I lent some money last year to a friend of mine to start a brewery and i have a debenture over a list of specific items. The moment he stops paying, I exercise my claim and sell or otherwise dispose of his kettle etc. So how come REBS are not immediately in the process of asserting their rights over "all assets" of this unhappy company?
Post by captainconfident on Dec 11, 2015 17:53:59 GMT
Under the all assets debenture, REBS should immediately have moved to assert their rights to sell the stock of the company. After all, the loan description is explicit that the loan is to be used to buy stock.
If I recall correctly, I think the implied story we were/are to believe is that the whole lot was spent on one single supplier who then went bust. Please forgive my scepticism. According to a recent post by Rebs, they basically seem to think that the assets debenture is of little value and not worth the expense to pursue. I think the whole loan was a rip-off, and the lovely revamped miserable website strengthens my suspicions. This borrower has never at any time engaged in any personal communication, and appeared to be evasive after the default. I would be surprised if she engaged now, but as mentioned above, a lot of waffle and verbage is of no value. If there was cash to launch the new website, then there was cash to make further repayments. Dear borrower, please do persuade us of your high intentions and ideals. Splash some cash!
Not holding my breath, easy to find evidence of this entrepreneur seeking funds over the years from multiple other sources including Virgin, Kickstarter etc. and overlapping launches of all sorts of companies with an associated director repeatedly joining and leaving the board.