andy2001
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Post by andy2001 on Aug 9, 2019 3:05:28 GMT
The share price of of AFORTI HOLDING SA is up on the day from 15.9 to 16.2. They are the giving the group guarante to the mintos loans.
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Post by extremis on Aug 9, 2019 23:19:09 GMT
Here is the Mintos update on the developments regarding Aforti Finance: blog.mintos.com/update-on-the-developments-regarding-aforti-finance/Absolutely no information is offered about the problem. Exactly what is the current financial state of Aforti? Is it a technical or liquidity problem? Is there any suspicion of fraud? What is the estimated time that the problem will be resolved? I really hope i am proven wrong, but given the complete lack of information, i can only assume the worst: Aforti is the new Eurocent and we will all sit here waiting for years to get our money back... |
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benaj
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Post by benaj on Aug 10, 2019 5:33:38 GMT
It seems News about Aforti are positively lately, from application to EMI License, or even news about Aforti waiting regulatory approval taking over an asset management firm in Romania. www.romania-insider.com/aforti-takes-over-vanguardLet's hope Mintos will have this sorted out with Aforti and no losses for Mintos' investors. Note: It seems Romania has a parallel universe for Vanguard Group in the US |
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Post by bilko on Aug 10, 2019 8:44:53 GMT
Viventor is more positive. Yesterday message: "As previously announced the meeting with Aforti took place in Warsaw. The parties found a solution with regard to the technical issues. We consider the solution satisfactory for both sides and expect all issues to be resolved during next week." |
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jo
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Post by jo on Sept 13, 2019 8:56:54 GMT
What's the actual chat here martins ? |
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jo
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Post by jo on Sept 15, 2019 10:00:14 GMT
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benaj
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Post by benaj on Sept 15, 2019 10:07:18 GMT
Viventor is more positive. Yesterday message: "As previously announced the meeting with Aforti took place in Warsaw. The parties found a solution with regard to the technical issues. We consider the solution satisfactory for both sides and expect all issues to be resolved during next week." Aforti loans are being traded on Viventor SM, with 3% discount. Afroti Loans in arrears on Viventor not being bought back yet. Some Aforti loans on Viventor SM are current, latest repayment from August. Here's warning from Viventor:
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Post by extremis on Sept 25, 2019 14:54:35 GMT
60+ days Aforti loans are not bought back. Outstanding loans are at 2.2M for weeks now, it seems Aforti doesn't make any payments despite the technical issue was 'solved' 1.5 month ago. What is going on? Anyone received any payment from Aforti lately?
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jo
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Post by jo on Sept 26, 2019 8:27:53 GMT
60+ days Aforti loans are not bought back. Outstanding loans are at 2.2M for weeks now, it seems Aforti doesn't make any payments despite the technical issue was 'solved' 1.5 month ago. What is going on? Anyone received any payment from Aforti lately? Nope, and the omerta from martins is not good.
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benaj
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Post by benaj on Sept 26, 2019 16:41:30 GMT
On the Viventor primary market, most of the Aforti borrowers are in arrears except one, the latest payment from that borrower was made on 17th Sep.
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jo
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Post by jo on Sept 26, 2019 18:39:38 GMT
With hindsight, the decision to restrict UK investors has probably done me a favour - notwithstanding Mintos was my best performing platform in both Eur and Gbp terms.
To mitigate the risk that the next step (unlikely I know, but the reasons given were unconvincing), was to freeze UK accounts, I sold-out pretty much immediately.
I now only have Aforti loans left and not enough to make much of a dent in the eventual yield.
I would return to Mintos, if clarity of outlook returns.
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Post by geldregiertdiewelt on Sept 27, 2019 21:33:08 GMT
60+ days Aforti loans are not bought back. Outstanding loans are at 2.2M for weeks now, it seems Aforti doesn't make any payments despite the technical issue was 'solved' 1.5 month ago. What is going on? Anyone received any payment from Aforti lately? Nope, and the omerta from martins is not good.
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jo
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Post by jo on Sept 28, 2019 8:51:46 GMT
Thank you. Not sure I fully understood the update but at least they're communicating.
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Post by extremis on Sept 28, 2019 14:00:10 GMT
Not sure I fully understood the update Me either. Aforti's outstanding loan amount has not changed for about a month now. Currently, there are no current/grace period loans; outstanding loans are steadily shifting to the 60+ days status. At the very best scenario, this is a liquidity problem: Aforti has to redeem bond series N39-N43 until October, 14. Maybe they are trying to gain some time gathering any borrower repayments for bond redemption (despite Mintos clearly saying the opposite), and (hopefully) after mid October will REALLY resume payments to Mintos platform. But if outstanding loan amount stays the same after another month has passed, then i don't think we will ever get anything back from them.
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Post by southseacompany on Oct 10, 2019 13:08:57 GMT
Monday's update from Mintos revealed that they have been making payments to investors even when they were not receiving funds from Aforti. The "majority" of the 760k eur they've since then received from Aforti has gone to repay this advance. According to Mintos' 2018 annual report, the company's equity was about 780k euros at the end of last year. In other words, the company has lent most of its equity buffer to a single struggling originator! This revelation changes the platform's apparent risk profile quite radically. If I were working at the compliance department at Mintos, I would also be very worried about the legality of this arrangement, because Mintos seems to have put itself in a senior debtor position it is not entitled to. It's been established that payments coming from Aforti are being used to pay Aforti's debt to Mintos. However, these are not general fund transfers; each payment is supposed to be tied to an individual loan, which has been assigned to an investor. Are there cases where Mintos has paid investor A for a loan that Aforti didn't return the funds for, and is now taking funds sent from Aforti ostensibly to investor B (whose loan was paid back properly) to "repay" this "advance"? This seems likely, since most of the incoming money has gone to Mintos rather than loan claim assignees. If Aforti were to become insolvent, investor B in the above example should certainly lawyer up, because this would seem to constitute a breach of contract (which says Mintos is only authorized "as as a proxy of the Assignee to demand and collect [funds] from the Loan Originator"). B's lawyers could well also raise accusations of fraudulent conveyance and/or embezzlement. I should clarify that the legal question above is merely speculation. The disclosure from Mintos is too vague to clearly establish whether any money has been diverted improperly. If Aforti lives to pay back all its debts, this will blow over eventually. If Aforti fails, the next venue where these questions get raised will probably be a courtroom. |
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