corto
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Post by corto on Mar 31, 2020 21:59:33 GMT
I think Harland knows which end of the stick has the least sh*t on it Sensei says 'hold it in the middle and you have two ends to fight with'
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corto
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Post by corto on Mar 31, 2020 22:01:01 GMT
stuartassetzcapital chris Can you both agree not to take any salaries or Benefits from Assetz Capital before you start charging lenders any fees? Would like to see you two get hit in the pocket first before any of us, it's only fair. Surely..... We're already on half salaries for this month, backdated to 1st March, amongst many other cost saving measures. Thanks! Chris and the Crew!
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Post by dan1 on Mar 31, 2020 22:01:20 GMT
alender - I'm curious as to how much you think you need to have invested for pro-rata withdrawals from the access accounts to have given you more cash thus far than the flat payment system? - I admit to not following the discussion but this post of yours really doesn't come across well at a time like this!
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cb25
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Post by cb25 on Mar 31, 2020 22:01:22 GMT
alender - I'm curious as to how much you think you need to have invested for pro-rata withdrawals from the access accounts to have given you more cash thus far than the flat payment system? Ah, if only I could log in to AC to check - can't even view my investments due to the Forbearance Vote blocking my way. Unacceptable.
As to your question, no idea where the break-even is, but I've literally £thousands past its withdrawal dates on 30DAA/90DAA.
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upperdeane
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Post by upperdeane on Mar 31, 2020 22:04:12 GMT
chris / stuartassetzcapital When will the logon be corrected so I we access our AC accounts without completing a forced vote which I do not wish to complete at this stage ? I believe it is very unprofessional to block access to our accounts in this way. Please reply.
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Post by chris on Mar 31, 2020 22:05:15 GMT
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Post by Harland Kearney on Mar 31, 2020 22:06:41 GMT
alender - I'm curious as to how much you think you need to have invested for pro-rata withdrawals from the access accounts to have given you more cash thus far than the flat payment system? I would be very curious to a guide on that, it would answer so many questions. I'm sure you have been reading the recent thread posts.
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Mikeme
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Post by Mikeme on Mar 31, 2020 22:06:49 GMT
alender - I'm curious as to how much you think you need to have invested for pro-rata withdrawals from the access accounts to have given you more cash thus far than the flat payment system? Ah, if only I could log in to AC to check - can't even view my investments due to the Forbearance Vote blocking my way. Unacceptable.
As to your question, no idea where the break-even is, but I've literally £thousands past its withdrawal dates on 30DAA/90DAA.
Chris has said that that is a mistake and will be rectified tomorrow. Just log in I am absolutely sure they will cancel any votes already made. CHRIS?
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corto
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Post by corto on Mar 31, 2020 22:07:29 GMT
I note that at the last equity raise the following share holdings (pre-raise): Chris Mellish Chief Technology Officer 10.09% Stuart Law Chief Executive Officer 16.6%
That's a stake of some £5.2m and £8.6m respectively (pre raise)
Good to know they have a lot to lose when this platform eventually fails - Rather shocking their behaviour to shore up confidence. AC is worthless now in my view.With that view you you have lost already. Just complaining again and again.
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Post by chris on Mar 31, 2020 22:07:38 GMT
Ah, if only I could log in to AC to check - can't even view my investments due to the Forbearance Vote blocking my way. Unacceptable.
As to your question, no idea where the break-even is, but I've literally £thousands past its withdrawal dates on 30DAA/90DAA.
Chris has said that that is a mistake and will be rectified tomorrow. Just log in I am absolutely sure they will cancel any votes already made. CHRIS? You'd need to email customer services to have your vote cancelled but I'm sure it would be arranged.
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Mikeme
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Post by Mikeme on Mar 31, 2020 22:09:26 GMT
I don't want to change just wanted people to access the accounts without a worry. I voted for with no hesitation
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upperdeane
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Post by upperdeane on Mar 31, 2020 22:09:56 GMT
Thanks for the update, I didn't see that.
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alanh
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Post by alanh on Mar 31, 2020 22:10:41 GMT
alender - I'm curious as to how much you think you need to have invested for pro-rata withdrawals from the access accounts to have given you more cash thus far than the flat payment system? Rather than us having to guess why don't you disclose some more information Chris? You must realise that the flat rate withdrawal system has caused a total outrage and is completely unjustifiable in the context of a proportional ownership access account system. Forcing large investors to bail out small investors is an absolutely baffling business decision with no justification apart from vague comments about preventing large investors "gaming the system". Is this is reason to penalise every other large investor?
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Post by jasonnewman on Mar 31, 2020 22:12:19 GMT
Good to know they have a lot to lose when this platform eventually fails - Rather shocking their behaviour to shore up confidence. AC is worthless now in my view.With that view you you have lost already. Just complaining again and again. In your opinion, AC Is bust in my view. It is all about confidence, that has gone. If you think otherwise keep investing your cash so others like me can get out. Cheers
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alender
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Post by alender on Mar 31, 2020 22:13:23 GMT
Changing the rules quicker than the weather. - In a fast moving environment a few changes to provide stability is sensible Locking up all their funds, the capital lock up is unavoidable but capital repayments are not. - Capital is being released against withdrawals. Another c £500k is due out tomorrow for example. Promising Pro Rata payouts and then pooling payments to the detriment of larger investors. - In the extreme markets we have flat payments. As things improve as they are, we expect to be able t return to pro rata payments. After locking up their funds enforcing a fee (non tax deductible as I understand) on the face value of the investment not the true MTM value - To mark to market would likely mean taking active discounting in the aftermarket as the current loan value, ignoring the security value and LTV protection. That opportunity to discount already exists in the MLA account. We aren't doing that within the Access Accounts as we don't have evidence that any MLA discounts are correct or even required. The fee only applies to non defaulted loans so likely there are no reductions in face value at present and therefore it is calculated correctly. We operate in an illiquid market, as is the nature our our lending, and unlike property funds who cannot MTM at present because they have no faith in values and have no equity protection from losses, we do have that protection and so are not discounting loans that have been performing up to this time. Changing the rules quicker than the weather. - In a fast moving environment a few changes to provide stability is sensible Did you not think of planning for a financial crisis that sooner or latter was bound to happen, after all are you not meant to be a professional organisation
Locking up all their funds, the capital lock up is unavoidable but capital repayments are not. - Capital is being released against withdrawals. Another c £500k is due out tomorrow for example.
At the rate you are releasing funds I will be stuck for 30 years or more, if of course there is anything left after the defaults and fees.
Promising Pro Rata payouts and then pooling payments to the detriment of larger investors. - In the extreme markets we have flat payments. As things improve as they are, we expect to be able t return to pro rata payments. Did much change between your promise of Pro Rata payments and payments themselves, as I recall you stated we were already in extreme market conditions when you made this promise. Also where was this in the T&Cs when I invested
After locking up their funds enforcing a fee (non tax deductible as I understand) on the face value of the investment not the true MTM value - To mark to market would likely mean taking active discounting in the aftermarket as the current loan value, ignoring the security value and LTV protection. That opportunity to discount already exists in the MLA account. We aren't doing that within the Access Accounts as we don't have evidence that any MLA discounts are correct or even required. The fee only applies to non defaulted loans so likely there are no reductions in face value at present and therefore it is calculated correctly. We operate in an illiquid market, as is the nature our our lending, and unlike property funds who cannot MTM at present because they have no faith in values and have no equity protection from losses, we do have that protection and so are not discounting loans that have been performing up to this time.
Apart from the fact that you seem to able to change the T&Cs whenever it suits you who gave you the right to impose retrospect changes (not a mention in T&Cs when I invested) on funds which are locked by you on an arbitrary amount which does not represent the true value.
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