kaya
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Post by kaya on Dec 16, 2014 12:24:00 GMT
So as yet another FK loan becomes 'non-performing', what are we to think? Only 2 repayments made, and it goes from 'excellent serviceability of the loan' and 'aggressive growth plans', to 'things are still pretty tough in our sector with a lot of companies struggling'. Well, this one is struggling so much that it cannot even make a repayment instalment, and a pretty big loan it was too. A printing company could perhaps try printing their own money, but why risk it when there are plenty of mugs like us ready to hand over our cash?
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Steerpike
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Post by Steerpike on Dec 16, 2014 14:10:06 GMT
I am very pleased to say that I have only a very small sum in this loan.
As you say, the transformation in tone is remarkable.
Mind you with a website like that I wouldn't stay around long.
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Steerpike
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Post by Steerpike on Jan 1, 2015 11:41:00 GMT
Entered administration on 23rd December 2014.
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baz657
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Post by baz657 on Jan 1, 2015 22:09:43 GMT
Entered administration on 23rd December 2014. ... and loan parts still offered for sale in 2015.
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kaya
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Post by kaya on Jan 7, 2015 16:56:03 GMT
Well, this belly-up loan has a rather bad smell about it already. There would appear to have been, on the face of it, several misleading or downright dishonest statements made, and it will be interesting to see how FK deals with it, and I wonder whether the large chunks of professional investment in this loan will make any difference. Print yourself a cool £140,000+ ? Nice day's work!
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Post by elljay on Jan 7, 2015 18:06:38 GMT
[mod hat on]
Hi all, just a friendly reminder not to identify the borrower now we're making some quite strong accusations about the loan. Thanks.
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kaya
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Post by kaya on Jan 8, 2015 20:37:50 GMT
Well, I wouldn't like to say 'accusations', just possibilities, based on what the borrower has said at various times. I can have no idea about what the real circumstances are here, we can only go by what we are told!
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Post by elljay on Jan 9, 2015 7:15:37 GMT
Well, I wouldn't like to say 'accusations' Then maybe you'd like to withdraw these statements - they sound like accusations to me: Well, this belly-up loan has a rather bad smell about it already. There would appear to have been, on the face of it, several misleading or downright dishonest statements made Print yourself a cool £140,000+ ? Nice day's work!
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kaya
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Post by kaya on Jan 10, 2015 22:31:34 GMT
Thank-you, I have considered your comments. This loan does smell bad to me - I am expressing an opinion. I hope I am wrong. There is, 'on the face of it' misleading statements - I feel mislead. A good day's work? Well, it might have been! Where has all this cash suddenly gone, with not even enough left to make one more scheduled repayment? I believe it was even stated that 'some of the loan would be retained' for later use, or words to that effect. We shall see what happens. Personally, I think this is a case of either dodgy dealing, or a pie-in-the-sky business attitude. I hope it all works out well in the end, but there are several things that simply do not add up concerning statements made - in my opinion. I am not making an accusation, because I do not have any real information, but I have learned, from this loan, some key points why, I think, this was a bad risk. Easy to say in retrospect of course! The borrower has, apparently, said that he intends to make good on this loan, and honour his guarantee. Let's hope so. Many others have not honoured personal guarantees. Since I am clearly stating here that I am not making an accusation, I feel no need to delete, but if you feel it is all inappropriate, then please remove it all. Or accept it all with a generous pinch of salt!
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Steerpike
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Post by Steerpike on Feb 2, 2015 12:24:50 GMT
All quiet since Jan 8th and no updates on PG or corporate PG recoveries.
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Post by phlitb on Apr 14, 2015 15:16:46 GMT
Time to vote on this one. Accept the derisory IVA offer of 16p per £1 and allow the guy to live happily ever after in his £900K house as if nothing untoward has happened. Or push for bankruptcy albeit with a risk of a slightly lower return. Tricky one...
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oldgrumpy
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Post by oldgrumpy on Apr 14, 2015 15:43:18 GMT
The borrower's "team" has put together this offer from which lenders would get approx 16p in the £. The borrower's team will be working in his interest so that he can get away with as little inconvenience (and expense) as possible. It is quite apparent that the loan was obtained without disclosing important facts which would have prejudiced its approval. The borrower's team suggests that if we pursue bankruptcy we will (may?) only get 6p in the £ so we really ought to accept the proposal. Oh dear! We'd better accept the offer on the table then, OK?
NOT!!
Bearing in mind what Mr S concealed from FK before, what are he and his "team" failing to disclose now?
I would like to know. I will refuse this offer so that the Trustee in Bankruptcy can use his greater powers "to look into family arrangements. It is possible that this will discover something that would improve the return above that currently projected".
It puts me in mind of Crappus ap Scrappus who, it suddenly appears (more than a year after crying that he is bankrupt) may have been hiding the ownership of two foreign properties.
In the printing company case, the high value of property banded about suggests to me that the assets of this kind of business man don't stop at an expensive house. We are told, "when Mr S******n submitted his borrowing request to the lenders he stated, “The personal guarantee which is being provided has equity of £1.38M in property alone.”"
In property alone. That in itself implies very strongly that there is plenty of material in addition to the property (which it turns out was not all his to offer).
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Steerpike
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Post by Steerpike on Apr 14, 2015 16:12:51 GMT
I am voting for 2) reject the IVA.
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Post by jackpease on Apr 14, 2015 16:26:33 GMT
I voted not to accept IVA and if this were a pink page I think we could more freely discuss funding a more forensic analysis of the information provided at the time of the loan with a view to considering a more robust third option Jack P
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Post by gaspilot on Apr 14, 2015 16:48:31 GMT
To be honest I'd rather lose all of my money and see him go bankrupt than receive 16p in the pound.
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