Post by et on Sept 29, 2020 17:06:57 GMT
I have to agree with rocky1. Although there is no harm in complaining and it isn't much effort to fire off some email using the templates others have kindly provided (so do it if you can) I don’t suspect there will be any real benefit for us. Certainly not in the short term.
My view is that we need to club together with as many creditors as we can. At the moment we are weak but in reality if we can work together we have the power to block the CVA as proposed. As things stand, Wellesley are working on a divide and conquer tactic and given the way the CVA proposal is written it will trick a lot of investors into agreeing to it as the best option for them. This is clearly not the case. The threat of administration route is likely a bluff/scare tactic as Wellesley will lose control of his company if he goes done that route and wont be able to benefit from the loan book he sold himself at below fair value. This is a negotiation, not a take it and deal with it offer.
I have got a response from the Nominees in respect of my request for a meeting saying no physical meeting possible (due to C19) but if I put queries/concerns in writing they will respond. I have asked how I can contact all creditors as surely there must be a way of getting a message out there to unite us all (or more realistically the 26% we need to take back some control of the situation).
Still working my way through the proposal but from what I can read (and I can’t claim to understand it all) there have been some dubious decisions made in the lead up to where we are now.
If the CVA passes they essentially get off scot free as well as getting any upside from the loan book. We mustn't let this happen. Wellesley has already treated us like mugs once let’s not let him get away with doing it a second time.
Are there any volunteers here willing to spend some time reviewing the proposal so that we can at the very least get some answers to the key questions. Working together we can get a better deal for everyone!
We need someone with experience here to guide is on what our rights are. Are there any investors with knowledge of CVAs out there?
My view is that we need to club together with as many creditors as we can. At the moment we are weak but in reality if we can work together we have the power to block the CVA as proposed. As things stand, Wellesley are working on a divide and conquer tactic and given the way the CVA proposal is written it will trick a lot of investors into agreeing to it as the best option for them. This is clearly not the case. The threat of administration route is likely a bluff/scare tactic as Wellesley will lose control of his company if he goes done that route and wont be able to benefit from the loan book he sold himself at below fair value. This is a negotiation, not a take it and deal with it offer.
I have got a response from the Nominees in respect of my request for a meeting saying no physical meeting possible (due to C19) but if I put queries/concerns in writing they will respond. I have asked how I can contact all creditors as surely there must be a way of getting a message out there to unite us all (or more realistically the 26% we need to take back some control of the situation).
Still working my way through the proposal but from what I can read (and I can’t claim to understand it all) there have been some dubious decisions made in the lead up to where we are now.
If the CVA passes they essentially get off scot free as well as getting any upside from the loan book. We mustn't let this happen. Wellesley has already treated us like mugs once let’s not let him get away with doing it a second time.
Are there any volunteers here willing to spend some time reviewing the proposal so that we can at the very least get some answers to the key questions. Working together we can get a better deal for everyone!
We need someone with experience here to guide is on what our rights are. Are there any investors with knowledge of CVAs out there?
