dlefcoe
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Post by dlefcoe on Dec 23, 2023 10:36:01 GMT
quote: "Moving forward, we are committed to working closely with our administrators, Quantuma, to recover as much of the outstanding loan book as possible."
translation: the value of your assets is now zero. you won't be getting anything.
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greatmarko
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Post by greatmarko on Dec 23, 2023 10:39:08 GMT
Is Kingston Smith still in? Ablrate said in March 2018: They not only said this in an email, there was a whole "What would happen if Ablrate ceases business or chooses to wind down?" FAQ entry on this on their website:
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dlefcoe
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Post by dlefcoe on Dec 23, 2023 10:47:05 GMT
the wind down plan is here: www . linkedin . com / in / davidbradleyward
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iRobot
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Post by iRobot on Dec 23, 2023 11:08:45 GMT
There appears to be a word missing. Is it: 'is being taken into administration' or similar, or is it more along the lines of 'is being forced into administration'.
The following extracts from the letter is suggestive:
A sign of things to come for Assetz Capital lenders, methinks...
And don't underestimate the role that Insolvency Practitioners could have played in this. That industry's players would have courted Ablrate (just as they are presumably courting AC) with attractive promises of:
'We'll take this burden off your hands but of course keep you on in a consultative capacity on £xxK per month. You can then primarily focus in your new ventures and leave the grunt work [and the bulk of the recoveries] to us.'
Christmas came early for Quantuma, it seems.
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Post by jon3001 on Dec 23, 2023 13:32:48 GMT
Email received today:
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Post by scepticalinvestor on Dec 23, 2023 13:35:13 GMT
Ah bless. DBW was always good at spinning a good yarn.
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Post by overthehill on Dec 23, 2023 14:02:52 GMT
Typo in the first line surely, not Dear Lenders but Dear Lenders and Dubai Investors.
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agent69
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Post by agent69 on Dec 23, 2023 14:04:50 GMT
Reminds me a bit of this old favourite from Futurama
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Post by peertopier on Dec 23, 2023 19:28:42 GMT
My expectation of what comes next: months of vague emails and delays and mounting costs from the administrators. At some stage in the future we'll find out that we might get a small amount of money back.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Dec 23, 2023 20:52:50 GMT
And the recognition that yet again a wind down plan isn't worth the paper it was printed on.
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Post by overthehill on Dec 23, 2023 21:56:36 GMT
I think if people are honest with themselves they realized their money in ablrate was in grave danger the day the greensill bomb dropped a few days after AF's last loan, that's when all trust evaporated and it was the day I sold everything I could. Now the administrators are in charge will it remain the green elephant in the room.
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Post by df on Dec 23, 2023 22:08:16 GMT
My expectation of what comes next: months of vague emails and delays and mounting costs from the administrators. At some stage in the future we'll find out that we might get a small amount of money back. Considering what we have experienced with other administrations so far, "years" would be a better word for expectations .
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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 23, 2023 22:23:47 GMT
My expectation of what comes next: months of vague emails and delays and mounting costs from the administrators. At some stage in the future we'll find out that we might get a small amount of money back. Considering what we have experienced with other administrations so far, "years" would be a better word for expectations . months/years... Reminded me of when a judge inferred to defence counsel, should their client change their plea to guilty and save a lengthy trial, the sentence he had in mind would be months rather than years. On hearing this the defendant pleaded guilty and listened open mouthed when the judge sentenced him to 30 months.
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dh1
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Post by dh1 on Dec 24, 2023 7:08:48 GMT
Given the complexity of some of the loans - eg AF - and the possibility of other Administrations - I don't expect this Administration to be finalised for at least 5 years.
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elliotn
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Post by elliotn on Dec 24, 2023 12:43:37 GMT
"Excellence in origination" - blender * *Former investor in Fundamental Clowns.
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