one21
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Post by one21 on Oct 28, 2019 19:00:19 GMT
The % return seems worse than most predictions further up this thread. I do hope the administrators will show their working and clarify if we can expect to see anything else? Also, I wonder if the 10mil or so has earned any interest while it has been kept from us!
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locutus
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Post by locutus on Oct 28, 2019 19:02:03 GMT
The % return seems worse than most predictions further up this thread. I do hope the administrators will show their working and clarify if we can expect to see anything else? £2.1m missing. Not a small amount by anyone's measure.
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Post by picanto on Oct 28, 2019 19:15:59 GMT
Is anyone hopeful of further recovery or is it likely 45.5% is all we will receive?
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Monetus
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Post by Monetus on Oct 28, 2019 19:23:13 GMT
The % return seems worse than most predictions further up this thread. I do hope the administrators will show their working and clarify if we can expect to see anything else? £2.1m missing. Not a small amount by anyone's measure. Section 13.3 of the Lendy platform terms may give you a clue.
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Post by mrclondon on Oct 28, 2019 19:32:30 GMT
The % return seems worse than most predictions further up this thread. I do hope the administrators will show their working and clarify if we can expect to see anything else? £2.1m missing. Not a small amount by anyone's measure. Indeed. I doubt we will ever know whether (most of) that was deducted by Lendy immediately prior to their administration.
Given the almost full repayments on DFL032/034/037 (vs security released) this stands out a mile, and represents 30.7% of the amount the HQ administrators claim to have sent Lendy.
The retentions on the other repayments made today have been modest (a few percent) which feels to be a realistic assessment of what the cost of the administration of Lendy could amount to.
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Mucho P2P
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Post by Mucho P2P on Oct 29, 2019 8:29:44 GMT
The % return seems worse than most predictions further up this thread. I do hope the administrators will show their working and clarify if we can expect to see anything else? Also, I wonder if the 10mil or so has earned any interest while it has been kept from us! My understanding is that Barclays were paying interest (albeit a small percentage) on the Client Account which Lendy were retaining.
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Post by rhea117 on Oct 29, 2019 8:39:40 GMT
Sorry for the silly question - but does anyone know who paid Lendy the 65% (or 45.5%) / the £11m (or whatever the number was)
Can we then assume - this "company" and any profits they make (over say £11m) - those profits should have been our money!? But as they took the risk and bought it for a knock down price - they could walk away with the spoils.
Grrrrrrrrrrrrr!!!!
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ilmoro
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'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 Oct 29, 2019 8:57:28 GMT
Sorry for the silly question - but does anyone know who paid Lendy the 65% (or 45.5%) / the £11m (or whatever the number was) Can we then assume - this "company" and any profits they make (over say £11m) - those profits should have been our money!? But as they took the risk and bought it for a knock down price - they could walk away with the spoils. Grrrrrrrrrrrrr!!!! As per the HQ admin report, sold to a company formed by the flat purchasers to acquire & complete the building. They are unlikely to make much profit having on top of their original investment, to buy the building & then pay to complete it. However, they havent lost much of their investment unlike Lendy investors, plus off course future gains if prices rise, which as lower ranked secured creditors isn't how it normally works.
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Post by rhea117 on Oct 29, 2019 9:02:03 GMT
Sorry for the silly question - but does anyone know who paid Lendy the 65% (or 45.5%) / the £11m (or whatever the number was) Can we then assume - this "company" and any profits they make (over say £11m) - those profits should have been our money!? But as they took the risk and bought it for a knock down price - they could walk away with the spoils. Grrrrrrrrrrrrr!!!! As per the HQ admin report, sold to a company formed by the flat purchasers to acquire & complete the building. They are unlikely to make much profit having on top of their original investment, to buy the building & then pay to complete it. However, they havent lost much of their investment unlike Lendy investors, plus off course future gains if prices rise, which as lower ranked secured creditors isn't how it normally works. Thanks. You have to wonder there the "missing" cash actually went. Someone has it. Someone made a profit - it is basic Debits and Credits: The contractors? Liam? The previous owner?
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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 Oct 29, 2019 9:09:41 GMT
As per the HQ admin report, sold to a company formed by the flat purchasers to acquire & complete the building. They are unlikely to make much profit having on top of their original investment, to buy the building & then pay to complete it. However, they havent lost much of their investment unlike Lendy investors, plus off course future gains if prices rise, which as lower ranked secured creditors isn't how it normally works. Thanks. You have to wonder there the "missing" cash actually went. Someone has it. Someone made a profit - it is basic Debits and Credits: The previous owner? 🤔
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Post by gullible on Oct 29, 2019 11:34:54 GMT
Anyone know the reason why am I unable to make a withdrawal from my Lendy account?
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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 Oct 29, 2019 11:38:51 GMT
Anyone know the reason why am I unable to make a withdrawal from my Lendy account? Yes, as per comms from the administrators, withdrawals are currently suspended under further notice. That notice is expected today for those who have passed AML checks.
Update on site: withdrawals from tomorrow
'Our intention is to allow withdrawal requests to be reinstated as of the close of business on Wednesday 30th October 2019. Thank you for your cooperation in this matter.'
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Post by steven on Oct 29, 2019 17:39:39 GMT
Please can somebody make it simple for me.
How much money was repaid by the administrators of HQ
How much money was distributed to us investors.
Thanks in advance and sorry if this has already been answered
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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 Oct 29, 2019 17:59:25 GMT
Please can somebody make it simple for me. How much money was repaid by the administrators of HQ How much money was distributed to us investors. Thanks in advance and sorry if this has already been answered Sold for £7.45m, £7,030,325 distributed to Lendy, (further £85k to possible follow) as per Quantuma report, funds in Client Account as per RSM proposal £6.8m, funds distributed £4,901,367
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Post by mot on Oct 29, 2019 18:46:20 GMT
Owners of the flats pull together to buy the tower...fair play to them. However! their “team leader” was non other than the Original owner of the Towers building firm. Hmmmmmm then a miraculous deal appears “overnight” to buy the tower from Lendy but a ridiculously Knocked down price. Bit of back scratching gone on at lenders expense it would appear. Harsh lesson learned ere. My thoughts go out to those in deeper than I.
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