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 26, 2022 12:25:18 GMT
@jpjpjp01 I suggest sending an email to abl as they no longer visit these forums. After all 24% of W*******g R*****s in now owned by abl Assests !
I was told in mid Feb that essentially Mr F****** has given up control of W*******g although the team remains in place. Abl are awaiting some information to be able to update lenders on the progress of sales and the marketing of the retirement village project.
I didn't get an answer as to the inconsistent updates.
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hubert
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Post by hubert on Feb 26, 2022 13:18:49 GMT
Holiday Park. I guess H**d** with its capped £3m first charge has the other 76% of the equity holding.
The equity value is anything over £4.8m plus Abl interest currently £135k. So anything over say £5m.
The clause in 4power states AF must clear all other loans before the 75% equity holding is released. At present not sure if the equity holding is worth anything over & above Abl's. borrowings, unless & until progress is made as laid out in the statements.
The Holiday Park also has a corporate guarantee from F**m** properties. Currently we have not been told what is exactly going on with those property loans. Abl. has first charge on all but two for them with a second charge & if there are no other charges over them there is a fair amount of value in them.
We have a PG from AF also, but who else has he given that guarantee too, as well ?
AF has more or less stated he is trying to avoid selling the properties & is seeking further finance for them. He waited 5 months to tell us that; so it appears he feels the AbI. lenders can wait even longer, while he continues to service the corporate lenders with clout.
AFs recent statement did not say how the situation was progressing with C***** S*****, although 6 months ago we were told it would take 3 months.
The recent AF statement may as well have said .' No progress yet, you little people are going to have to wait longer'
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optimist
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Post by optimist on Feb 26, 2022 22:53:14 GMT
Another platform (R********g S*****y) gives expected returns/losses on defaulted loans
This gives a useful sense of the platform's confidence and an indication of what to expect. What would be even better would be to track this against the actual loss/return - to keep all honest.
I wonder whether this would be useful and/or too damaging if it came from Abl for their loans, when discussions are underway
Ditto from us
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blender
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Post by blender on Feb 27, 2022 8:57:19 GMT
Another platform (R********g S*****y) gives expected returns/losses on defaulted loans
This gives a useful sense of the platform's confidence and an indication of what to expect. What would be even better would be to track this against the actual loss/return - to keep all honest.
I wonder whether this would be useful and/or too damaging if it came from Abl for their loans, when discussions are underway
Ditto from us
Nice idea and also done at Assetz. However, I would not be keen to see the publication now of Abl's honest opinion of what may come back from the AF loans (are they formally defaulted rather than just in default?), unless it is 100% plus outstanding interest and penalties. That's what I expect.
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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 27, 2022 9:15:10 GMT
Another platform (R********g S*****y) gives expected returns/losses on defaulted loans
This gives a useful sense of the platform's confidence and an indication of what to expect. What would be even better would be to track this against the actual loss/return - to keep all honest.
I wonder whether this would be useful and/or too damaging if it came from Abl for their loans, when discussions are underway
Ditto from us
Nice idea and also done at Assetz. However, I would not be keen to see the publication now of Abl's honest opinion of what may come back from the AF loans (are they formally defaulted rather than just in default?), unless it is 100% plus outstanding interest and penalties. That's what I expect. It's not a 'nice idea', AIUI it's a regulatory requirement under COBS to indicate the likely return from a loan. On that basis, Abl clearly expect the AF loans to repay full capital & interest ... They would also be required to declare the default status i.e. formal demand made, security enforced and reflect that in the likely return. Your expectations therefore are in line with the required reality ...
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withnell
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Post by withnell on Mar 1, 2022 9:02:52 GMT
It is also safe to say that payments due to CS from AF companies aren't up to date: CS has filed a £23m compensation claim against Insurance Australia Group relating to the loans (google "IAG greensill credit suisse" to avoid me posting a link that might make the moderators twitchy) I'm not sure that is necessarily true - the insurance for the fund as a whole is being called in, but that doesn't mean that all loans within the fund have defaulted. Without a full breakdown of each loan (which I highly doubt is available anywhere, and if it is will be just for fund investors) we can't pass judgement on any individual borrower
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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 Mar 1, 2022 9:19:33 GMT
It is also safe to say that payments due to CS from AF companies aren't up to date: CS has filed a £23m compensation claim against Insurance Australia Group relating to the loans (google "IAG greensill credit suisse" to avoid me posting a link that might make the moderators twitchy) I'm not sure that is necessarily true - the insurance for the fund as a whole is being called in, but that doesn't mean that all loans within the fund have defaulted. Without a full breakdown of each loan (which I highly doubt is available anywhere, and if it is will be just for fund investors) we can't pass judgement on any individual borrower I tend to agree. Remember five charges were satisfied in December 21, four with H****e. Apparently this was all part of the restructure so that the security could be simplified and ring fenced. I suspect the loan he only recently took out will be expecting repayments? That is unless he's done a 10000165 on them too? On a more positive note, it is the first day of a new month, spring is only three weeks away and this is the month AF repayments restart... 
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Balder
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Post by Balder on Mar 10, 2022 8:46:13 GMT
I've been informed that Mr F****** is coming to the Ablrate offices this week to discuss the situation so we will provide an update after the meeting.
Kind regards
E***
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Post by overthehill on Mar 10, 2022 10:53:18 GMT
I've been informed that Mr F****** is coming to the Ablrate offices this week to discuss the situation so we will provide an update after the meeting. Kind regards E***
Is he bringing cash and is he paying his own expenses?
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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 Mar 10, 2022 11:28:06 GMT
I've been informed that Mr F****** is coming to the Ablrate offices this week to discuss the situation so we will provide an update after the meeting. Kind regards E*** I suspect abl will be plied with load of old business speak pony along with good reasons why the group are unable to restart payments this month as promised. The question is, will it be swallowed??
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Post by overthehill on Mar 10, 2022 11:55:45 GMT
I've been informed that Mr F****** is coming to the Ablrate offices this week to discuss the situation so we will provide an update after the meeting. Kind regards E*** I suspect abl will be plied with load of old business speak pony along with good reasons why the group are unable to restart payments this month as promised. The question is, will it be swallowed?? And holiday pics.
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blender
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Post by blender on Mar 10, 2022 22:30:36 GMT
I've been informed that Mr F****** is coming to the Ablrate offices this week to discuss the situation so we will provide an update after the meeting. Kind regards E*** Don't get too excited. An 'update after the meeting' could be the same day, the next day, or more likely ... .
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Post by overthehill on Mar 12, 2022 11:40:07 GMT
At risk of becoming a stuck record on the Scottish issue. Surely, between them, Abl & Hu**l have someone on hand that can file a confirmation statement for the parent company - overdue since 30 Oct 2021? Appreciating that filing the accounts for the resorts company (due 31 Jan 2022) might be a bit more involved, but part of the plan to take control really must have involved ensuring that the entities involved were subsequently administered correctly? On the plus side, there are now only a couple of weeks to go before the revenue starts to flow from "initial sales will start being converted into revenue in late Q1 2022 and, as such interest only payments can commence." At least the marketing efforts to generate these sales hasn't been expensive. It can't have been, because scouring the internet & speaking to as many agents in that neck of the woods the details can be found for hasn't surfaced any evidence of a single one of the 401 park homes being available to buy. Maybe KF, JLL or C are making more noise about the potential sale of the 100 Ac with planning for 300 senior living homes & a nursing home? If so, they are doing it the old fashioned way, because efforts to find evidence of their efforts online are not fruitful. The last pillar of the plan communicated at the time that the share ownership is claimed to have happened (claimed because the traditional way of confirming that - Companies House - shows no documentation yet of the transfer) was to fund & submit a detailed planning application. It was merely a formality according to the December document. Over three months later and no application shows on the local planning portal.
It's looking dicey at best. Have they repaid or started interest only/amortizing payments on any other 'non performing' non-AF loan since this saga started ?
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Post by overthehill on Mar 14, 2022 20:06:34 GMT
I see the post about another group of ablrate loans , huddle capital and a former disqualified director has been removed. Not sure why as I didn't see any allegations of anything ? Maybe it was censored by the Russian or UK government, serving the people as always. Of course this being raised now might not be coincidental. Anyway, i'm out of ablrate apart from AF* loans, trust is gone for the moment.
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optimist
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Post by optimist on Mar 16, 2022 14:10:35 GMT
Maybe we can propose taking our money in the form of scottish cabins. There should be some bargains available for the entrepreneurs amongst us who can see this fantastic opportunity. Has anyone dropped in on the site to see what is actually there? Google maps seems to show a field
It reminds me of my timeshare days in the late 80s (sorry).
Maybe I need to offer abl my services n put my sales hat back on (as I may need an alternative second job at this rate)
To be fair(ish) F****** noted he's mainly focussing on the power storage and Putin seems to be helping with that...
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