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Post by highroller1 on Nov 16, 2019 11:01:34 GMT
This default is a real shame but I really can't see any other option. This boat and loan are way behind schedule and she has only just been recently entered into the water (2nd October?) and from the web site Well what's she worth ? Hopefully Richard Branson or similar may be interested but if not then I wonder if she is even sellable. FS should never have lent against this one in the first place and I guess injured servicemen etc are going to be very disappointed. I would say that is an overly pessimistic tone for this loan. I highly doubt the administrators would force the sale of the boat at this point- that would not be in the best interest for anyone. Similarly, I don't see Alan throwing the towel in on it given the time and money he has himself invested (not to mention his personal guarantee which may actually be worth something given the known assets he holds). Having said that, Alan needs to pull his finger out and get this boat completed by early next year latest. Failing that and there will be no option but to force legal action I sense given the number of years that this project has already been delayed by.
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adrian77
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Post by adrian77 on Nov 16, 2019 18:08:41 GMT
I hope I am wrong but still very worried by this one - come Jan next year the £938K loan would have run for 2 years and if we take 20% p.a. that is about £1.3m held against a boat which is not fitted out , not commenced sea trails and (to me) shows no sign of major sponsorship - I have researched this one a bit- I think there needs to be a rescue boat etc etc and I hate to think what all that will cost and that is before the fuel bill!
Also there is a German challenge which has advanced radar to highlight debris hazards - wonder how much that cost! If this German boat is launched and completes the world record before this one sets off it will be another headache for the owner.
The company funding this venture has yet to file its accounts but I just can't find any signs of serious readies (does not mean there aren't any) so I think we will just have to hope this chap pulls a mega sponsor out of the bag and pretty damn quick!
Granted this boat is a technical triumph but just how big is the marketplace for such a vessel - I guess we will soon find out...if I had the money of Richard B I would put a few million into it but sadly I am not in his league by a very long shot.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 16, 2019 19:28:42 GMT
Never fear - FS have told us previously that there's interest in boats similar to this because they're suitable for the "North Sea Oil Rig Run"!
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adrian77
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Post by adrian77 on Nov 17, 2019 15:26:33 GMT
Well it must be true then ! As experts in this field who ,unlike FC, know what they are talking about has told us this is utter and total and rubbish. So a pointy-headed professor puts decades of training and expertise into designing a round the world endurance boat which also doubles as a North Sea supply boat - yeah right!
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Nov 18, 2019 23:38:34 GMT
Hi boys like John Lewis and Aldi sometimes working together is beneficial and holed boats can be fixed.
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Post by highroller1 on Feb 20, 2020 11:14:03 GMT
Well we have an update and unfortunately the administration team have decided to give Alan until April to raise the funds from 3rd parties or the boat is going to be sold off.
This loan does have a personal guarantee with it however I wonder if Alan has any other assets worth anything having already invested £1million + into the project himself.
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adrian77
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Post by adrian77 on Feb 20, 2020 12:06:13 GMT
This is very sad and I really feel for the disabled ex-servicemen etc - hopefully there will be a wealthy benefactor who can come to the rescue...
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adrian77
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Post by adrian77 on Feb 28, 2020 19:44:34 GMT
The company that owns this boat has just filed its 2019 accounts - a tad worrying - see my entry in FS DD. endurance boatOf course they may get a last minute mega-sponsor - let us hope that they do!
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Post by highroller1 on Jun 9, 2020 10:01:38 GMT
It's all rather strange because the borrower's company is now posting on the daily across social media about a previous record attempt with no word whatsoever on this attempt- you would think given the time put in etc. they would not be posting at all if they thought they were not able to finance a new attempt so you have to stay positive and hope they have something planned to get something sorted be it via refinance/mortgage or personal loans from friends of his.
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adrian77
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Post by adrian77 on Jun 10, 2020 11:27:29 GMT
I have looked at the social media postings for this site- I note he says thank you to R*****d L*******e - fair enough but it wasn't his money !
I have a lot of respect for this borrower unlike some others who appear dodgy and that is being generous. That said I can't see anything positive in his posts namely work has stalled due to Covid19, he still has no sponsor and this record attempt is getting ever postponed. There seems a massive amount to do and then the boat needs sea trials etc etc - clearly you can't just build a boat- slap her into gear and go hell for leather for over 25,000 miles after a quick dash around Portsmouth harbour.
Sadly unless sponsorship comes very quickly I just can't see this one continuing - a huge shame but I think FS should never have lent against this one as it was totally unsuitable for a proper P2P company let alone these amateurs. I think RL should have turned this one down and directed the borrower to a Crowd Funding site where ,I am sure a lot of people would have invested as it is a good cause but I doubt if RL saw anything than his lousy fee...
All very said but business is business - stay healthy all.
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adrian77
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Post by adrian77 on Jul 14, 2020 16:36:09 GMT
Given it is now July has anybody any idea where we are with this - luckily I only have a £25 punt in this one - if this chap does not get a sponsor then I think this is sadly going to be another mega FS disaster...have done a bit of research and once finished this boat will need to be certified according to international safety standards- well however long does that take and what does it cost - I have no idea but I doubt if it is quick or cheap. Looks to me as if work is still paused and this boat is already over 4 years late - a shame but we just can't go on like this.
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Post by highroller1 on Jul 15, 2020 11:27:36 GMT
I have heard recently that the borrower wants to make the record attempt and then sell the boat with the proceeds going to repay the loan afterwards.
There are so many issues I have with this.
Firstly, if you assume a best case scenario of the attempt being made in the winter 2021 window it will be what late 2022/2023 before the boat can be sold and that assumes a buyer can even be found. What state will the boat be in?? Surely the administration process will already be wrapped up by then. You are looking at around a million in interest to be paid on a 1 million pound loan- will the boat fetch that sort of money!? The boat could be in pieces!
Also the borrower would be getting a 'free hit' as he won't have paid a penny, and history on this loan (and even the years before when he could not find funding) that it is unlikely he will ever pay this off. It would not be fair to the lenders to allow him to sail the world when the loan clearly stated it must be paid before trials took place.
I may warm to the idea a little if say 50% of capital was paid beforehand to at least show some intention of paying off the loan given that it is backed by a personal guarantee which would put the loan at least some way to showing some progress.
Failing that the best outcome may indeed be to sell the boat off for 200-300k and chase the borrower personally. I really did not want to see this one end up like this but unless the administration see something in this that supports extending this loan endlessly then that may actually be the best outcome for lenders at this point.
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kielbasa
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Post by kielbasa on Jul 15, 2020 12:09:43 GMT
Maybe it's time for the supporters of this project to put their hands in their pockets and demonstrate their support in a meaningful way.
I really hope that this project has a good outcome but given the time elapsed already, I have my doubts.
I wish the project and lenders the very best.
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adrian77
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Post by adrian77 on Jul 15, 2020 17:32:21 GMT
will the boat be ready by then - I would doubt it?
Also as Richard Branson will confirm it is very easy to fail to complete a record attempt or even lose a boat. If this boat returns to the UK then whatever state will the engines be in? F1 cars are designed to last a race and thats about it. This chap signed a contract so it is only fair lenders expect it to be honoured - I will be very annoyed if this option is allowed to go ahead.
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Post by beepbeepimajeep on Aug 16, 2023 16:29:59 GMT
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