zlb
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Post by zlb on Jun 24, 2020 21:12:23 GMT
They refer to those who had reinvesting turned off - this setting seems to have disappeared, and in fact, was 'reinvesting' an option. I thought it was a number of days' notice. Is this what they are referring to when they talk about reinvesting? The 30 days notice, and those who had notice to withdraw get priority? So they have a borrower action group setting up against them now - can they do that given that they signed terms - or does GS announcing abnormal market conditions make any previous agreement void? Reinvesting options was a "thing" which allowed you to no longer invest after your loans (all of which were 30days long) have matured. No, people who had that switched off, will not get any priority (I had mine off with less than a week to go and now I am "stuck" for good). Priority was given to ISA holders - they all have been able to withdraw in-full. Borrower action group is to help borrowers find alternative funding sources. GS terms for RE allow for borrowers to extend their notice if that would help them to repay in the longer term (and prevent default), hence new agreements can be arranged on a case-by-case basis. Thanks. So the worrying sounding ISA was the better option. So they need to get rid of retail investors before starting again - they couldn't have made that switch in a better way such as the queue of institutional investors just investing and allowing retail withdrawal? I presume there are institutional investors given the headlines.
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zlb
Member of DD Central
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Post by zlb on Jul 18, 2020 22:10:11 GMT
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Mucho P2P
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Post by Mucho P2P on Jul 21, 2020 15:53:31 GMT
" Astonishingly, not one of the affected businesses has missed a loan repayment to date". Astonishingly, I am aware of an investor contacting them to discuss the matter for a capital injection and the offer was not, to the best of my knowledge, forwarded to a person in control at GS. And what about the Merian Chrysalis investment, GS took their cash without an issue.......my mind is perplexed with these and other developments I am aware about.....thinking cap on.......
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Post by nooneere on Jul 21, 2020 20:14:55 GMT
" Astonishingly, not one of the affected businesses has missed a loan repayment to date". Astonishingly, I am aware of an investor contacting them to discuss the matter for a capital injection and the offer was not, to the best of my knowledge, forwarded to a person in control at GS. And what about the Merian Chrysalis investment, GS took their cash without an issue.......my mind is perplexed with these and other developments I am aware about.....thinking cap on....... GS has (more than one) VC backer. It may be that behind the scenes one or more of these backers wants to cut their losses and wind up GS completely, maybe the backers disagree on this so presently public information does not reflect the true situation. Merian have now been taken over by Jupiter, which may or may not have prompted some rethinking of investments. Who knows!
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Post by nooneere on Jul 22, 2020 11:40:50 GMT
" Astonishingly, not one of the affected businesses has missed a loan repayment to date". Astonishingly, I am aware of an investor contacting them to discuss the matter for a capital injection and the offer was not, to the best of my knowledge, forwarded to a person in control at GS. And what about the Merian Chrysalis investment, GS took their cash without an issue.......my mind is perplexed with these and other developments I am aware about.....thinking cap on....... GS has (more than one) VC backer. It may be that behind the scenes one or more of these backers wants to cut their losses and wind up GS completely, maybe the backers disagree on this so presently public information does not reflect the true situation. Merian have now been taken over by Jupiter, which may or may not have prompted some rethinking of investments. Who knows! And lo and behold, P2P Finance News now reports "Growth Street is planning to go into 'solvent wind-down' as it has failed to secure the equity investment and institutional funding lines it needed to sustain the business. Kim Goetzke, chief operating officer at Growth Street, said that the onset of Covid-19 had presented numerous challenges for the business."
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Mucho P2P
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Post by Mucho P2P on Jul 22, 2020 11:56:07 GMT
GS has (more than one) VC backer. It may be that behind the scenes one or more of these backers wants to cut their losses and wind up GS completely, maybe the backers disagree on this so presently public information does not reflect the true situation. Merian have now been taken over by Jupiter, which may or may not have prompted some rethinking of investments. Who knows! And lo and behold, P2P Finance News now reports "Growth Street is planning to go into 'solvent wind-down' as it has failed to secure the equity investment and institutional funding lines it needed to sustain the business. Kim Goetzke, chief operating officer at Growth Street, said that the onset of Covid-19 had presented numerous challenges for the business." GS is mature enough and should be able to "sustain the business" without other peoples cash after all the multi millions in fund-raising. If not, it was not a workable business model in the first instance, and if it was, the people behind it were not able to bring it to fruition. How many years and how many millions in funding do they reckon they would need before being able to stand on their own two feet? 
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Post by nooneere on Jul 22, 2020 12:19:49 GMT
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withnell
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Post by withnell on Jul 27, 2020 10:37:59 GMT
"The marketplace lender is currently in the end stages of winding down its loan book" Either I can look forward to a large payout soon, or that's slightly exaggerating the progress made so far
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