ben
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Post by ben on May 23, 2016 18:43:45 GMT
This of capital or expected capital plus interest?
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littleoldlady
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Post by littleoldlady on May 23, 2016 20:43:20 GMT
There will obviously be no interest - unless the yard sells for a lot more than the loan, and if it is worth that much it is hard to see why the borrower defaulted. I therefore assumed that everyone would use the capital amount as the base.
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Post by Deleted on May 24, 2016 6:36:52 GMT
You have to imagine that there are a bunch of people queuing up to buy a tin shed in small harbour in the middle of nowhere with only a small hinterland of industrial need, where a previous owner has already gone bust.
A few years back I did a review of possible Scottish sites for a water access industrial unit for a business I was running. There were so many and they were all suffering from lack of demand except for oil industry support and wind/water turbine support all of which need deep water and the hinterland.
This ain't a good 'un.
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littleoldlady
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Post by littleoldlady on May 24, 2016 7:53:03 GMT
If the pessimists (or are they realists?) are right, rather than receiving a trivial amount I would prefer that the asset is retained (assuming this is legal) in a SPV with all investors being proportionate shareholders and some sort of market in the shares. What do others think?
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Post by earthbound on May 24, 2016 7:58:59 GMT
From my investigations , if this goes to market, it may sell pretty quick for a pittance.
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Post by Deleted on May 24, 2016 9:42:54 GMT
If the pessimists (or are they realists?) are right, rather than receiving a trivial amount I would prefer that the asset is retained (assuming this is legal) in a SPV with all investors being proportionate shareholders and some sort of market in the shares. What do others think? Share holders in what income stream? Two locals that we know have not managed to make a go of it, how would we manage except put in, and pay for a manager? Underlying asset is a piece of land in a small Scottish "harbour". One day it could be a cafe. We will be lucky to get back 50% capital. Unless someone like FSJ (Fisher) needs a new base, and right now I suspect they are reducing bases due to oil price reduction.
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oldgrumpy
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Post by oldgrumpy on May 24, 2016 9:52:12 GMT
Maybe someone will take it on in the hope that when (!) we vote to leave the EU, and our fishing grounds are no longer plundered by European fishermen who demand their "share", our own men will no longer being subject to a small quota, and our own Scottish boatyards get increased business from a resurgent Scottish fishing inustry.
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littleoldlady
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Post by littleoldlady on May 24, 2016 11:29:59 GMT
If the pessimists (or are they realists?) are right, rather than receiving a trivial amount I would prefer that the asset is retained (assuming this is legal) in a SPV with all investors being proportionate shareholders and some sort of market in the shares. What do others think? Share holders in what income stream? Two locals that we know have not managed to make a go of it, how would we manage except put in, and pay for a manager? Underlying asset is a piece of land in a small Scottish "harbour". One day it could be a cafe. We will be lucky to get back 50% capital. Unless someone like FSJ (Fisher) needs a new base, and right now I suspect they are reducing bases due to oil price reduction. I don't envisage any income stream. If we could get back as much as 50% forget this idea - I am referring to a return of say 10% or less. If it is legal and possible I see an SPV holding the freehold for an extended period in the hope that something will turn up. If there was a market in the shares those who wanted to take a single figure percentage of their capital could do so and the rest would just treat it as a landbank holding and basically write off their investment, and maybe one day get a windfall. Anything has to be better than to see a small value eaten up by disposal charges IMO.
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09dolphin
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Post by 09dolphin on May 24, 2016 12:24:37 GMT
The borrower asked for a meeting with FS on 23rd May. Would be good if FS updated lenders
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mikes1531
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Post by mikes1531 on May 24, 2016 14:10:53 GMT
Share holders in what income stream? Two locals that we know have not managed to make a go of it, how would we manage except put in, and pay for a manager? I don't envisage any income stream. If we could get back as much as 50% forget this idea - I am referring to a return of say 10% or less. If it is legal and possible I see an SPV holding the freehold for an extended period in the hope that something will turn up. If there was a market in the shares those who wanted to take a single figure percentage of their capital could do so and the rest would just treat it as a landbank holding and basically write off their investment, and maybe one day get a windfall. Anything has to be better than to see a small value eaten up by disposal charges IMO. littleoldlady: That's not an unreasonable idea, but @bobo raised some valid issues. Owning a piece of property requires a certain amount of managing. Even vacant land requires a bit of attention -- insurance, rates, accounts, etc. -- and buildings require even more managing. So where would the money to do that come from? All shareholders have to contribute a certain sum every month/quarter/year? (Sort of like negative dividends?) And who would do the necessary admin? I'm not against the idea, but there has to be a proper plan in order to make it work.
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littleoldlady
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Post by littleoldlady on May 24, 2016 14:25:49 GMT
Good points from bobo and mike. I missed the significance of bobo's "income stream". I fear the only winners will be the administrators who will take most or all of whatever it fetches. Can anyone smarter see any way to avoid that?
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littleoldlady
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Post by littleoldlady on Jul 6, 2016 22:03:49 GMT
Maybe someone will take it on in the hope that when (!) we vote to leave the EU, and our fishing grounds are no longer plundered by European fishermen who demand their "share", our own men will no longer being subject to a small quota, and our own Scottish boatyards get increased business from a resurgent Scottish fishing inustry. This is now looking more likely.
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Post by Deleted on Jul 7, 2016 6:51:53 GMT
Maybe someone will take it on in the hope that when (!) we vote to leave the EU, and our fishing grounds are no longer plundered by European fishermen who demand their "share", our own men will no longer being subject to a small quota, and our own Scottish boatyards get increased business from a resurgent Scottish fishing inustry. This is now looking more likely. Trouble is Brexit is min 2 years away, we need this thing sold in the next 9 months :-)
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oldgrumpy
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Post by oldgrumpy on Jul 7, 2016 8:40:48 GMT
"Maybe someone will take it on in the hope that when (!) we vote to leave the EU, and our fishing grounds are no longer plundered by European fishermen who demand their "share", our own men will no longer being subject to a small quota, and our own Scottish boatyards get increased business from a resurgent Scottish fishing inustry.
This is now looking more likely.
Trouble is Brexit is min 2 years away, we need this thing sold in the next 9 months :-) "Let's hope someone sees the opportunity to buy the boatyard on the cheap ready to develop/exploit/reopen/sell on when our fishing industry is on the up and so are boatyard prices. That assumes the government actually does go through with Brexit (oh how the losers of the referendum do "wriggle"!!).
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09dolphin
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Post by 09dolphin on Jul 12, 2016 19:35:05 GMT
Only a few days and the loan will be 1 year old!
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