criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Dec 11, 2021 18:50:37 GMT
Conversation continued on DD, just in case it breaks the rules.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Dec 18, 2021 18:39:26 GMT
Where did it all go ?
What was it spent on ?
What was the security provided ?
|
|
GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
Likes: 318
|
Post by GreenZero on Dec 24, 2021 11:52:57 GMT
Reading todays email update for DBW.
Contained in the AF update, one paragraph starts "Mr F******* has secured exclusivity on another 200MW of battery storage projects". Now it may be a silly question with a simple answer, but how as I thought ALL of his businesses were going through this process?
I get the gist AF is looking to cut lose everything apart from the battery storage projects and depending on how you interpret the above with or without the current sites.
|
|
|
|
Post by ladywhitenap on Dec 24, 2021 12:00:17 GMT
I don't think it is a silly question. It is all very well for DBW to make these brief comments with the background he has knowing the whole process but he needs to spell it out in detail for us. DBW has never done detail when informing us from the outset.
LW
|
|
dh1
Member of DD Central
Posts: 409 
Likes: 463
|
Post by dh1 on Dec 24, 2021 13:22:25 GMT
Whilst the Ablrate overall position with regard to defaults may have merit - you can't tell as detail is once again almost wholly absent - it's the same old story - interest capitalisation, jam (ie interest/capital repayments) tomorrow, "we are working hard" and belatedly, admitted defaults.
Most importantly, there is no jam today position or even a prospect of jam in the next week (or month) or two.
The upshot is that Ablrate is now a frozen assets operation (my term) with lenders stuck indefinitely in a position where loans are not saleable and no interest/capital is being paid.
Whatever ASMX was intended to achieve doesn't seem to have happened, either.
There are of course a very small number of loans that don't seem to be in difficulty - it will be interesting to see what happens on 8th January, for example. I predict that as loans are repaid, there will be a net exit from the platform.
As to new loan offerings, they are inevitably tainted with the poor Ablrate track record on recoveries.
Today's update doesn't diminish with any of this; quite the opposite, in fact.
|
|
ptr120
Member of DD Central
Posts: 1,202
Likes: 1,350
|
Post by ptr120 on Dec 24, 2021 20:17:22 GMT
Today was also the perfect opportunity to address the AF loan that was drawn down that shouldn't have been allowed to be drawn down. It could have been packaged up in a s*1t sandwich and presented as the meat between the other lightweight updates, but it wasn't. I wonder if anyone who has invested in that loan has used the complaints process to try to force some kind of answer, and when that inevitably fails, start the ombudsman process?
|
|
|
|
Post by overthehill on Dec 24, 2021 20:44:15 GMT
Today was also the perfect opportunity to address the AF loan that was drawn down that shouldn't have been allowed to be drawn down. It could have been packaged up in a s*1t sandwich and presented as the meat between the other lightweight updates, but it wasn't. I wonder if anyone who has invested in that loan has used the complaints process to try to force some kind of answer, and when that inevitably fails, start the ombudsman process?
It is an albatross round their neck. It needs to be put right immediately to restore some of the trust which has all but evaporated. That loan must be repaid or refinanced somehow as a top priority for all the lenders who were misled. It's the only way to clean the slate. I'm not in it.
|
|
hubert
Member of DD Central
Posts: 188
Likes: 119
|
Post by hubert on Jan 22, 2022 8:33:32 GMT
Do many here already appreciate the potential significance to the overall AF situation of CH*G Ltd having got to the point where a First Gazette notice for compulsory strike off was issued on 18 Jan 2022 ? Which part of the AF business are you referring to & who is CH*G Ltd.
|
|
GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
Likes: 318
|
Post by GreenZero on Jan 22, 2022 9:52:02 GMT
I wasn't aware of a First Gazette notice for compulsory strike off, but had noticed four charges were satisfied on 14/12/21
|
|
GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 225
Likes: 318
|
Post by GreenZero on Jan 22, 2022 10:14:50 GMT
I see now, his son being the only director
|
|
hubert
Member of DD Central
Posts: 188
Likes: 119
|
Post by hubert on Jan 22, 2022 12:22:50 GMT
Which part of the AF business are you referring to & who is CH*G Ltd. So that is one who doesn't Anyone else? I am aware of the problem between AF & pea colour followed by sill. I would however like to 'appreciate the potential significance' of what you are saying, but cannot make it out, unless you expand what you getting at. Which company has been struck off ?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
|
Post by ilmoro on Jan 22, 2022 13:28:19 GMT
So that is one who doesn't Anyone else? I am aware of the problem between AF & pea colour followed by sill. I would however like to 'appreciate the potential significance' of what you are saying, but cannot make it out, unless you expand what you getting at. Which company has been struck off ? No company has been struck off but the one referred to hasn't filed its accounts so has been provided with a first Gazette notification. It appears to be the primary borrowing vehicle from the said lender. If it doesn't file it's accounts or get the Gazette suspended or the lender doesn't put a stay on it then the company will be dissolved & it's assets pass to the Crown. The Gazette in itself isn't particularly significant, they get issued fairly regularly as companies aren't very good at timely statutory admin in P2P land. No idea why it would be significant in relation to Ablrate as the company doesnt appear to be in any chain of ownership of any Abl borrowers, though it could be and the relevant filings are yet to be made. And you never know what is going on behind the scenes with intercompany & related party transactions.
|
|
hubert
Member of DD Central
Posts: 188
Likes: 119
|
Post by hubert on Jan 22, 2022 18:47:33 GMT
I am aware of the problem between AF & pea colour followed by sill. I would however like to 'appreciate the potential significance' of what you are saying, but cannot make it out, unless you expand what you getting at. Which company has been struck off ? No company has been struck off but the one referred to hasn't filed its accounts so has been provided with a first Gazette notification. It appears to be the primary borrowing vehicle from the said lender. If it doesn't file it's accounts or get the Gazette suspended or the lender doesn't put a stay on it then the company will be dissolved & it's assets pass to the Crown. The Gazette in itself isn't particularly significant, they get issued fairly regularly as companies aren't very good at timely statutory admin in P2P land. No idea why it would be significant in relation to Ablrate as the company doesnt appear to be in any chain of ownership of any Abl borrowers, though it could be and the relevant filings are yet to be made. And you never know what is going on behind the scenes with intercompany & related party transactions. Thanks; & to all those that sent me PM with link.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Jan 22, 2022 22:13:48 GMT
Greenswill is not a borrower and does not identify a borrower. So no need to be cryptic, imo. Rude is ok - but not offensive.
Edit 24 Jan. Sorry to confuse but I was not meaning that anyone had been offensive. Just justifying my 'Greenswill' as rude but not offensive.
|
|
hubert
Member of DD Central
Posts: 188
Likes: 119
|
Post by hubert on Jan 24, 2022 8:42:25 GMT
No offence meant to anyone $70m (Blue+yellow)swill Administrative delinquency (if that is all it turns out to be) isn't helpful in such situations, is it? Similar large figures were mentioned early on in the notes. Are you saying you can see this figure online somewhere, outside of Ablrate; if so, where ?
|
|
