ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 5, 2020 12:41:16 GMT
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arby
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Post by arby on Jun 5, 2020 12:52:13 GMT
Nothing surprising there. It's clear that realisation of assets has sped up since administration began which is about the only positive.
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Post by overthehill on Jun 5, 2020 13:28:22 GMT
I have a list of all the open loans after FS went into administration.
The outstanding amount was 80349217 , so where are they getting 67.5 million from ?
I also did a rough count of unique loans (or assets as they call them) and I've got 180 but they've got a figure of 242 from somewhere.
The figures are so far apart you wonder what is going on in the background.
The administrator's extension was inevitable, I don't see any avoidable downside as long as they keep their foot on the pedal.
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iRobot
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Post by iRobot on Jun 5, 2020 14:24:39 GMT
I have a list of all the open loans after FS went into administration.
The outstanding amount was 80349217 , so where are they getting 67.5 million from ?
I also did a rough count of unique loans (or assets as they call them) and I've got 180 but they've got a figure of 242 from somewhere.
The figures are so far apart you wonder what is going on in the background.
The administrator's extension was inevitable, I don't see any avoidable downside as long as they keep their foot on the pedal. By 'they' I'm presuming you mean P2P Finance News? I suspect they simply look for some suitable large numbers in the various proposals and reports put out by the administrators without any real regard for the bigger picture or what's gone before. From the Administrators proposal doc: Live loans 379 £59,883,621.55
Defaulted loans 91 £20,758,561.10
470 £80,642,182.65
From the Progress update*: Live loans 6 unspecified
Defaulted loans 165 unspecified
171 £67,594,265.00 Difference between the two reports is £13m with the amount stated in the progress report as being £12m. The 'missing' £1m is a conundrum, as I'm assuming these are all 'gross' figures - ie sums before any consideration of CG's and FS' fees have been deducted. * - this is also where the '242 assets' comes from
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adrian77
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Post by adrian77 on Jun 5, 2020 16:38:21 GMT
if you click on the top link and then the link www.p2pfinancenews.co.uk/2019/11/21/five-things-we-learned-from-first-fundingsecure-administrators-report/I find it very interesting which includes just what the hell does this actually mean - I could guess but probably better I don't do here! you what - not that we suspected this - I wonder if this is relevant to R**hton/ L***** S* A***s and the estate agent/fixer which mrc brilliantly drew our attention to. I also note would I be happy if I had £2m etc with these muppets...I just hope it wasn't a financial "genius" who was investing on behalf of private clients - I can think of better things to do with £2m than risk losing 50% of it with these clowns...besides the wife would kill me! Only good point - I think is, that is the more the administrators get paid the less the secured creditors get paid which includes the former directors - as I said I think this is the case but may be wrong. Stay healthy all |
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iRobot
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Post by iRobot on Jun 5, 2020 16:53:57 GMT
if you click on the top link and then the link www.p2pfinancenews.co.uk/2019/11/21/five-things-we-learned-from-first-fundingsecure-administrators-report/I find it very interesting which includes just what the hell does this actually mean - I could guess but probably better I don't do here! you what - not that we suspected this - I wonder if this is relevant to R**hton/ L***** S* A***s and the estate agent/fixer which mrc brilliantly drew our attention to. I also note would I be happy if I had £2m etc with these muppets...I just hope it wasn't a financial "genius" who was investing on behalf of private clients - I can think of better things to do with £2m than risk losing 50% of it with these clowns...besides the wife would kill me!Only good point - I think is, that is the more the administrators get paid the less the secured creditors get paid which includes the former directors - as I said I think this is the case but may be wrong. Stay healty all Think you might be a tad confused? A 'client account' is the collective funds of clients of the organisation. See 'Client Monies' (part.16) of Annex 2 in the Administrator's Proposal doc.
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rocky1
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Post by rocky1 on Oct 19, 2020 16:58:44 GMT
extended now till late october 2023.reason to realise the best outcome from the loan book. they can surely see that there is plenty to feed on for the next 3 years.p2p is really full of sharks and vultures surrounding the lenders waiting to pounce.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Oct 19, 2020 17:28:49 GMT
THREE YEARS!!!!!! Of course, CG & Co, like all Administrators, are beyond reproach, and are ultimate Professionals with extremely high values & integrity and are dealing with Funding Secure as quickly and fairly as they possibly can. 
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adrian77
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Post by adrian77 on Oct 19, 2020 17:34:41 GMT
I really don't see why they need another 3 years in fact I would expect this farce to be wrapped up next year - best outcome for the loan book - yeah right!
As I see it waiting 3 years will only provide a gross increase in cpaital return after mega expensive legal action which will probably negate the gross increase and personally I would rather have my money now. Depressing!
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11025
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Post by 11025 on Oct 19, 2020 17:40:51 GMT
extended now till late october 2023.reason to realise the best outcome from the loan book. they can surely see that there is plenty to feed on for the next 3 years.p2p is really full of sharks and vultures surrounding the lenders waiting to pounce. Although the Lenders/Investors play a key role in the P2P industry it is amazing how diabolically they get treated by everyone involved. Had I had the slightest idea this would be possible and what little care or protection would be available from fraud , malpractice, malfeasance ,etc , etc , etc then I would not be here as would all of you ..... I am still incredulous and what has gone on. Remind me who was it who picked CG as administrators ?
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Post by df on Oct 19, 2020 18:38:14 GMT
I really don't see why they need another 3 years in fact I would expect this farce to be wrapped up next year - best outcome for the loan book - yeah right! As I see it waiting 3 years will only provide a gross increase in cpaital return after mega expensive legal action which will probably negate the gross increase and personally I would rather have my money now. Depressing! Knowing what kind of loans are in the remaining loan book, do you think it is realistic to expect the crystallisation process to be completed any sooner than Oct 2023? I wouldn't be surprised if the date will be extended again in 3 yers time.
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iRobot
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Post by iRobot on Oct 19, 2020 19:10:34 GMT
I'm a logical kinda guy, so looking at things from that perspective ... - Did we expect and extension?
Yep, right from the Admins proposals (18/10/2019) they suggested an extension would be likely:
- Could a shorter extension have been requested?
Probably. But given there'll be a cost involved in getting documents raised and submitted to a Court for approval - and probably Court fees, to boot - why apply for a one year extension and have to go through the expense in another twelve months when you can - for no additional cost - apply for a three year extension and be done with it.
- But really, three years?
Sure. Don't forget that if things get 'sticky' with the court proceeding over the 5% situation, there could be a pause in Administrative proceedings. Also, there are a couple of loans which are reliant on their own proceedings (Art loans and one other. (Ex-Director related? Not sure.)) It's highly unlikely they are going to be resolved promptly.
And what's the down side? If everything wraps up in two years, there's no fines for have sought a three year extension. No one gets sent to the naughty step 
All in all, it's a three year extension which may or may not be needed. Personally, I think there are more important issues to focus on .... |
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adrian77
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Post by adrian77 on Oct 19, 2020 20:43:39 GMT
hopefully yes - especially as these loans are already extremely late - the point I was trying to make was that rather than engage in protracted legal action for 3 years which is only guaranteed to line the pockets of lawyers I would prefer FS cut their losses and simply repossess the damn properties and ditch them at auction or whatever. Yes I know FS may well have not done the legal work properly and/or been outsmarted in some cases by professional paper shufflers but we should never have been in that situation and surely e.g. even the Tower Block can be dealt with in under this time...
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taffy
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Post by taffy on Oct 20, 2020 12:57:51 GMT
hopefully yes - especially as these loans are already extremely late - the point I was trying to make was that rather than engage in protracted legal action for 3 years which is only guaranteed to line the pockets of lawyers I would prefer FS cut their losses and simply repossess the damn properties and ditch them at auction or whatever. Yes I know FS may well have not done the legal work properly and/or been outsmarted in some cases by professional paper shufflers but we should never have been in that situation and surely e.g. even the Tower Block can be dealt with in under this time... Three years seems a bit ambitious. I have suffered £12K capital loss in one year, still have £56K "invested". So if we`re looking at near 100% loss it might take another 5 years!! Have to check out Lendy as well, it`s a while since i heard anything from them and they`re in their second year of Administration.
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