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Post by george on Jun 15, 2020 12:29:10 GMT
GS have now just reinvested multiple large amounts from my account today. Was that really necessary if they are to call a resolution event sometime today? Time will tell if this was an ethical manoeuvre or not by GS. Sorry to hear, can I ask since when had the funds been unmatched? I'm one of those waiting in limbo with funds currently on market.. I'm not the OP, but this morning money I had on the market since 9th June was matched to borrowers. I still have some money that went on the market 10th, 11th and 12th June in the "Open Orders". So based on that, money is currently matched up to somewhere on the 9th or 10th of June.
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Post by df on Jun 15, 2020 13:00:26 GMT
Sorry to hear, can I ask since when had the funds been unmatched? I'm one of those waiting in limbo with funds currently on market.. I'm not the OP, but this morning money I had on the market since 9th June was matched to borrowers. I still have some money that went on the market 10th, 11th and 12th June in the "Open Orders". So based on that, money is currently matched up to somewhere on the 9th or 10th of June. All my 10th and 11th June orders have been matched this morning. Only 12th-15th are still on market. I've got this feeling that they are all going to be matched before GS allows cancelations and withdrawals. Or may be I'm just too pessimistic.... It's interesting how things change. 3 years ago everyone was complaining about the queue - now it's completely opposite.
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Post by nesako on Jun 15, 2020 13:03:59 GMT
Sorry to hear, can I ask since when had the funds been unmatched? I'm one of those waiting in limbo with funds currently on market.. I'm not the OP, but this morning money I had on the market since 9th June was matched to borrowers. I still have some money that went on the market 10th, 11th and 12th June in the "Open Orders". So based on that, money is currently matched up to somewhere on the 9th or 10th of June. This is great insight - I wish my orders were spread like this. I was assured by GS a long time ago that it did not matter whether all funds are on the same loan or a number of different due to how RE works, but what I did not know that it would have made (some) difference at the end of the LE. I just have a large lump sum invested and it will not repay any time soon, so I am 100% "stuck" to RE
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Post by drphil on Jun 15, 2020 13:10:57 GMT
GS have now just reinvested multiple large amounts from my account today. Was that really necessary if they are to call a resolution event sometime today? Time will tell if this was an ethical manoeuvre or not by GS. 60% of my 'open orders' were reinvested this morning. Some of them were sitting there for 10 days, until today. Because the Liquidity Event ended at midnight last night ( “A Liquidity Event can last up to 90 days”), GS should not be doing this unless normal market conditions have resumed, in which case we should have access to our funds.
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puddleduck
Member of DD Central
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Post by puddleduck on Jun 15, 2020 13:15:16 GMT
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puddleduck
Member of DD Central
Posts: 537
Likes: 489
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Post by puddleduck on Jun 15, 2020 13:18:07 GMT
Resolution Event called!
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rscal
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Post by rscal on Jun 15, 2020 13:19:15 GMT
Just checked my circumstances re currently unmatched orders: 1 from 11th, 5 from 12th and 6 from today (15th) representing about 3/8ths of my total. As a test, I clicked on an order and tried to cancel but the red warning came up to say 'no can do'.
Perhaps we're all a day too early to consider the 90 days expired?
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Post by george on Jun 15, 2020 13:28:22 GMT
What's your source for this? Have you received an email from them? I haven't (yet)...
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Post by equity on Jun 15, 2020 13:29:10 GMT
What's your source for this? Have you received an email from them? I haven't (yet)... I have too. There's a new thread where it's copied.
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puddleduck
Member of DD Central
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Post by puddleduck on Jun 15, 2020 13:29:26 GMT
What's your source for this? Have you received an email from them? I haven't (yet)... Yes, e-mail at 2:07PM 'An update from Growth Street', I've quoted most the e-mail in a new thread.
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Post by drphil on Jun 15, 2020 13:29:31 GMT
Just checked my circumstances re currently unmatched orders: 1 from 11th, 5 from 12th and 6 from today (15th) representing about 3/8ths of my total. As a test, I clicked on an order and tried to cancel but the red warning came up to say 'no can do'.
Perhaps we're all a day too early to consider the 90 days expired? In view of Puddleduck's post, it's all academic now (though haven't yet had the email myself), but GS specifically told me the 90days were up on the 14th p2pindependentforum.com/post/390775/thread
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rscal
Posts: 910
Likes: 500
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Post by rscal on Jun 15, 2020 13:34:42 GMT
Just checked my circumstances re currently unmatched orders: 1 from 11th, 5 from 12th and 6 from today (15th) representing about 3/8ths of my total. As a test, I clicked on an order and tried to cancel but the red warning came up to say 'no can do'.
Perhaps we're all a day too early to consider the 90 days expired? In view of Puddleduck's post, it's all academic now (though haven't yet had the email myself), but GS specifically told me the 90days were up on the 14th p2pindependentforum.com/post/390775/threadAccess to unmatched funds but no ongoing interest will accrue according to the email. They are just looking to recover capital at this stage?
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Post by george on Jun 15, 2020 13:36:34 GMT
What's your source for this? Have you received an email from them? I haven't (yet)... Yes, e-mail at 2:07PM 'An update from Growth Street', I've quoted most the e-mail in a new thread. Ah yes, that didn't occur to me.
Thanks for sharing, still waiting for the email myself so appreciate being able to get straight to the spoilers without any further anticipation
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Post by bikeman on Jun 15, 2020 13:37:04 GMT
Just received an email from GS calling a RE. No surprise there!
- Blindly followed ill thought out terms.
- Cut off new investment
- Override investor settings to continue lending
- Sat on their butts for 90 days
- Forced their borrowers into defaulting by giving notice to repay
Incompetence.
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Post by lotus_eater on Jun 15, 2020 14:06:57 GMT
Just received an email from GS calling a RE. No surprise there! - Blindly followed ill thought out terms. - Cut off new investment - Override investor settings to continue lending - Sat on their butts for 90 days - Forced their borrowers into defaulting by giving notice to repay Incompetence. You know, I actually wonder if it's more than incompetence. Maybe I'm over thinking it, but...... Back in March I commented on this thread p2pindependentforum.com/thread/16920/liquidity-event-gs?page=3 (bottom of the page) about the Ts&Cs being changed on February 19th adding the clauses to allow them to force investors to reinvest. My reinvestment settings had been off for about 2 weeks at the time the LE was called. Then calling the liquidity event less than a month later. Just seems unjust to me (if not borderline criminal) that they can add these clauses to the Ts&Cs, not "clearly" outline these critical items and, more importantly, even if an investor had noticed these changes, with a period of less than 30 days from the changes in the Tc&Cs to freezing funds, it didn't allow for any investor who didn't agree with the new clauses to withdraw their investment and get out. Kind of seems like a trap that nobody could do much about. Any legal eagles on here who can comment on if it's legal to change Ts&Cs without giving investors who don't agree with them a way out? Probably a case of crying over spilled milk at this point, but I would like to know how that all works for my own inquisitiveness.
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