criston
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Post by criston on Nov 26, 2021 17:45:50 GMT
Lets see what "early next week" means in Abl world. That has to be by Tuesday close. It's about time they kept to deadlines or issue an update putting it back, rather than keep us all guessing. How serious are they taking this ? It's just not good enough to leave us in the dark after mentioning timings, as I have previously mentioned here.
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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 Nov 26, 2021 19:23:23 GMT
Perhaps it was for 'recharging' the securities. But don't assume they all read the same. The Bellweing loans are worded differently & appear more positive. Not all loans are covered yet, either. True, yet oddly when you lend against portacabins hearing a visit to a battery storage site is needed seems somewhat curious. Oh I dont know. I dont find it particularly shocking. I mean what could be more useful than a plentiful supply of electricity when you are seeking to persuade someone to pay you money? 
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blender
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Post by blender on Nov 27, 2021 9:29:27 GMT
Lets see what "early next week" means in Abl world. That has to be by Tuesday close. It's about time they kept to deadlines or issue an update putting it back, rather than keep us all guessing. How serious are they taking this ?It's just not good enough to leave us in the dark after mentioning timings, as I have previously mentioned here. Do you mean how seriously are they taking the problem with these loans or how seriously are they taking dates to tell us about progress? Very different issues. I guess they are treating this as an existential crisis for Ablrate and ASMX and working socks off to find a solution which is compatible with p2p lending, and which can allow the individual loans to be traded soon after. When it comes to informing the lenders of the solution, that should come only after the deals are struck, there is complete legal sign off with borrowers and connected parties, and the way loans will be restructured (if needed) and communicated has been settled and checked for compliance with loan terms, T&Cs and p2p regulations. There are several separate borrowers, several loans per borrower, and large numbers of lenders on individual loans. It would be easier is Ablrate were the lender and AF were the borrower and we were just one source of funds - but that is not the case. There is also 165 to explain. Sure there should be notes given on the days promised, but that does not affect the outcome and its timing and reporting. They have to get this right, completely for each borrower, before telling us.
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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 Nov 27, 2021 11:59:11 GMT
I agree in the main blender. However, the Admin Notes we have been provided with have contained mainly corporate bull**** and dates, promises that have not been kept. I agree that abl will be very concerned with the whole AF situation, especially if they too are not receiving any kind of payments? Confidence is gained by communication and transparency, neither have been very good in this instance which is reflected in the once strong secondary market and the number of unfilled new loans. I did expect better from Abl if I'm honest, it's not like they're not used to communicating to us when it suits, weekly videos during lockdown and loads of information about ASMX etc. I understand there are other borrowers involved here and things have to be right and proper before releasing an update to the p2p loans, however as I'm sure abl understands, corporate is faceless, p2p will vote with their feet. In my opinion, Abl need to address. When were they aware of the groups problems? was this prior to draw down of 165 and if not why not? Utmost good faith? Additional security - There has been no mention of this since Admin Note of 22/9 Payments - What is the proposal, when does AF estimate being in a position to resume payments? The Admin Note of 22/10 suggest payments in respect of 137/ 149/ 151/ 152/ 154/ 155 should have resumed. If the time scale is likely to be Feb/March 22, then say so. However, If you give a timeframe, remember it, as lenders lose confidence when it passes and there no action or update given. |
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criston
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Post by criston on Nov 27, 2021 13:47:03 GMT
As a matter of courtesy an update should have been provided on the Bellweing loans 2 weeks ago as follows, then there would not have been any complaints, apart from wondering how much longer this is going on for.
'Further to our update of 22/10/21, unfortunately the legal process has proved more involved than originally thought. However we will be meeting our legal team together with the borrowers management shortly & hope to be in a position to provide an update within a fortnight. If there are further delays we will provide an update accordingly'
It is so easy to keep everyone onside, just by providing a few sentences to help confidence, but they never seem to learn.
I may have to start dealing with the updates myself !
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deltron
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Post by deltron on Dec 3, 2021 10:36:16 GMT
Roll up, roll up!!! It's week 10 of the late af loans (oldies, look up the abbreviation 'af' to see how clever I am), or as I now re-christen them: the LAF Loans!!! Ha, ha, haaaaa . . . the joke's on you.
Will it be clarity? Will it be charity? Who knows in this Game of Chance called Ablrate! Roll up, roll up!!! Place your bets and take the ride!!!
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hazellend
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Post by hazellend on Dec 3, 2021 17:06:45 GMT
I thought the extra security was going to be additional assets. What a copout. With such a high networth something more should been taken.
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Post by ladywhitenap on Dec 3, 2021 17:20:24 GMT
Have I got this right? If the businesses continue successfully we get our loans repaid and interest ie what we would expect but nothing more for our forbearance but if the businesses go tits up we get a share of 75.2% of a dead duck.
hmm! LW
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Post by westcountry on Dec 3, 2021 17:28:08 GMT
Having read the ABLRate update document, to say I'm disappointed would be putting it mildly  Not only has AF secured another 3-month period of making no interest payments (which may be extended again), but he's passed a majority stake in the company (the borrower of loan 142 & others) to ABLRate - effectively dumping the problem in ABLRate's lap. ABLRate propose to resolve this, by borrowing approx £4m to develop the Doncaster site - which would doubtless take security precedence over our loans on ABLRate  And given ABLRate's record with resolving defaults by getting involved (Cardiff pub - borrowed £470k from us in Jan 2020 to rescue loans 67 & 68 & no payments received so far on any of those loans; Loans 97/104/105 have had no payments received since Nov 2019) this doesn't fill me with confidence |
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Post by westcountry on Dec 3, 2021 17:33:29 GMT
Have I got this right? If the businesses continue successfully we get our loans repaid and interest ie what we would expect but nothing more for our forbearance but if the businesses go tits up we get a share of 75.2% of a dead duck. hmm! LW Quite right, we're effectively now equity investors but with our maximum return capped as if we were debenture holders. And I wonder what state ABLRate will be in, after another 3 months of the AF loans being paused? Their new loan 172 is only 27% filled after 26 of the 30 marketing days, and after the AF update today I doubt any new loan will fill until the AF situation is resolved - and maybe not even then!
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Post by overthehill on Dec 3, 2021 17:46:38 GMT
quote of the week - lender loss is reduced to opportunity cost only. Explain.
How about selling some assets to service the interest. It's not going to play well for any loan until we've caught up with that can again.
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criston
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Post by criston on Dec 3, 2021 17:46:45 GMT
Still a number of loans to be updated including the Bellweing loans.
Need to work out somehow the value of the assets of these particular loans, less 25%, to see how it stands, compared to lenders funds.
111 & 113 are worth a fair bit.
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Post by westcountry on Dec 3, 2021 17:51:19 GMT
Still a number of loans to be updated including the Bellweing loans. Need to work out somehow the value of the assets of these particular loans, less 25%, to see how it stands, compared to lenders funds. 111 & 113 are worth a fair bit. Unfortunately the valuation of the assets of the AF loans is probably at least double what we'd get for them if we put them up for sale - RICS valuations anyone?
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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 Dec 3, 2021 17:53:55 GMT
If 165 wasn't bad enough, abl has managed to negotiate AF loans receiving a min 6mth payment holiday for free and passing 75.2% of their debt ridled company to abl...
Waste of time spouting their previous payments all being on time, as it appears they were made by obtaining futher debt.
Can't help feeling like he's done you like a dog in the street D**e.
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Post by overthehill on Dec 3, 2021 18:15:18 GMT
And that last loan going active hours before the Greensill shutters came down will continue to fester. Where did the money go, definitely not interest payments ?
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