grumpsimus
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Post by grumpsimus on Jul 29, 2022 16:18:23 GMT
Are we likely to get any more payments for the AF loans? Maybe last months efort was meant to last the year!
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steveb
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Post by steveb on Jul 29, 2022 16:47:53 GMT
Are we likely to get any more payments for the AF loans? Maybe last months efort was meant to last the year! At the time of the payment I felt ABL judged it to be just enough to stop us complaining for a few more months.
Steve
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Post by overthehill on Jul 29, 2022 17:05:11 GMT
Are we likely to get any more payments for the AF loans? Maybe last months efort was meant to last the year!
There isn't just the power loans. If there is no capital and/or interest payments or refinance then it's time to start selling assets and do the right thing. Most investors seem to expect this based on something.
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Post by overthehill on Aug 31, 2022 10:44:20 GMT
How did this borrower build a good business reputation? 12 months of NO interest payments on ANY of his loans and no sign of intent to repay the loans.
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hubert
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Post by hubert on Sept 2, 2022 14:43:11 GMT
In the 10th August wind down email from Ablrate, it stated "We are due a detailed update on W*******g and will share this in admin notes when it is received. We understand that lodge sales have begun so we are specifically interested in when servicing will begin again. We have heard via third parties that there is interest in a purchase of the project and that funds could be made available for the purchase, but we have nothing firm on whether this offer is genuinely going to be made." - Ablrate owns 26% of the shares in the company. Why is it allowing itself to be kept in the dark about how the company is being run? - Has anyone seen lodges on sale? The onus is all wrong. We don't need a detailed update. We are not responsible for lodge sales. We are not responsible for selling the land. The equity holding appears to give AF a get out to be responsible for restarting repaying our loan & interest. I have never really understood from both Ablrate & AFs explanations why AFs mess with GS & CS has stopped him from paying Ablrate loans. There is obviously more to it than we have been told. Are our securities & PG as safe as we thought ? We never did get the enhanced security after giving it back on F**p***r, and the equity holding on this one is doing no good. We must assume lodge sales have not begun, unless actual proof is shown to us. The phrase 'We understand lodge sales have begun', is somewhat loose.
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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
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Post by GreenZero on Sept 2, 2022 15:15:17 GMT
As I see it, his current loans were serviced by taking out new loans and so on. Once GS/GS called it, new loans were no longer an option, although still managed to sneak in #165  I don't think Abl have any appetite to call in any of his loans. It will roll on and on with inconsistent updates tying us up in knots until it everything has gone and then the administrators will be called in. |
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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 Sept 15, 2022 11:39:16 GMT
I see a GSC charge over one AF entity was marked satisfied today ... whether it is of significance or merely tidying up unknown (Cat Mod Hi Ltd
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Post by overthehill on Oct 12, 2022 18:40:35 GMT
Has AF repaid all his loans yet ? Just checking to save me logging in. As long as the horses are getting fed.
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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
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Post by GreenZero on Oct 12, 2022 18:54:14 GMT
Has AF repaid all his loans yet ? Just checking to save me logging in. As long as the horses are getting fed. I'm sure the horses in AF's stable continue to be well fed. I'm afraid no spare bread for us though. However, we did obtain some magic beans in return for handing back those pesky shares that we owned, We have been assured, given time they will turn in to a well stocked money tree.
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TitoPuente
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Post by TitoPuente on Oct 17, 2022 8:10:28 GMT
Another mention in the FT today.
"Elsewhere, the insurer [an Australian insurance company] argues that when Greensill was seeking insurance coverage for lending to C****ss Re****bles — the Hull-based waste plant operator — it did not disclose that “the facility had already been drawn down and the majority of the funds used to make payments to directors of C****ss”. It also did not disclose that Greensill had acquired an option to purchase a 25 per cent stake in C****ss, according to the filing".
I guess the good news is that the Director(s) have quite a net worth to back the PGs.
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hubert
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Post by hubert on Oct 22, 2022 16:24:29 GMT
Power/Cabins/SEM.
165 £500k 164 £500k 162 £495k 161 £490k 160 £392k 158 Cabins £333k 142 £1109k 111 SEM £743k. Total £4562k+ current outstanding interest £700k = £5262 plus 1st charge £5100k plus say £200k interest, who knows.
Total loans against company with outstanding interest, say £10.5m.
Earnings £2.5m
Share price based on say price/earnings of say 7, giving a yield of 14%.
Value of company 7 x £2.5m = £17.5m less £10.5 loans, leaves £7m.
For every £1000 ABL loan held; with interest, has now increased to £1150.
Just a few figures to throw around, done quickly so may be a few mistakes, so feel free to correct me.
The question is, what will we be offered in the way of shares & what price will we be able to sell them at.
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Post by overthehill on Nov 7, 2022 15:11:28 GMT
"We will be receiving a full update on the position with the administrators on Friday 21st October"
How long are these interest free loans going to continue ?
It's not like we're going to get back any accrued interest or future interest. At some point there will be a settlement with a capital loss. Am I right ?
FOR Land and Equestrian Centre
WEL Leisure Resort Development
FOR Group Consolidation/Acquisition
FOR Refinance of Property & Modular Assets
FOR II Residential Hol Lodge FOR Factories & Industrial Land
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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
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Post by GreenZero on Nov 7, 2022 16:55:29 GMT
I'm sure there are lot of people with a quite a lot invested in these loans.
So it surprises me there hasn't been more of a backlash regarding their lack of repayments, nevermind the "music chairs" of direcorships and share ownership going on in the background.
It seems, on the surface anyway, to annoy only a handful of investors.
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hubert
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Post by hubert on Nov 7, 2022 17:32:20 GMT
I, for one, am disgusted with the way we have been treated.
We have never been told properly, what it is all about.
Presumably AF is holding out against CS because he stands to make a lot of money & can't give a damn about his debts, at present.
The PG has never been raised by ABL.
The three-monthly updates from AF died a death.
The property loans with a decent charge over them have hardly been mentioned.
The Cabin car charging loan, never before mentioned, has suddenly been tacked on to the power loans.
The Bellweing loan, early on said to be applying for full planning & off plan lodge sales failed to materialise.
It is difficult to tell whether DBW is avoiding telling us the worst & at the same time trying to do his best to help AF out of the mess in order to end up with a reasonable outcome.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Nov 7, 2022 17:34:06 GMT
I'm sure there are lot of people with a quite a lot invested in these loans. So it surprises me there hasn't been more of a backlash regarding their lack of repayments, nevermind the "music chairs" of direcorships and share ownership going on in the background. It seems, on the surface anyway, to annoy only a handful of investors. I agree. I personally am furious about this situation. I'm owed a massive amount of money by that ratbag AF. It's not only his but a whole raft of other loans such as the A*I ones that ABL rate have maintained a radio silence on and remained largely inactive on. However, what on earth can we do? ABL don't care. AF doesn't care either, as long as he's continuing to live in his mansion and eat caviar. He neither has to pay interest nor return our capital for as long as he likes. The likes of the FCA are useless to an extremity. The police are too busy making cups of tea for Extinction Rebellion loonies. Who do we turn to? What can we do?
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