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Post by overthehill on Jun 6, 2022 20:39:03 GMT
19th May "We expect that over the next two weeks we will be able to give you the full details, all being well." 6th June Some lenders are surprised that Ablrate failed to meet yet another deadline that it set itself.
The extra jubilee public holiday for 2022 means all those hard working financial men need an extra week to recover as they are all lightweights.
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ptr120
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Post by ptr120 on Jun 6, 2022 20:56:21 GMT
And the long publicized public holiday was a surprise to anyone, or just certain residents of Henley on Thames?
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blender
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Post by blender on Jun 7, 2022 7:47:29 GMT
Holiday? Did I miss it?
Nobody told me.
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markyg61
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Post by markyg61 on Jun 7, 2022 9:49:08 GMT
I think it's a case of "Jam tomorrow"
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ptr120
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Post by ptr120 on Jun 9, 2022 19:02:10 GMT
F*******r Ltd Current accounting period extended from 31 Dec 2021 to 30 June 2022 Almost the kind of thing that you'd expect the major shareholder to inform us about as part of a long overdue update....
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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 Jun 20, 2022 16:47:41 GMT
Latest Addendum - WHAT A JOKE !
In short, a big FU from AF - who appears to be carrying on regardless as there are no consequences to him failing to restart payments.
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blueblazer
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Post by blueblazer on Jun 20, 2022 17:14:21 GMT
Latest Addendum - WHAT A JOKE ! In short, a big FU from AF - who appears to be carrying on regardless as there are no consequences to him failing to restart payments.
Been said many times on this forum - 'Kick the can down the road' or 'Jam tomorrow'.
Both ways of keeping everyone waiting even longer but no actual cash.
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registerme
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Post by registerme on Jun 20, 2022 19:03:15 GMT
I keep looking at the note regarding the Donkey project and feeling like I've been kicked in the Kongs.
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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 Jun 20, 2022 19:17:40 GMT
So the thing that is confusing me ... the S project has a contract for providing power but there is no mention of where the money is going and why it cant be paid to us
Also I cant see any mention of #113 DT project in the updates
These updates are like the bit in Terry Paratchetts Eric where Rincewind is being sacrificed to summon a God who manifests as 6" tall and promptly gets trodden on by the Luggage!
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investibod
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Post by investibod on Jun 20, 2022 19:27:44 GMT
My main takeaways: We have given away the security - the first charge and the shares, but trust us.
Not a happy bunny.
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Post by df on Jun 20, 2022 19:29:58 GMT
The delightful part for me was the willingness to reopen SM. If this will ever happen I'd be very happy to sell at discount...
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p2pfan
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Full-Time Investor
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Post by p2pfan on Jun 20, 2022 19:35:17 GMT
Firstly, I will say, for the sake of fairness, that (a) I welcome ABL's undoubtedly-strenuous efforts in trying to resolve this longstanding situation and (b) ABL should also be given a pat on the back for updating lenders.
However, I can't believe we've been kept on hold for such an update.
I have been trying to remain positive and supportive of ABL, and, against my better judgement, I loaned a significant five figure sum to the last ABL loan. ABL staff themselves would not do that.
However, no matter how much optimism and goodwill one demonstrates towards ABL and AF, they choose to kick you in the nuts the majority of the time.
Nevermind this communique suggesting we will be paid today or this week or this month, as I was hoping, there is not even a sniff of a payment of a single cent any time soon. No hint of us being paid a dime in July or August or September 2022.
This is all while the Powers That Be continue to live lives of extreme extravagance and would put to shame many a billionaire with their lifestyles.
Why don't they share a nanogramme of the pain?
I can more or less guarantee that the much-hyped "8-12 months" "Doncaster build" will run into one delay after another - don't forget, those involved are Masters at projecting "overly optimistic" timelines and also have a lot of business class holidays to go on - and, as we have experienced with this and other loans on ABL, we will be fed one excuse after another why progress has been slower than expected and then further excuses when the projected yield from the project is not realised.
The addendum keeps referring to the projections of better times in the distant future being based on current electricity prices. I can already see the excuses and reasons for kicking the can further down the road when we get to 2024 and 2025, when they will invariably complain that energy prices then are lower than they were in 2022.
All we have seen and will continue to see for years and years is excuse after excuse for non-payment.
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Post by overthehill on Jun 20, 2022 20:35:12 GMT
And what would the Financial Ombudsman conclude about the last AF loan, the white elephant ? Not a cent of it went to service any of our loans. So ironically even worse than a Ponzi scheme. Investors are being treated like stooges, except they are not.
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dh1
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Post by dh1 on Jun 21, 2022 6:26:25 GMT
It's disappointing that Abl has continued its usual course; complexity, some work apparently being done, the borrower being kept happy and no introduction of debt recovery expertise whatsoever. The acid test (as correctly mentioned above by several people) is when the debts will be serviced - ie when do we get paid? Again, as others have mentioned, the update provides no clue on this; just vague, complex possibilities.
I wish Abl had been around 40 years ago when I wanted to borrow cash; I'd still be owing it!
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blender
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Post by blender on Jun 21, 2022 8:39:13 GMT
And what would the Financial Ombudsman conclude about the last AF loan, the white elephant ? Not a cent of it went to service any of our loans. So ironically even worse than a Ponzi scheme. Investors are being treated like stooges, except they are not.
Tbf, there is clarity on where some of this went, in that 10% or £50K was retained by Abl as their fee for facilitating this *** .
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