p2pfan
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Post by p2pfan on Apr 11, 2022 13:03:23 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. The article is also here for anyone who doesn't have an FT subscription: whatsnew2day.com/credit-suisse-angers-investors-with-five-year-hard-grind-on-greensill-losses/The relevant section as it the very end. The point that confuses me is if AF etc. are a "hold-out" and not returning the money they borrowed from Greensill ("the remaining $300 million of the Greensill funds yet to be recovered"), then where is that money? Why is some of that money not being used to repay Ablrate lenders?
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Post by Badly Drawn Stickman on Apr 11, 2022 13:45:03 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. The article is also here for anyone who doesn't have an FT subscription: The relevant section as it the very end. The point that confuses me is if AF etc. are a "hold-out" and not returning the money they borrowed from Greensill ("the remaining $300 million of the Greensill funds yet to be recovered"), then where is that money? Why is some of that money not being used to repay Ablrate lenders? Heavily caveated by my inability to believe anything I am told or read..... We were previously told that an offer had been made for settlement with CS that had been rejected and the market was 'being tested' to validate the offer. Which was why we could not have anything yet. Presumably funds had been gathered to fulfil that offer (165 and back of the settee?). Mostly radio silence in that area since. It would be reasonable to assume that funds or assets do exist to a given value. Equally clear giving us anything anytime soon is not even close to being a priority. The truth is out there somewhere, but I have a strange feeling we would not like it much.
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hubert
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Post by hubert on Apr 11, 2022 18:16:08 GMT
142. 'At draw down 6 months of monthly payments will be held on account as comfort during the current Covid-19 outbreak.' (£80k)
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hubert
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Post by hubert on Apr 15, 2022 17:37:49 GMT
Would be grateful to be provided with a link showing the officially recorded 75.2% equity charge against F----ower Ltd.
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hubert
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Post by hubert on Apr 23, 2022 15:11:36 GMT
23/3/22 Update
'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.'
23/4/22 Update.
Positives.
Written in English that is understandable.
Although it's taken 8 months, there is actually talk of selling 99. However, 149 etc. is covered by the property side corporate guarantee. As 99, has getting on for £1m spare, over & above the outstanding loan (£700k in 2018), that needs to be held in reserve as it covers at least 50% of the outstanding Holiday park loan. Unsure though, how to find out if 99 has any other charges over it.
Negatives.
Disappointing after update of 23/3/22, which appeared to be more positive.
All previous finance options appear to have fell through.
Nothing much to look forward to.
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mw
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Post by mw on Apr 23, 2022 22:22:37 GMT
I didn't think it was a bad set of updates unless I'm reading something into this differently. I think time will tell but I think we've got to give Ablrate a chance here.. I don't think they're ready to chuck the towel in just yet.
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withnell
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Post by withnell on Apr 25, 2022 13:05:43 GMT
That last email update would make many readers scratch their heads wouldn't it? Ablrate, having claimed to be the 75% shareholder of F*******r, puts out an update which states that the business is fielding a number of options and then goes on to say "we have not had this confirmed" - that is an odd thing to state isn't it? How can the 75% shareholder of a business not know, nor be able to get confirmed, something so significant about the business that it claims to own the vast majority of? That seems extremely peculiar. Similarly on W*******g, Ablrate is a 26% shareholder (using the Companies House version of shareholdings) but says of two potential purchasers "we have yet to be given details on how far along those offers are" Is there any other business where a 26% shareholder would go on record with something as ridiculous as that? What's going on? Possibly they have the information from the directors, but haven't had confirmation from lawyers/agents yet?
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hubert
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Post by hubert on Apr 25, 2022 13:21:58 GMT
Unless colluding, Ablrate must be as p*ss*d off with AF as the rest of us.
After all it has really tied their hands to be able to move forward.
So I presume we are being told half truths.
AF appears to be a ponzi scheme at the moment, as to needs to borrow to pay off the previous loan & so on.
I still come back to the point; how does a defaulting borrower obtain more loans.
Ablrate appear to be capable enough to work something out in the long run, but how long will it take ?
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Post by Badly Drawn Stickman on May 14, 2022 14:39:40 GMT
On Sat 23rd April, Ablrate's update included "Again, we have not had this confirmed but we wanted to share our understanding ahead of further meetings and discussions next week." "This a priority for us to understand where we are in the coming week." Absent any update by Sat 30 Apr from Ablrate, lenders will be wondering if these priority meetings and discussions took place Absent any update by Sat 7 May from Ablrate, lenders will still be wondering if these priority meetings and discussions took place. Some will now be wondering why a significant / majority shareholder can't get the answers to these basic questions from the Directors - who do work for shareholders... Absent any update by Sat 14 May, lenders may be coming round to the idea that Ablrate's stated priority to confirm important information about companies in which it is a significant / majority shareholder is not shared by the other shareholders or Directors. In the case of We******g, it might be that the other shareholder prefers to spend the time preparing & filing the accounts for the Lan***** W******** Res*** Ltd subsidiary which, seeing as that should have happened by 31 Jan 2022, wouldn't be a bad idea. As Ablrate often says they like to under promise and overdeliver. I can only assume they really don't have a clue how that actually works....
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blueblazer
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Post by blueblazer on May 15, 2022 7:21:40 GMT
On Sat 23rd April, Ablrate's update included "Again, we have not had this confirmed but we wanted to share our understanding ahead of further meetings and discussions next week." "This a priority for us to understand where we are in the coming week." Absent any update by Sat 30 Apr from Ablrate, lenders will be wondering if these priority meetings and discussions took place Absent any update by Sat 7 May from Ablrate, lenders will still be wondering if these priority meetings and discussions took place. Some will now be wondering why a significant / majority shareholder can't get the answers to these basic questions from the Directors - who do work for shareholders... Absent any update by Sat 14 May, lenders may be coming round to the idea that Ablrate's stated priority to confirm important information about companies in which it is a significant / majority shareholder is not shared by the other shareholders or Directors. In the case of We******g, it might be that the other shareholder prefers to spend the time preparing & filing the accounts for the Lan***** W******** Res*** Ltd subsidiary which, seeing as that should have happened by 31 Jan 2022, wouldn't be a bad idea.
All gone very quiet on these loans and indeed all the other loans in arrears.
The first post on this thread (which wasn't the start of the issues) was 8 months ago now.
Just a few crumbs thrown by ABL would be something to give us a little bit of hope.
How long can all this drag on for?
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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 May 15, 2022 7:57:32 GMT
We are approaching the start of the 4th quarter without any payments at all from these loans.
I've now reached the opinion ABL should start to look to secure what they can in order to restart payments. As I see it all what is happening now is AF is securing the family silver and sorting the wheat from the chaff, and we all know what will be left behind secured against our loans if we allow this to continue much longer.
Time for him to realise his abl loan agreements mean something other than having to provide an update of fiction every 6 weeks
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brush
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Post by brush on May 19, 2022 18:13:29 GMT
Flashes of hope in the new updates for the power side of the business.
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Post by overthehill on May 19, 2022 20:50:58 GMT
Flashes of hope in the new updates for the power side of the business.
ablrate problem loans are put into a super gravity system so time runs slower relative to GMT.
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p2pfan
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Post by p2pfan on May 19, 2022 22:33:29 GMT
Flashes of hope in the new updates for the power side of the business. Some much-needed glimmer of sunshine. If today's update come to fruition, it would be a sensational development and help win back confidence in ABL and AF. The update refers to being able to provide "full details" "over the next two weeks" and I am keeping my fingers crossed.
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KoR_Wraith
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Post by KoR_Wraith on May 20, 2022 9:21:45 GMT
A selfish stance it may be (especially in comparison to those who funded the last batch of F******er loans), but as I've accumulated mainly older AF loans that have amortisised down to very low LTVs I'm particularly frustrated with the current situation. I hadn't considered the security rusting away without income/asset arrestation due to problems with the wider group.
Yet another lesson learned from the minefield that is P2P investing!
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