jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Apr 3, 2020 16:05:47 GMT
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mariner
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Post by mariner on Apr 14, 2020 10:00:49 GMT
27/02/2020
The Joint Administrators are expecting part payment to be received by the end of the week
Are these Administrators for real?
It would appear, that yet again the borrower, as he did with FS "Directors" is spinning a heap of lies & this crowd are taking it in, hook, line & sinker
Where's our boat/boats? CG?
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adrian77
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Post by adrian77 on Apr 14, 2020 12:36:11 GMT
cue Covid19 excuse!
what a shambles - I guess as these boats or boat are in storage and they have or have got the original engines or any engine then I can't see members of the public being able to visit and able to offer 6 figure cheques for these boats - maybe just maybe these damn boats should have been repossessed when asked!
And just how much powerboat racing is happening at the moment - not a lot!
Complete disaster and even worse than we predicted...
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 14, 2020 13:35:18 GMT
cue Covid19 excuse! what a shambles - I guess as these boats or boat are in storage and they have or have got the original engines or any engine then I can't see members of the public being able to visit and able to offer 6 figure cheques for these boats - maybe just maybe these damn boats should have been repossessed when asked! And just how much powerboat racing is happening at the moment - not a lot! Complete disaster and even worse than we predicted... Well, this MAYBE the beginning of the end of this horror story. New investor, but only 40% of the outstanding capital. Apparently there isn't a bouyant market for this type of asset. Well who would of thought? Offer accepted if received within three months. Still not holding my breath
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Post by banffy on Apr 14, 2020 13:38:18 GMT
They are all a bunch of Scamming Feckers never again do I invest in P2P
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 14, 2020 13:39:55 GMT
Don't forget yet another three months of "forbearance" for this "new equity partner" to stump up the spondoolies.
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adrian77
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Post by adrian77 on Apr 14, 2020 15:50:05 GMT
we have heard this one before! Call me cynical and I often get called far worse but I think this one coming up with the readies is about as likely as Jeremy Corbyn being made chief Rabbi...
Also I just don't believe these boats and that is assuming there are 2 and both with engines are worth anything like 40% of capital compared similar boats for sale - don't forget there are constant storage charges etc to pay.
Happy to be proven wrong.
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11025
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Post by 11025 on Apr 15, 2020 6:58:09 GMT
we have heard this one before! Call me cynical and I often get called far worse but I think this one coming up with the readies is about as likely as Jeremy Corbyn being made chief Rabbi... Also I just don't believe these boats and that is assuming there are 2 and both with engines are worth anything like 40% of capital compared similar boats for sale - don't forget there are constant storage charges etc to pay. Happy to be proven wrong. I would never ever agree to full and final settlement for this offer and I hope no-one else would , legal action should also be taken to retrieve funds , by the time every pig in this gravy train has had their snout in the trough we would be lucky to see 25% back if this ever actually materialises.
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11025
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Post by 11025 on Apr 17, 2020 9:18:38 GMT
It now seems so obvious why Funding Secure did not take action years ago after the loan wasn't paid back , if they had then Funding Secure themselves and their pie in the sky erroneous valuation would have been seen by all for exactly what it was , hence their continual bullshit and can kicking.
Now it can be hidden by statements such as this below from the administrators ,
"agents have advised that the market for these boats is very poor, much less than when the boats were commissioned. The current pandemic would also make it near impossible to sell"
I have corrected the spelling mistakes in the administrator's statement.
Obviously the amount they charge per hour you wouldn't expect them to hire people that can actually spell.
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Post by tigerbalm on Apr 17, 2020 10:12:56 GMT
Obviously the amount they charge per hour you wouldn't expect them to hire people that can actually spell.
Obviously the amount they charge per hour you wouldn't expect them to hire people that can actually use a spell checker.
Obviously the amount they charge per hour you wouldn't expect them to hire people that actually know where the spell check button is.
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adrian77
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Post by adrian77 on Apr 17, 2020 10:27:13 GMT
Quelle surprise! I find the last sentence very cumbersome at best - I think they mean "due to the current pandemic it would be nearly impossible to sell these boats" or as we say up North - thee's right stuffed!
Do people really still think FS are honourable?
What now - phone a broker with contacts and just get rid of the damn things to somebody with the cash to buy them?
Interested if anybody in this business can comment.
I thank you
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hendragon
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Post by hendragon on Apr 17, 2020 11:07:42 GMT
honestly, given the level of FS's duedil, I am consoled a little that the boats actually exist
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pfffill
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Post by pfffill on Apr 17, 2020 11:52:35 GMT
honestly, given the level of FS's duedil, I am consoled a little that the boats actually exist The due diligence went like this: Boat Owner (answers phone): "Hello, Sink and Shifty Boats Global Incorporated". FS: "Can you confirm that you have two XYZ power boats in your yard, and that you are the legal owners?" Boat Owner: "Yes, I'm looking at them as we speak. Right tasty they are". FS: "Thank you, your loan is approved".
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 17, 2020 15:40:22 GMT
I often wonder how many Lenders on here actually know what they are talking about and have any business experience? At all?
Or even possess even a modicum of just plain common sense?
Once a Loan is past 90 days overdue the rule of thumb (obviously there are individual exceptions) is that it is never going to pay back and will eventually Default, so at 91 days you Default. And you go in HARD.
But no, certain Posters on here always know better and always agree with offering endless forbearance.
They have NO idea. Oh, and Shills and Vested Interests abound.
Yours,
OzBoy.
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adrian77
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Post by adrian77 on Apr 17, 2020 15:56:46 GMT
Totally agree Sir Ozboy - yes loads of sleepers etc. Also I would say the more this sorry saga goes on I wonder just what was the directors' gameplan - were they deluded and thought they could fake it and then float and make a killing or simply lent money to the company with the 5% clause and hoped they would get away with it. Well they sure ain't going to float and I really hope the legal chappies can stop this disgraceful 5%.
To be honest and I am not sure why my intuition tells me there is some hope for the art loans but it is not always right!
Has the OBE arrived yet?
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