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Post by mrclondon on Mar 11, 2019 19:44:15 GMT
The bigger scandal here is that Lendy had an updated VR, knew the offer was far more than the value and yet they still went against the vote to accept. Do you have any proof there was ever a contractural offer made by the borrower to settle at that figure ?
Could the vote have been simply a lever deployed by Lendy to show the borrower there was scope for a settlement below the value of the outstanding debt being accepted by lenders ?
I have no proof or indications either way, but the second alternative would seem plausible.
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Mucho P2P
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Post by Mucho P2P on Mar 12, 2019 11:15:20 GMT
The bigger scandal here is that Lendy had an updated VR, knew the offer was far more than the value and yet they still went against the vote to accept. Do you have any proof there was ever a contractural offer made by the borrower to settle at that figure ?
Could the vote have been simply a lever deployed by Lendy to show the borrower there was scope for a settlement below the value of the outstanding debt being accepted by lenders ?
I have no proof or indications either way, but the second alternative would seem plausible.
Isn't that above option/possibility giving Lendy a little too much credit?
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Monetus
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Post by Monetus on Apr 2, 2019 16:27:33 GMT
Update:
"There have been a number of meetings and discussions with our third party advisors, together with interested parties and also the borrower. We are awaiting written confirmation of these discussions and potential offers which should be received by the end of April."
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Post by p2plender on Apr 3, 2019 1:54:44 GMT
Back to where they were 12 months ago. What a joke Lendy and Brooke is.
Meanwhile nice fees collected and no doubt straight in to the 'Malta account'.
Brooke should be hauled before parliament for questioning given the staggering amount in (non performing) defaulted loans his company has overseen. We're not talking a few million quid up in smoke here. This is tens of millions of pounds evaporated.
Come on FCA get serious with this company and director.
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zccax77
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Post by zccax77 on Apr 3, 2019 6:47:35 GMT
We need to get rid of this clown, only way I can see is administration.
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Post by p2plender on Apr 3, 2019 7:23:04 GMT
Not bothered either way about administration. I just want to see action against the person who has created this mess, seemingly legally..
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richox
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Post by richox on Apr 3, 2019 9:26:16 GMT
Administration is inevitable. It's just a matter of how long Lendy can go on extracting value from the remaining securities.
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zccax77
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Post by zccax77 on Apr 3, 2019 9:53:14 GMT
They would have been in administration if they were not to borrow the £1m from the provision fund in December. I agree administration it is soon for Lendy, Ponzi's always collapse in the end.
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Post by picanto on Apr 3, 2019 10:27:44 GMT
They would have been in administration if they were not to borrow the £1m from the provision fund in December. I agree administration it is soon for Lendy, Ponzi's always collapse in the end. Critisice Lendy all you want, by all means. But incorrectly calling them a "Ponzi scheme" doesn't help matters at all. Ponzi schemes are not secured against property. Lendy have shown incompetence and may well be out of their depth in dealing with defaults but they are not fraudulent as would be the case in a Ponzi scheme.
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Post by brightspark on Apr 3, 2019 10:38:29 GMT
It may not have been a pure Ponzi scheme but it certainly had many of the trappings sucking in ever more investors with promises of 12% return on capital which was used to attract developers desperate for capital who used the mechanism of over optimistic valuations to borrow more than the securities were worth.
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one21
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Post by one21 on Apr 3, 2019 10:40:50 GMT
As with similar defaulted developments loans of this scale, shouldn't there be a forensic level quantity surveyor report, to determine where developer funds have been appropriated? Why are subsequent loan tranches authorised, if the budget forecast is way off target for completion?
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Post by p2plender on Apr 10, 2019 9:17:46 GMT
What are people expecting back here???
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hazellend
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Post by hazellend on Apr 10, 2019 9:24:08 GMT
What are people expecting back here??? I want 100% or to see the borrower lose all their assets and go bankrupt.
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Post by loftankerman on Apr 10, 2019 11:19:05 GMT
Dunno. That Liam bloke is getting plenty of stick for being some kind of crafty mastermind, transforming our money into his by mysterious means. And then again, he’s also being labelled as being as thick as a brick and totally out of his depth. I have to wonder if he isn’t just the patsy in all of this, while the other ten of some self styled ‘Ocean’s Eleven’ have all swanned off to places unknown leaving him standing on the kerb outside a bank, wearing a mask and holding a bag with ‘SWAG’ written on it.
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wuzimu
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Post by wuzimu on Apr 10, 2019 11:47:34 GMT
We are on the outside of Lendy so can only judge by what we see, and in complex financial dealings even FCA can get confused as to what is really going on.
But as ever you just have to follow the money.
Looks like Liam has made/ planning to make loads of money out of the deafult loan book. Lenders have lost / will lose loads of money out of the default loan book.
There is major conflict of interest between Liam and lenders that should not exist and springs from :
1. Unfair terms that have been amended and improperly imposed on lenders who are trapped by the defaults on the platform.
2. Lack of character and integrity of the Agent to act in the best interests of lenders.
This is why Liam needs to be replaced as Lendy Director by an independent Board or Lendy needs to be replaced as Agent.
FCA will eventually wake up and put their kicking boots on, and the sooner they do one of the things I mention, the better.
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