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Post by nesako on Jun 2, 2020 12:58:29 GMT
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. 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. Thanks - I did see your previous discussion, just wanted to hear it from GS themselves (and they did confirm this). I also agree the range may be wider, but the 10 day matching reported on the Website is not to be trusted. When my loan recently matured, it still got matched within 3 days, despite it stating 10 days to match. PS. I really do not believe they will pull something out of the hat by Friday to prevent RE being called. I hope I am wrong...
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Post by Ace on Jun 2, 2020 12:59:20 GMT
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. 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. I wouldn't pay much notice to the stated matching time. It seems to be very wide of the actual mark. I had several loans repay when the started time was 10 days recently, but the cash was all relent within 3 days. EDIT: Crossed with@nsako.
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chris1200
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Post by chris1200 on Jun 2, 2020 13:11:09 GMT
Thanks - I did see your previous discussion, just wanted to hear it from GS themselves (and they did confirm this). I also agree the range may be wider, but the 10 day matching reported on the Website is not to be trusted. When my loan recently matured, it still got matched within 3 days, despite it stating 10 days to match. PS. I really do not believe they will pull something out of the hat by Friday to prevent RE being called. I hope I am wrong... Fair enough - but wouldn't have hurt you to recognise the time that went into those posts, rather than re-writing an explanation I'd already given with no acknowledgement that the point had already been explained. Just seems polite to me. Agreed that the matching rate is only an estimate; I didn't say it would take 10 days, just that it may be longer than 3 days. I can tell you it's currently definitely longer than 3 days based on my own account. And I am also quite pessimistic, but I think it's still a possibility that they'll at least have a go at something. I wouldn't pay much notice to the stated matching time. It seems to be very wide of the actual mark. I had several loans repay when the started time was 10 days recently, but the cash was all relent within 3 days. See above. Again, you'll see I did not say it would take 10 days or that the estimated matching time was accurate. I said it could be much longer than 3 days. It is currently at least 5 days for my own funds.
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Post by Ace on Jun 2, 2020 14:01:09 GMT
Thanks - I did see your previous discussion, just wanted to hear it from GS themselves (and they did confirm this). I also agree the range may be wider, but the 10 day matching reported on the Website is not to be trusted. When my loan recently matured, it still got matched within 3 days, despite it stating 10 days to match. PS. I really do not believe they will pull something out of the hat by Friday to prevent RE being called. I hope I am wrong... Fair enough - but wouldn't have hurt you to recognise the time that went into those posts, rather than re-writing an explanation I'd already given with no acknowledgement that the point had already been explained. Just seems polite to me. Agreed that the matching rate is only an estimate; I didn't say it would take 10 days, just that it may be longer than 3 days. I can tell you it's currently definitely longer than 3 days based on my own account. And I am also quite pessimistic, but I think it's still a possibility that they'll at least have a go at something. I wouldn't pay much notice to the stated matching time. It seems to be very wide of the actual mark. I had several loans repay when the started time was 10 days recently, but the cash was all relent within 3 days. See above. Again, you'll see I did not say it would take 10 days or that the estimated matching time was accurate. I said it could be much longer than 3 days. It is currently at least 5 days for my own funds. chris1200 , there really is no need to take offence at perfectly well intentioned replies to your posts. I was simply adding some information on personal experience related to your post. I made no criticism of your post, and neither said nor implied that you said it would take 10 days... I also feel that nesako was making a similar point and was in no way impolite. Have a lovely day.
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chris1200
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Post by chris1200 on Jun 2, 2020 14:06:15 GMT
chris1200 , there really is no need to take offence at perfectly well intentioned replies to your posts. I was simply adding some information on personal experience related to your post. I made no criticism of your post, and neither said nor implied that you said it would take 10 days... I also feel that nesako was making a similar point and was in no way impolite. Have a lovely day. Oh gosh, are we really going to do this again. I took no 'offence' at your post, and simply re-stated my position clarifying my own experience. Just as you can do this, so can I. On nesako's post, that is your interpretation. I'm allowed to have my own too and I don't see why you feel the need to start an argument over it, especially given the point was made perfectly cordially and to someone other than you. I consider having apparently read someone's lengthy posts explaining an issue and then, weeks later, making the same point yourself without acknowledgment to not be the best form. Perhaps this is because I work in academia and citing the work of others is a fairly consistent principle. You may have your own principles where you don't care about this.
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Post by Ace on Jun 2, 2020 14:26:23 GMT
chris1200 , there really is no need to take offence at perfectly well intentioned replies to your posts. I was simply adding some information on personal experience related to your post. I made no criticism of your post, and neither said nor implied that you said it would take 10 days... I also feel that nesako was making a similar point and was in no way impolite. Have a lovely day. Oh gosh, are we really going to do this again. I took no 'offence' at your post, and simply re-stated my position clarifying my own experience. Just as you can do this, so can I. On nesako's post, that is your interpretation. I'm allow to have my own too and I don't see why you feel the need to start an argument over it. I consider having apparently read someone's lengthy posts explaining an issue and then, weeks later, making the same point yourself without acknowledgment to not be the best form. Perhaps this is because I work in academia and citing the work of others is a fairly consistent principle. You may have your own principles where you don't care about this - I don't much mind as I was speaking to someone other than you. "Oh gosh, are we really going to do this again." That's exactly what I thought when reading your post. You really do seem to pick over replies to look for ways to take offence. Time and again, you read hidden meanings in others posts where clearly none was present. Maybe your superior principles will allow you to consider whether there is a soupcon of truth in the fact that you do tend to take offence despite protestations to the opposite. And perhaps even consider that its not always necessary to have the last word! I await my usual admonishment and promise not to reply further.
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chris1200
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Post by chris1200 on Jun 2, 2020 14:38:01 GMT
"Oh gosh, are we really going to do this again." That's exactly what I thought when reading your post. You really do seem to pick over replies to look for ways to take offence. Time and again, you read hidden meanings in others posts where clearly none was present. Maybe your superior principles will allow you to consider whether there is a soupcon of truth in the fact that you do tend to take offence despite protestations to the opposite. And perhaps even consider that its not always necessary to have the last word! I await my usual admonishment and promise not to reply further. Jesus wept... I wasn't even talking to you. Why did you even need to get involved? Once again, I took no 'offence' - I chose to highlight (entirely politely and reasonably) that it might've been nice to acknowledge the time I'd put into explaining this issue to other forum users already, given nesako apparently read all of these. I made multiple posts, one of which took me 20-30 minutes, because other users asked for an explanation. That's right, I provided an actually useful service on this board, unlike you and your ridiculous baiting to start arguments. Please don't reply to or quote my posts anymore. I now have absolutely no time for you and have blocked you so I probably won't even see them anyway.
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Post by garreh on Jun 2, 2020 18:19:05 GMT
Ohh dear chris1200 😂 honestly I did find your posts a little on the defensive side, you may not be aware but you do quite often come across quite defensively, even if unintentional. Anyway, deployment rate is down so more positive news. I would love to know the actual date the Liquidity Event was officially called by GS. According to their terms they HAVE to call a Resolution Event 90 days after calling the LE - and provide a maxiumum of 5 days notice to investors. So there is no leeway there in terms of dates. If we knew the exact date the LE was called, we can know the latest date the Resolution Event will be called. Skeptical GS will announce anything substantial in next email update, but let's try and remain hopeful. Maybe another stupid question of mine... but is it possible GS can sell parts or all of the loan book during a Resolution Event? Wonder what their plans are
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chris1200
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Post by chris1200 on Jun 2, 2020 18:36:55 GMT
Ohh dear chris1200 😂 honestly I did find your posts a little on the defensive side, you may not be aware but you do quite often come across quite defensively, even if unintentional. Anyway, deployment rate is down so more positive news. I would love to know the actual date the Liquidity Event was officially called by GS. According to their terms they HAVE to call a Resolution Event 90 days after calling the LE - and provide a maxiumum of 5 days notice to investors. So there is no leeway there in terms of dates. If we knew the exact date the LE was called, we can know the latest date the Resolution Event will be called. Skeptical GS will announce anything substantial in next email update, but let's try and remain hopeful. Maybe another stupid question of mine... but is it possible GS can sell parts or all of the loan book during a Resolution Event? Wonder what their plans are I'm defensive because I'm being attacked. I take hours in total to explain things to you and other users as you asked me to do. Someone then reads apparently all those posts but weeks later re-posts the same/similar information without acknowledging at all that I already pointed this out and explained it at length.* I calmly and politely say it would have been nice if they'd acknowledged me. Some other person starts having a go at me for it. And I'm the bad guy?! To think, after all the time I took to explain this particular issue to you, you might have understood my sadness at this. But no. I'm done with this. Good luck - I think a lot of you will need it. *(For an example of how simple it is to do this, see: p2pindependentforum.com/post/390347 - two nice little acknowledgments to people that did work/previously made the same point. I didn't think it could possibly be such a big deal to say this would have been nice.)
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Post by Ace on Jun 2, 2020 18:55:51 GMT
Ohh dear chris1200 😂 honestly I did find your posts a little on the defensive side, you may not be aware but you do quite often come across quite defensively, even if unintentional. Anyway, deployment rate is down so more positive news. I would love to know the actual date the Liquidity Event was officially called by GS. According to their terms they HAVE to call a Resolution Event 90 days after calling the LE - and provide a maxiumum of 5 days notice to investors. So there is no leeway there in terms of dates. If we knew the exact date the LE was called, we can know the latest date the Resolution Event will be called. Skeptical GS will announce anything substantial in next email update, but let's try and remain hopeful. Maybe another stupid question of mine... but is it possible GS can sell parts or all of the loan book during a Resolution Event? Wonder what their plans are The email announcing the LE was sent at 19:46 on 16th March. I'm not certain that this necessarily counts as the LE date, but if it does then 90 days later would be 14th June.
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Post by garreh on Jun 2, 2020 19:13:42 GMT
Ohh dear chris1200 😂 honestly I did find your posts a little on the defensive side, you may not be aware but you do quite often come across quite defensively, even if unintentional. Anyway, deployment rate is down so more positive news. I would love to know the actual date the Liquidity Event was officially called by GS. According to their terms they HAVE to call a Resolution Event 90 days after calling the LE - and provide a maxiumum of 5 days notice to investors. So there is no leeway there in terms of dates. If we knew the exact date the LE was called, we can know the latest date the Resolution Event will be called. Skeptical GS will announce anything substantial in next email update, but let's try and remain hopeful. Maybe another stupid question of mine... but is it possible GS can sell parts or all of the loan book during a Resolution Event? Wonder what their plans are The email announcing the LE was sent at 19:46 on 16th March. I'm not certain that this necessarily counts as the LE date, but if it does then 90 days later would be 14th June. Interesting, that's the date I've been rolling with too. I'm not sure what the actual date they stopped withdrawals on their system, the notification date to investors can be delayed up to 5 days according to their terms: > If a Liquidity Event occurs, we will notify you, along with all other Growth Street investors as soon as possible but at the latest, within 5 working days (assuming it is not rectified in that time). So could of even been 9th March? Assuming the latest possible dates, Resolution Event should "officially" be declared by latest of 16th June. We may not know about it until 23rd June.
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Mucho P2P
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Post by Mucho P2P on Jun 2, 2020 21:36:56 GMT
The email announcing the LE was sent at 19:46 on 16th March. I'm not certain that this necessarily counts as the LE date, but if it does then 90 days later would be 14th June. Interesting, that's the date I've been rolling with too. I'm not sure what the actual date they stopped withdrawals on their system, the notification date to investors can be delayed up to 5 days according to their terms: > If a Liquidity Event occurs, we will notify you, along with all other Growth Street investors as soon as possible but at the latest, within 5 working days (assuming it is not rectified in that time). So could of even been 9th March? Assuming the latest possible dates, Resolution Event should "officially" be declared by latest of 16th June. We may not know about it until 23rd June. It was not the 9th March, as GS accepted my last deposit on the 15th March.
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Post by drphil on Jun 5, 2020 16:42:43 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.
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Post by garreh on Jun 5, 2020 17:27:42 GMT
I too found the email rather upbeat but after reading it I don't really see any reason to feel upbeat. There again was very little information about what GS have been *actively* doing to try to remedy the event - even the apparent information about their quartley board meeting didn't yield any information other than "The Board were resolute in their commitment and endeavour to find a remedy to the Liquidity Event. However, they acknowledge that if that is not possible, a Resolution Event will need to be declared"
It seems pretty inveitable that a Resolution Event will be called. Although I guess it's unhelpful to promote doom and gloom and the death of the platform, but saying "we hope to continue doing so for many years to come" at this stage when a Resolution Event seems inveitable isn't setting realistic expectations. The way GS have handled this whole process has left a lot to be desired. They seem somewhat in denial if they believe they can continue for "many years" to come whilst simatenously acknowleding that their terms don't give them any flexibility to make positive improvements to the platform.
At the heart they say "The Board reiterated their commitment to our investors and our borrowers, whatever the outcome may be, that Growth Street will continue to treat all customers fairly" - yet upon a Resolution Event money will be available to those *lucky few* who happen to have their loans unmatched at the time the resolution Event is called. That is wholely unfair and is a total lottery to a specific lucky set of investors.
Better stop writing now before my keyboard gets thrown out the window. 😑
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rscal
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Post by rscal on Jun 5, 2020 19:32:12 GMT
I too found the email rather upbeat but after reading it I don't really see any reason to feel upbeat. There again was very little information about what GS have been *actively* doing to try to remedy the event - even the apparent information about their quartley board meeting didn't yield any information other than "The Board were resolute in their commitment and endeavour to find a remedy to the Liquidity Event. However, they acknowledge that if that is not possible, a Resolution Event will need to be declared" It seems pretty inveitable that a Resolution Event will be called. Although I guess it's unhelpful to promote doom and gloom and the death of the platform, but saying "we hope to continue doing so for many years to come" at this stage when a Resolution Event seems inveitable isn't setting realistic expectations. The way GS have handled this whole process has left a lot to be desired. They seem somewhat in denial if they believe they can continue for "many years" to come whilst simatenously acknowleding that their terms don't give them any flexibility to make positive improvements to the platform. At the heart they say "The Board reiterated their commitment to our investors and our borrowers, whatever the outcome may be, that Growth Street will continue to treat all customers fairly" - yet upon a Resolution Event money will be available to those *lucky few* who happen to have their loans unmatched at the time the resolution Event is called. That is wholely unfair and is a total lottery to a specific lucky set of investors. Better stop writing now before my keyboard gets thrown out the window. 😑 We can all check I suppose from our loan summaries. May get a few quid back that way but will holding account cash be accessible at that stage? As to their statements, yes it reeks of denial to claim contradictory things like "..tears to come" [ha ha I mistyped that - I think I'll leave it in!]
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