hubert
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Post by hubert on Feb 8, 2022 14:44:13 GMT
A very broad brush covering all loans. As I read it, AF's priority is to complete the power projects. Loan repayments are noted and if there is money left over and other investors agree repayments will be made. The question for me is, how long will Abl be happy for the group to use their funds on the projects rather than repay their loans? The following points in the addendum made me not get too excited about repayments getting back to normal soon. * Investors may not accept servicing of the loans is more important than completion of the project. * Loan repayments will resume in March, funds allowing. * Abl expect loan payments to restart in March, however note it may not be possible as matters may take longer. * No mention of addition security Properties. Not sure what this phrase meant. If it isn't 'whole' what will it be; part ? 'Ablrate have been cooperative with us as both our goals are to settle the loans as quickly and as whole as possible'
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hazellend
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Post by hazellend on Feb 8, 2022 14:56:32 GMT
Mr F is having a laugh at our expense, making sure we take all the risk.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Feb 8, 2022 15:18:34 GMT
Mr F is having a laugh at our expense, making sure we take all the risk. This 'Addendum' is hugely appreciated - any update is most welcome - and so, firstly, thank you to AF and Ablrate. Nonetheless, it is a painful read. There isn't any reference to a single Ablrate lender getting a single penny of their money back anytime soon. It is little more than a 'buying time' / 'dog ate my homework' exercise to placate lenders while AF et al continue to live their billionaire lifestyles eating caviar for breakfast, lunch and supper every day. This AF geezer is little more than a Del Boy, the only difference being he lives in a mansion. He brags about his business portfolio having been valued north of £50 million, yet the reality is we now discover he was up to his eyeballs in debt and the only thing keeping his business empire afloat was borrowing money from any and every source he could get his hands on. The minute the music stopped and G******ll stopped lending money to him, his house of cards started to fall apart. As commented above, the 'ABLRATE COMMENT' at the end serves no purpose whatsoever other than softening us up for Ablrate's favourite strategy of giving borrowers' endless extensions on their forbearance periods while the people at the company continue to enjoy their guaranteed fat monthly salaries and their regular five star holidays to Dubai come what may. Therefore we shouldn't expect the repayments of our money to continue in March 2022 as previously promised. Indeed, as we all predicted last year, AF and Ablrate will keep messing us about through the entirety of this year regarding this portfolio of loans, with one excuse after another. Be prepared for another 'Addendum' like this in a few weeks' time with yet more spin and no reference to our money being returned to us within the following days or weeks.
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hubert
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Post by hubert on Feb 8, 2022 16:15:51 GMT
Ablrate should be clarifying the discrepancy of 165 draw down, not AF.
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hubert
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Post by hubert on Feb 8, 2022 17:46:51 GMT
'C*** PROPERTIES LIMITED (formerly F****** Properties Limited):
Loan Nos: 1000076 / 1000087 / 1000092 / 1000099 / 1000118 / 1000119
F****** Properties / F***p*d
Some of the assets of F****** Properties have got caught up in the Administration of
Gr*****l. Those assets subject to charges from Ablrate'
Please advise on the following anomalies, for those that understand the legal side.
1)Company House. C*** PROPERTIES LIMITED mentions only the Holiday Park, not 1000076 / 1000087 / 1000092 / 1000099 / 1000118 /1000119.
2) Do we take it Ablrate charges remain in place & are not affected by Gr*****l.
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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 Feb 8, 2022 17:58:04 GMT
'C*** PROPERTIES LIMITED (formerly F****** Properties Limited):
Loan Nos: 1000076 / 1000087 / 1000092 / 1000099 / 1000118 / 1000119
F****** Properties / F***p*d
Some of the assets of F****** Properties have got caught up in the Administration of
Gr*****l. Those assets subject to charges from Ablrate'
Please advise on the following anomalies, for those that understand the legal side. 1)Company House. C*** PROPERTIES LIMITED mentions only the Holiday Park, not 1000076 / 1000087 / 1000092 / 1000099 / 1000118 /1000119.2) Do we take it Ablrate charges remain in place & are not affected by Gr*****l. 1) There is a grid connection and some assets for loan 100099 covered by a debenture. 2) So it appears but there obviously is an impact, not in terms of validity but there is some implication there may have to be asset realisations or at least a sale process undertaken
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hubert
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Post by hubert on Feb 8, 2022 18:58:56 GMT
'C*** PROPERTIES LIMITED (formerly F****** Properties Limited):
Loan Nos: 1000076 / 1000087 / 1000092 / 1000099 / 1000118 / 1000119
F****** Properties / F***p*d
Some of the assets of F****** Properties have got caught up in the Administration of
Gr*****l. Those assets subject to charges from Ablrate'
Please advise on the following anomalies, for those that understand the legal side. 1)Company House. C*** PROPERTIES LIMITED mentions only the Holiday Park, not 1000076 / 1000087 / 1000092 / 1000099 / 1000118 /1000119.2) Do we take it Ablrate charges remain in place & are not affected by Gr*****l. 1) There is a grid connection and some assets for loan 100099 covered by a debenture. 2) So it appears but there obviously is an impact, not in terms of validity but there is some implication there may have to be asset realisations or at least a sale process undertaken Thanks. Where can I find further charges against loans 1000076 / 1000087 / 1000092 / 1000099 / 1000118 /1000119' other than Ablrates ? I note the Holiday Park had a corporate guarantee from F****** Properties & thought there would be plenty of available cash (on the First Charge ones at least) with those loans, unless second charges apply. If second charges apply, would Ablrate know & are they obliged to inform us lenders ?
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Feb 9, 2022 12:57:12 GMT
Am I the only one that would like to read the most recent updates (with a little comment by the lender like this Ablrate one has) supplied to the big swiss lender too? I'm sure it would make very interesting reading......hence why we will never see them. Heck, even the updates we've been supplied don't have continuity!! additional security/ payments/ valuations/ property put up for sale/165 /Other business I suspect other parties are getting told what is needed to continue "forbearnce" on their loan repayments, so AF's cashflow can continue to be used on his current projects rather than loan repayments.
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hubert
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Post by hubert on Feb 9, 2022 15:28:55 GMT
5 months since problem started.
Nothing up for sale.
Despite suggestions months ago that progress was being made, no funds raised or forthcoming from equity or alternative lenders.
No reference to Holiday Park.
First 3 month commencement of payments deadline passed 2 months ago.
Second 3 months commencement of payments, which ends early March now looks unachievable.
Reference to 'March' is not actually early March, but could mean end of March & means 7 months with no progress at that point.
What a mess !
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Post by overthehill on Feb 9, 2022 15:48:32 GMT
Some nuts are being sold, some are being bartered, some are being planted, and some are being roasted, THAT'S US.
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hubert
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Post by hubert on Feb 9, 2022 17:30:57 GMT
Holiday Park update early December stated :-
'A master agent has been appointed to sell the plots and associated lodges of the 401 Park homes.'
'A further round of planning submissions'
'Initial sales will start to be converted into revenue in late Q1 2022, and as such interest only payments can commence.'
No planning applications have been submitted yet.
No residential lodges are currently available for sale.
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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 Feb 16, 2022 12:12:31 GMT
Couple of charges registered against a CF company (previous AbL borrower - huts) this week. Company is subject to a prior GS charge.
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Feb 16, 2022 13:17:18 GMT
Couple of charges registered against a CF company (previous AbL borrower - huts) this week. Company is subject to a prior GS charge. No. 1000037 It looks like AF has essentially given up control of the W******g side of his businesses The Power side he looks to want to hold on to, although there are so many comoanies with similar interests, all probably containing his PG The portacabin side of things looked to involve his son, which made me wonder about 10000158
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withnell
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Post by withnell on Feb 17, 2022 8:54:19 GMT
Couple of charges registered against a CF company (previous AbL borrower - huts) this week. Company is subject to a prior GS charge. This is a lender that the company has used before - some earlier charges are from an LLP rather than Ltd entity but they have the same ultimate controlling entity, which is a short-medium term asset backed lender
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hubert
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Post by hubert on Feb 23, 2022 13:12:57 GMT
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