deltron
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Post by deltron on Nov 7, 2022 22:05:42 GMT
I received the standard 'Loans Update' email from Ablrate on 20th October, which mentioned meetings were scheduled with AF the next day. It also said a detailed email would be sent to lenders soon afterwards. I've just emailed Ablrate to ask when they're planning to send that out.
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Post by Ace on Nov 7, 2022 22:08:39 GMT
I received the standard 'Loans Update' email from Ablrate on 20th October, which mentioned meetings were scheduled with AF the next day. It also said a detailed email would be sent to lenders soon afterwards. I've just emailed Ablrate to ask when they're planning to send that out. I emailed them last week. Didn't receive a reply.
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groon
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Post by groon on Nov 9, 2022 17:43:27 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. Please don't misinterpret silence as contentment. I'm annoyed too. It's just that there didn't appear to be anything I could add to what others have written. Other than to say I'm annoyed, which I've now done. Twice.
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nick
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Post by nick on Nov 9, 2022 18:10:35 GMT
The situation is fairly bleak, but it could be significantly bleaker. The nature of the assets are such I expect some sort of recovery (with a big haircut). However, if the proposed restructure falls through and the companies go into administration I think the result would be far more adverse with minimal firesale/distress values being realised on the assets and significant costs of administration.
The other risk is Ablrate itself calls it a day and enters administration - again resulting in a significantly worse outcome given the high cost of administration and the longer drawn out process.
Bottom line, no doubt a haircut will be suffered, just the size is uncertain. I do give Abl credit in doing the right thing and managing an orderly wind-down of the platform rather than washing their hands of the business and putting it into administration. I can only trust that they will continue to act in lenders best interests and in a competent way to maximise recovery on the problematic loans.
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deltron
Member of DD Central
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Post by deltron on Nov 10, 2022 10:03:58 GMT
I received the standard 'Loans Update' email from Ablrate on 20th October, which mentioned meetings were scheduled with AF the next day. It also said a detailed email would be sent to lenders soon afterwards. I've just emailed Ablrate to ask when they're planning to send that out. I emailed them last week. Didn't receive a reply. They got back to me yesterday (briefly) saying that they do not expect to send out a separate update email prior to the monthly email which I assume is due around 20th November. There's something to look forward to.
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Post by Ace on Nov 10, 2022 10:27:19 GMT
I emailed them last week. Didn't receive a reply. They got back to me yesterday (briefly) saying that they do not expect to send out a separate update email prior to the monthly email which I assume is due around 20th November. There's something to look forward to. I received a reply yesterday too. Hopefully the next update will contain some better news. To be fair to ABLrate I've already received 25% of the capital that was outstanding when the winddown was announced, but that was obviously the low hanging fruit. His reply indicated that he was busy trying to harvest more fruit, so, as always, there's some hope of jam tomorrow (I'll get my coat).
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blender
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Post by blender on Nov 10, 2022 13:08:40 GMT
I just hope that Ablrate has placed a net over the tree sufficient to protect the fruit from the birds.
[Yes, I know that vultures do not eat fruit and wasps can get through nets, but it's not my analogy, apart from the net.]
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Post by Ace on Nov 10, 2022 13:11:04 GMT
I suspect that some are already maggot ridden, but no way of telling how many at this stage.
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blender
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Post by blender on Nov 10, 2022 13:13:43 GMT
We could ask Ablrate to count the number with small black dots, which are the entry points of the fly, or whatever insect.
Should I order the pectin?
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optimist
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Post by optimist on Nov 10, 2022 18:45:24 GMT
The situation is fairly bleak, but it could be significantly bleaker. The nature of the assets are such I expect some sort of recovery (with a big haircut). However, if the proposed restructure falls through and the companies go into administration I think the result would be far more adverse with minimal firesale/distress values being realised on the assets and significant costs of administration. The other risk is Ablrate itself calls it a day and enters administration - again resulting in a significantly worse outcome given the high cost of administration and the longer drawn out process. Bottom line, no doubt a haircut will be suffered, just the size is uncertain. I do give Abl credit in doing the right thing and managing an orderly wind-down of the platform rather than washing their hands of the business and putting it into administration. I can only trust that they will continue to act in lenders best interests and in a competent way to maximise recovery on the problematic loans. I agree, and AF has generated a lot of money for Abl and for many of us over the years operating in various industries and high risk environments I expect the juggling act keeping the various businesses afloat will be more profitable than the administrators, so maybe his juggling indicates there's a chance of success. As such, regardless of whether he eats caviar, I wish him (and therefore us) the best at juggling.
The various schemes to built cabins or power gen were too risky for mainstream finance and so will be undervalued by traditional means. Although the financing has had the rug pulled, the underlying plans would seem nearly as sound as before, (other than recent Plague, war and famine)
Backup power seems a good idea still
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hubert
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Post by hubert on Nov 10, 2022 22:41:08 GMT
Do we know if AF is paying monthly interest to the 1st charge lender for the Power loan, or if it is being rolled over.
As 2nd charge lenders, if interest on the 1st charge loan is rolled over & lingers on, unpaid, causing a forced sale, it could put us in an even worse position.
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Post by jevans4949 on Nov 11, 2022 14:13:52 GMT
Do you remember the old sign:
This is a non-profit organisation. It wasn't intended to be, but that's how it is.
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hubert
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Post by hubert on Nov 13, 2022 11:33:33 GMT
I emailed them last week. Didn't receive a reply. They got back to me yesterday (briefly) saying that they do not expect to send out a separate update email prior to the monthly email which I assume is due around 20th November. There's something to look forward to. Did they actually use the word 'monthly', only officially they say updates will be 'quarterly' unless anything notable happens. To date updates have been more frequent than quarterly.
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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 13, 2022 12:13:36 GMT
Thats a two sided coin.
With the amount going on with AF, his companies, directorships etc, I think a weekly updates could be justified.
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deltron
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Post by deltron on Nov 15, 2022 8:53:57 GMT
They got back to me yesterday (briefly) saying that they do not expect to send out a separate update email prior to the monthly email which I assume is due around 20th November. There's something to look forward to. Did they actually use the word 'monthly', only officially they say updates will be 'quarterly' unless anything notable happens. To date updates have been more frequent than quarterly. "apologies but I do not think there will be further updates on these loans before the next monthly update. If there are any material changes, then a further update will be provided."
That's the entirety of the email I received from Ablrate on the 9th Nov. 'These loans' refers to the AF loans.
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