mah
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Post by mah on Oct 13, 2021 17:16:54 GMT
This sounds great in principle, mah . It does, though, bring to mind a concept highlighted many years ago by the US science fiction guru, Robert Heinlein - TANSTAAFL -There Ain't No Such Thing As A Free Lunch. In this case, who pays for going to the market? Further. exactly who goes to the market (needs to be an FCA approved person as mentioned above by ilmoro )? I suspect we who would have to pay; and what about the rather troublesome position when the current Administrators throw in the towel as they probably will if this Court process fails...
Out of interest, does anybody out there have a potential Administrator lined up? If so, it would be a good idea to get them to have a chat with the current incumbents - quickly!
Would going to Market cost a substantial amount ? If someone is willing to do it on a % basis or similar Fee, it might turn out to be cheaper than what they are asking for.
MT Admins are getiing their own Admin fees + disbursements for the Solicitors/Receivers/Estate-Agents/Auctioneers (who do the bulk of the leg work) anyway as top of the waterfall. It is just about the Additional Fee for Maintaining the Loanbook of the defaulted Loans (which MT started charging @2% per annum, backdated with the Newcastle Loan) - as the Ts & Cs don't explicitly put MT ahead of the Lenders' Capital+Int on that front (as the Loans would not return 100% Capital+Int).
In my opinion, FCA should take on this Role of going to the market (as they did with Collateral) - after all they are the ones who failed to ensure a Proper Winddown Plan (despite their assurances).
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starfished
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Post by starfished on Oct 13, 2021 17:24:07 GMT
In my opinion, FCA should take on this Role of going to the market (as they did with Collateral) - after all they are the ones who failed to ensure a Proper Winddown Plan (despite their assurances).
If memory serves didn't the administrators increase their expected fee costs once they were appointed? Even if the cost didn't drift upwards later, what you are effectively arguing for is restarting the whole process with a new team of people. I can't see how that would save anything in the long term given where things are...
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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 Oct 13, 2021 18:55:40 GMT
This sounds great in principle, mah . It does, though, bring to mind a concept highlighted many years ago by the US science fiction guru, Robert Heinlein - TANSTAAFL -There Ain't No Such Thing As A Free Lunch. In this case, who pays for going to the market? Further. exactly who goes to the market (needs to be an FCA approved person as mentioned above by ilmoro )? I suspect we who would have to pay; and what about the rather troublesome position when the current Administrators throw in the towel as they probably will if this Court process fails...
Out of interest, does anybody out there have a potential Administrator lined up? If so, it would be a good idea to get them to have a chat with the current incumbents - quickly!
Would going to Market cost a substantial amount ? If someone is willing to do it on a % basis or similar Fee, it might turn out to be cheaper than what they are asking for.
MT Admins are getiing their own Admin fees + disbursements for the Solicitors/Receivers/Estate-Agents/Auctioneers (who do the bulk of the leg work) anyway as top of the waterfall. It is just about the Additional Fee for Maintaining the Loanbook of the defaulted Loans (which MT started charging @2% per annum, backdated with the Newcastle Loan) - as the Ts & Cs don't explicitly put MT ahead of the Lenders' Capital+Int on that front (as the Loans would not return 100% Capital+Int).
In my opinion, FCA should take on this Role of going to the market (as they did with Collateral) - after all they are the ones who failed to ensure a Proper Winddown Plan (despite their assurances).
Why do you say they havent been to market? They have spoken to firms in the market including two of the most obvious ones who have acted as principal for platforms operating under Appointed Representative criteria. Remember the market is limited as firms would need to have relevant permissions to the role they are carrying out, they cant use MT ones like the admin are. Im not sure the FCA did go to market with Collateral. I think they just picked a suitable firm but I may be misremembering
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Post by cg27 on Oct 15, 2021 22:09:27 GMT
We, 15 lenders together, would like to get a 6 weeks extension in order to seek legal advice on the position we find ourselves in and what we think is in our best interests.
Any one would like to join us, please email semicircle2020@gmail.com. Thanks!
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Post by Ace on Oct 15, 2021 22:44:43 GMT
We, 9 lenders together, would like to get a 6 weeks extension in order to seek legal advice on the position we find ourselves in and what we think is in our best interests. Any one would like to join us, please search "MT Action Group" in whatsapp. FYI, I tried the search in WhatsApp (with all possible capitalisation in case it made any difference) and it just says "No results found". My personal view is that anything we do from here will just end up costing us more, so am resigned to being at the mercy of the current administrator. However, I thought I'd take a look at the group to see if there was anything that would change my mind.
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Post by cg27 on Oct 16, 2021 8:18:13 GMT
We, 9 lenders together, would like to get a 6 weeks extension in order to seek legal advice on the position we find ourselves in and what we think is in our best interests. Any one would like to join us, please search "MT Action Group" in whatsapp. FYI, I tried the search in WhatsApp (with all possible capitalisation in case it made any difference) and it just says "No results found". My personal view is that anything we do from here will just end up costing us more, so am resigned to being at the mercy of the current administrator. However, I thought I'd take a look at the group to see if there was anything that would change my mind. Please email me: semicircle2020@gmail.com We drafted a reply to JA and are seeking more lenders supports now.
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eeyore
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Post by eeyore on Oct 17, 2021 11:38:59 GMT
Do you have a set of objectives and a strategy to achieve those objectives? Will achieving those objectives give a net benefit to MT lenders? Or will your good intentions just reduce the prospect of recovering funds from MT loans for you and me?
I'm sure that the Administrators will be happy to respond to all your approaches simply because it's an opportunity to create more chargeable hours which ultimately will be paid from the resources of MT and its creditors. Sadly, there's little recourse to "natural justice" when it comes to insolvency practice. I suspect that the only hope is to get your MP to press for change in the legal framework for insolvency.
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markdirac
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Post by markdirac on Oct 18, 2021 9:43:37 GMT
We, 9 lenders together, would like to get a 6 weeks extension in order to seek legal advice on the position we find ourselves in and what we think is in our best interests. Any one would like to join us, please search "MT Action Group" in whatsapp. Thank you for attempting this cg, subject to the concerns of eeyore above. (I note that there have been several instances of enthusiastic and affronted lenders causing grief for all down the line.) I will decline to join you thank you, for the following reason. I note that you have declined to use the excellently functional group-communication software provided by this forum, but have chosen instead to use WhatsApp. It seems to me that it would be impossible to run such a subtle and elaborate project via communication through WhatsApp, which a medium completely unsuited to any sort of non-trivial business communication. Thank you nonetheless for your attempts on behalf of all of us.
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Post by cg27 on Oct 18, 2021 9:53:39 GMT
We, 9 lenders together, would like to get a 6 weeks extension in order to seek legal advice on the position we find ourselves in and what we think is in our best interests. Any one would like to join us, please search "MT Action Group" in whatsapp. Thank you for attempting this cg, subject to the concerns of eeyore above. (I note that there have been several instances of enthusiastic and affronted lenders causing grief for all down the line.) I will decline to join you thank you, for the following reason. I note that you have declined to use the excellently functional group-communication software provided by this forum, but have chosen instead to use WhatsApp. It seems to me that it would be impossible to run such a subtle and elaborate project via communication through WhatsApp, which a medium completely unsuited to any sort of non-trivial business communication. Thank you nonetheless for your attempts on behalf of all of us. Thanks for your support! Please contact us through email: semicircle2020@gmail.com. We have 15 lenders now.
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shw
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Post by shw on Oct 18, 2021 9:57:14 GMT
Marc Dirac WhatsApp is how we started ball rolling last week,it's there as a first step. Anyone who wants to join us now sends an email in with your details to Claria and then she adds you to the email circulation where we have more info to develop our counter proposal to the MT Application.
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Post by Ace on Oct 18, 2021 10:14:42 GMT
My understanding is that the main aim of MTAG at this point is merely to "get a 6 weeks extension in order to seek legal advice on the position we find ourselves in and what we think is in our best interests".
My belief is that this will most likely result in a very small increase to the administrating costs, and may not result in any greater recovery. However, as some are likely to suffer great hardship due to this debacle, and some are prepared to spend time, effort and cash to investigate alternatives, I'm happy to support them in their efforts.
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michaelc
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Post by michaelc on Oct 26, 2021 14:20:17 GMT
Would someone be kind enough to tell me if I am likely to be perused for more than I invested ? If I am would the sum be correlated to my initial investment?
I was an investor when MT went belly up but I had a very small amount. (If it makes folk feel better I lost quite a bit in FS and L ).
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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 Oct 26, 2021 15:04:28 GMT
Would someone be kind enough to tell me if I am likely to be perused for more than I invested ? If I am would the sum be correlated to my initial investment? I was an investor when MT went belly up but I had a very small amount. (If it makes folk feel better I lost quite a bit in FS and L ) In relation to the directions application on fees? No, the terms limit your liability for costs to the sum recovered from the security. So if they recover £1m & it cost £1.1m to do then you get nothing but they can't ask you for your share of the £100k shortfall
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dh1
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Post by dh1 on Oct 26, 2021 15:33:26 GMT
In case anybody hasn't had the email, more Court documents have just been uploaded to the Moneything website.
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michaelc
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Post by michaelc on Oct 26, 2021 15:48:26 GMT
Would someone be kind enough to tell me if I am likely to be perused for more than I invested ? If I am would the sum be correlated to my initial investment? I was an investor when MT went belly up but I had a very small amount. (If it makes folk feel better I lost quite a bit in FS and L ) In relation to the directions application on fees? No, the terms limit your liability for costs to the sum recovered from the security. So if they recover £1m & it cost £1.1m to do then you get nothing but they can't ask you for your share of the £100k shortfall Well ideally in relation to anything MT and in particular this court case and the scary emails landing in my inbox.
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