11025
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Post by 11025 on Sept 22, 2016 19:37:26 GMT
The "kicking its tyres" stage has completed and a holding deposit paid. Now they're getting their AA inspection (other companies are available) carried out and having a better look, both under the bonnet and elsewhere, not forgetting the all important mountain of paperwork which is the service and parts history followed by a test drive or two. Having had experience in the intricacies of inspecting and buying single engined light aircraft I'm sure this process is far more demanding and time consuming. If they managed to complete the deal by the end of October all parties concerned would have done an outstanding job. Maybe so , anyway I am happy with the concise update and the continuing income stream
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duck
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Post by duck on Sept 23, 2016 4:56:44 GMT
Thanks for the concise update ablrate much appreciated. Having worked in the aircraft industry (but on larger aircraft) I appreciate the many necessary steps. I've been more than happy to sit back whist the sale of this aircraft has progressed, these things are rarely totally smooth. On the positive side, with this aircraft at least the search doesn't have to be put out for a very small but flexible man to go inside the wing boxes
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jimbob
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Post by jimbob on Sept 23, 2016 14:39:01 GMT
There seems to be a deposit down now at any rate, tbh delays would be good at this point with the penalty interest and increasing security.
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stevio
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Post by stevio on Sept 29, 2016 19:29:12 GMT
Thank you for the update ablrate ablrateandy, but it fails to mention if we will receive an interest payment today which includes the 4% penalty, as you promised previously?
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ben
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Post by ben on Sept 29, 2016 20:40:17 GMT
I was under the impression that normal interest would be paid and default at the end.
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Balder
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Post by Balder on Sept 29, 2016 22:43:58 GMT
Thank you for the update ablrate ablrateandy , but it fails to mention if we will receive an interest payment today which includes the 4% penalty, as you promised previously? Agree the update was a "I should give an update" but failed to cover the point most investors wanted to know. I am sure this was realised. Come on Ablrate grow a pair!
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arbster
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Post by arbster on Sept 30, 2016 5:07:03 GMT
Thank you for the update ablrate ablrateandy , but it fails to mention if we will receive an interest payment today which includes the 4% penalty, as you promised previously? Agree the update was a "I should give an update" but failed to cover the point most investors wanted to know. I am sure this was realised. Come on Ablrate grow a pair! I was fine with the update. It told me that things were still progressing but the next step wasn't concluded yet. I don't think they could be more definitive. As for the interest payment, I'd expect that as the repayment is coming from the proceeds of the sale, we won't see that until the sale is complete. I do expect to receive penalty interest, in due course, as ablrate has already provided this commitment.
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goopy
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Post by goopy on Sept 30, 2016 7:44:06 GMT
As interest has not been paid are we to assume the loan is now in default? ablrateandy ablrate
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arbster
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Post by arbster on Sept 30, 2016 7:57:52 GMT
As interest has not been paid are we to assume the loan is now in default? ablrateandy ablrate I suspect this will be connected to the website functionality that appears not to allow for a loan to go past its repayment date, and they said in their update they didn't want to put it into formal default on the website, as I imagine this has some other consequences that aren't appropriate in this case. Given the level of transparency on the process that's underway, I'm not sure what benefit you feel there is in rushing to call this a "default"?
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stevio
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Post by stevio on Sept 30, 2016 7:59:20 GMT
Agree the update was a "I should give an update" but failed to cover the point most investors wanted to know. I am sure this was realised. Come on Ablrate grow a pair! I was fine with the update. It told me that things were still progressing but the next step wasn't concluded yet. I don't think they could be more definitive. As for the interest payment, I'd expect that as the repayment is coming from the proceeds of the sale, we won't see that until the sale is complete. I do expect to receive penalty interest, in due course, as ablrate has already provided this commitment. Interest is normally paid during an extension, but we don't have any confirmation from ablrate (again...)
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arbster
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Post by arbster on Sept 30, 2016 8:03:17 GMT
I was fine with the update. It told me that things were still progressing but the next step wasn't concluded yet. I don't think they could be more definitive. As for the interest payment, I'd expect that as the repayment is coming from the proceeds of the sale, we won't see that until the sale is complete. I do expect to receive penalty interest, in due course, as ablrate has already provided this commitment. Interest is normally paid during an extension, but we don't have any confirmation from ablrate (again...) Paid, or accrued, yes. I'm expecting it's at least being accrued, and the lack of payment may be related to website shortcomings. This situation is the first time it's occurred for ablrate (AFAIK) and therefore I understand it may not be as smooth as some might like. I'm sure they're learning all the time, and will come good in due course.
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goopy
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Post by goopy on Sept 30, 2016 8:04:17 GMT
As interest has not been paid are we to assume the loan is now in default? ablrateandy ablrate I suspect this will be connected to the website functionality that appears not to allow for a loan to go past its repayment date, and they said in their update they didn't want to put it into formal default on the website, as I imagine this has some other consequences that aren't appropriate in this case. Given the level of transparency on the process that's underway, I'm not sure what benefit you feel there is in rushing to call this a "default"? Just wanting to know why interest was not paid.
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Post by ablrate on Sept 30, 2016 8:48:35 GMT
Hi All
We will be looking at the situation today. It will be sorted shortly.
Ablrate
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blender
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Post by blender on Sept 30, 2016 8:58:25 GMT
I suspect this will be connected to the website functionality that appears not to allow for a loan to go past its repayment date, and they said in their update they didn't want to put it into formal default on the website, as I imagine this has some other consequences that aren't appropriate in this case. Given the level of transparency on the process that's underway, I'm not sure what benefit you feel there is in rushing to call this a "default"? Just wanting to know why interest was not paid. You really cannot default a loan one day after the payment was due!
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Post by alamosurvivor on Sept 30, 2016 13:54:27 GMT
We must now be looking at accruing interest added to default interest. i.e 17 per cent should have been paid from June 1st onwards - clearly this has not happened. On this basis alone ATR532 should have been defaulted as from June 29th. There is no room in business for Mr nice guys, just look at the container loans. There can be no excuse for nonpayment of Sept interest - do Pheonix have cash flow problems? If not where is the interest sat as of today - in ablrates coffers? It's my money and I would like to know. I have already sold all of my other aircraft loans due to this fiasco. No more aircraft loans for me. Too prone to the old pals act!
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