sl75
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Post by sl75 on Sept 20, 2019 11:55:51 GMT
But LAG isn't exclusive... What's the point in duplication? The CC/LAG founders have enough to do without holding everyone's hand! Last I heard LAG was exclusive - they'd reject membership applications on a whim for not answering the membership application in the way that those who control the group would like...
Perhaps things have changed since then and it's no longer exclusive?
I also don't see the point of duplication, but it seem to me that it is the other venues like Frank and LAG that created any duplication - this forum was already available as a resource for discussion, and remains available to the widest audience.
If non-confidential information that is intended for "all investors" is only being passed to "LAG members", this forum seems a better place to post it than in a closed-off area that only LAG members can access. Even better is for such information to actually be made available to all investors by RSM via their regular updates.
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sl75
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Post by sl75 on Sept 20, 2019 11:59:57 GMT
No they will be distributed immediately on a loan-by-loan basis as recoveries are processed. Several are already waiting to be paid. The Experian KYC process has apparently gone well and RSM say they will be allocating balances owed to individual accounts in the next couple of weeks with withdrawals opening shortly after. ... and this seems to me a prime example of information RSM should be telling us direct, rather than having it filter out through various forums and groups.
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quidco
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Post by quidco on Sept 20, 2019 12:28:18 GMT
Hi quidco It's DFL017 when i go into the loan overview there is no link for me to click on for the update's. Hi,
Thry did that one one differently, try
Obvs remove the * and add letterd
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Post by Badly Drawn Stickman on Sept 20, 2019 14:03:42 GMT
I could change it to 'carefully engineered coup' if you prefer. The truth is I suspect neither of us wants to get involved in a protracted debate on this point given it benefits nobody at this time. Frankly I won’t be engaging or returning here to defend criticism of LAG from a tiny minority of naysayers in future. It’s a free resource staffed by volunteers (like this site) that’s open to anyone. Either sign up or don’t. We don’t owe anyone anything. The 1000+ members of LAG are all working together to improve the result for everyone and there is much work to do. My time is better spent working on matters that will increase the chance of getting more money in investor’s pockets. Thank you for sharing your plans, not sure they are relevant to me though I am not criticising anybody or anything. The second line of my quoted post to my mind at least suggested we both had better things to do than continue that particular conversation, nothing more nothing less.
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zlb
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Post by zlb on Sept 20, 2019 14:18:33 GMT
No they will be distributed immediately on a loan-by-loan basis as recoveries are processed. Several are already waiting to be paid. The Experian KYC process has apparently gone well and RSM say they will be allocating balances owed to individual accounts in the next couple of weeks with withdrawals opening shortly after. ... and this seems to me a prime example of information RSM should be telling us direct, rather than having it filter out through various forums and groups. LAG inform lenders of information from meetings as soon as they feel able to release that info. This information is simply a confirmation of what we already have in emails from RSM. On the whole, LAG/CC members have been able to inform a few days before RSM do.
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Greenwood2
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Post by Greenwood2 on Sept 20, 2019 20:14:02 GMT
... and this seems to me a prime example of information RSM should be telling us direct, rather than having it filter out through various forums and groups. LAG inform lenders of information from meetings as soon as they feel able to release that info. This information is simply a confirmation of what we already have in emails from RSM. On the whole, LAG/CC members have been able to inform a few days before RSM do. Hope to see that soon then, but I don't see why LAG should be able to publish this first, only on their own web site.
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zlb
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Post by zlb on Sept 20, 2019 21:04:21 GMT
LAG inform lenders of information from meetings as soon as they feel able to release that info. This information is simply a confirmation of what we already have in emails from RSM. On the whole, LAG/CC members have been able to inform a few days before RSM do. Hope to see that soon then, but I don't see why LAG should be able to publish this first, only on their own web site. I don't have any problem with LAG or it existing in any way whatsoever. LAG is an 'us' not a 'they'. It's our website not "their own". LAG are the union, not the management.
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sj
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Post by sj on Sept 20, 2019 21:51:34 GMT
I tried to sign up to LAG and they have not approved me for some reason - pretty miffed considering that I am a genuine lender and proved it in the application process!
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dovap
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Post by dovap on Sept 20, 2019 22:39:20 GMT
Hope to see that soon then, but I don't see why LAG should be able to publish this first, only on their own web site. I don't have any problem with LAG or it existing in any way whatsoever. LAG is an 'us' not a 'they'. It's our website not "their own". LAG are the union, not the management. so funny. if you're lucky your interests will coincide with those who've foisted themselves onto the committee. we're all paying for them.
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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 Sept 21, 2019 0:33:37 GMT
I don't have any problem with LAG or it existing in any way whatsoever. LAG is an 'us' not a 'they'. It's our website not "their own". LAG are the union, not the management. so funny. if you're lucky your interests will coincide with those who've foisted themselves onto the committee. we're all paying for them. Personally Im disappointed that they foisted themselves onto the committee ahead of say, Liam, that way I wouldnt have had to worry about anyone looking out for my interests or feeding back snippetts of info. I could have just lived in blissful ignorance as my cash evaporated.
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quidco
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Post by quidco on Sept 21, 2019 8:42:49 GMT
I tried to sign up to LAG and they have not approved me for some reason - pretty miffed considering that I am a genuine lender and proved it in the application process! I had to try a couple of times on Facebook but they did do it the 2nd time, I assumed it was just lack of someone to administer it.
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Post by samford71 on Sept 21, 2019 12:53:03 GMT
LAG have a monopoly over the Creditor's Committee since all members of the CC are members of LAG. That is probably sub-optimal since many lenders may not share all the aims/objectives of LAG. Of course, that is not really LAG's fault. Other lenders had the right to support non-LAG members for the CC or put themselves up and clearly there was no support for that. So we can't really complain.
Personally, I'm fairly skeptical that CC's can have a huge positive or negative impact on an administration like Lendy. They can't really impact the key part which is the recovery process. RSM put the quantum of recovery at 57/58%, including interest, which puts the capital recovery number at around 47% +/-2% say. So probably a £80-85mm or so loss on the £154mm outstanding loan book. In addition we can assume further losses on loans where security had already been realized. Overall, that would be a pretty good result for such a low-quality loan book at just 15-20% below the average recovery. Lenders can't really complain if RSM realize that.
You might claw back some further money from third party claims, including valuations. In a minority of cases, RSM may be able to argue the valuation was incorrect subject to the input assumptions. In most cases, however, valuations were broadly ok, given the assumptions provided. It was simply that the assumptions were invalid, which RICS surveyors will argue is not their fault. I can't see RSM pursuing those sorts of situations.
The CC can moan about the costs of the administration but eventually they will have to sign them off. I'm skeptical on the costs RSM reported to creditors in July. They just seemed too low. RSM, however, know they can add an extra million here or there later since isn't going to change the effective recovery by more than a percent so. It isn't worth the CC or lenders causing too much issue. The alternative would be to bring in a new administrator, delaying the whole process, suppressing recoveries and adding massive further costs. RSM can game the creditors here.
Where the CC might be more useful is in terms of understanding what action RSM is taking in terms of investigating the accounts and company structure of Lendy. In particular whether anything illegal occurred or whether capital transfers can be challenged. In reality, creditors aren't going to here about that since, quite rightly, that would be covered by the NDA.
Realistically, for those of us who are not wanting to write to our MPs or target FSCS compensation etc, we just have to wait. The CC will not be that relevant. RSM have £10mm or so to distribute once the AML/KYC is done so hopefully sometime in October the drip-drip of realisations will start. But it's just a start. The end could be years away.
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