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Post by meledor on Jun 1, 2015 6:52:48 GMT
Last time I checked, this was Sunday and normal business hours typically run Monday to Friday. I'm sure AC will communicate the situation in due course. Any AC member can follow the instructions to get access to the private forum.
I appreciate that it was Sunday but the fact that Assetz were updating the website on a Sunday and posting information on a private board on a Sunday rather negates your comment.
And to gain access to this private forum you need to be vetted by Assetz which isn't going to happen on a Sunday is it? So no chance for those not already members to find out what is going on.
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Post by meledor on Jun 1, 2015 7:13:46 GMT
The way this is being handled looks a mess.
The reason for the loan being paused was put up on this board but the thread was moved to the Assetz private board by an administrator " to facilitate more open discussion on the current situation." thereby preventing those who don't have access (or currently choose not to have access) to this private board the opportunity to gain the knowledge which is in the public domain that the tenant has gone into administration.
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.... And in terms of level playing field is this forum any different? Want to find out whats going on - well go and join this hole in the corner private board!
The wording of the post giving the reason for the move was perhaps unfortunate as it only gave one of the 2 reasons for the move. The original post had copied in a quote from a public domain article naming the company in question and included it in a post linking it to an AC borrower. The post was therefore in breach of the forum rules. The only available courses of action were therefore: 1. Delete the post as it contravened forum rules. 2. Leave the post where it was and moderate to remove the name of the borrower. 3. Move the post to the AC lender only part of the forum. Given that it was/is inevitable that a "for AC lenders eyes only" thread was bound to start on this, the 3rd option was a reasonable one, and preferable to 1. The other option might have been combinaton of 2 and 3, but since there is a separate thread on this loan in the open board, little point. With regard to "...thereby preventing those who don't have access (or currently choose not to have access) to this private board..." Anyone who is eligible for access can get access per the instruction posted at the top of the AC main board. Anyone who could have access but decides not to has that choice; however I'm unclear as to why they would feel they have for a gripe for not being privy to a discussion which they have willfully chosen to exclude themselves from. Anyone - AC lender or otherwise - is of course able to post in the open part of the forum on this loan as long as any post does not contravene the forum rules. I would point to the relevant public thread...but it would appear we are currently 'in context'. With regard to the comments on AC communication, that is for AC to address.
I accept you have forum rules which define your options but yesterday this forum has given the impression of trying to suppress public information which isn't healthy.
When I asked what was going on nobody felt able to simply state the tenant was in administration. I found out because some one sent me a private message. When I mentioned in a subsequent post here that the tenant was in administration I did so in fear and trembling that I would be censored.
This isn't the first time a whole thread has been shunted across to the private board. You might want to look again at how this comes across.
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bugs4me
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Post by bugs4me on Jun 1, 2015 7:21:21 GMT
Last time I checked, this was Sunday and normal business hours typically run Monday to Friday. I'm sure AC will communicate the situation in due course. Any AC member can follow the instructions to get access to the private forum.
I appreciate that it was Sunday but the fact that Assetz were updating the website on a Sunday and posting information on a private board on a Sunday rather negates your comment.
And to gain access to this private forum you need to be vetted by Assetz which isn't going to happen on a Sunday is it? So no chance for those not already members to find out what is going on.
No it's not going to happen on a Sunday but AFAIK there is no 'vetting' process carried out by AC - only confirmation that you are registered with them to lend/invest. Once confirmation has been received then you are automatically enabled to read the pink pages. All very painless and in my case it was just a few hours.
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SteveT
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Post by SteveT on Jun 1, 2015 7:40:41 GMT
I appreciate that it was Sunday but the fact that Assetz were updating the website on a Sunday and posting information on a private board on a Sunday rather negates your comment.
And to gain access to this private forum you need to be vetted by Assetz which isn't going to happen on a Sunday is it? So no chance for those not already members to find out what is going on.
No it's not going to happen on a Sunday but AFAIK there is no 'vetting' process carried out by AC - only confirmation that you are registered with them to lend/invest. Once confirmation has been received then you are automatically enabled to read the pink pages. All very painless and in my case it was just a few hours. I have to agree. Access to the "AC Members" board entails sending 1 email to AC and waiting but a few hours for them to confirm your registration back to the forum moderators. That hardly constitutes "vetting" and is something anyone who expects equal access to new lender-specific information, especially on a Sunday, would be well advised to do.
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Post by andrewholgate on Jun 1, 2015 8:51:48 GMT
I have to take exception to some of the points raised in the last few hours.
First off, I do not have "minions". My team are highly skilled professionals in lending. AC could not exist without them, please show some respect to the people who bring you these deals and work to assist you on a day to day basis.
My team do not work at weekends and Sunday for me is a quiet day where I try and have time with my family. I actually responded from my mobile phone while in the car (I wasn't driving). Assetz Capital is not a 24/7/365 business. You are expecting far too much from the team if you expected them, or even me, to put up a full response on a Sunday when they should be with their families.
I run the business but I am not involved on a day to day basis in monitoring the loans. I know the deals, but I do not know the minutiae of every single case. To expect that following a brief post on here yesterday that I would then have a detailed post on the system is optimistic. Chris took time out yesterday to suspend the loan.
As I said in the post on the private forum, I acknowledged that we should have said something sooner plus we should have suspended the loan, and that a full update will be given today now my team are back in the office. This will happen and we will keep you posted.
I would politely request that you temper your expectations about what can happen at a weekend.
I am not saying anything further on this case on this forum. If you have any problems with what I have said here, please come to me directly via PM or email.
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Post by meledor on Jun 1, 2015 10:01:11 GMT
I notice from the number questions being posted on the Assetz website for this loan that I am not alone in wondering about integrity and transparency when Asstez can communicate to a private board but not on its website.
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Post by andrewholgate on Jun 1, 2015 10:18:22 GMT
I notice from the number questions being posted on the Assetz website for this loan that I am not alone in wondering about integrity and transparency when Asstez can communicate to a private board but not on its website. I note your comment. In terms of where my post was put, I followed the guidance of the moderators as they had moved the thread to the private board. That wasn't my decision to do that as I have no influence on the policy of the moderators. That thread is where the question was asked and that thread is where I gave an answer. In terms of wider response to the Q&A and notification of the AC lenders, I have said we got this wrong. I'm not sure what more you want me to do? Self flagellate in the window of John Lewis? Sarcasm aside, there will be a fuller response going out later today.
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Post by meledor on Jun 1, 2015 10:51:10 GMT
I notice from the number questions being posted on the Assetz website for this loan that I am not alone in wondering about integrity and transparency when Asstez can communicate to a private board but not on its website. I note your comment. In terms of where my post was put, I followed the guidance of the moderators as they had moved the thread to the private board. That wasn't my decision to do that as I have no influence on the policy of the moderators. That thread is where the question was asked and that thread is where I gave an answer. In terms of wider response to the Q&A and notification of the AC lenders, I have said we got this wrong. I'm not sure what more you want me to do? Self flagellate in the window of John Lewis? Sarcasm aside, there will be a fuller response going out later today.
I look forward to this "fuller response". However I query the word "fuller"; this suggests there has been a previous less full response. But as far as I am concerned there hasn't been any response as yet.
You are saying you have got this wrong but I understand you are merely saying that Assetz should have said something earlier and suspended the loan.
I appreciate Assetz is not a 24/7/365 business, but if that is the case then the crux of the matter is you need to be careful to avoid giving the impression of posting information on a forum in a 24/7/365 manner when the primary form of communication for such information has to be the platform website.
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ilmoro
Member of DD Central
'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 Jun 1, 2015 11:03:33 GMT
There is an interim statement on the site from AH plus personal responses to all queries including an apology.
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kaya
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Post by kaya on Jun 1, 2015 11:16:13 GMT
The main discussion has been moved to enable a more 'open' discussion? To my mind, this makes the discussion more 'closed'. If a person chooses to post on the open-to-all part of the AC forum, thus actively choosing access for all, then there it should stay. No?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on Jun 1, 2015 11:51:16 GMT
The main discuss has been moved to enable a more 'open' discussion? To my mind, this makes the discussion more 'closed'. If a person chooses to post on the open-to-all part of the AC forum, thus actively choosing access for all, then there it should stay. No? 'open' as in terms of what can & cannot be discussed, not as who can participate. As the mods have explained above (below on recent posts) censoring would need to be applied to avoid breaching forum rules. Also on previous occasions discussion has ventured into legally suspect areas in these default scenarios so it is easier to place such discussions in a non-public area. So the answer is no, that decision is the mods.
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Post by yorkshireman on Jun 1, 2015 12:12:50 GMT
It beggars belief that AC consider information about an event that could affect every lender in a loan should be restricted to the private board.
Whilst I appreciate the need for discretion and don’t expect confidential information to be bandied about, IMO it shows a lack of respect and courtesy to lenders when it’s considered OK to reveal something like this in private and then go public after comments on this forum.
As there’s no guarantee that the information disclosed on the private board will remain confidential and won’t be discussed and passed on by readers anyway, what’s the point of posting there?
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Post by andrewholgate on Jun 1, 2015 12:28:12 GMT
It beggars belief that AC consider information about an event that could affect every lender in a loan should be restricted to the private board. Whilst I appreciate the need for discretion and don’t expect confidential information to be bandied about, IMO it shows a lack of respect and courtesy to lenders when it’s considered OK to reveal something like this in private and then go public after comments on this forum. As there’s no guarantee that the information disclosed on the private board will remain confidential and won’t be discussed and passed on by readers anyway, what’s the point of posting there? Please see my comment above. The forum has rules and guidelines set down by the Moderators. They moved the question to the Private Board and I answered a question raised on there. Assetz Capital has not attempted to stifle information on this loan. Please retract your statement. Andrew
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Post by bracknellboy on Jun 1, 2015 12:48:07 GMT
For clarity for anyone who is losing or has lost the plot.
A new thread concerning this loan was started on the public board by a forum member not AC. This was moved to the AC Lender only section by admin as a result of its content. Subsequently AC posted a statement there in response to the comments on that thread. AC did not choose to start a dialogue in that section. They also acknowledged that suspension of trading of the loan and update on their website probably should have happened last week.
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Post by yorkshireman on Jun 1, 2015 13:23:54 GMT
It beggars belief that AC consider information about an event that could affect every lender in a loan should be restricted to the private board. Whilst I appreciate the need for discretion and don’t expect confidential information to be bandied about, IMO it shows a lack of respect and courtesy to lenders when it’s considered OK to reveal something like this in private and then go public after comments on this forum. As there’s no guarantee that the information disclosed on the private board will remain confidential and won’t be discussed and passed on by readers anyway, what’s the point of posting there? Please see my comment above. The forum has rules and guidelines set down by the Moderators. They moved the question to the Private Board and I answered a question raised on there. Assetz Capital has not attempted to stifle information on this loan. Please retract your statement. Andrew I see no reason to retract my statement in view of the moderator’s comment: “They also acknowledged that suspension of trading of the loan and update on their website probably should have happened last week.”
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