TitoPuente
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Post by TitoPuente on Sept 17, 2020 8:21:59 GMT
As expected, the Admin Proposal is anticipating a shortfall. It was really a great idea to push this to the shark tank i.e. M**rfields.
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ptr120
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Post by ptr120 on Sept 17, 2020 8:31:24 GMT
Where do you see that update?
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TitoPuente
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Post by TitoPuente on Sept 17, 2020 9:02:21 GMT
Where do you see that update? Report posted on the purple site.
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mw
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Post by mw on Sept 18, 2020 9:35:03 GMT
Do we know how much of a shortfall it might be?
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Post by Please turn me over on Sept 18, 2020 15:57:26 GMT
Agents suggest that the current market value is less than than the borrower's booked value, hence it is anticipated that secured creditors will suffer a shortfall. That's it; usual story. No adjectives were used to describe the severity of the shortfall, but the verb 'suffer' says it all.
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hazellend
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Post by hazellend on Sept 18, 2020 16:46:39 GMT
I’ll guess 50%. I think this will be an excellent purchase for somebody.
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tommo
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Post by tommo on Sept 18, 2020 18:33:42 GMT
Is the latest valuation based on the potentially lapsing planning permission? If as the administrator hopes, an extension to the planning permission was granted, would that not improve the valuation?
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hazellend
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Post by hazellend on Sept 18, 2020 19:07:59 GMT
As expected, the Admin Proposal is anticipating a shortfall. It was really a great idea to push this to the shark tank i.e. M**rfields. It was a “great” idea, just much too late.
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up
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Post by up on Sept 21, 2020 11:37:13 GMT
CompaniesHouse shortly to have administrator proposal: "This document is being processed and will be available in 5 days"
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johni
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Post by johni on Sept 21, 2020 19:03:10 GMT
Small update on site
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ptr120
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Post by ptr120 on Sept 21, 2020 19:44:06 GMT
Which fails to mention the likely shortfall mentioned in the administrators report (due to the fact the security isn't worth as much as we were told it was). Nor does it explain why consultants need to be brought in to submit renewed planning permission which could have been secured by starting construction (which may have the same effect, and also add value to the site).
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Post by Please turn me over on Sept 21, 2020 19:59:03 GMT
The planning issue seems to be related to pre-commencement conditions that have not been met.
"As per the planning consent, there are a number of pre-commencement conditions that have not been discharged. The current planning permission is due to elapse in January 2021, being three years from the date of approval."
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up
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Post by up on Sept 23, 2020 12:43:29 GMT
Administrator proposal doc now available on CompaniesHouse
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archie
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Post by archie on Sept 24, 2020 8:02:44 GMT
There's a new trading update on the exchange this morning.
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micky
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Post by micky on Sept 24, 2020 8:52:48 GMT
How did you find it ? Would you mind posting a link on DD? Thanks.
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