Being wound-up, big write offs coming (W)

Yes.

Has anybody had difficulty getting onto web site, I have my passwords ETC recorded but still cannot get onto site

Working fine for me.

Exclusive: Wellesley answers investor queries ahead of CVA vote. Article on P2P NEWS

Reluctantly I have just voted for the CVA. Taking all into account it is Bob Hope or no hope and so I have gone with Bob.

Before you vote for the CVA you are given the option to put forward any modifications that you would like to be considered. I don't know what the process is for assessing these and putting these forward to other creditors. I assume they will be "assessed" and decided upon by D&P working with the directors. For what it's worth my proposed modifications are paraphrased below in no particular order of importance;

1) Directors need to seek approval from creditors for any actions not alluded to the the CVA proposal
2) A prohibition on the directors borrowing from the company/Group
3) A prohibition on investing in any more share investments including Urban and 1pm
4) Appointment of a Non Executive Director chosen by the creditors who observes at monthly board meetings and reports back to the creditors
5) Any excess of the sales proceeds of the Loan Book in excess of its carrying (written down) value to go first to settle all that was originally owed to the unsecured creditors before being available to the ordinary shareholders

My guess is that they will ignore 1 as the CVA seems to propose carte blanche for the directors, 2 , not sure whether or not it is covered in the CVA, 3 likely they will ignore as deludedly the directors seem to enthusiastically claim that these investments are in the best interests of the company, although one is being wound down anyway, just trying to prevent the proposed action in the CVA that it would be a good idea to become a majority shareholder in the other! 4 they may not like it, but I think if they want to be transparent they should open up to some form of Non Executive oversight , the supervisor will not be close enough, especially as the CVA proposals give the directors such wide powers and it is up to the directors to turn to the supervisor if anything is amiss and not the other way around, but D&P may conclude that a supervisor is there to safeguard the creditors 5 will probably ignore due to nature of unsecured creditors normally ranking bottom of the list and if the CVA is voted for then any interests are bound by that

I now have everything crossed that the directors act with integrity (!) and that the economy (!) also stays afloat enough for some sort of recovery from this situation!