|
Post by df on Jun 5, 2020 20:37:29 GMT
New update. No decision yet. I called them for clarification of the date the LE was called and it was the 16th March (date of the email). Decision day will be 15th June (first working day after the 90-day period). There are only two possible decisions. Resume normal platform operation or Resolution Event. Was told that there will now probably be no further communication until 15th. I note that the first para of todays email sounds quite upbeat – “Our investor base has enabled us to carry further our goal of giving SMEs the tools they need to grow, and we hope to continue doing so for many years to come.” - but personally, I’m quite pessimistic. None of communications since LE was called encouraged much optimism or gave any clear indications of what is going to happen next. I guess we'll just have to patiently wait for 10 more days to find out the result. I hope there won't be any significant capital loss for investors... currently the largest proportion of my p2p funds are in GS and this is due to me doubling the amount for chasing their latest 2% bonus (I doubt I'll ever see my expected bonus .
|
|
|
Post by Badly Drawn Stickman on Jun 5, 2020 21:05:01 GMT
New update. No decision yet. I called them for clarification of the date the LE was called and it was the 16th March (date of the email). Decision day will be 15th June (first working day after the 90-day period). There are only two possible decisions. Resume normal platform operation or Resolution Event. Was told that there will now probably be no further communication until 15th. I note that the first para of todays email sounds quite upbeat – “Our investor base has enabled us to carry further our goal of giving SMEs the tools they need to grow, and we hope to continue doing so for many years to come.” - but personally, I’m quite pessimistic. None of communications since LE was called encouraged much optimism or gave any clear indications of what is going to happen next. I guess we'll just have to patiently wait for 10 more days to find out the result. I hope there won't be any significant capital loss for investors... currently the largest proportion of my p2p funds are in GS and this is due to me doubling the amount for chasing their latest 2% bonus (I doubt I'll ever see my expected bonus . They somehow seem to have managed to shoot themselves in both feet here. I genuinely believe investors would work with them on restricted withdrawals given the chance.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jun 5, 2020 21:28:15 GMT
New update. No decision yet. I called them for clarification of the date the LE was called and it was the 16th March (date of the email). Decision day will be 15th June (first working day after the 90-day period). There are only two possible decisions. Resume normal platform operation or Resolution Event. Was told that there will now probably be no further communication until 15th.
I note that the first para of todays email sounds quite upbeat – “Our investor base has enabled us to carry further our goal of giving SMEs the tools they need to grow, and we hope to continue doing so for many years to come.” - but personally, I’m quite pessimistic.
None of communications since LE was called encouraged much optimism or gave any clear indications of what is going to happen next. I guess we'll just have to patiently wait for 10 more days to find out the result. I hope there won't be any significant capital loss for investors... currently the largest proportion of my p2p funds are in GS and this is due to me doubling the amount for chasing their latest 2% bonus (I doubt I'll ever see my expected bonus . I am quite optimistic that you will get the bonus. They have several million in cash and have paid the bonuses so far including during the LE.
|
|
|
Post by df on Jun 6, 2020 14:16:00 GMT
None of communications since LE was called encouraged much optimism or gave any clear indications of what is going to happen next. I guess we'll just have to patiently wait for 10 more days to find out the result. I hope there won't be any significant capital loss for investors... currently the largest proportion of my p2p funds are in GS and this is due to me doubling the amount for chasing their latest 2% bonus (I doubt I'll ever see my expected bonus . I am quite optimistic that you will get the bonus. They have several million in cash and have paid the bonuses so far including during the LE. I'd like to think that, but the bonus anniversary is on 5th December. I've no idea what will happen with GS before that date.
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Jun 12, 2020 6:56:33 GMT
90 days runs out on Sunday - so I'm guessing we should hear an update today, given what sticklers GS are at not deviating from their terms!
|
|
k6
Posts: 160
Likes: 99
|
Post by k6 on Jun 12, 2020 7:52:12 GMT
I have received na email back that the announcement regarding Resolution Event will be delivered on Monday the 15th
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Jun 12, 2020 9:01:04 GMT
90 days runs out on Sunday - so I'm guessing we should hear an update today, given what sticklers GS are at not deviating from their terms! The T&C are changeable by applying to Court to have them changed. I can only assume if they have not taken that route, the T&C remain to the liking of GS.
|
|
puddleduck
Member of DD Central
Posts: 537
Likes: 489
|
Post by puddleduck on Jun 12, 2020 11:10:13 GMT
A resolution event is inevitable - looking at the funds utilisation status (around 80%), I would think if they had managed to sell some or all of the loan book, the funds utilisation status would be much lower.
|
|
rscal
Posts: 906
Likes: 499
|
Post by rscal on Jun 12, 2020 12:15:40 GMT
So how will this unwinding occur? (Thnx)
[And will I get my 'bonus' still? ]
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Jun 12, 2020 13:51:23 GMT
A resolution event is inevitable - looking at the funds utilisation status (around 80%), I would think if they had managed to sell some or all of the loan book, the funds utilisation status would be much lower. Depends how many people want to withdraw - for Assetz capital they stated that c. 75% of funds weren't being attempted to be withdrawn, and that's with accounts that need notice. Might well be that 90% of people are happy to reinvest, which causes a liquidity event with 97% utilisation, but is fine with c. 80%
|
|
|
Post by garreh on Jun 12, 2020 14:26:28 GMT
So how will this unwinding occur? (Thnx)
[And will I get my 'bonus' still? ] Sorry to say but the bonus is of least concern right now. Even if it were to be paid, eventually it could be wiped out by capital losses during a Resolution Event.
|
|
|
Post by kezza on Jun 12, 2020 14:38:02 GMT
A resolution event is inevitable - looking at the funds utilisation status (around 80%), I would think if they had managed to sell some or all of the loan book, the funds utilisation status would be much lower. Depends how many people want to withdraw - for Assetz capital they stated that c. 75% of funds weren't being attempted to be withdrawn, and that's with accounts that need notice. Might well be that 90% of people are happy to reinvest, which causes a liquidity event with 97% utilisation, but is fine with c. 80% I spoke to them briefly and that utilisation value is a bit of a red herring. Its actually increased since the last stats update in May because the total available facility has reduced due to repayments. So the actual liquidity of the platform is higher than that utilisation would lead you to believe. Despite this I would be very suprised if we don't move into a resoultion event Monday.
|
|
|
Post by garreh on Jun 12, 2020 14:39:45 GMT
So I guess the big questions are: 1. How long will a Resolution Event go on for? My projection is wind-down could take between 3 and 5 years 2. What's the projected yearly default rate and I would assume it would be likely for this to increase towards the end of the 3-5 year period? 3. In the case of defaults, GS should have security over assets so who will pursue this and what's the projected recovery rate? 4. What's the monetary quartley projection that will be made available and average amounts that investors will likely receive? 5. Will there be any further top ups to the provision fund from GS founders? Or is that a stupid question (as they've already run for the hills?) 6. Can the loan book be sold, or partially sold during a Resolution Event? Or is that not possible? 7. What happens to interest rates during a Resolution Event - interest rates are variable so is it possible we may not see any interest, or reducing interest as time progresses? Possibly a scenario like Ratesetter where 50% interest payments go to topping up the provision fund? 8. A lot of people are asking about bonus payments - will these still be honoured? Will such money be available in holding account once paid? I would send these to GS - but they barely reply and I suspect they read this board. So posting it here on the chance they read it or someone more educated than me can reply chris1200 (if you're still around? 😀)
|
|
|
Post by drphil on Jun 12, 2020 19:59:14 GMT
New update. No decision yet. I called them for clarification of the date the LE was called and it was the 16th March (date of the email). Decision day will be 15th June (first working day after the 90-day period). There are only two possible decisions. Resume normal platform operation or Resolution Event. Was told that there will now probably be no further communication until 15th. I note that the first para of todays email sounds quite upbeat – “Our investor base has enabled us to carry further our goal of giving SMEs the tools they need to grow, and we hope to continue doing so for many years to come.” - but personally, I’m quite pessimistic. I'm pinning a glimmer of hope on that wording because surely they must have had a good idea then of which way this is going to go?
But realistically, who knows?
|
|
|
Post by garreh on Jun 12, 2020 20:24:38 GMT
New update. No decision yet. I called them for clarification of the date the LE was called and it was the 16th March (date of the email). Decision day will be 15th June (first working day after the 90-day period). There are only two possible decisions. Resume normal platform operation or Resolution Event. Was told that there will now probably be no further communication until 15th. I note that the first para of todays email sounds quite upbeat – “Our investor base has enabled us to carry further our goal of giving SMEs the tools they need to grow, and we hope to continue doing so for many years to come.” - but personally, I’m quite pessimistic. I'm pinning a glimmer of hope on that wording because surely they must have had a good idea then of which way this is going to go?
But realistically, who knows?
In previous communications GS have shared similar glimmer of hope - I personally find it completely irresponsible to set unrealistic expectations when you aren't providing any feasible solutions or exploring innotive ideas to resolve the Liquidity issue. I really would love to be wrong and hope they will pull something out the bag on Monday. If the Resolution Event is called, it will kick off to a bad start once you hear people on here saying "I got back 80% of my investment...." and other's saying "I got nothing back !". I'll personally be one of those people - I have 40% of my investment coming to an end the day after the Resolution Event will be called, I won't see any of that money for years. How GS can continue to say they will treat everyone "fairly" is beyond me. Guess we'll just have to be patient and see what happens.
|
|