mw
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Post by mw on Jun 2, 2020 20:50:32 GMT
Hmm said they would review in a months time not necessarily report on that the exact date ...something by close of play Tuesday wouldn’t be unrealistic imho Emailed MT asking about an update I emailed them last Friday i think it was but still not heard anything! Even a simple statement saying no news would do!
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mw
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Post by mw on Jun 3, 2020 7:15:40 GMT
Update by the end of week according to website.
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cedarcourtcapital
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Post by cedarcourtcapital on Jun 3, 2020 8:32:26 GMT
Can any attempt to explain to me MT thinking with today's 'update' - what is it's purpose?
On 29th January MT appeared to finally be getting tough they "Despite continuing assurances that funds are due in from the bond investors imminently, we have formally issued today a Reservation of Rights & Final Demand. They now have 14 days’ notice from today in order to repay the loan which gives them until the end of Wednesday 12th"
The next two updates were of course back tracking ones, firm action was not taken because Moorfields told MT to allow more time. The last 'holding' update was on 27th April, it reported that "Whilst it appears that there is some progress, there is nothing significant to report yet. We will review the position again in a month’s time." I am not sure whether that actually counts as an update, but if it does it is a pretty weak one!
So we should have been expecting another 'update' in late May/early June. Back to my original point, why send out an 'say nothing' update on Wednesday advising that an update will be provided at the end of the week? Are MT responding to pressure of private Emails to them (not from me) and they think the kind of update made today is what lenders want to read? Why send out an 'update' on a mid-week Wednesday, advising that a further update will follow by the end of the week?
I sincerely hope, but given my respect for MT's 'default' handling, that the next update will have some concrete good news. After all back in January they threatened to get tough and .....
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averageguy
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Post by averageguy on Jun 3, 2020 9:10:48 GMT
Can any attempt to explain to me MT thinking with today's 'update' - what is it's purpose? On 29th January MT appeared to finally be getting tough they "Despite continuing assurances that funds are due in from the bond investors imminently, we have formally issued today a Reservation of Rights & Final Demand. They now have 14 days’ notice from today in order to repay the loan which gives them until the end of Wednesday 12th"The next two updates were of course back tracking ones, firm action was not taken because Moorfields told MT to allow more time. The last 'holding' update was on 27th April, it reported that "Whilst it appears that there is some progress, there is nothing significant to report yet. We will review the position again in a month’s time." I am not sure whether that actually counts as an update, but if it does it is a pretty weak one! So we should have been expecting another 'update' in late May/early June. Back to my original point, why send out an 'say nothing' update on Wednesday advising that an update will be provided at the end of the week? Are MT responding to pressure of private Emails to them (not from me) and they think the kind of update made today is what lenders want to read? Why send out an 'update' on a mid-week Wednesday, advising that a further update will follow by the end of the week? I sincerely hope, but given my respect for MT's 'default' handling, that the next update will have some concrete good news. After all back in January they threatened to get tough and ..... Lol...dammed if they do ...dammed if they don’t ..you’ve chosen to voice your displeasure at MT goodness only knows how many times...and whilst i cant say i am happy with the way this loan has been dealt with (i have skin in the game) i really can t see the problem with a holding email advising of a more comprehensive one in a few days time.....maybe they were getting quite a few emails and therefore decided to put out the holding update so as to show they aren’t being ignored. ...i for one generally (not always) choose to email rather than have a rant on a public bb..my choice others do differently ...but to continually criticise MT during current times ..is that really justified...options over the last three months have been limited ....yes I’d like to see my capital and interest! Let’s see what bubbles at the end of the week before another salvo is fired
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averageguy
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Post by averageguy on Jun 3, 2020 9:11:57 GMT
Emailed MT asking about an update I emailed them last Friday i think it was but still not heard anything! Even a simple statement saying no news would do! You have a reply lol
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Jun 3, 2020 11:28:30 GMT
averageguy... As an MT apologist, I am not sure how else to catagorise your apparent continued support of MT's ineffectual efforts, you are perfectly entitled to hold and voice your views.
I am sure if you have read other threads I have commented upon, you will understand that I am not in the 'update for updates sake' camp. If MT know what they are doing, they would only offer an update when they have achieved something. Of course this would be very difficult given MT's inability to make any actual progress so would hardly ever comment. I do concede that others take some comfort from monthly updates, even if these are 'non-updates' as there is nothing to report. However I go back to my original point, how useful is an update on Wednesday advising there will be an update by the end of the week?
P.S. MT started mismanaging this default well before the current crisis, I for one do not give them a pass for there inability to be firm as they suggested they were now being in January. If you kick the can hoping things will be better later, you also gave to accept responsibility if things change for the worse. The issue is now MT have no reputational stake in the game, they have lost their platform so now only their poor lenders suffer any negative consequences of their inaction.
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averageguy
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Post by averageguy on Jun 3, 2020 14:20:54 GMT
averageguy... As an MT apologist, I am not sure how else to catagorise your apparent continued support of MT's ineffectual efforts, you are perfectly entitled to hold and voice your views. I am sure if you have read other threads I have commented upon, you will understand that I am not in the 'update for updates sake' camp. If MT know what they are doing, they would only offer an update when they have achieved something. Of course this would be very difficult given MT's inability to make any actual progress so would hardly ever comment. I do concede that others take some comfort from monthly updates, even if these are 'non-updates' as there is nothing to report. However I go back to my original point, how useful is an update on Wednesday advising there will be an update by the end of the week? P.S. MT started mismanaging this default well before the current crisis, I for one do not give them a pass for there inability to be firm as they suggested they were now being in January. If you kick the can hoping things will be better later, you also gave to accept responsibility if things change for the worse. The issue is now MT have no reputational stake in the game, they have lost their platform so now only their poor lenders suffer any negative consequences of their inaction. Sorry but you’ve got the beginning of the first sentence wrong for starters...you’ve asked why they have updated us in such a fashion ..ive provided you with what i think is an answer..its not acceptable to you ..but its an answer ..maybe you could email MT? Anyway i think its best i leave it at that (even if you reply..which you did) otherwise this is in danger of becoming a sideshow to the main event.
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cedarcourtcapital
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Post by cedarcourtcapital on Jun 3, 2020 15:02:37 GMT
averageguy.... Happy to say nothing more so letting you have the last word, despite the lack,of anything new in your last post.
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mw
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Post by mw on Jun 5, 2020 18:12:18 GMT
Update on website
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Post by Badly Drawn Stickman on Jun 5, 2020 18:13:14 GMT
Well that update should make everybody happy. Or not
Whats another week.
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mw
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Post by mw on Jun 5, 2020 18:19:58 GMT
What a painful process this has been and continues to be 😭
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Post by angel19 on Jun 5, 2020 18:22:14 GMT
I certainly wouldn’t want to be pushing a bond issue with administrators moving in. Got to be worth a week to see what the borrowers come up with.
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averageguy
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Post by averageguy on Jun 5, 2020 19:08:27 GMT
Just read update...good! Perhaps something that should have been done six/nine months ago? That’s gone ...what happens over these next couple of weeks is what i am focused on
The only bit i would ask clarification about is ‘’funds’’ ....partial? Full? Interest...one can dream about everything being cleared
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7d7
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Post by 7d7 on Jun 6, 2020 8:13:17 GMT
When I review all the updates, I shake my head in disbelief. Indeed a painful process made by MT who stands to benefit eventually.
I'm keeping an eye on their fees, which augment incredibly with each passing day.
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cedarcourtcapital
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Post by cedarcourtcapital on Jun 6, 2020 8:41:25 GMT
When I review all the updates, I shake my head in disbelief. Indeed a painful process made by MT who stands to benefit eventually. I'm keeping an eye on their fees, which augment incredibly with each passing day. Glad someone else has the courage to make the above points. For me when a borrower gets into trouble and I am not meaning the C19 issue, I am meaning that their exit strategy, the one they sold to MT when they secured their loan, does not materialise, they would be expected to try to 'sell' future plans aimed at keeping their hope of bringing in a profit alive. What I did find so intensely disappointing was how often MT accepted these scrambled plans as realistic and gave more time. I wonder whether if MT had shown a propensity to call in the security earlier, had shown they they were not a 'soft touch', there would have been less problem defaults. What I now find annoying is that MT's lack of backbone now actually brings them in more funds as they charge for their 'administration' of their failed platform.
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