Post by adrian77 on Jul 28, 2019 16:15:56 GMT
I am currently wading through this in order to have a single sheet of relevant data.
To date my list is far worse than I expected and in particular the following 3 loans really worry me so before I post my next update can anybody please comment in case my assumptions are wrong
9) Park home still now idea how many of these damn things there are. FS incorrectly posted 4 before deleting their post. I don't want to worry any investors in these sheds but I think FS need to urgently address my concerns as below – I stress this is only how the situation looks to me.
in summary I make this a £377,106.90 loss out of £402K lent = 94% loss with only £24,893.10 recovered (and only offset against the 5 uncompleted loans).
my logic :
As I see it there were only 2 homes and these have been sold so we have
Total lent £402K = what for 2 sheds on wheels!
2 park homes 6 x £33K loans = £231K lent as first/second/third charges.
FS have not offest any monies realised against these loans so either I have missed a couple of Park Homes or all 6 x £33K loans are a 100% loss.
5 park homes loans = 3 x £57K = £171K lent with recovery of £24,893.10 viz £14.6 recovery/85.4% loss!
But this 85.4% loss does not seem to cater for the 2 completed homes.
Please tell me I am wrong
_____________________________________________________
In a similar vein with have
34) Hells Bells :
In summary I make this loss on phase 1 and 2 = 72%
and loss on supp 1 and 2 = 100%
My logic is :
Basically as FS have said we have
lent = £1980K
realised = £1181.269K
loss = £798,731K
=======
£1980.000K
Hence OVERALL realised according to FS = 1181.269/1980 = 60% which is correct
personally I don't buy this as I think FS are incorporating the supplementary loans :
lent phase 1 and 2 = £575 + £1040 = £1615K
lent phase 1 and 2 supplementary = £115 + £250 = £365K
=======
total lent = £1980K
overall realised = 1181.269/1980 = 60% as above but I make it
Phase 1 and 2 :
lent = £575K + £1040K = £1615K
realised = £1181.269K
recovery = £1181.269/£1615 = 72%
loss on phase 1 and 2 = £433.731K
loss on supp 1 and 2 = £365.000K
======
£798.731K
Thus loss on phase 1 and 2 = 72%
and loss on supp 1 and 2 = 100%
i.e. total recovery from FS does not account for the supplementary losses? I could say buries the 100 lossed but would not dare to be so indelicate
Which sounds better – 60% loss on 4 loans or 73% loss on 2 loans plus 100% loss on 2 loans
- answers on a digital postcard
___________________________________________________________
This one alone would make a total of 5 x 100% loss making loans with Wimbledon (tbc), Knaresborough, South Wales Hotel)
Again I welcome a second opinion
finally whilst I am here
___________________________________________
17) Art loans
in summary - we are stuffed
yet again no update with ever ongoing court case – as I see it this ****** chap is still claiming to be ill in Spain whilst having gone bust and playing for time. I just can't see where any money is going to come from unless Daddy coughs up but if going to do so I would have thought he would have done so by now. And what happens ref the international extradition agreement between the UK and Spain if we leave the EU in October? Doubtless he will play on this and question the legality of any extradition. This would still leave the problem of actually finding him and yonking him back to the UK where the FBI want him so where does that leave us - stuffed?
___________________________________________________________
So for 3 borrowers alone I think we could be looking at a loss of
£377K (park homeS) + £434K (Hell's Bells) + £2.3m art
which at a stroke is over £3m - brilliant but I await FS to prove me wrong...
I thank you.
To date my list is far worse than I expected and in particular the following 3 loans really worry me so before I post my next update can anybody please comment in case my assumptions are wrong
9) Park home still now idea how many of these damn things there are. FS incorrectly posted 4 before deleting their post. I don't want to worry any investors in these sheds but I think FS need to urgently address my concerns as below – I stress this is only how the situation looks to me.
in summary I make this a £377,106.90 loss out of £402K lent = 94% loss with only £24,893.10 recovered (and only offset against the 5 uncompleted loans).
my logic :
As I see it there were only 2 homes and these have been sold so we have
Total lent £402K = what for 2 sheds on wheels!
2 park homes 6 x £33K loans = £231K lent as first/second/third charges.
FS have not offest any monies realised against these loans so either I have missed a couple of Park Homes or all 6 x £33K loans are a 100% loss.
5 park homes loans = 3 x £57K = £171K lent with recovery of £24,893.10 viz £14.6 recovery/85.4% loss!
But this 85.4% loss does not seem to cater for the 2 completed homes.
Please tell me I am wrong
_____________________________________________________
In a similar vein with have
34) Hells Bells :
In summary I make this loss on phase 1 and 2 = 72%
and loss on supp 1 and 2 = 100%
My logic is :
Basically as FS have said we have
lent = £1980K
realised = £1181.269K
loss = £798,731K
=======
£1980.000K
Hence OVERALL realised according to FS = 1181.269/1980 = 60% which is correct
personally I don't buy this as I think FS are incorporating the supplementary loans :
lent phase 1 and 2 = £575 + £1040 = £1615K
lent phase 1 and 2 supplementary = £115 + £250 = £365K
=======
total lent = £1980K
overall realised = 1181.269/1980 = 60% as above but I make it
Phase 1 and 2 :
lent = £575K + £1040K = £1615K
realised = £1181.269K
recovery = £1181.269/£1615 = 72%
loss on phase 1 and 2 = £433.731K
loss on supp 1 and 2 = £365.000K
======
£798.731K
Thus loss on phase 1 and 2 = 72%
and loss on supp 1 and 2 = 100%
i.e. total recovery from FS does not account for the supplementary losses? I could say buries the 100 lossed but would not dare to be so indelicate
Which sounds better – 60% loss on 4 loans or 73% loss on 2 loans plus 100% loss on 2 loans
- answers on a digital postcard
___________________________________________________________
This one alone would make a total of 5 x 100% loss making loans with Wimbledon (tbc), Knaresborough, South Wales Hotel)
Again I welcome a second opinion
finally whilst I am here
___________________________________________
17) Art loans
in summary - we are stuffed
yet again no update with ever ongoing court case – as I see it this ****** chap is still claiming to be ill in Spain whilst having gone bust and playing for time. I just can't see where any money is going to come from unless Daddy coughs up but if going to do so I would have thought he would have done so by now. And what happens ref the international extradition agreement between the UK and Spain if we leave the EU in October? Doubtless he will play on this and question the legality of any extradition. This would still leave the problem of actually finding him and yonking him back to the UK where the FBI want him so where does that leave us - stuffed?
___________________________________________________________
So for 3 borrowers alone I think we could be looking at a loss of
£377K (park homeS) + £434K (Hell's Bells) + £2.3m art
which at a stroke is over £3m - brilliant but I await FS to prove me wrong...
I thank you.