r00lish67
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Post by r00lish67 on Mar 20, 2019 9:44:54 GMT
, True but this damn boat or boats can be repossessed so why the hell has this not been done - oh I forget we have funds from the court due to be released tomorrow... Why do you keep saying tomorrow, am I missing something? The update posted today said the release of payments is scheduled for today.
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Monetus
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Post by Monetus on Mar 20, 2019 9:45:42 GMT
The Borrower remains in business and able to obtain alternative sponsorship and, as our representative in this loan, fundingsecure ought to be commandeering any income received by the Borrower not merely allowing them to continue pocketing all they receive. I'm guessing the loan is mostly likely a chattel agreement with buyback so they probably don't have the authority to do this sadly. FS most likely own the boat until the loan is repaid and can't go after other assets.
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bg
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Post by bg on Mar 20, 2019 10:55:23 GMT
, True but this damn boat or boats can be repossessed so why the hell has this not been done - oh I forget we have funds from the court due to be released tomorrow... Because (as has been pointed out numerous times) if FS repossess the boat(s) they will likely recover only 10-20% of the loan value on a distressed sale. The current course of action offers hope (although how much hope is up for discussion) of full recovery. A poll was run asking if the boats should be repossessed and auctioned or wait for the repayment from the equity partner in which the silent majority agreed with waiting and hoping for full repayment. You of course know this having started the poll yourself.
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adrian77
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Post by adrian77 on Mar 20, 2019 11:14:16 GMT
Sorry (I am in Taiwan with the wife's family) - it does say today so we can expect a confirmation update later today..job done !
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Post by beepbeepimajeep on Mar 20, 2019 11:47:51 GMT
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Monetus
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Post by Monetus on Mar 20, 2019 14:55:54 GMT
To confirm - The boat is being moved to a more secure storage facility - it will not be used until / unless the debt is paid.
FundingSecure Don't you mean boat(s)?
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r1200gs
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Post by r1200gs on Mar 20, 2019 15:47:43 GMT
To confirm - The boat is being moved to a more secure storage facility - it will not be used until / unless the debt is paid.
FundingSecure Don't you mean boat(s)? I have no idea. I am about as clued up to what is happening here as I was with choo choo stuff, and I seemed to loose a lot of money there as well.
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alison
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Sanctuary!!
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Post by alison on Mar 20, 2019 16:29:08 GMT
My bet is we don't see a penny of this "payment" whether or not it turns up this week.
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greenslime
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Post by greenslime on Mar 21, 2019 18:04:48 GMT
So fundingsecure was the money released to the equity partner today? When will they be transferring it to the borrower? When will the borrower be transferring it to you? And most importantly, when will you be paying out to us? And then when can we expect future instalments? So many questions, so little cash flowing my way.
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Post by brightspark on Mar 21, 2019 19:14:27 GMT
The response late this afternoon to my query was that FS had not had any indication that the funds were not released. And that as soon as the funds arrived in FS's bank that they would update investors on the loan page. Save others raising the same query.
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adrian77
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Post by adrian77 on Mar 22, 2019 14:00:23 GMT
quote unquote
Doubtless there will be an update confirming funds have been transferred to FS when I return to my screen at about 1800hrs...
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r1200gs
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Post by r1200gs on Mar 22, 2019 17:37:16 GMT
What, no money?
I'm shocked.
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Post by savgeax on Mar 22, 2019 22:02:53 GMT
Updated: Once again the court has delayed the release of the first payment. Despite legal protests, the release of the first payment has now been rescheduled for next week.
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Monetus
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Post by Monetus on Mar 22, 2019 22:15:24 GMT
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Post by beepbeepimajeep on Mar 22, 2019 22:28:43 GMT
Before we start getting angry again guys lets remember its not the mythical equity partner or the borrower to blame here, as funding secure took their time to explain Sell the boats.
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