johni
Member of DD Central
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Post by johni on Jun 14, 2018 21:55:15 GMT
Give it a rest lol Hey buddy, don't stop the guy who's single handedly driving improvements across the P2P industry. Jeez, I can't wait till he opens his own shop so he can show all these amateurs how its done. This guy knows his stuff and doesn't mind who he tells, repetitively. He's a diamond and we're lucky to have him. What I am amazed at is how naive he is to believe the £200k is cost taken to sell the business. I have no idea how much the fees are for the work done at present neither does anyone except Moneything. So to make a judgement on fees paid at this stage is impossible. But the costs incured over the last few months to run a loss making business will quickly add up these losses are in the £200k. I will not make a judgement until all avenues have been looked at including possible legal action against the valuer if necessary. I will then see if the fees paid are value for money.
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Jeepers
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Post by Jeepers on Jun 14, 2018 22:05:53 GMT
I have every confidence in MT to get the best return for lenders.
Administrators fees are generally excessive but thats an issue outside MT's control.
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Post by Deleted on Jun 14, 2018 22:18:31 GMT
thegrumbler, did you even read the valuation report??? It stated CLEARLY that the valuation depended on the health of the underlying business. Absolutely crystal clear, in plain English. The risks were not hidden in any way. If you failed to understand that, then that is your problem. Fortunately, MoneyThing understood the basis of the valuation, which is why they acted to preserve the underlying business. Given the amount you are whining about the admin fees, perhaps you think a better approach would have been to let the business rot while attempting a fire sale of the underlying asset, with the basis for valuation gone and the asset deteriorating over time? I believe such an approach is known as 'penny wise, pound foolish' Well done MoneyThing for having more sense than that.
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Jeepers
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Post by Jeepers on Jun 14, 2018 22:19:09 GMT
thegrumbler obviously not suited to you then. The stock market can drop a lot more than 10%. The best safe option at the moment is a 1 year bond at 2.05%.
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Carter
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Post by Carter on Jun 14, 2018 22:26:32 GMT
thegrumbler obviously not suited to you then. The stock market can drop a lot more than 10%. The best safe option at the moment is a 1 year bond at 2.05%. Hey!!! Don't you dare talk of stock market drops, S&S is the only thing propping up my P2P investments!!!
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Jeepers
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Post by Jeepers on Jun 14, 2018 22:45:58 GMT
thegrumbler obviously not suited to you then. The stock market can drop a lot more than 10%. The best safe option at the moment is a 1 year bond at 2.05%. Hey!!! Don't you dare talk of stock market drops, S&S is the only thing propping up my P2P investments!!! Share your wisdom. I've invested in various funds (All 5 crowns on trustnet) and on average gained about 2% in the past year. MT is currently propping up my P2P investments. If only I could move my money from Lendy over...
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woodie
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Post by woodie on Jun 15, 2018 0:29:08 GMT
Please don't be put off by the negative responses to your posts. I for one agree with your point of view regarding Administrators Fees but still support MT 100%.
I look forward to your continued informed comments.
ps. I'm a half glass empty guy as well ... don't forget we represent 50% of the population!
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ptr120
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Post by ptr120 on Jun 15, 2018 5:30:35 GMT
thegrumbler Of the administration costs, by far the biggest part of the 200k you mention was to pay for a specialist management team to go in and run the business as a going concern while it was under administration. That isn't money going to the administrator - it is an external cost.
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rocky1
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Post by rocky1 on Jun 15, 2018 5:58:52 GMT
who ever it goes to we still have to pay it.we cant do anything about it but let them sort it out and move on.[ long live the grumbler .]
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TitoPuente
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Post by TitoPuente on Jun 15, 2018 6:54:00 GMT
thegrumbler Of the administration costs, by far the biggest part of the 200k you mention was to pay for a specialist management team to go in and run the business as a going concern while it was under administration. That isn't money going to the administrator - it is an external cost. Whatever funds were needed to run the hotel business had to come from the hotel business cash flow and not from lender's money. If the business was not profitable what was the reason to add even more cost to running it? Was the "specialist management team" able to turnaround the business and make it profitable? If not, what was the value they added?
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ptr120
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Post by ptr120 on Jun 15, 2018 7:08:38 GMT
thegrumbler Of the administration costs, by far the biggest part of the 200k you mention was to pay for a specialist management team to go in and run the business as a going concern while it was under administration. That isn't money going to the administrator - it is an external cost. Whatever funds were needed to run the hotel business had to come from the hotel business cash flow and not from lender's money. If the business was not profitable what was the reason to add even more cost to running it? Was the "specialist management team" able to turnaround the business and make it profitable? If not, what was the value they added? They were not put in to turn the business around. They were put in to run the business and to keep it operating as a going concern as our security was worth more as a trading business than it would have been if closed up - ie. bricks and mortar only
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averageguy
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Post by averageguy on Jun 15, 2018 9:58:02 GMT
Nice and sunny out
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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 15, 2018 10:32:31 GMT
They were not put in to turn the business around. They were put in to run the business and to keep it operating as a going concern as our security was worth more as a trading business than it would have been if closed up - ie. bricks and mortar only Do you think the new ownr wil take the same stance? I.e. throw good money against an inefficient business?? No, he will fire some of the staff and will diminuish other costs to make the business iable as their first concern. Obvious things that any good administrator would do. Obvious things that this administrator seem not to have done (and this is Beyond the fiasco on the sale price). No, the new manager is going to throw money to get it updated and refurbed. Not many staff to fire based on some of the more recent reviews You are assuming that the previous owner hadnt already cut costs to the bone, which may even have been a contributary factor in the businesses decline, you are assuming that the adminsitrator didnt reduce costs. Are you arguing that the administrator should have spent more time & more cost turning the business around in order to achieve a higher sale price (incl a refurb)?
You may have a valid argument but without details of what the administrator spent and where it is all just speculation.
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Post by Badly Drawn Stickman on Jun 15, 2018 10:32:36 GMT
Thanks, I will send the Maid to tell the Butler to nip out and inform the Gardeners to ensure they water the vegetable plot.
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elliotn
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Post by elliotn on Jun 15, 2018 23:50:43 GMT
Hey!!! Don't you dare talk of stock market drops, S&S is the only thing propping up my P2P investments!!! Not sure why some of you talk about 'suited' or not. The fact I fight for every penny (and ask the same to my providers) does not mean I am not successful in investments or that I am scared about them... My average return on S&S is over 10% per year and this is over 10+ years, pretty constant. Also my average return on P2P to be honest has been good, over 10% per year on average over 7 years (10% YS, 9.3% FC, 12% LY, 11% FS, 12% Coll, just some examples ... only on MT I am below 5%...). I am not interested in 'safe' investments. I am interested in committed parters/platform carers that will fight for every pound of recovery as if from that recovery depended their own business existence (and definitely I don't see that aggressive thinking in someone who does not consider useful renegotiating huge fees because this is what the market asks for...). If P2P does not offer this level of involvement anymore, as I start feeling everywhere today (perhaps due to its popularity and lower need to care about lenders), then S&S is definitely the best option (I invest in specific market segments after long research, avoiding as much as possible usa and also uk). Let's hope MT have more success in this recovery. V envious of your 12% on Coll, I’m still waiting to find out if I achieved anywhere near 0%.
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