chris1200
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Post by chris1200 on May 23, 2020 15:52:01 GMT
chris1200 what's your interpretation for this part in the terms of a Resolution Event? > 6.8. Distributions of available funds will be made to investors on a quarterly basis in proportion to their outstanding investments.
I'm not sure I fully understand what the bolded part means exactly? Does that mean just the overall unpaid outstanding size of the loan book? Yeah, just what you'd expect - everyone gets their own portion of the payouts according to how much of the loanbook they own. So, say you own £10,000 out of a total loanbook of £1m (i.e. 1%), every time they make a payout, you get 1% of it. Remember that, at this point, all the loans are divided proportionately among all the lenders - so it doesn't matter which particular loans you're invested in when the RE is called.* [*although, if you have money not invested in any loans at the time it's called, you get that money back!]
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upperdeane
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Post by upperdeane on May 24, 2020 15:36:58 GMT
I am due to get a bonus next month. Will I get it? If I do will I be able to withdraw it? I got my £200 welcome bonus this week and withdrew it successfully  This is the text of the email i received: Hi there, This is a message from Growth Street to let you know your £200 sign up bonus has been paid. This money is currently in your holding account. Log into your dashboard to either invest it and start earning interest or to withdraw the funds. Thanks, The Growth Street Team
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Post by garreh on May 27, 2020 14:46:31 GMT
Deployment rate is at 85.9% today and estimated 11 days to match! I wonder if the magic number could be around 14 days to match - then maybe, just maybe, GS could utilise that time to update their investor terms and roll out a queued withdrawals system and end the LE? If there's enough of a buffer and incentive for investors to keep money on the platform this could be a strategy worth exploring?
Though there is only 20 ish days left of the LE before a Resolution Event needs to be called as according to their terms. Time is ticking fast so I do hope we get more frequent and substantial updates from GS over the coming weeks.
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chris1200
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Post by chris1200 on May 27, 2020 20:16:45 GMT
Deployment rate is at 85.9% today and estimated 11 days to match! I wonder if the magic number could be around 14 days to match - then maybe, just maybe, GS could utilise that time to update their investor terms and roll out a queued withdrawals system and end the LE? If there's enough of a buffer and incentive for investors to keep money on the platform this could be a strategy worth exploring? Though there is only 20 ish days left of the LE before a Resolution Event needs to be called as according to their terms. Time is ticking fast so I do hope we get more frequent and substantial updates from GS over the coming weeks. I'm not sure I understand your connection between the time for matching and GS having time to update things. Why does a longer matching time give GS more time to remedy the LE? They have 90 days from calling the LE regardless of this issue, don't they?
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Post by garreh on May 28, 2020 23:03:16 GMT
Deployment rate is at 85.9% today and estimated 11 days to match! I wonder if the magic number could be around 14 days to match - then maybe, just maybe, GS could utilise that time to update their investor terms and roll out a queued withdrawals system and end the LE? If there's enough of a buffer and incentive for investors to keep money on the platform this could be a strategy worth exploring? Though there is only 20 ish days left of the LE before a Resolution Event needs to be called as according to their terms. Time is ticking fast so I do hope we get more frequent and substantial updates from GS over the coming weeks. I'm not sure I understand your connection between the time for matching and GS having time to update things. Why does a longer matching time give GS more time to remedy the LE? They have 90 days from calling the LE regardless of this issue, don't they? Maybe it was a silly comparison, ignore me. I'm just trying to find hope anywhere at this point 🙄
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chris1200
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Post by chris1200 on May 29, 2020 9:23:15 GMT
I'm not sure I understand your connection between the time for matching and GS having time to update things. Why does a longer matching time give GS more time to remedy the LE? They have 90 days from calling the LE regardless of this issue, don't they? Maybe it was a silly comparison, ignore me. I'm just trying to find hope anywhere at this point 🙄 No worries! Let's keep hoping indeed
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Post by garreh on May 29, 2020 15:54:30 GMT
Another email update from GS:
My thoughts:
1. The climate is largely the same and will remain turbulent at least until there is a vaccine.
2. Resuming operations will likely cause a significant jump in withdrawals, especially given the discouraging communications and lack of feasible solutions from GS.
3. There has been a significant build up of liquidity which is the most positive thing since the start of the LE. Whether that's enough to fund further requests is ultimately unknown - imo GS need to be confident and at least estimate how much will be withdrawn based on a) if an investor has logged in to check their balance during the LE then assume they will withdraw all their funds, b) if investor has not logged in assume they will not withdraw, c) send a poll out to investors gathering their feedback of the platform, possible solutions and overall intent (Ratesetter has recently sent out a questionnaire, so this is definitely feasible and useful information to GS and it's board of directors - though maybe its too late to do this)
Ultimately 2 & 3 can't be resolved without changing investor terms by limiting withdrawals and have a *requirement* of sufficient liqudity on the platform in order to withdraw. Otherwise in the future we could end up back in a Liquidity Event if enough investors are spooked.
Not impressed with the rather passive direction GS is taking to help sustain and keep the platform afloat. I'm highly doubtful they will be able to sell the loan book so ultimately GS aren't really doing anything right now as far as I can see.
Guess we'll have to just wait and see what next weeks "more comprehensive summary of Growth Street’s progress in next week’s update" will be. By that point there will be only a week left until Resolution Event.
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chris1200
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Post by chris1200 on May 29, 2020 18:28:25 GMT
Point 3 interested me, specifically the reference to 'cover[ing] the sum of previously requested withdrawals'. I've emailed them to ask:
1) Does this mean that, if the Liquidity Event is lifted, GS will be attempting to action withdrawals requested before the Liquidity Event was called in priority to any further withdrawals requested?
2) Related to this, what counts as a 'requested withdrawal'? Does this simply mean turning re-lending off on settings?
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Post by bikeman on May 29, 2020 18:37:01 GMT
Point 3 interested me, specifically the reference to 'cover[ing] the sum of previously requested withdrawals'. I've emailed them to ask: 1) Does this mean that, if the Liquidity Event is lifted, GS will be attempting to action withdrawals requested before the Liquidity Event was called in priority to any further withdrawals requested? That doesn't seem very fair. And as soon a the LE is lifted there will be a rush by remaining investors to withdraw and the cycle starts again.
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chris1200
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Post by chris1200 on May 29, 2020 18:42:22 GMT
Point 3 interested me, specifically the reference to 'cover[ing] the sum of previously requested withdrawals'. I've emailed them to ask: 1) Does this mean that, if the Liquidity Event is lifted, GS will be attempting to action withdrawals requested before the Liquidity Event was called in priority to any further withdrawals requested? That doesn't seem very fair. And as soon a the LE is lifted there will be a rush by remaining investors to withdraw and the cycle starts again. To be completely honest, I'm not much interested in whether it's fair or not - rather just finding out what GS's plans are. (In any event, I'm not sure you could argue it's too unfair to honour withdrawals already requested. I mean... those people withdrew first.)
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Greenwood2
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Post by Greenwood2 on May 29, 2020 20:16:50 GMT
GS really need lenders to support them by not trying to withdraw funds, and this could keep the platform functioning, but that doesn't seem likely to happen unfortunately. Which leaves lenders in 'a you might get (some of)) your capital back over an extended time period maybe'.
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Post by bikeman on May 31, 2020 15:25:07 GMT
GS really need lenders to support them by not trying to withdraw funds, and this could keep the platform functioning, but that doesn't seem likely to happen unfortunately. Which leaves lenders in 'a you might get (some of)) your capital back over an extended time period maybe'. If GS need lenders to support them by not trying to withdraw funds, they need to do something about their inflexible LE terms which practically guarantee that is what is going to happen.
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chris1200
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Post by chris1200 on Jun 2, 2020 12:26:17 GMT
Further drop in deployment rate this morning to below 82%. I wonder how quickly we'll hear what is decided at the board meeting due today...
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Post by nesako on Jun 2, 2020 12:45:05 GMT
Further drop in deployment rate this morning to below 82%. I wonder how quickly we'll hear what is decided at the board meeting due today... Very much doubt it will be before Friday (I would be happy to get it earlier). In related news, I have now received confirmation that most of this cash buffer will simply go to everyone who are "lucky" enough to have loans repaying on or around the date of Resolution Event announcement. My recent history shows it took 3 days for me to match, which means anyone with investments maturing between 14-16th June will get their pending (unmatched) money back and will be able to withdraw it, while the rest (roughly 75% of funds) will then be pooled together, waiting for this cash buffer to accumulate from scratch before receiving anything. Sadly, I am not one of those lucky 25%, so feels like years of waiting for me.
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chris1200
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Post by chris1200 on Jun 2, 2020 12:54:37 GMT
Further drop in deployment rate this morning to below 82%. I wonder how quickly we'll hear what is decided at the board meeting due today... Very much doubt it will be before Friday (I would be happy to get it earlier). In related news, I have now received confirmation that most of this cash buffer will simply go to everyone who are "lucky" enough to have loans repaying on or around the date of Resolution Event announcement. My recent history shows it took 3 days for me to match, which means anyone with investments maturing between 14-16th June will get their pending (unmatched) money back and will be able to withdraw it, while the rest (roughly 75% of funds) will then be pooled together, waiting for this cash buffer to accumulate from scratch before receiving anything. Sadly, I am not one of those lucky 25%, so feels like years of waiting for me. Yes, I established this quite a while ago (here: p2pindependentforum.com/post/384894/thread, and then more detailed explanation here: p2pindependentforum.com/post/387332/thread, and more specific discussion of dates here p2pindependentforum.com/post/388564/thread ). As I mentioned in my posts, your suggested dates assume that any RE is called 90 days after the LE (but also it would be a little earlier than you suggest as 14 June is the 90 day later date). We don't know for sure it will happen like this (if a RE is actually called). The range of dates could also be much wider - the current matching time is 10 days.
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