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Post by paul123 on Feb 4, 2020 16:34:39 GMT
From Lisa on fb: We've clearly hit RSM's radar causing them to post this impromptu update. Please note that whilst they are "engaging" the CC, in reality the CC is not representing M2 Investors and by mandate, must represent general creditors not us. Our fight is to represent M2 investors and RSM must engage with us directly. This is why we have counsel. Help us fight !!!! www.crowdjustice.com/case/lendy-action-group-legal-fund/ |
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nyneil
Member of DD Central
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Post by nyneil on Feb 4, 2020 16:37:23 GMT
3Quite possibly one of the journalists who have already covered this mess might be willing to harvest a few more column inches by mentioning the fund raise. Telegraph!? Times? Adam Williams is a senior personal finance reporter at The Telegraph. He has shown considerable interest in p2p. adam.williams@telegraph.co.uk or find him on Twitter @adamfrwilliams
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rocky1
Member of DD Central
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Post by rocky1 on Feb 4, 2020 16:50:08 GMT
keep at it Lisa, we could be about to open one almighty can of worms for the FCA,FOS,dodgy platform directors,administrators and the rest of these narcissist fintech experts.
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Post by supernumerary on Feb 4, 2020 18:58:45 GMT
24 days to go, £37,568 pledged of £75,000 stretch target, from 745 pledges. With £37,500 being HALF WAY there to £75,000, the LAG crowd funding, has gone over the 50% threshold to its target.  WELL DONE. |
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TitoPuente
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Post by TitoPuente on Feb 4, 2020 21:10:11 GMT
Come on people!
Let's get the pledge to the target!
Let's giv 'em a lesson of morality to all these rent seekers and crooks naughty boys!
It's humbling to see many folks here making contributions even without having material funds to recover, just because they have family or friends stuck in this mess or they just have an elevated sense of justice. Thank you to all of them.
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micky
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Post by micky on Feb 4, 2020 22:09:49 GMT
RSM are making the right noises, in their email-
....The Joint Administrators have discussed this matter in detail with the Creditors' Committee, in addition
substantive evidence and information has been shared with them, including Counsels' advice, legal advice and
underlying loan documentation. As part of this process we have asked the Creditors' Committee to provide us
with information to assist in countering or addressing the contractual position.
My italics
However, we are aware that the Lendy Action Group ("LAG") will be representing the interests of investors as
part of the Court application and investors could consider sharing information with LAG as a means of assisting
their position.
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Post by default on Feb 4, 2020 22:35:44 GMT
Do not be deceived. RSM are acting on behalf of creditors, not investors. RSM have no interest in maximising returns to investors. RSM have told the CC that their responsibility is to creditors, not investors, too. This is precisely why LAG are seeking legal representation when the court rule on the waterfall, because that representation will not be coming from RSM or the CC.
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wuzimu
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Post by wuzimu on Feb 4, 2020 22:52:00 GMT
The CC have been bluntly told that they cannot opine about the waterfall as that is acting contrary to the interests of Lendy creditors, if we do we'll get kicked off the CC.
In the strictest sense... correct! But this attitude demonstrates why the present arrangements are not fit for purpose when it comes to P2P platforms failures....
So I read the latest update stating something quite different with some amusement, quickly replaced by annoyance at the whole stupid expensive charade that is playing out.
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ilmoro
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'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 Feb 5, 2020 8:14:04 GMT
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MarkT
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Post by MarkT on Feb 5, 2020 8:35:17 GMT
Sorry to be a nuisance, but does anyone have a 'share token' for this so that we can read the whole article?
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SteveT
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Post by SteveT on Feb 5, 2020 9:01:09 GMT
Sorry to be a nuisance, but does anyone have a 'share token' for this so that we can read the whole article? Register and you will get to read 2 free articles per week.
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MarkT
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Post by MarkT on Feb 5, 2020 9:13:03 GMT
Sorry to be a nuisance, but does anyone have a 'share token' for this so that we can read the whole article? Register and you will get to read 2 free articles per week.
OK. Thanks.
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Post by gramsky on Feb 5, 2020 9:44:00 GMT
Register and you will get to read 2 free articles per week.
OK. Thanks.
I can't see where you can register without paying a subscription.
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quidco
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Post by quidco on Feb 5, 2020 11:19:50 GMT
To be honest all you need to know is not behind the pay wall "Administrators from RSM Restructuring concede that their approach appears to conflict with what Lendy told investors when it took their money"
RSM are going to be sued for serious amounts if they carry on trying to sustain the theft initiated by Lendy.
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Feb 5, 2020 13:10:42 GMT
To be honest all you need to know is not behind the pay wall "Administrators from RSM Restructuring concede that their approach appears to conflict with what Lendy told investors when it took their money"
RSM are going to be sued for serious amounts if they carry on trying to sustain the theft initiated by Lendy.
Which is exactly the reason they are following procedure & going to the courts for a definitive view. If the courts say their interpretation is correct then they are in the clear. Our job is to demonstrate that it isn't.
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