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Post by paul123 on Jan 29, 2020 16:56:10 GMT
***Fund Raise Commences Thursday at 9:00am GMT*** On Thursday January 30th at 9:00am GMT the following CrowdJustice link will be activated. www.crowdjustice.com/case/lendy-action-group-legal-fund/Once the link is active you can make your pledge. We are targeting £1 per £1,000 invested but appreciate any contribution. background: There is no minimum to contribute and yes, if we fail to raise £25k all funds will be returned. If we exceed £25k then we will proceed. We can't release details but we will focus on things like: A. Reversing the waterfall B. Possibly challenging the IP/conflict admin process for SSSH C. Causing RSM to remove all conflicted parties from the process D. Getting complete status as creditors E. Anything else possible. What we can do is based on how much money we can raise. The estimate on the money stripped using Lendy's last waterfall is estimated at £20-30m of our money. That's just the beginning. What’s mind blowing is that unless we are classed as creditors and challenge this, it's possible Lendy could have lots of money and L*** could literally be entitled to it. Back in September RSM expected to recover +/- 80m of 152m invested. The waterfall could reduce that to 50m. It's real money We won't do anything we don't feel has a likelihood of a successful outcome RSM is holding the waterfall proceeds in a separate account in anticipation of a challenge. Portions of M2 recoveries for investors will be returned but keep in mind, the waterfall is designed to strip huge amounts making the recoveries nearly 0 if we don't challenge it. ( See also p2pindependentforum.com/post/366068/thread ) |
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Post by queenvictoria on Jan 29, 2020 17:13:27 GMT
My Lendy investments are happily for me now at £0 but I have two close family member in for £5k each. I will donate on their behalf but will up the ratio to £5:£1,000 and will send £50 once the link is available.
Would others with sub £10k investments consider joining me in sending £50 as minimum?
Even though I do not to stand to lose personally I so easily could have done and am outraged at the audacity and apparent immorality of the Lendy directors. These people need to be challenged. I hope it will, in time, lead to a criminal investigation.
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Post by eascogo on Jan 29, 2020 19:10:42 GMT
My Lendy investments are happily for me now at £0 but I have two close family member in for £5k each. I will donate on their behalf but will up the ratio to £5:£1,000 and will send £50 once the link is available. Would others with sub £10k investments consider joining me in sending £50 as minimum? Even though I do not to stand to lose personally I so easily could have done and am outraged at the audacity and apparent immorality of the Lendy directors. These people need to be challenged. I hope it will, in time, lead to a criminal investigation. My bold. Also left LY in good time with £0 left but ready to donate. A successful challenge here could signal to other platforms that forum members can act in sympathy to defend their corner.
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sl75
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Post by sl75 on Jan 29, 2020 20:11:49 GMT
I'll happily pledge (say) 1% of the additional amount recovered as a direct result of such a legal intervention (and might even be persuaded to a higher percentage on that basis), but somewhat reluctant to send "good money after bad", especially when that's handing over control to other parties whose interests I merely hope are aligned with mine.
It strikes me that there may be others with a similar opinion.
Perhaps there is someone who has sufficient oversight and control of the case and who has sufficient confidence in it that they'd be prepared to put whatever "good money" is required on the basis of such pledges of "bad money" that should be recovered as a result of the case. (e.g. for each £10 of "bad money" that's expected to be recovered they might put in £x of "good money" into the legal fund, hoping to profit from the difference)
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Greenwood2
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Post by Greenwood2 on Jan 29, 2020 20:56:48 GMT
I'll happily pledge (say) 1% of the additional amount recovered as a direct result of such a legal intervention (and might even be persuaded to a higher percentage on that basis), but somewhat reluctant to send "good money after bad", especially when that's handing over control to other parties whose interests I merely hope are aligned with mine.
It strikes me that there may be others with a similar opinion.
Perhaps there is someone who has sufficient oversight and control of the case and who has sufficient confidence in it that they'd be prepared to put whatever "good money" is required on the basis of such pledges of "bad money" that should be recovered as a result of the case. (e.g. for each £10 of "bad money" that's expected to be recovered they might put in £x of "good money" into the legal fund, hoping to profit from the difference)
The trouble is the money is needed upfront to pay lawyers. I'm sure everyone would prefer to put up actual funds only after a recovery (with no risk), but then the recovery likely wouldn't happen. For £1 per thousand invested it is hardly a big extra potential loss.
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Post by aeron on Jan 30, 2020 9:39:13 GMT
I'm in, good luck
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quidco
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Post by quidco on Jan 30, 2020 10:00:19 GMT
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cmep
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Post by cmep on Jan 30, 2020 10:14:31 GMT
Here's the link to donate:
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Post by boomorbust on Jan 30, 2020 10:32:18 GMT
Donated - good luck!
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one21
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Post by one21 on Jan 30, 2020 10:39:48 GMT
Here's the link to donate: I'm in lets get our cash back and legal loopholes filled in!
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Post by Ace on Jan 30, 2020 10:57:23 GMT
Me too. Let's get this done.
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Post by portlandbill on Jan 30, 2020 11:05:19 GMT
I'm in even though I only have a tiny amount still involved
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Post by bracknellboy on Jan 30, 2020 11:35:19 GMT
I'll happily pledge (say) 1% of the additional amount recovered as a direct result of such a legal intervention (and might even be persuaded to a higher percentage on that basis), but somewhat reluctant to send "good money after bad", especially when that's handing over control to other parties whose interests I merely hope are aligned with mine.
It strikes me that there may be others with a similar opinion.
Perhaps there is someone who has sufficient oversight and control of the case and who has sufficient confidence in it that they'd be prepared to put whatever "good money" is required on the basis of such pledges of "bad money" that should be recovered as a result of the case. (e.g. for each £10 of "bad money" that's expected to be recovered they might put in £x of "good money" into the legal fund, hoping to profit from the difference)
The trouble is the money is needed upfront to pay lawyers. I'm sure everyone would prefer to put up actual funds only after a recovery (with no risk), but then the recovery likely wouldn't happen. For £1 per thousand invested it is hardly a big extra potential loss. What he said.
I only have around £2k in Lendy. I expect to lose a very good portion of that, and since I "got in late" (because I wasn't really convinced by them) never got to make sufficient to come close to offset that loss.
I will be contributing (and obviosly not at 0.1% as that isn't worth anyone's time). Of course there is a risk that no good will come of it. But to be in a position to challenge that, the risk needs to be taken.
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Post by spareapennyor2 on Jan 30, 2020 12:13:34 GMT
i`m in
can`t afford not too
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locutus
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Post by locutus on Jan 30, 2020 12:15:48 GMT
I'm in. I have money at stake but the principle alone is worth fighting for.
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