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Post by overthehill on Mar 16, 2022 15:38:21 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...
Come to Lanarkshire, dry and sunny weather guaranteed.
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Balder
Member of DD Central
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Post by Balder on Mar 17, 2022 16:57:37 GMT
From Customer Services today:-
David has been in discussions with Mr F, but I do not have a concrete timetable for when an update will be available.
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
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Post by GreenZero on Mar 17, 2022 20:55:20 GMT
From Customer Services today:- David has been in discussions with Mr F, but I do not have a concrete timetable for when an update will be available. Thanks BalderIn my experience, time would have been found to pen an admin note if there was any good news. I think I'll prep for another 3mths of no repayments whilst I wait for March's Dave'anory
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optimist
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Post by optimist on Mar 19, 2022 20:25:21 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...
Come to Lanarkshire, dry and sunny weather guaranteed.
One might ask what security you are offering on that guarantee? sunlight? Looking forward to something I could (literally or figuratively) take to the bank
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blender
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Post by blender on Mar 20, 2022 9:31:03 GMT
Come to Lanarkshire, dry and sunny weather guaranteed.
One might ask what security you are offering on that guarantee? sunlight? Looking forward to something I could (literally or figuratively) take to the bank
I think there is a reasonable chance that you could take a fishing rod to the bank.
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
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Post by GreenZero on Mar 24, 2022 8:55:44 GMT
Well there seems to be a lack of candour in these admin notes.
Does Abl not think we can remember what they told us in writing only a few months ago?
AF must think Abl and its investors are a laughing stock.
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blender
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Post by blender on Mar 25, 2022 14:51:31 GMT
Yes. When discrepancies arise on important and easy to get right things that are going to appear on the public record - like who actually owns how many shares - it can make people wonder what is going on with more complex and less transparent aspects of the dealings between this borrower and ablrate. Like the drawdown of 165 perhaps?
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ilmoro
Member of DD Central
'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 Mar 25, 2022 16:09:06 GMT
A heads up on W*******g R*****s Ltd and the subsidiary. Companies House is currently processing Alterations to the floating charges held by ablrate and H***l The website says the documents were filed today, are processing and will be available in 10 days. In my recent experience, the 10 days is usually pessimistic, with documents being processed a bit quicker than that. Any guesses as to what the changes will be?! Well, a read through the previous ones might give some indication ... seems to be a regular occurence.
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hubert
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Post by hubert on Mar 31, 2022 7:10:28 GMT
AIUI the practical implementation of this means that Ablrate is no longer first in the queue for any repayments In the previous version of the charge documents, Ablrate was entitled to the first £3m Now H***l is entitled to have all its debt repaid before Ablrate gets a penny Section 7 in the charge documents "Application" is where this is set out Take a look, is the interpretation correct Will Ablrate clarify this to lenders? From memory the borrowing proposal stated Ablrate had 2nd charge with the first charge capped at £3m. There was a corporate guarantee from the property side if that is now worth anything. Any shortfall is now covered by the equity holding on the power side, for what that is worth also.
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GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
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Post by GreenZero on Mar 31, 2022 8:39:13 GMT
As mentioned in a previous post/thread on this matter - "protecting the family’s silver" springs to mind.
Only time will tell if abl decisions on this were good or bad and eventually who they benefited.
I must admit to being quite surprised at the recent forum quietness on this matter. The whole #165 situation coupled with the fact a bus can be driven through the inconsistent updates really irks me.
With the number of non-performing loans and there being no new loans to the platform for some time, the loss of fees must be having a real impact on abl, which raises the question, have they received any form of payment or fees from AF since the drawdown of #165 or his default?
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Post by Badly Drawn Stickman on Mar 31, 2022 18:36:19 GMT
As mentioned in a previous post/thread on this matter - "protecting the family’s silver" springs to mind. Only time will tell if abl decisions on this were good or bad and eventually who they benefited. I must admit to being quite surprised at the recent forum quietness on this matter. The whole #165 situation coupled with the fact a bus can be driven through the inconsistent updates really irks me. With the number of non-performing loans and there being no new loans to the platform for some time, the loss of fees must be having a real impact on abl, which raises the question, have they received any form of payment or fees from AF since the drawdown of #165 or his default? The Forum is very quiet on P2P in general at the moment, not sure where to lay the responsibility for that but it is unfortunate. Ablrate specific, I guess there are only so many ways to say far too many loans are not paying and platform communication is appalling. If I thought it would change anything I would say it more often....
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Post by df on Mar 31, 2022 20:28:29 GMT
As mentioned in a previous post/thread on this matter - "protecting the family’s silver" springs to mind. Only time will tell if abl decisions on this were good or bad and eventually who they benefited. I must admit to being quite surprised at the recent forum quietness on this matter. The whole #165 situation coupled with the fact a bus can be driven through the inconsistent updates really irks me. With the number of non-performing loans and there being no new loans to the platform for some time, the loss of fees must be having a real impact on abl, which raises the question, have they received any form of payment or fees from AF since the drawdown of #165 or his default? That's my main concern. I hope ABL will survive, not looking forward to another platform in administration.
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Post by overthehill on Mar 31, 2022 21:07:33 GMT
As mentioned in a previous post/thread on this matter - "protecting the family’s silver" springs to mind. Only time will tell if abl decisions on this were good or bad and eventually who they benefited. I must admit to being quite surprised at the recent forum quietness on this matter. The whole #165 situation coupled with the fact a bus can be driven through the inconsistent updates really irks me. With the number of non-performing loans and there being no new loans to the platform for some time, the loss of fees must be having a real impact on abl, which raises the question, have they received any form of payment or fees from AF since the drawdown of #165 or his default? That's my main concern. I hope ABL will survive, not looking forward to another platform in administration. The silence is getting louder and stonier. I can't believe the high bid rates on the exchange, they must know something I don't. At least the number of loans is staying reasonably steady. I've lost track of how many loans are paused or default. Hope they sort it out.
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Post by westcountry on Apr 1, 2022 10:25:08 GMT
As mentioned in a previous post/thread on this matter - "protecting the family’s silver" springs to mind. Only time will tell if abl decisions on this were good or bad and eventually who they benefited. I must admit to being quite surprised at the recent forum quietness on this matter. The whole #165 situation coupled with the fact a bus can be driven through the inconsistent updates really irks me. With the number of non-performing loans and there being no new loans to the platform for some time, the loss of fees must be having a real impact on abl, which raises the question, have they received any form of payment or fees from AF since the drawdown of #165 or his default? That's my main concern. I hope ABL will survive, not looking forward to another platform in administration. I reckon that ABL's survival (or not) is what is currently driving the decisions of ABL's senior management - that if ABL goes, so do their jobs and investment in it. To me, this explains how ABL have approached the AF loan situation, on the basis that ABL may survive if the AF loans come good, but ABL is pretty much done for if the AF loans default. As such, ABL seem willing to swallow any nonsense AF feeds them, even if AF came up with a business plan of collecting the gold at the end of rainbows, ABL would probably accept it. By doing this, the ABL management can hope that the AF loans will come good & ABL survive, rather than having to face up to the default situation of the AF loans, and so ABLRate's probable collapse. This also fits in with ABL's approach to the AF situation of deliberately not telling us lenders anything about the AF situation - why would ABL be so secretive if they didn't have something to hide? ABL's current approach to lenders is epitomised by the probable departure of Emma Clark, whose hiring was announced as a Lender Account Manager to act as an interface between ABL and lenders. The last time I e-mailed her, I had an automated reply that her emma@.... e-mail address is now no longer monitored, and to contact customer services instead - I can't think of a reason for this other than her departure. As for the current AF loan situation, it's indicative of ABL's approach that since the last 3-month interest-free period ended in the first half of March, they haven't even bothered to tell lenders whether AF has been granted another interest-free period - the loans have just gone on without any repayments being forthcoming. The Fo******* update of 3rd Dec 21 stated that they planned to build-out the sites, subject to the raising of a minimum £2m equity for the deposit for the works to start. No news has been forthcoming of the work starting, so I presume less than £2m has been raised since then - not altogether surprising, as given how AF has treated us lenders I can't see why anyone would invest in one of his projects! When I e-mailed DBW directly to ask how much equity Fo******* had raised since 3rd Dec, I had a reply (on 9th March) that didn't address my question, merely stated that ABL was having discussions with AF & his team that day & the day before, and lenders would be updated when those discussions had concluded. Given the 23rd March update on AF loans "There are a number of developments which we are finalising which would see a restructure and funds coming into the business. We have been working hard on funding and should be able to update lenders in detail over the coming weeks." either these discussions are taking months to conclude, or us lenders are just being strung along with promises that will never actually happen. I know which I think is more likely!
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TitoPuente
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Post by TitoPuente on Apr 11, 2022 8:15:07 GMT
Feature article in the FT titled "Credit Suisse angers investors with five-year ‘hard grind’ on Greensill losses" names Mr AF as a "hold-out" and includes the comment that "Credit Suisse’s debt recovery team expects these cases to drag on" referring to AF and a number of other smaller debtors.
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