TitoPuente
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Post by TitoPuente on Sept 1, 2021 10:22:43 GMT
In a 24 August RNS, the plc announced a JV with the fruity buyer. Could the latter be considered a connected party?
This loan did not have a PG (correct me if I am wrong), so there is no clear way to try to recover the shortfall. However, the joint administrators mention that they submitted a report on the conduct of the directors to the Insolvency Service (part of their obligations).
For the untrained eye (i.e. me), the default and subsequent purchase of the asset by a connected party looks questionable enough for the director(s) to attract legal attention, even without a formal PG.
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Post by funkymonkey on Sept 1, 2021 17:42:13 GMT
So when does the money paid to MT for the sale of the property get distributed to us?
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hazellend
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Post by hazellend on Sept 1, 2021 19:42:09 GMT
What % return of capital are we looking at ?
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Post by funkymonkey on Sept 1, 2021 19:49:24 GMT
Less than 25% by my calculations, unless something magical happens
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ilmoro
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'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 Sept 1, 2021 20:40:04 GMT
Less than 25% by my calculations, unless something magical happens I would hope a bit more than that - £1m has been sent to MT, MT currently would deduct 3% of £2.7m plus costs/expenses so say £150k - that would give us a 30% return with a bit more to come once admin have finalised accounts. Maybe im being optimistic
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hazellend
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Post by hazellend on Sept 1, 2021 20:46:54 GMT
Less than 25% by my calculations, unless something magical happens I would hope a bit more than that - £1m has been sent to MT, MT currently would deduct 3% of £2.7m plus costs/expenses so say £150k - that would give us a 30% return with a bit more to come once admin have finalised accounts. Maybe im being optimistic Jesus MT fxxked us with this one and handed the borrower our money for free. I’m sure MT told us they had visited the site and witnessed works progressing. The Things are just money grabbing unethical financial types, a wolf in sheep’s clothing. They probably see themselves as the blameless victims.
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ilmoro
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'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 Sept 1, 2021 20:57:02 GMT
In a 24 August RNS, the plc announced a JV with the fruity buyer. Could the latter be considered a connected party? This loan did not have a PG (correct me if I am wrong), so there is no clear way to try to recover the shortfall. However, the joint administrators mention that they submitted a report on the conduct of the directors to the Insolvency Service (part of their obligations). For the untrained eye (i.e. me), the default and subsequent purchase of the asset by a connected party looks questionable enough for the director(s) to attract legal attention, even without a formal PG. Interesting that that announcement doesnt appear to have made the corporate website or the Aquis market news feed. However, as it is post report not surprising that it isnt mentioned. Might be worth given Moorfields a nudge, though I suspect nothing can be done.
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squid
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Post by squid on Sept 2, 2021 6:00:27 GMT
In a 24 August RNS, the plc announced a JV with the fruity buyer. Could the latter be considered a connected party? This loan did not have a PG (correct me if I am wrong), so there is no clear way to try to recover the shortfall. However, the joint administrators mention that they submitted a report on the conduct of the directors to the Insolvency Service (part of their obligations). For the untrained eye (i.e. me), the default and subsequent purchase of the asset by a connected party looks questionable enough for the director(s) to attract legal attention, even without a formal PG. According to the most recent update, there was in fact a personal guarantee for this loan.
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ilmoro
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'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 Sept 2, 2021 8:42:22 GMT
So when does the money paid to MT for the sale of the property get distributed to us? AIUI not until the question of MT fee entitlement is resolved by the directions hearing - with the court backlog Id be surprised if we see anything until next year
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Post by funkymonkey on Feb 27, 2022 8:20:46 GMT
Administrators report at CH, looks like MT have got £1m back from the sale of the site
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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 Feb 27, 2022 8:41:23 GMT
Administrators report at CH, looks like MT have got £1m back from the sale of the site They did, they said that in Aug loan update. What the administrators don't appear to realise is they got it from an apparently related party ... well at least to a layman. The purchaser is in a JV with the ex-subsidiary of the borrower to develop this & related sites.
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hazellend
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Post by hazellend on Oct 20, 2023 17:04:10 GMT
We’re staying in the new Landal Barnsoul development. It’s extremely nice, great location. We really got taken for a ride on this one.
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