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Post by leslav84 on May 9, 2021 1:20:55 GMT
Hi. I invested a little in Col. I send a few emails and made some phone calls, but that was like 2 years ago. Pretty much forgot about it. Duck, could you also add me and PM me as with others. And I have a lot of respect for what you have done so far. I would like to thank anyone who do all the tedious work and inquiries.
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duck
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Post by duck on May 9, 2021 4:11:59 GMT
Hi. I invested a little in Col. I send a few emails and made some phone calls, but that was like 2 years ago. Pretty much forgot about it. Duck, could you also add me and PM me as with others. And I have a lot of respect for what you have done so far. I would like to thank anyone who do all the tedious work and inquiries. PM sent. Your thanks will be passed on to 'the lings' just in case they don't read them here.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on May 9, 2021 7:55:48 GMT
Dear Mr Duck, would really appreciate for you to PM me please. I am hooked with Collateral too. Is there anybody who created a Collateral Acrion Group like with Lendy? PM has been sent. No there is no formal Action Group with Col. 'Duck and the lings' came about after I received a PM from another investor soon after the FCA issued their initial (and only) statement on Col. He brought another investor with him and we started 'digging'. At a later stage another interested party joined us. So all along there have only been 4 of us working on a daily basis behind the scenes. We all have different skills so everything works smoothly. We simply don't have the manpower to do what we do and run an action group. That said, this forum contains some very determined Col investors (you know who you are) and we wouldn't have got where we are without their help, so 'Thanks'. We are now at the point where the extent of the regulatory failures are very clear (as documented in the letter). We have everything formally documented and that is why I launched this latest 'push' with confidence. Where Col goes from here is not something we can dictate but there again we have never been in that position. BDO are not at the point where they can close Col down so our actual losses are still not known. Then there is the possibility of legal action by the FCA. This latest 'push' marks a significant point in our fight to see FCA accountability wrt Col ..... but I and the lings have already penciled in another year (min) of waking up thinking about what we have to do with Col today. Hello Duck I know these questions will be something you cant give a definite answer to but i am hoping that maybe you could give a rough estimate as to what you predict. When can you see BDO presenting there next update regarding all business and the issue with the chattels. How far off can you see BDO wrapping everything up and sending all investors their final dividend against each loan. How long after this will we receive a final answer from the FCA to our complaint How then would court proceedings start against them and how long would this take. When can you see a final answer to this nightmare hopefully with us all getting our money back in full. I know its all guessing but hopefully you can shed a little light because at the moment this just goes on and on and we are totally in the dark Thanks again duck for all your hard work Tony
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duck
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Post by duck on May 9, 2021 8:58:06 GMT
When can you see BDO presenting there next update regarding all business and the issue with the chattels. Legally BDO have to present a report once a year during liquidation, I anticipate that the next report will meet this requirement. As for the details, there may be more in the next report on the contentious issues found but I doubt if much will be said. This info may also be restricted if charges are laid.How far off can you see BDO wrapping everything up and sending all investors their final dividend against each loan. Honestly I have no idea. That said the carcass of the largest loan has been put up for auction, details on the net. Note, BDO have never disclosed categorically how any payments will be made or proportioned.How long after this will we receive a final answer from the FCA to our complaint This depends on multiple factors. Any legal actions. How the current campaign pans out. How the FCA decide how to deal with the problem that is Col.How then would court proceedings start against them and how long would this take. When you state 'them' are you referring to the directors? Presuming you do (FCA exempt from legal actions), the FCA would lay charges. Timescales uncertain, Courts are currently overloaded / way behind due to Covid. The rest of the timescale issues are dependent on charges and pleas. When can you see a final answer to this nightmare hopefully with us all getting our money back in full. I have penciled in another year. This is of course dependent on BDO, the FCA and the current 'push'. Could be more, could be less but it is certainly not going to be weeks. I know its all guessing but hopefully you can shed a little light because at the moment this just goes on and on and we are totally in the dark Yes all the above is guessing, if I put my engineers hat on I would say 'too many variables'. Whilst the outcome of BDOs work will dictate the level of losses I do not see their work will dictate the final timescales. What (IMHO) will dictate answers to all of the above are legal proceedings and the current push.
Hopefully that doesn't sound too blunt or lacking in substance but that is the way i see things currently.
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tommytaylor
P2P - The new wild west
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Post by tommytaylor on May 9, 2021 9:32:23 GMT
When can you see BDO presenting there next update regarding all business and the issue with the chattels. Legally BDO have to present a report once a year during liquidation, I anticipate that the next report will meet this requirement. As for the details, there may be more in the next report on the contentious issues found but I doubt if much will be said. This info may also be restricted if charges are laid.How far off can you see BDO wrapping everything up and sending all investors their final dividend against each loan. Honestly I have no idea. That said the carcass of the largest loan has been put up for auction, details on the net. Note, BDO have never disclosed categorically how any payments will be made or proportioned.How long after this will we receive a final answer from the FCA to our complaint This depends on multiple factors. Any legal actions. How the current campaign pans out. How the FCA decide how to deal with the problem that is Col.How then would court proceedings start against them and how long would this take. When you state 'them' are you referring to the directors? Presuming you do (FCA exempt from legal actions), the FCA would lay charges. Timescales uncertain, Courts are currently overloaded / way behind due to Covid. The rest of the timescale issues are dependent on charges and pleas. When can you see a final answer to this nightmare hopefully with us all getting our money back in full. I have penciled in another year. This is of course dependent on BDO, the FCA and the current 'push'. Could be more, could be less but it is certainly not going to be weeks. I know its all guessing but hopefully you can shed a little light because at the moment this just goes on and on and we are totally in the dark Yes all the above is guessing, if I put my engineers hat on I would say 'too many variables'. Whilst the outcome of BDOs work will dictate the level of losses I do not see their work will dictate the final timescales. What (IMHO) will dictate answers to all of the above are legal proceedings and the current push.
Hopefully that doesn't sound too blunt or lacking in substance but that is the way i see things currently. Duck. You have surpassed yourself again. Thank you very much for all that. Most enlightening. Enjoy the rest of your weekend. Tony
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johnfleet
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Post by johnfleet on May 10, 2021 4:35:12 GMT
Hi Duck
please add me to the pm..
And it goes it hour saying, how grateful we are..
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duck
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Post by duck on May 10, 2021 6:08:47 GMT
Hi Duck please add me to the pm.. And it goes it hour saying, how grateful we are.. PM has been sent.
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mah
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Post by mah on May 12, 2021 17:06:52 GMT
"The FCA then willfully (and seriously) broke the law during the approvals process."
If this is True, FCA can be sued Legally ?
It is certainly true. It relates to a very specific requirement of FSMA2000 et al and FOI's show this statutory requirement was comprehensively broken. As ilmoro has said you need to show 'bad faith', this is subjective and far from easy to prove. There is more on this subject in the latest push on Col that I launched over the weekend. I sent the first batch of PMs on Sat/Sun and there are more in the pipeline hopefully I will be sending them later today/tomorrow. For legal reasons I cannot post the content of that push here in 'the open'. Were you a Col investor mah ? Yes I was and have been following this thread. Lots of thanks to you and the 4 lings. If you could kindly add me to the list and PM me when convenient.
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duck
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Post by duck on May 12, 2021 17:24:56 GMT
Yes I was and have been following this thread. Lots of thanks to you and the 4 lings. If you could kindly add me to the list and PM me when convenient.
Added to list and PM sent.
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mah
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Post by mah on May 12, 2021 17:29:37 GMT
Thanks a lot again.
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duck
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Post by duck on May 17, 2021 3:07:14 GMT
Whilst many eagle eyed Col investors will have spotted this already I anticipate others will not have. This was the largest Col loan and unfortunately the auction guide price reflects the now stripped and vandalised nature of the development. Remember this development was nearly completed when Col went into administration.
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Post by outapocket on May 17, 2021 9:44:19 GMT
Hey Duck How much is the outstanding loan against it? I don't think I have anything in this one but if BDO throw them all in the same pot I could still get dragged down by the loss any way! Big ongoing thanks to the Duck and his ling's
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duck
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Post by duck on May 17, 2021 10:13:22 GMT
... How much is the outstanding loan against it? ... From the top of my head something around £5m with approx £1.6m in BL00026, the first and largest tranche.
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p2pmark
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Post by p2pmark on May 17, 2021 15:49:14 GMT
According to the administrator's report from July 2020, the total loan was for £5.19m. My notes say the first tranche was for £1,683,600. The first tranche was the senior one, meaning those lenders should get first dibs on any repayment. I don't suppose anybody knows if those rights are being protected?
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duck
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Post by duck on May 17, 2021 16:05:09 GMT
... I don't suppose anybody knows if those rights are being protected? Nothing clear from BDO on that one. FWIW if that loan makes the estimate then there will probably only be approx £0.5m to go into the lenders pot, very grim since this was a valuable asset when administration started. If a buyer is found he is going to have a real mess to sort out, there are still numerous UN's to deal with.
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