averageguy
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Post by averageguy on Oct 29, 2019 19:01:29 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 Is that difference paying for the Admin
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Post by mrclondon on Oct 29, 2019 19:05:59 GMT
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 Is that difference paying for the Admin Its building a pot a money that wll be used to pay for the admin yes, but then to pay unsecured creditors such as shortfalls on the model 1 loans, trade creditors, and other unsecured creditors (which include other Lendy group companies/LB IIRC).
(See the DDC DFL012 thread for more background/reasoning).
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rocky1
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Post by rocky1 on Oct 29, 2019 19:09:16 GMT
LB/LENDY made sure that they got what they wanted out of it before going into admin.i dont know about theFCA or the FOS they should bring in the fraud squad to look into a lot of LB/LENDYs activity and dealings that went on with a lot of these borrowers.LB is ultimately responsible for all of this and should not be allowed to walk away without explanation as to his actions.
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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 19:10:29 GMT
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 Is that difference paying for the Admin It will go into the general Lendy assets pot from which admin will take fees and creditors will be paid so a potential silver lining for model 1 lenders. Model 2 lenders may also get a dividend if their claims as creditors are accepted for larger sums.
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Post by mrclondon on Oct 29, 2019 19:15:42 GMT
so a potential silver lining for model 1 lenders. And that chap who was agitating earlier this year for a class action to force Lendy to repay the model 1 loans will have the last laugh. I and several others attempted (without much success) to persuade him that such a class action would simply (and inevitably) force Lendy into voluntary administration from which unsecured creditors would likely receive only a small dividend if any.
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Post by steven on Oct 29, 2019 20:24:47 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 Thanks for the reply ilmoro it is very helpful. So 6,800,000 - 4,901,367 = 1,898,633 Does anybody know for a fact where this 1.898M has gone?
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Post by brightspark on Oct 29, 2019 20:47:03 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. Embezzlement:- theft or misappropriation of funds placed in one's trust (or belonging to one's employer).
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stokeloans
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Post by stokeloans on Oct 29, 2019 21:01:08 GMT
We've been properly stitched up by 3 companies now haven't we,how many more will there be ?
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jester
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Post by jester on Oct 29, 2019 22:52:34 GMT
We've been properly stitched up by 3 companies now haven't we,how many more will there be ? I don't suppose adding my disgust to the mountain of disgust will be worth a dime, but for the record .... I'M DISGUSTED !! Virtually every aspect of how this loan has panned out to date stinks, shame on all involved, for what little it's worth.
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sl75
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Post by sl75 on Oct 30, 2019 8:37:17 GMT
Its building a pot a money that wll be used to pay for the admin yes, but then to pay unsecured creditors such as shortfalls on the model 1 loans, trade creditors, and other unsecured creditors (which include other Lendy group companies/LB IIRC). Huh?
This was a debt secured against a building.
Surely unsecured creditors of Lendy have no claim on that money until the secured creditors have been repaid in full (and arguably no claim on the money at all, as the debt wasn't in their favour).
How can a large chunk of the monies paid specifically back by a borrower in service of the debt for DFL012 be transformed into debt to numerous unsecured creditors of Lendy?
How can unsecured creditors of Lendy have a greater claim on the money paid back to lenders on DFL012 than the lenders themselves?
The "private portal" is currently silent on this matter, so where is RSM's announcement of what they're doing that you've apparently been able to refer to?
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sj
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Post by sj on Oct 30, 2019 9:10:43 GMT
Furthermore, why have other recently-repaid loans not had the same amount withheld? I'm not in the other relevant loans but 2 other loans have paid back c.98%, correct me if i'm wrong.
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Post by mrclondon on Oct 30, 2019 9:26:08 GMT
sl75 - you've presumably misssed the point that Lendy's fees / default penalties etc are deducted first ...
I merely explained the consequences of so doing in administration.
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sl75
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Post by sl75 on Oct 30, 2019 9:46:13 GMT
sl75 - you've presumably misssed the point that Lendy's fees / default penalties etc are deducted first ...
I merely explained the consequences of so doing in administration.
Sure, but Lendy's legitimate cut of those fees must surely have been rather smaller than the missing £2M+?
RSM seem to have followed in Lendy's footsteps by failing to provide any statement of how much they've deducted from our money and on what grounds (and potentially under what conditions it might be returned)... my prior assumption was that the remaining money was still being held on account while they awaited confirmation (e.g. from FSA or from a court) that Lendy's fees would have been excessive so they could apply a non-excessive fee instead, rather than that they'd already dipped into it and taken the same fee as Lendy would have charged to share between numerous other creditors.
However, unlike the other loans that repaid at the same time, there is no statement like "further deferred recovery is anticipated within 12 months", either on the public update nor the private portal, suggesting that RSM have concluded that the £2M+ deduction is entirely fair and reasonable, until or unless they inform us otherwise! If no further explanation is forthcoming soon, I'll certainly be asking for one.
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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 30, 2019 9:49:53 GMT
Furthermore, why have other recently-repaid loans not had the same amount withheld? I'm not in the other relevant loans but 2 other loans have paid back c.98%, correct me if i'm wrong. For start the other repaid loans aren't 18m in arrears so havent racked a massive sum of ongoing management fees & default interest. Second, how do you know they haven't? We have a figure to work from for HQ as we know the sum recovered, for the others we dont as they arent in recovery.
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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 30, 2019 10:04:08 GMT
sl75 - you've presumably misssed the point that Lendy's fees / default penalties etc are deducted first ...
I merely explained the consequences of so doing in administration.
Sure, but Lendy's legitimate cut of those fees must surely have been rather smaller than the missing £2M+? Define legitimate. If Lendy have a contract stating their entitlement to fees and t&C's stating they get them first then they legitimately entitled to sums based on the prevailing rate. Legitimate as in are the fees fair & reasonable, and changes to the t&C's to the disadvantage of lenders fair is another question. Anyone who has seen an unredacted loan contract for London loan will have some idea of the magnitude of default rates applicable.
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