blender
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Post by blender on Jan 26, 2022 15:41:25 GMT
At last my whole account is now the AF loans. I had avoided all the other suspended loans, but it was not possible to sell up all the AF loans as soon as 165 was drawn down without due diligence, imo, for which ABL received £50k in fees. I sold a few £ks before the suspension, but am now left with a chunk of that project and a holiday park. Frankly, that's it until AF is resolved.
So I now hold defaulted capital equal to about half the interest earned in my eight years with Abl, so not a complete disaster financially at least. But I have done much better out of FC, so far. I could afford to lose it all but would be really, really cross.
Best to leave it there. Good luck!
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hubert
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Post by hubert on Feb 1, 2022 16:03:09 GMT
Contrary to previous statements, Ablrate are almost certainly enjoying fee income in return for holding off on defaulting of loans.
With around £10m of other live loans, the fees are not enough to cover the platforms expenses.
Not complaining though; rather they stay afloat to get the AF loans back on track.
Updates on loans 76/87/92/99/118/119/158 are well overdue, most of which have the best security of all the loans. An equity charge over those should be a better enhancement to our overall security than the previous equity charges notified to us already.
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hubert
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Post by hubert on Feb 4, 2022 12:32:20 GMT
Has anyone attempted to calculate what 75% of the current equity value of 4***er actually is ?
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blueblazer
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Post by blueblazer on Feb 4, 2022 13:09:44 GMT
At last my whole account is now the AF loans. Frankly, that's it until AF is resolved. So I now hold defaulted capital equal to about half the interest earned in my eight years with Abl, so not a complete disaster financially at least. But I have done much better out of FC, so far. I could afford to lose it all but would be really, really cross. Best to leave it there. Good luck! The AF loans, the car loans and all the others not paying is reflected in monthly returns.
Done a calculation based on income before all this against January income.
If I take an average month income before as 100% (split 55% interest, 45% capital), January total income was 29% of that month (19% interest, 10% capital).
Not depending on these to live (as no one should really) but makes it difficult to reinvest / trade apart from the confidence factor.
This is just my personal calculation but no doubt reflected in other people's income as well.
Still hopeful that something can be sorted soon to get the platform back to where it was.
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dh1
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Post by dh1 on Feb 4, 2022 16:30:40 GMT
Nice calculation, blueblazer. Mine is simpler; monthly income (interest and capital) reduced from 4 figures to err... none! I have been flogging loans, though. Wonder why? |
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hubert
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Post by hubert on Feb 4, 2022 19:50:08 GMT
Has anyone attempted to calculate what 75% of the current equity value of 4***er actually is ? unpicking the charges is key to that imo & I am not sure it can be done easily with just the publicly available information with that in mind, charge 0006 is an eye catcher Can you please expand on your reference to charge 0006. Also is it specifically a charge against the autonomous company of 4***er ?
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hubert
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Post by hubert on Feb 5, 2022 8:39:50 GMT
It appears I added the following while you were replying.
'Also is it specifically a charge against the autonomous company of 4***er ?'
I am also having difficulty finding the equity charge registration against the company.
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hubert
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Post by hubert on Feb 5, 2022 9:31:21 GMT
"I am also having difficulty finding the equity charge registration against the company." You need to use the company number, not the name. The company named in the charge changed its name on 14 Mar 2019. Well, I say changed its name... There were two companies under common control that swapped their names on 14 Mar 2019. Make of that what you will. All I do is note it down in my little book of observations that caught my eye. Have you actually seen the equity charge mentioned ?
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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 Feb 5, 2022 9:49:02 GMT
This is a charge in favour of the CFO? granted due to him granting forbearance for loans to FP & F Prop. It is a charge over the shares owned by FP in another unrelated company identified in clause 1.1 (BESS, now ZE). Its actually a very small amount of security and probably isnt still exant given all the activity in shares of the ZE. AFAICS It has no impact on Abl security over the other assets of FP.
Edit I think as of Dec 21, FP no longer hold these shares, they are held by another APF company which is not a Abl borrower anymore (was 103)
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hubert
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Post by hubert on Feb 5, 2022 9:56:14 GMT
This is a charge in favour of the CFO? granted due to him granting forbearance for loans to FP & F Prop. It is a charge over the shares owned by FP in another unrelated company identified in clause 1.1 (BESS, now ZE). Its actually a very small amount of security and probably isnt still exant given all the activity in shares of the ZE. AFAICS It has no impact on Abl security over the other assets of FP. Thanks. Can you please send me a PM with a link if possible.
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hubert
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Post by hubert on Feb 5, 2022 11:15:38 GMT
Are we getting any nearer to deciding how much 75% of the equity is worth ?
The original admin note said the equity holding would not be released until the remainder of the AF loans are repaid, implying it was a fair chunk.
The outstanding loans are many millions.
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ilmoro
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Post by ilmoro on Feb 5, 2022 12:10:57 GMT
The value of the equity is presumably some element of control ... thats it
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GreenZero
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Post by GreenZero on Feb 5, 2022 12:17:02 GMT
IMO the only parties for which the equity has any value whatsoever are the secured lenders: Ablrate, AF entities & IR (& the last one of these is questionable given what happened to his security) Other than that, I'll stick my neck out and say £0. There would be no bid for the shares. That could change, but right now, that is my guesstimate at the value. Other views welcome. I tend to agree. There appears to have been quite a lot of stategic movements prior to AF decision in Sept 21 to cease making payments on their abl loans. However, despite not being in a position to make any payments on their abl loans they managed to settle in full five charges against C**G P********s in December 21 though 
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hubert
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Post by hubert on Feb 5, 2022 12:18:42 GMT
The value of the equity is presumably some element of control ... thats it After being sold to us as 'enhanced security' !!!
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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 Feb 5, 2022 12:42:35 GMT
The value of the equity is presumably some element of control ... thats it After being sold to us as 'enhanced security' !!! Well if youre heading off a cliff and you've got a foot on the brakes & a hand on the steering wheel, you'd feel more secure than if you didn't 😁
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