ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,868
Likes: 11,097
|
Post by ilmoro on Mar 15, 2021 14:20:23 GMT
Ok found the W, and the directorship ban, probably a trading name as no company of that name on CH. Quite disappointed not the lapdancing chocolate lover in the headline
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on Mar 15, 2021 14:28:00 GMT
Ok found the W, and the directorship ban, probably a trading name as no company of that name on CH. That makes the Quite disappointed not the lapdancing chocolate lover in the headline yep my mistake its a trading name - but i would have liked to known it as well as the other name given but i am there now and can make a decision
|
|
markyg61
Member of DD Central
Posts: 340
Likes: 237
|
Post by markyg61 on Mar 15, 2021 14:31:49 GMT
No rush now, delayed till 2PM tomorrow - 16/3/21 see email
|
|
nick
Member of DD Central
Posts: 1,055
Likes: 825
|
Post by nick on Mar 15, 2021 14:32:52 GMT
Email just sent out - Launch postponed until tomorrow. Launch @ 1pm going live @ 2pm. Just as well as I can't even log into the website at the moment and just greeted with a car crash...........
|
|
|
Post by ladywhitenap on Mar 15, 2021 14:33:19 GMT
Launch now shifted to 2pm tomorrow 16th.
LW edit: beaten to it lol
|
|
p2pfan
Member of DD Central
Full-Time Investor
Posts: 742
Likes: 835
|
Post by p2pfan on Mar 15, 2021 14:34:52 GMT
Quite disappointed not the lapdancing chocolate lover in the headline The internet does throw up some interesting characters. He's not the colourful fella who likes to scoff Swiss chocolates (that he doesn't pay for) while enjoying lapdances and then possibly going home in a £54,499 BMW (that he doesn't pay for), but they were "collaborating together".
|
|
ptr120
Member of DD Central
Posts: 1,198
Likes: 1,346
|
Post by ptr120 on Mar 15, 2021 14:38:10 GMT
ablrate I appreciate that you don't want lenders to miss out so you've postponed by 24 hours. However, the best way to ensure that lenders don't miss out is by implementing a bid limit (say perhaps a maximum of £2500 for the first 6 hours)? Those who want more will come back for a second bite later.
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on Mar 15, 2021 14:43:18 GMT
Quite disappointed not the lapdancing chocolate lover in the headline The internet does throw up some interesting characters. He's not the colourful fella who likes to scoff Swiss chocolates (that he doesn't pay for) while enjoying lapdances and then possibly going home in a £54,499 BMW (that he doesn't pay for), but they were "collaborating together". Depending on your loans you may already be associated did you not get your chocs at Xmas?
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on Mar 15, 2021 14:43:27 GMT
Ok found the W, and the directorship ban, probably a trading name as no company of that name on CH. That makes the Quite disappointed not the lapdancing chocolate lover in the headline yep my mistake its a trading name - but i would have liked to known it as well as the other name given but i am there now and can make a decision Hmmnnn... from a 2010 press report commenting on the Directorial bans for the current Dir (ban period elapsed) and a PSC (ban elapses 2022) of the Borrower company: "Insolvency Service investigators found that in September 2008 Mr H****x and Mr W****r entered into trading transactions knowing that their respective companies were insolvent and that they could not pay for the goods they ordered." I've seen enough ....
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,868
Likes: 11,097
|
Post by ilmoro on Mar 15, 2021 14:51:52 GMT
Ok found the W, and the directorship ban, probably a trading name as no company of that name on CH. That makes the Quite disappointed not the lapdancing chocolate lover in the headline yep my mistake its a trading name - but i would have liked to known it as well as the other name given but i am there now and can make a decision Hmm. Very unclear. We have company S which traded under name W. This could be the company referenced on p10 though Abl makes no reference to the liquidation or the director ban there, dropping the failure in on p15. Then we have company V, which was also a discount retailer before morphing into a wholesaler to franchises. Is this the company in p10 or has Abl just not mentioned that failure. That one did go into administration, some questions about wrongful trading and some suspect transactions though neither seem to have been substantiated due to lack of funds for the administrator to investigate. As director already banned, no action taken on report administrator submitted on director conduct (read between the lines on that one) £1.2m loss for HSBC, £1m to unsecured creditors.
|
|
|
Post by Badly Drawn Stickman on Mar 15, 2021 14:52:08 GMT
Ok found the W, and the directorship ban, probably a trading name as no company of that name on CH. That makes the Quite disappointed not the lapdancing chocolate lover in the headline yep my mistake its a trading name - but i would have liked to known it as well as the other name given but i am there now and can make a decision I got distracted and ended up watching cars street racing. If only there was somewhere we could just use names............
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on Mar 15, 2021 14:59:08 GMT
While everybody deserves a second chance and i commend Abl for their disclosure on page 15 - i feel it should have been on page 10 directly under the details of the director as the details on page 15 seem to relate to the business described in the first paragraph on page 10 in glowing terms(if not we should be told) and to place it further in the docs seems a little disingenuous
|
|
GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 221
Likes: 313
|
Post by GreenZero on Mar 15, 2021 19:03:40 GMT
Like someone mentioned previously - the mynewdesk article doesn't paint a pretty picture.
It's one thing being audacious in business, especially with somone elses money, but when I read they failed to deliver to the liquidator any records to verify the disposal of stock in excess of £467k, that's not audacious, that's bordering on something else. Especially thenyou find out that the stock was suppled by a company with questionable financial integrity at a time when they had no realistic prospect of being able to pay for it.
|
|
nick
Member of DD Central
Posts: 1,055
Likes: 825
|
Post by nick on Mar 15, 2021 19:34:53 GMT
Security looks weak to me, a debenture the value of which basically lies in the value of the property portfolio, most if not all of which is subject to existing first charges, plus 7 equitable second charges already covered by the debenture and a PG with no backing. Big caveats on the LTV methodology and potential high costs in an Insolvency situation. Director appears to have stopped using his middle names on CH, few failures on the other record. No surprise that Huddle are involved. The security does look very weak. The gearing could rise to a eye watering high level within the stated framework. At a high level, if they maximize the size of their portfolio by borrowing 75% LTV via direct mortgages and Ablate fund 65% of the remaining 25% (which is effectively represents their Net Equity), they can borrow up to 91% of the market value of their property portfolio (75% + [65%*25%]). I would have preferred 2nd charge mortgages as part of the security package rather than equitable second charges, but at these leverage levels it is pretty academic as the reality is this top slice of debt will be wiped out if there is any material default. Any wobble in the property market could quickly lead to problems given the very high leverage and potential wafer thin equity cushion. On the positive side, the company is not undertaking any development projects so there is no development risk. The interest rate is seems fair given the risk in the current market environment, but certainty not a loan for widows and orphans. Personally I think bridging loans give a much better risk/reward and the ability to take far greater control if things go pear shaped.
|
|
mw
Member of DD Central
Posts: 178
Likes: 81
|
Post by mw on Mar 15, 2021 20:56:19 GMT
It could be horses at the ready at 2pm tomorrow then go.. Get your slice as quick as you can! Although I see there will be further tranches! Cheltenham on too!
|
|