t see the need for one at this stage and I regard the mechanism of holding a physical meeting as exclusive and unnecessarily expensive, not only for RSM (thus ultimately all investors), but for anyone wishing to attend. However, whilst there is yet to be a vote on whether there will be one, I think it is rather likely there will as the LAG has assisted in getting the RSM creditors meeting on the 31 st July called and my understanding is that at least two (very prominent) LAG members will be nominating themselves for a Creditors Committee. Nonetheless, there can be up to 5 members of the committee. I’ve no idea apart from the two LAG people who is planning to stand, but as was said in connection with the Collateral CC, and on the grounds that the BH and VBH’s will be capable of looking out for themselves; We need a few more. I’d like an ordinary small investor if possible for balance. I don’t know if there is any information out there about any potential voting mechanism should more than 5 members be nominated, will it be one person one vote at the meeting, or weighted by investment, at the meeting or afterwards? But if any investor here from the small retail background were prepared to be nominated, they’d certainly get my backing. Just thinking out loud.... Arguably joining the creditors committee with the associated NDA would render the leading lights of LAG rather useless as leading lights of LAG? The situation here is distinct from Collateral in many ways (not least that currently information is being given). I suspect many of us have come to the conclusion that creditors committees have a fairly negligible impact offer little benefit to those not on them and possibly even less to those who are. However I would be happy to support anybody interested, if only to have a wider range of views than might currently be being envisaged.
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Monetus
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Post by Monetus on Jul 17, 2019 20:50:14 GMT
Your understanding is incorrect star dustI personally haven’t made my mind up yet as to whether I’ll be running. |
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star dust
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Post by star dust on Jul 17, 2019 20:58:50 GMT
Just thinking out loud.... Arguably joining the creditors committee with the associated NDA would render the leading lights of LAG rather useless as leading lights of LAG? The situation here is distinct from Collateral in many ways (not least that currently information is being given). I suspect many of us have come to the conclusion that creditors committees have a fairly negligible impact offer little benefit to those not on them and possibly even less to those who are. However I would be happy to support anybody interested, if only to have a wider range of views than might currently be being envisaged. Agreed which I found rather puzzling, but maybe the rumour mill is wrong or there won't be any NDA's? Also agreed that I'd really rather there wasn't one at all, I view it as an unnecessary expense in this case (at least at this juncture) but as you say if there is going to be - which it looks like there will, then a broader representation would be desirable in my view although of course the CC members are supposed to act in the interests of all investors.
In Edit: Just seen your post Monetus and accepted, nonetheless, my main points still stand.
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star dust
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Post by star dust on Jul 17, 2019 21:06:42 GMT
Yes, I was worried that if costs per investor were fixed then the little guys might get nothing. Of course, I now know that as far as collateral is concerned, no-one is getting anything back! But I still think a CC should be balanced if at all possible. Well I can see recoveries so far are only keeping up with BDO costs, and it doesn't look optimistic. But nothing back, what makes you state that?
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bugs4me
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Post by bugs4me on Jul 17, 2019 21:43:51 GMT
Yes, I was worried that if costs per investor were fixed then the little guys might get nothing. Of course, I now know that as far as collateral is concerned, no-one is getting anything back! But I still think a CC should be balanced if at all possible. '....Well I can see recoveries so far are only keeping up with BDO costs, and it doesn't look optimistic....' How very convenient but it seems to follow the usual pattern of Administrators. Of course they have to cover their costs but it seems that once the inflow of funds dries up or drops to a trickle then suddenly their work is wound up with a final report.
I think many investors/lenders have mentally reluctantly accepted a total loss on this or at the very best a few pennies in the pound returned. A poor reflection on P2P in general and of course the FCA not that they are bothered and it will have no effect on them apart from more liberal platitudes.
Of course there's a bigger fish being fried at the moment called LY.
So the challenge is how to spot the genuine folks running a P2P platform rather than those only interested in their own wallets.
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travolta
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Post by travolta on Jul 17, 2019 22:44:16 GMT
Wonder why we are stuck with Administrators when a pickaxe handle and a pitbull would be more effective.
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registerme
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Post by registerme on Jul 17, 2019 22:58:37 GMT
Wonder why we are stuck with Administrators when a pickaxe handle and a pitbull would be more effective. Because believing in, and adhering to, the law is the right thing to do?
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travolta
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Post by travolta on Jul 17, 2019 23:02:00 GMT
Wonder why we are stuck with Administrators when a pickaxe handle and a pitbull would be more effective. Because believing in, and adhering to, the law is the right thing to do? It appears that The Law has had very little to do with the operations that we have been involved in .
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star dust
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Post by star dust on Jul 31, 2019 22:20:20 GMT
Perhaps I should start by saying I didn’t see the need for one at this stage and I regard the mechanism of holding a physical meeting as exclusive and unnecessarily expensive, not only for RSM (thus ultimately all investors), but for anyone wishing to attend. However, whilst there is yet to be a vote on whether there will be one, I think it is rather likely there will as the LAG has assisted in getting the RSM creditors meeting on the 31 st July called and my understanding is that at least two (very prominent) LAG members will be nominating themselves for a Creditors Committee. Nonetheless, there can be up to 5 members of the committee. I’ve no idea apart from the two LAG people who is planning to stand, but as was said in connection with the Collateral CC, and on the grounds that the BH and VBH’s will be capable of looking out for themselves; I don’t know if there is any information out there about any potential voting mechanism should more than 5 members be nominated, will it be one person one vote at the meeting, or weighted by investment, at the meeting or afterwards? But if any investor here from the small retail background were prepared to be nominated, they’d certainly get my backing. Just thinking out loud.... Arguably joining the creditors committee with the associated NDA would render the leading lights of LAG rather useless as leading lights of LAG?
The situation here is distinct from Collateral in many ways (not least that currently information is being given). I suspect many of us have come to the conclusion that creditors committees have a fairly negligible impact offer little benefit to those not on them and possibly even less to those who are. However I would be happy to support anybody interested, if only to have a wider range of views than might currently be being envisaged. Your understanding is incorrect star dust I personally haven’t made my mind up yet as to whether I’ll be running. So, unless I've got it wrong again, it seems it has come to pass - perhaps there won't be any NDA's? Anyone know who the other members are - presumably RSM will be informing us at some point - I only hope some of them will be representing the interests of the small scale retail investors.
Is there anyone here who attended the meeting and can give more feedback? I couldn't go in person, but was intending to do so remotely until RSM gave up the ghost.
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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 31, 2019 22:29:46 GMT
Just thinking out loud.... Arguably joining the creditors committee with the associated NDA would render the leading lights of LAG rather useless as leading lights of LAG?
The situation here is distinct from Collateral in many ways (not least that currently information is being given). I suspect many of us have come to the conclusion that creditors committees have a fairly negligible impact offer little benefit to those not on them and possibly even less to those who are. However I would be happy to support anybody interested, if only to have a wider range of views than might currently be being envisaged. Your understanding is incorrect star dust I personally haven’t made my mind up yet as to whether I’ll be running. So, unless I've got it wrong again, it seems it has come to pass - perhaps there won't be any NDA's? Anyone know who the other members are - presumably RSM will be informing us at some point - I only hope some of them will be representing the interests of the small scale retail investors.
Is there anyone here who attended the meeting and can give more feedback? I couldn't go in person, but was intending to do so remotely until RSM gave up the ghost.
Several LAG members there so feedback will no doubt appear on the site & FB (preliminary comments posted this afternoon) Hopefully some minutes will appear on the RSM portal as has happened with other recent RSM CC meetings.
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star dust
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Post by star dust on Jul 31, 2019 22:41:31 GMT
So, unless I've got it wrong again, it seems it has come to pass - perhaps there won't be any NDA's? Anyone know who the other members are - presumably RSM will be informing us at some point - I only hope some of them will be representing the interests of the small scale retail investors. Is there anyone here who attended the meeting and can give more feedback? I couldn't go in person, but was intending to do so remotely until RSM gave up the ghost.
Several LAG members there so feedback will no doubt appear on the site & FB (preliminary comments posted this afternoon) Hopefully some minutes will appear on the RSM portal as has happened with other recent RSM CC meetings. I wasn't aware there had been any yet? Hopefully feed-back might appear here too, or was the meeting confidential? I thought CC members were supposed to represent ALL creditors interests, not just certain groups, although appreciate that NDA's might make it difficult in practise for them to say very much.
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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 31, 2019 22:55:56 GMT
"small scale retail investors".......... can you quantify/offer a range of figures for that star dust? I got out of Lendy completely unscathed (not so COLL!) but am following this saga with interest and would be very interested in what you would designate as small scale retail investors/what invested amounts constitute this group? tbh I'd have thought people with, say, £100 or less should perhaps just kiss it goodbye and think themselves V lucky it wasn't considerably more?
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Post by loftankerman on Jul 31, 2019 23:25:20 GMT
Wonder why we are stuck with Administrators when a pickaxe handle and a pitbull would be more effective. Because believing in, and adhering to, the law is the right thing to do? Considering another topical matter, evidence suggests that my member of parliament would disagree with you.
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ilmoro
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Post by ilmoro on Jul 31, 2019 23:36:22 GMT
Several LAG members there so feedback will no doubt appear on the site & FB (preliminary comments posted this afternoon) Hopefully some minutes will appear on the RSM portal as has happened with other recent RSM CC meetings. I wasn't aware there had been any yet? Hopefully feed-back might appear here too, or was the meeting confidential? I thought CC members were supposed to represent ALL creditors interests, not just certain groups, although appreciate that NDA's might make it difficult in practise for them to say very much. Sorry should have said Creditors meetings, not CC.
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We need a few more. I’d like an ordinary small investor if possible for balance.
