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Post by Deleted on Jul 1, 2021 16:27:34 GMT
How did you see their personal sympathie? It's merely my opinion, from the tone of the discussion. Lets just say that Lendys behaviour towards parties such as investors, regulators etc was not in dispute - only its bearing on the legal outcome and any potential remedy. Which is not straightforward, since Lendy no longer exists as a trading entity.
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Post by Deleted on Jul 1, 2021 16:32:42 GMT
And its also important to remember 'sympathy towards investors' really does not mean anything in this case anyway, since it is essentially pitting the interests of Model 1 and Model 2 investors against each other.
So favouring one group necessarily disadvantages the other.
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jcb208
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Post by jcb208 on Jul 1, 2021 17:27:43 GMT
jcb208 I bought PBL030, DFL024, and DFL005 in order to get the default interest at 18%. PBL030 did pay out, but only after a complaint, and even then not in full. DFL024 should still repay in full. DFL005 looks like a huge fraud. p2pindependentforum.com/post/248104/thread I know DFL 005 was my main default ,only reason i invested in it was they sent an email out stating the development was almost complete and wanted to fill the last tranche and repayment would be within weeks (still got the email) ,stupidly I believed them and so far it has cost me £7k
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Post by islington on Jul 1, 2021 18:36:35 GMT
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 1, 2021 20:02:01 GMT
Wrong loan. Thats PBL005, a M1 loan that repaid years ago, nothing to do with DFL005 if thats what you are inferring.
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jcb208
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Post by jcb208 on Jul 1, 2021 20:17:21 GMT
DFL005 - Ar******m, Land with planning, Paig****
Dear John,
As you will recall we confirmed in the most recent fortnightly update that Lendy expected this loan to repay in full before the end of July based on information and documentation provided to Lendy by the borrower and its legal representatives. Having issued terms, promised a fast completion, issued loan documents, instructed and received readdressing of the valuation and received all searches, the proposed new lender subsequently pulled out of the deal on the basis that it was unable to raise the funds. This was a surprise to all concerned where the funder had previously indicated it was in receipt of sufficient funds to redeem the loan.
Following receipt of this information, the borrower immediately opened up conversations with other lenders to refinance Lendy’s loan and they already have three lenders who have provided terms to provide a gross loan sufficient to repay the outstanding loan in full.
Whilst we are of course disappointed that the loan will not redeem in full this month, this type of occurrence does happen in the secured lending industry. We will therefore continue to closely monitor the loan for the remainder of its term and will provide further updates in relation to the alternative refinance obtained in due course.
Kind regards
The Lendy Team
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cwah
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Post by cwah on Jul 1, 2021 22:29:48 GMT
DFL005 - Ar******m, Land with planning, Paig**** Dear John, As you will recall we confirmed in the most recent fortnightly update that Lendy expected this loan to repay in full before the end of July based on information and documentation provided to Lendy by the borrower and its legal representatives. Having issued terms, promised a fast completion, issued loan documents, instructed and received readdressing of the valuation and received all searches, the proposed new lender subsequently pulled out of the deal on the basis that it was unable to raise the funds. This was a surprise to all concerned where the funder had previously indicated it was in receipt of sufficient funds to redeem the loan. Following receipt of this information, the borrower immediately opened up conversations with other lenders to refinance Lendy’s loan and they already have three lenders who have provided terms to provide a gross loan sufficient to repay the outstanding loan in full. Whilst we are of course disappointed that the loan will not redeem in full this month, this type of occurrence does happen in the secured lending industry. We will therefore continue to closely monitor the loan for the remainder of its term and will provide further updates in relation to the alternative refinance obtained in due course. Kind regards The Lendy Team Why do they always "have the money" but are delayed for some reason. Then keep being delayed for months, then year. And then at the end it becomes a scam...
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Mousey
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Post by Mousey on Jul 7, 2021 21:43:40 GMT
So fresh off the press is over 500 pages of the daily transcripts from the hearing which have been uploaded onto my blog.
Includes: The parties Skeleton Arguments, the List of Issues and the Witness Statements of Joint Administrator Damian Webb which stood as his evidence-in-chief - a real must read
"100: It will be apparent from the description set out above that Lendy was subject to serious mismanagement for a long period of time. The operations of Lendy were chaotic at the best of times, and investors’ funds were not properly protected or managed. Indeed, it is surprising that Lendy managed to survive for as long as it did. As I explain below, the legal and contractual documentation relating to Lendy’s activities is also extremely confusing."
Daily transcripts are available on the following pages:
Shameless plug: If you value this content and you'd like to support crowd-funded-journalism please consider the Cheese Fund
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Mousey
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Post by Mousey on Aug 19, 2021 9:04:06 GMT
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agent69
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Post by agent69 on Aug 19, 2021 10:04:11 GMT
Reading through this highlights what a mess LY were. As to the issue of default interest I was taken by para 133:
133. Clause 6.3 is silent (as Mr Gledhill and Ms Toube accept) on the question of who the Default interest is to be paid to and so its meaning, in this respect, is not plain.
Does this mean that if LY had simply added into clause 6.3 that they were to keep the default interest the outcome would have been different?
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Post by islington on Aug 19, 2021 10:58:42 GMT
"Adv Felicity Toube QC and Ryan Perkins, instructed by Shoosmiths LLP, for the Applicants." Is this for real? I would imagine that the Administrators ought to know that Lendy's ex general counsel has landed as a partner at Shoosmiths.
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Mousey
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Post by Mousey on Aug 19, 2021 11:05:26 GMT
Reading through this highlights what a mess LY were. As to the issue of default interest I was taken by para 133:
133. Clause 6.3 is silent (as Mr Gledhill and Ms Toube accept) on the question of who the Default interest is to be paid to and so its meaning, in this respect, is not plain.
Does this mean that if LY had simply added into clause 6.3 that they were to keep the default interest the outcome would have been different?
Using the word 'simply' when talking within the world of contract construction doesn't always produce an easy result.
Whilst the "contract is king" the contract term has to be considered within the context of both the regulatory and the commercial environment.
Regulatory because the respondents claimed in their Skeleton Argument that:
"Lendy also made very similar claims to the FCA in March 2018, at a point at which the Authority had provisionally indicated that it was minded to refuse Lendy’s FSMA part 4A application. Following publication of the Amended Model 2 Terms on its website on 4 March 2018, the FCA wrote to Lendy expressing concern that new clause 13.3 [C/15/296] subordinated lenders’ entitlements to principal and interest to Lendy’s own fees [E2/108/462], and querying whether this had previously been communicated to lenders."
Commercial because "it was fundamental to Lendy’s ability to raise capital that lenders believed themselves to enjoy such protection, in a competitive market where there were many other investment products on offer." So had the contract term been written in the way the administrators argued then it is likely that some investment would not have been forthcoming.
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ilmoro
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Post by ilmoro on Aug 19, 2021 11:08:00 GMT
"Adv Felicity Toube QC and Ryan Perkins, instructed by Shoosmiths LLP, for the Applicants." Is this for real? I would imagine that the Administrators ought to know that Lendy's ex general counsel has landed as a partner at Shoosmiths. So did the Head of Recovery until he branched out on his own. It wont be any different to RSM being involved with individual loan recoveries ... he'll be kept well away from anything to do with the case. Big company, chinese walls and all that. I note the large fintech finance provider isnt identified on the personal page - suspect there might of been a few interesting conversations since the hearing/judgment - something along the lines of 'so you were responsible for this pile of legal doo doo'
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agent69
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Post by agent69 on Aug 19, 2021 11:48:45 GMT
"Adv Felicity Toube QC and Ryan Perkins, instructed by Shoosmiths LLP, for the Applicants." Is this for real? I would imagine that the Administrators ought to know that Lendy's ex general counsel has landed as a partner at Shoosmiths. Many years ago I was involved in a construction contract that went to arbitration. It all came across as a bit of an incestuous mess, given that the QC representing us was the same person who was helping to prosecute us in a different case. Also it didn't appear right that our QC and the opposition man both came from the same chambers, and effectively sat at desks in adjacent offices.
We were always told that these people upheld the highest moral standards, and there was no question of a conflict of interest. However it did make me wonder when I attended a meeting with our junior counsel and an expert witness. Counsel said "I'm not allowed to put words in your mouth, but if I was these are the sort of words that I would have used"
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 19, 2021 14:50:32 GMT
"Adv Felicity Toube QC and Ryan Perkins, instructed by Shoosmiths LLP, for the Applicants." Is this for real? I would imagine that the Administrators ought to know that Lendy's ex general counsel has landed as a partner at Shoosmiths. Many years ago I was involved in a construction contract that went to arbitration. It all came across as a bit of an incestuous mess, given that the QC representing us was the same person who was helping to prosecute us in a different case. Also it didn't appear right that our QC and the opposition man both came from the same chambers, and effectively sat at desks in adjacent offices.
We were always told that these people upheld the highest moral standards, and there was no question of a conflict of interest. However it did make me wonder when I attended a meeting with our junior counsel and an expert witness. Counsel said "I'm not allowed to put words in your mouth, but if I was these are the sort of words that I would have used"
Complete, utter, and total BS of course. Read " The Terrible Truth About Lawyers" by Mark McCormack.
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