GeorgeT
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Post by GeorgeT on Jul 20, 2018 17:24:35 GMT
Interesting that the weekly update implies we are only going to find out about the negotiated settlement once it has actually happened. I wonder why no vote on this haircut? I assume because this loan is on the old terms and conditions and we lent our money to Lendy who are responsible for paying us back and so, to that extent, the size of the settlement that Lendy obtain is only of relevance to them and nothing we have a particular interest in. i.e. No haircut if LY is solvent.
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invester
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Post by invester on Jul 20, 2018 18:09:40 GMT
I really don't see what is stopping exactly the same thing happening again - ie refinance falling through, only offering a reduced offer.
Across these two loans, £9m is at play, rolling up interest to investors in excess of £1m p/a, which Lendy are liable for.
Given that the PF is discretionary, it could fulfil the legalities and cover the shortfall in its entirety here, although then it would be redundant.
Seems a sad state of affairs but these big loans have been the downfall of Lendy. Looking at the claims underway page, nothing ever moves, just a perennial can-kicking copy and paste exercise.
If they still have customers left in 1 year I shudder to think how long that page is going to be. Look how long the containers thing on ABL has taken, and supposedly that was meant to be an easy one.
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izigor
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Post by izigor on Aug 4, 2018 7:09:18 GMT
Latest update includes:
"For commercial reasons we cannot as of yet divulge full details of the proposals as in doing so we could risk the financial close of the negotiated settlement."
What kind of factors would risk the financial close of a negotiated settlement? This is so cryptic it has stoked my curiosity..
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TheDriver
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Slightly bonkers
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Post by TheDriver on Aug 4, 2018 8:09:41 GMT
Latest update includes: "For commercial reasons we cannot as of yet divulge full details of the proposals as in doing so we could risk the financial close of the negotiated settlement." What kind of factors would risk the financial close of a negotiated settlement? This is so cryptic it has stoked my curiosity.. Just guessing, but from previous experiences it wouldn't surprise me if the deal is NOT yet agreed! but L are hoping it will be. However, if it then does not produce all expected returns I shall be even more miffed than currently, as the secrecy will stoke my suspicions.
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Post by loftankerman on Aug 4, 2018 8:16:48 GMT
Latest update includes: "For commercial reasons we cannot as of yet divulge full details of the proposals as in doing so we could risk the financial close of the negotiated settlement." What kind of factors would risk the financial close of a negotiated settlement? This is so cryptic it has stoked my curiosity.. Ah yes! I think I see where they are going. Back in the mid 1970s I worked on a design team and one of our members, an American lady, never turned up on time and would always arrive with stunning excuses for her absences or delays. They left management speechless on occasions. To amuse ourselves we went into competition with her and wrote a random excuse generator. It was a little program that read from a selection of imposing sets of clauses and randomly attached them together to make a nonsensical sentence that appeared to be carefully thought out and impressive. I reckon Lendy are pulling the same stunt, which is fair enough as world leaders and moth eaten politicians here seem to be doing the same.
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Post by buttchopf23 on Aug 17, 2018 16:57:18 GMT
I really catch myself bi-weekly hoping to get some substance out of the update...
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invester
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Post by invester on Aug 17, 2018 17:09:55 GMT
Doesn't sound likely it'll complete in August.
Just read back the tone of the updates over the past two years....progressively meek.
They know they are fecked on this one....just a question whether they can stick the loss on lenders.
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Post by df on Aug 17, 2018 17:28:05 GMT
I really catch myself bi-weekly hoping to get some substance out of the update... If you scroll down you will see updates consisting of two words... later lenders complained about conciseness of updates.. Lendy listened - so now instead of "no change" you get " the legal work to document and facilitate the necessary transactions are ongoing", "Solicitors for both parties are continuing to work on the settlement agreement" - it's just another way of saying "no change".
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Post by buttchopf23 on Aug 17, 2018 17:49:11 GMT
I understand that, was more a bit more upset about my expectations, as I clearly know better.
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Post by loftankerman on Aug 17, 2018 22:53:11 GMT
I always read "No change" as "Nothing is happening but they've still got your money, LOL!"
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izigor
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Post by izigor on Aug 19, 2018 18:07:43 GMT
I really catch myself bi-weekly ... Naught 'rong with that my friend... 
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MarkT
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Post by MarkT on Aug 20, 2018 9:06:02 GMT
Because this is on the old terms it is in Lendy's interest to keep kicking the can down the road.
I suspect this one will never be fully resolved because when that happens it will crystallise Lendy's loss.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Aug 20, 2018 12:12:22 GMT
Is there anything to prevent Lendy crystalsiing said loss ? i.e. literally provide similar updates for the next ten years or more if required? Now they are FCA regulated, can the FOB do anything?
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Monetus
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Post by Monetus on Aug 20, 2018 13:45:42 GMT
This will be cleared up very soon. Watch this space... Do you have some specific info on this or is it just a hunch?
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rocky1
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Post by rocky1 on Aug 20, 2018 14:51:54 GMT
hope you are not in breach of your NDA jeepers. we could all do with a bit of insider info.
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