jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806 
Likes: 3,237
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Post by jonno on Apr 1, 2014 12:12:57 GMT
Thanks ton,an interesting perspective.I'm not in this one and not climbing aboard,but I'm just struggling with others' perception of risk.
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Post by Ton ⓉⓞⓃ on Apr 5, 2014 10:48:17 GMT
I'm sure all SILs in this stock will have noticed an update that ET has received a small CCJ etc. Well ET was a small alien afterall. Lender Update.
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wysiati
Member of DD Central
Posts: 397
Likes: 86
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Post by wysiati on Apr 21, 2014 16:04:55 GMT
CCJ of £33,741 dated 16/04/14 is now showing.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Apr 21, 2014 21:08:52 GMT
CCJ of £33,741 dated 16/04/14 is now showing. Have we ever had anything official from AC since 4/Apr? That's when they said "We are speaking to the director of the borrower today and will be able to provide a further update on any impact this may have on the borrower and the loan later on."
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koba
Posts: 45
Likes: 13
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Post by koba on Apr 22, 2014 8:57:49 GMT
CCJ of £33,741 dated 16/04/14 is now showing. Have we ever had anything official from AC since 4/Apr? That's when they said "We are speaking to the director of the borrower today and will be able to provide a further update on any impact this may have on the borrower and the loan later on." In this case I fear that no news is very far from good news. If there was a simple explanation - or at least one that did not threaten the loan - one suspects that AC would have circulated it and moved on. On the other hand, bad news will need handling very carefully and AC will need to be very circumspect to avoid making the borrower's situation (whatever it is) worse.
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Post by cyrilmadrid on Apr 24, 2014 22:03:15 GMT
I had a strange experience on the aftermarket with this loan. I had a very small position (20 GBP), some interest I had reinvested at the time. Last night, thinking 20 GBP in a loan was pretty useless, I put an autoinvest order, without seeing that the situation had changed since the loan was launched.
I was surprised to be filled this morning, when I had never seen shares of this loan on the aftermarket
So I investigated and saw a potential default could be at sight
I thought that owning some loan parts, I could have been warned by AC by email, rather by adding a warning on the information page of the loan (with 40 loans in portfolio, no way I am going to review this every other day !)
If I had, I would not have increased my exposure
So I decided to sell it back all, and was surprised that my loan units were immediately bought back on the aftermarket
I learnt one of the risks of the autoinvest feature : the danger of the loan status changing between the time you put the order and the time it is triggered.
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Post by valerieb on Apr 24, 2014 22:41:36 GMT
I think it's rather premature to talk about a potential default; at the moment I'm not overly concerned, although I'm quite possibly being stupidly naive. An update from AC would be welcome.
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Post by cyrilmadrid on May 1, 2014 21:33:15 GMT
4 weeks without an answer...
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ianb
Posts: 161
Likes: 54
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Post by ianb on May 8, 2014 7:33:17 GMT
More units of this just went up for sale, and dimwittedly I grabbed a few before looking at the detail and seeing the potential problem. AC people, any update on this please ? As stated a further update should have been provided after April 4. Seems unfair that others breakfasts should also be spoiled...
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Post by Lep Recorn on May 8, 2014 11:42:44 GMT
A notice has appeared on the investment page for this loan - i won't quote from it but it essentially says that 'E T****** Trading' (the subject of the petition) is (very largely?) isolated from 'E T****** Ltd' (who have the loan) - so all should be fine :-))
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Post by andrewholgate on May 8, 2014 12:16:39 GMT
Hi all, apologies for the delayed response on this one. There's now a more detailed explanation in the loan detail, but here's what's happened in layman's terms: - E-T*****Y Ltd (borrower) shares a name with E-T*****Y Trading Ltd (not a borrower)
- While the companies have some links, the problems that E-T*****Y Trading Ltd is having are (in our opinion) isolated and do not affect the creditworthiness of the former.
- We see no reason why E-T*****Y Ltd should not comply with the terms of the loan and continue to make payments until the end of the term, but of course we'll continue to monitor this.
As I say, there's a full explanation on the loan itself, but please be assured that if an event significantly affected the creditworthiness of a loan, we'd stop it from trading on the loan market as soon as we became aware of it. Thanks, On behalf of Andrew |
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Post by andrewholgate on May 9, 2014 12:22:30 GMT
Apologies that the latest update missed out anything regarding the recent CCJ.
We were aware of this having spoken to the borrower during the last week in April. He advised that this had been registered against E-T**** Ltd in error and that he was dealing with the court to ensure that this was "set aside". We were under the impression that this would be dealt with in fairly short order but unfortunately this appears to have not been the case.
Having spoken to the borrower again today he advises that the court have told him that this is now "imminent" but that he will speak formally to the person dealing on his return to the office tomorrow and update AC with a more definitive timescale at that time.
Andrew (the real one)
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Post by Lep Recorn on May 9, 2014 14:25:26 GMT
Whoops - forgot the rules - thanks mrclondon & apologies to everyone else :~}
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