sb
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Post by sb on Feb 1, 2021 11:51:31 GMT
Does anyone know what is the current status of Italian Book Collection loan?
The update is rather perplexing. Haven't they even managed to secure the collateral for the whole year?
"The borrower is now bankrupt and the Administrators are in contact with the Trustee in bankruptcy regarding the Italian Books. A further update will be provided in due course."
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adrian77
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Post by adrian77 on Feb 1, 2021 13:05:38 GMT
if I remember correctly FS failed to confirm the inventory as a few books had been withdrawn - somehow I doubt if these were the least valuable.
Maybe another mega horlicks - you never know...
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iRobot
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Post by iRobot on Feb 1, 2021 15:35:29 GMT
if I remember correctly FS failed to confirm the inventory as a few books had been withdrawn - somehow I doubt if these were the least valuable. Maybe another mega horlicks - you never know... Well, you've remembered correctly that you misconstrued a post from the back end of last year!  (See here) Again for the avoidance of doubt, to date, FS/CG have not stated anything which might indicate that the collection is anything other than present and correct.
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adrian77
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Post by adrian77 on Feb 1, 2021 15:45:12 GMT
I am sure somebody mentioned books had been removed - given the FS record of not even checking bins had multi-million Pound paintings in them this would not surprise me
Personally I find your constant trawling (and recording?) of my posts very creepy and a bit sad...personally I would not rule out books being removed whether I remembered this correctly or not - must dash as I have a life to lead.
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iRobot
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Post by iRobot on Feb 1, 2021 16:07:27 GMT
I am sure somebody mentioned books had been removed - given the FS record of not even checking bins had multi-million Pound paintings in them this would not surprise me Personally I find your constant trawling (and recording?) of my posts very creepy and a bit sad...personally I would not rule out books being removed whether I remembered this correctly or not - much dash as I have a life to lead. FS have failed on many fronts - no question about it and no argument from me on that score. What I felt obliged to correct was a post which may have caused genuine concern to those still invested in these loans. You could have checked for yourself, or waited until you had time to do so, but instead chose to post incorrect information. I also have a life to lead, and yet I still manage to post factually accurate information. And I've said it before but I'll say it again, you often ask to have your errors corrected and then take umbrage when other posters do so. (And I wouldn't say correctly using the quote feature is 'recording', is it? My reason for quoting is that it allows readers to view posts in some context, especially when they're being read using the Recent-P / Recently Updated Posts facility. Personally, I wish you'd consider using it, as it is sometimes unclear as to who / what / when you are quoting from in your posts.)
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sb
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Post by sb on Feb 1, 2021 19:33:37 GMT
if I remember correctly FS failed to confirm the inventory as a few books had been withdrawn - somehow I doubt if these were the least valuable. Maybe another mega horlicks - you never know... Thanks. That is the only loan I decided to keep. It looked safe at the time, the first tranche and the collateral value a few times the loan amount. Knowing now what a mess FS is it looks like it was a mistake. I am not sure those books even exist, let alone FS/CG have a ciaim on them or the valuation gets the order of magnitude right. The CG inaction suggests that there is something wrong.
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adrian77
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Post by adrian77 on Feb 2, 2021 11:35:46 GMT
sadly I think you may well be right - one minute I thought they were in Italy but I think FS claimed they were in storage in the UK - the art loans were also in UK storage and look what a horlicks that one is!
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Post by df on Feb 2, 2021 22:36:27 GMT
Does anyone know what is the current status of Italian Book Collection loan? The update is rather perplexing. Haven't they even managed to secure the collateral for the whole year? "The borrower is now bankrupt and the Administrators are in contact with the Trustee in bankruptcy regarding the Italian Books. A further update will be provided in due course." I can't recall anything suggesting that FS has no access to the books, so I assume the security is real. I think one of the reasons FS and later CG were waiting on the borrower to produce a miracle was the type of asset. It will probably be even more difficult than auctioning the train memorabilia... Niche market pawn is the riskiest when it comes to default. One day we'll see what 17%LTV is worth (if the books exist
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aj
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Post by aj on Apr 30, 2021 13:29:48 GMT
Any bets on whether we are still going to get quarterly updates or are the administrators having a hissy fit over the 5% ruling and refusing to do anything?  |
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Post by overthehill on Apr 30, 2021 13:56:06 GMT
They've still got 2 hours or maybe they've completely forgot about it. They are only doing it because the FCA probably told them to, not because they have any conscience or empathy towards the losers in this scenario.
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rocky1
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Post by rocky1 on Apr 30, 2021 15:11:16 GMT
CG RECOVERY companies house.not really a top notch outfit at all. i can see these these two taking what they can now and resigning.no wonder we are not getting anywhere this small outfit are just not up to the job. not a word from them since the courts ruling.
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c88dnf
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Post by c88dnf on Apr 30, 2021 15:37:25 GMT
Any bets on whether we are still going to get quarterly updates or are the administrators having a hissy fit over the 5% ruling and refusing to do anything? Quite a number of updates posted within the last hour!
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rocky1
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Post by rocky1 on Apr 30, 2021 15:46:01 GMT
quite a few of. the position remains the same as the previous update. which remains the same as the bloody update before that.what are CG doing to try and change the position ?
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pfffill
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Post by pfffill on Apr 30, 2021 15:49:56 GMT
quite a few of. the position remains the same as the previous update. which remains the same as the bloody update before that.what are CG doing to try and change the position ? The position of virtually all my remaining loans is either unchanged or the borrower has reneged on his promise. This could go on for years more
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Mucho P2P
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Post by Mucho P2P on Apr 30, 2021 16:43:09 GMT
Does anyone know what is the current status of Italian Book Collection loan? The update is rather perplexing. Haven't they even managed to secure the collateral for the whole year? "The borrower is now bankrupt and the Administrators are in contact with the Trustee in bankruptcy regarding the Italian Books. A further update will be provided in due course." I can't recall anything suggesting that FS has no access to the books, so I assume the security is real. I think one of the reasons FS and later CG were waiting on the borrower to produce a miracle was the type of asset. It will probably be even more difficult than auctioning the train memorabilia... Niche market pawn is the riskiest when it comes to default. One day we'll see what 17%LTV is worth (if the books exist They have security of the asset, to the best of my knowledge. NDA restricts me from broadcasting the price agreed. Lets just say, if you are invested in the books (like I am  ), when the final update emerges, you had better have a stiff drink handy!
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(See 
), when the final update emerges, you had better have a stiff drink handy!