jo
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Post by jo on Jun 18, 2019 11:14:23 GMT
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coop
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Post by coop on Jun 18, 2019 11:46:44 GMT
Of all the incompetent actions it's this one and the powerboats which are the ones which make me most think that FS are deliberately misleading and fraudulent. Simply no reason to have not updated with the outcome of the sale. No reason at all.
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coop
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Post by coop on Jun 18, 2019 15:19:36 GMT
So net proceeds now due next week - still no word as to what they actually are and now only recieving the second highest bid. Strewth!
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arby
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Post by arby on Jun 18, 2019 15:29:26 GMT
Or, viewed from another perspective;
There was good reason for the slow update because the buyer reneged on their commitment to purchase so additional time was needed to both chase the intended purchaser then to arrange the sale to the next highest bidder.
It's easier to just state FS are deliberately misleading and fraudulent though.
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jo
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Post by jo on Jun 18, 2019 16:11:23 GMT
Or, viewed from another perspective; There was good reason for the slow update because the buyer reneged on their commitment to purchase so additional time was needed to both chase the intended purchaser then to arrange the sale to the next highest bidder. It's easier to just state FS are deliberately misleading and fraudulent though. "Apologies for the lack of update on this loan. We are dealing with an issue and will update as soon as is prudent to do so". It's a two-way street arby , took about 30 seconds to post that. fundingsecure
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arby
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Post by arby on Jun 18, 2019 16:26:27 GMT
Or, viewed from another perspective; There was good reason for the slow update because the buyer reneged on their commitment to purchase so additional time was needed to both chase the intended purchaser then to arrange the sale to the next highest bidder. It's easier to just state FS are deliberately misleading and fraudulent though. "Apologies for the lack of update on this loan. We are dealing with an issue and will update as soon as is prudent to do so". It's a two-way street arby , took about 30 seconds to post that. fundingsecureFS have done that before and received inordinate grief for doing so. I was originally of the thought that they should do such, but from the negative response received I can understand why they don't. You can't please everyone. What I'm saying is that I really wish your suggestion would work as I think it'd be better for everyone.
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adrian77
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Post by adrian77 on Jun 18, 2019 19:53:46 GMT
.well finally... I find this a bit confusing as to unsure which of the 4 units failed to complete i.e. zero FS units, 1 FS unit or both of them? I wonder just how much the second bid was for but hopefully we will find out next week.
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arby
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Post by arby on Jun 18, 2019 20:33:45 GMT
.well finally... I find this a bit confusing as to unsure which of the 4 units failed to complete i.e. zero FS units, 1 FS unit or both of them? I wonder just how much the second bid was for but hopefully we will find out next week. If the second highest bid is significantly lower than the highest then somebody was doing something very wrong 😂
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iRobot
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Post by iRobot on Jun 18, 2019 21:25:27 GMT
.well finally... I find this a bit confusing as to unsure which of the 4 units failed to complete i.e. zero FS units, 1 FS unit or both of them? I wonder just how much the second bid was for but hopefully we will find out next week. AIUI, four were sent to auction, four sold " by private treaty" and the buyer reneged on two. So both were 'FS units', it's just unclear as to which loan (or loans; could be one from each) is affected. Which in turn begs the question - how are fundingsecure divvying the recoveries on these loans? Time will tell.
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song
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Post by song on Jun 19, 2019 6:35:00 GMT
.well finally... I find this a bit confusing as to unsure which of the 4 units failed to complete i.e. zero FS units, 1 FS unit or both of them? I wonder just how much the second bid was for but hopefully we will find out next week. What a circus.
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pip
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Post by pip on Jun 19, 2019 6:50:46 GMT
IMHO if anybody is expecting more than a paltry recovery on these is fooling themselves. I wrote them off a long time ago. Any deep look into the security vs loan amount would show this long before the outcome of this sale failed.
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rs
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Post by rs on Jun 21, 2019 12:22:39 GMT
What I'm really curious about is why FS are so reluctant to reveal the price achieved at auction. We all know that the receivers take a huge slice of the auction price. I think the receivers costs exceed the price obtained so FS are totally embarrassed and are reluctant to tell investors there is a 100% capital loss. Other theories would be interesting. Instead of selling the half finished homes, can't FS lenders put the homes near a nice town as a tourist attraction?
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kielbasa
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Post by kielbasa on Jun 21, 2019 13:26:03 GMT
What I'm really curious about is why FS are so reluctant to reveal the price achieved at auction. We all know that the receivers take a huge slice of the auction price. I think the receivers costs exceed the price obtained so FS are totally embarrassed and are reluctant to tell investors there is a 100% capital loss. Other theories would be interesting. Instead of selling the half finished homes, can't FS lenders put the homes near a nice town as a tourist attraction? Put them on a cleared site in Whitehaven and open the FundingSecure museum. Fun for all the family! One section could be an art gallery with no art.
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rogerthat
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Post by rogerthat on Jun 21, 2019 14:24:49 GMT
Be careful what you wish for !
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adrian77
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Post by adrian77 on Jun 22, 2019 7:54:27 GMT
Don't forget the speedboat tours...
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