cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Dec 15, 2020 10:58:14 GMT
This loan is typical of MT's efforts, no news for almost three months. I may be in a minority but I cannot conceive administrators can be any less effective that MT. Possibly more expensive, but certainly they cannot be less effective that would be impossible.
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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 Dec 15, 2020 20:27:28 GMT
This loan is typical of MT's efforts, no news for almost three months. I may be in a minority but I cannot conceive administrators can be any less effective that MT. Possibly more expensive, but certainly they cannot be less effective that would be impossible. The loan is in administration so news is dependent on the admins providing it to MT and agreeing for to to be passed to us as a third party. I assume you are referring to communications when you say effective. How effective at communicating will administrators be compared to MT. Well I wouldnt want to make assumptions on the MT administrators but RSM (Lendy) - no communications other than distribution figures and statutory 6 month reports BDO - (Colleteral) - no communications except stautaory annual reports CG - (FundingSecure) - limited updates on individual loans outside at point of recovery distributions, plus statutory 6 month reports Given that administrators have no obligation to communicate with lenders at all you may find that the impossible is indeed possible
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ptr120
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Post by ptr120 on Dec 16, 2020 11:03:29 GMT
The planning committee is due to meet today to discuss the renewal of the planning application. The comments submitted are interesting:
The initial submission to renew the planning permission was rejected as the company that submitted it didn't submit it correctly. The owners of the Old Farmhouse which is part of the site have objected to the planning application on a number of grounds - They have made an allegation regarding the developer and stated that this has meant that the police have had to be called on several occasions. Comments have been made by a neighbor about what a mess the site has been left in The community council are objecting on various grounds
The planning officer has recommended to decline the planning application for a number of reasons which make interesting reading, many of which would be known to Moneything if this loan had been properly monitored
This is sadly going to be another long and drawn out saga
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cedarcourtcapital
Member of DD Central
Listening is not the same as understanding
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Post by cedarcourtcapital on Dec 16, 2020 21:22:47 GMT
Ptr120... Thank very much for sharing what you know, it is much appreciated. It's obviously not good news, but when is anything involving MT anything else these days!
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TitoPuente
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Post by TitoPuente on Dec 17, 2020 12:46:49 GMT
"That the planning authority is unable to consider the application submitted under Section 42 of the Town and Country Planning (Scotland) Act 1997 as it is seeking the development of land without compliance with conditions previously attached to a planning permission that, by virtue of the entire demolition of the former courtyarded farm steading where the proposed conversion, alterations and extension of such formed an integral part of the description of the previously approved development, is no longer considered to be extant".
Appalling.
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ptr120
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Post by ptr120 on Dec 22, 2020 9:28:32 GMT
Still no news from MT (or the administrators) since the council decision to refuse planning. Perhaps they would have been better to apply for permission for a mushroom farm? They seem quite experienced at cultivating those.
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archie
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Post by archie on Dec 24, 2020 9:13:33 GMT
A corporate update on the Aq*** exchange for B**v****e.
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mikeh
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Post by mikeh on Dec 25, 2020 17:38:35 GMT
I see the bond has gained a last traded date - 01/01/70. That's going to boost their credibility no end.
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vmw
New Member
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Post by vmw on Jan 2, 2021 9:29:32 GMT
I'd support such thing, at least a Facebook Group to start with ? 2021 Hi, Given December news that planning has failed approval,MT / Moorfields unlikely to communicate the truth about where our hard earned cash has gone,I think I would like to share thoughts with other major investors and explore what action,if any,we could take to try to maximise our outcome ? Anyone else interested and if so how is it best to link up a small group of 5 or 6 investors who are facing major loss ? May not help the cash return outcome but could help understanding and may be grounds for criminal negligence or similar ? I am not sure FB is the right link up ? Thanks
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Post by waryinvestor on Jan 3, 2021 10:57:47 GMT
Membership of Creditor's Committee to start with ?
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vmw
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Post by vmw on Jan 3, 2021 12:35:03 GMT
Thanks but not sure we qualify as creditor's for either of MT Limited Companies. I agree MT company actions / decisions effect us as Lenders and Borrowers but Moorfields priority is no doubt the MT Directors and sorting their actual Company creditors not us ? Or have I got that wrong ? The issue I have is that other than this forum we have no voice on what has happened to our "so called" invested cash or are we just a charity for mainly corrupt property developers !! We are divided individual investor's and therefore have no say in what happens next ? The FCA have no teeth in this P2P debacle and I doubt will support us in any way ? Although we are not paying for Moorfields services directly and have no say in their decision making process we will end up paying their fees when,and if,we get some cash back from borrowers. As others have said we now have 2 sets of fees to pay as MT Directors still involved in day to day Loan Book wind down or are their services free given what has happened to most loans ? I am new this scenario so happy to be corrected ? Thanks
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Post by waryinvestor on Jan 7, 2021 17:02:29 GMT
Totally Agree. AFAIK, MT should now stop taking their Fees for administering the Loan Book, as Moorfields are now being paid for that job (by the investors). On top, all actual disbursements, like Solicitors, Receivers, Estate Agents, Auctioneers, etc. would be paid for by Investors anyway. Acc to MT, Investors are Not Creditors (which is challengable, as FundingSecure Admins considers the investors as Creditors). Yes, we need to organise the Investors for strength, as was done in case of Lendy, FundingSecure, Collateral, etc., but someone must take the lead. Anyone ?
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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 Jan 7, 2021 18:40:40 GMT
Totally Agree. AFAIK, MT should now stop taking their Fees for administering the Loan Book, as Moorfields are now being paid for that job (by the investors). On top, all actual disbursements, like Solicitors, Receivers, Estate Agents, Auctioneers, etc. would be paid for by Investors anyway. Acc to MT, Investors are Not Creditors (which is challengable, as FundingSecure Admins considers the investors as Creditors). Yes, we need to organise the Investors for strength, as was done in case of Lendy, FundingSecure, Collateral, etc., but someone must take the lead. Anyone ?
Investors arent paying Moorfields. Moorfields fees come from MT assets which will include any fees earnt from borrowers. Costs will be taken from recoveries as per normal. MT staff will be a cost of the administration Investors are not creditors, and they arent creditors on FS either. They were admitted as nominal creditors for the purpose of voting on formation of CC & proposals but not to receive dividends. They may subsequently be determined to be creditors due contingent liabilities owed due to FS breaches of agency, mis-selling etc which will be one of the questions to be determined by the court in the current directions hearing.
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ptr120
Member of DD Central
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Post by ptr120 on Jan 7, 2021 18:47:22 GMT
When we see the administrators proposals I fully expect to see that they have entered in to a service agreement with the former directors (Ed and Sophie) to keep pressing buttons on the website in exchange for a hansom sum
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vmw
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Post by vmw on Jan 7, 2021 22:55:49 GMT
Hi,for those of you who have been involved with other platforms in administration is there a model structure for setting up a group of investors who want to leverage a position/relationship with the administrators rather than be loan voices with no single teeth. I realise its often a legal representation that is used to bring major claims against businesses like the BA data breach,Mercedes emissions scandal etc etc. I would think a letter from a significant number of investors of the MT total loan book,however many millions it represents,might get some attention !! Otherwise our cries for foul play,if we have any,are firing into fresh air.
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