hazellend
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Post by hazellend on Jun 13, 2020 12:31:52 GMT
Do you not think that ‘’reasonable opportunity’’ has already been had? If allowing a little more time to land the exit allows a full repayment then I do think that is reasonable considering the wider landscape. Any administration will take several months before any funds are returned, what's another few weeks in that context. Another few weeks, okay, but there has to be a firm deadline. I’ve got 6k tied up in this loan and am fed up, mostly because I find the borrowers actions and lack of communication arrogant
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averageguy
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Post by averageguy on Jun 13, 2020 12:40:24 GMT
Do you not think that ‘’reasonable opportunity’’ has already been had? If allowing a little more time to land the exit allows a full repayment then I do think that is reasonable considering the wider landscape. Any administration will take several months before any funds are returned, what's another few weeks in that context. Yep ...and obviously the content of that solicitors letter is key ...but we seem to have been here quite a few times before on this loan ..some surely somewhere a line has to be drawn. Anyway two more days and HOPEFULLY we shall know more
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averageguy
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Post by averageguy on Jun 13, 2020 12:41:45 GMT
If allowing a little more time to land the exit allows a full repayment then I do think that is reasonable considering the wider landscape. Any administration will take several months before any funds are returned, what's another few weeks in that context. Another few weeks, okay, but there has to be a firm deadline. I’ve got 6k tied up in this loan and am fed up, mostly because I find the borrowers actions and lack of communication arrogant Arrogant sums it up ..for at least two years
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Carter
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Post by Carter on Jun 13, 2020 12:48:26 GMT
If allowing a little more time to land the exit allows a full repayment then I do think that is reasonable considering the wider landscape. Any administration will take several months before any funds are returned, what's another few weeks in that context. Another few weeks, okay, but there has to be a firm deadline. I’ve got 6k tied up in this loan and am fed up, mostly because I find the borrowers actions and lack of communication arrogant Yup, agreed. It was predictable that funds wouldn't materialise this week but I would be expecting solid detail on when this can be achieved with no further foreberance beyond that. I am also fed up but am prepared to wait a little longer to get the right result whilst this is still possible.
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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 13, 2020 16:31:58 GMT
I cannot believe anyone who has followed this loan over the last year or so, could suggest that not enough time has been given to this borrower. I can only conclude that those suggesting the 'more time' option have either not read the updates etc., or are terminally hard of thinking.
That said MT reading these comments know that there are at least some lenders out there that are happy to allow the can to be kicked further - shame!
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Carter
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Post by Carter on Jun 13, 2020 17:03:13 GMT
I cannot believe anyone who has followed this loan over the last year or so, could suggest that not enough time has been given to this borrower. I can only conclude that those suggesting the 'more time' option have either not read the updates etc., or are terminally hard of thinking. That said MT reading these comments know that there are at least some lenders out there that are happy to allow the can to be kicked further - shame! Well, I've been in this loan for nearly three years, read every update and followed every twist and turn. Where we are now is nowhere near where we started. If I was about to call in this loan and destroy any hope of a full return to lenders I'd like to think I'd be using more data points than just time lapse to make that decision.
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hazellend
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Post by hazellend on Jun 13, 2020 17:07:40 GMT
Let’s wait and see what the solicitors letter said, but it had better be good
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robski
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Post by robski on Jun 13, 2020 17:38:18 GMT
My thoughts
Its looking like there is real pressure to get this opened if you read the last statement on (formerly) NEX, it would really help if RS could get some decent photos of the state of the site, what does it actually look like If its developing and carrying on, it improves our likelyhood of a good outcome at sale.
If the borrowers are really desperate to keep this going then offer up some more collateral, a house or two would be good. Nothing like putting your money where your mouth is.
If the letter is just more "interested parties" then GTFO IMO, but if its actually something tangible then a few more weeks or months is fine by me
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cedarcourtcapital
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Post by cedarcourtcapital on Jun 13, 2020 18:59:39 GMT
The real issue here, in my opinion, is a difference between lenders appetite for lame excuses. Some have a higher tolerance for the brown smelly stuff, and I guess some are so desperate to 'believe' they are happy to wait, and wait and wait, hoping that things will eventually come right. We all want things to come right, but more often than not hope is not enough.
My opinions are based on reading what has gone on since interest payments stopped from updates, not just from the time has past as suggested. They are also based on a complete loss of faith in MT's ability to make the correct calls on defaults.
Back to this case, I see no credible progress has ever been been made since the problems started. I do not call a failed attempt to raise finance before the pandemic as progress, but I suppose others might. MT have shown amazing leniency, but given their track record of pulling delinquent loans back on course, I am not surprised, it's the only play in their playbook.
MT clearly have a lot to think about following the message that arrived after business hours on the day of their deadline. This on top of no arrival of funds, the promise of which got their borrower a weeks extension. I can find no other explanation other than the borrower has absolutely no respect for MT, and certainly a sign of contempt.
Roll on the time we see MT's next proposal.
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Post by GSV3MIaC on Jun 14, 2020 13:15:58 GMT
/mod hat off
I'll just repeat what I said about 6 months ago .. we spent a lot of time being lied to by amateurs, then we were lied to by supposed professionals (lawyers and financial gurus), and it is well past time we just pulled the plug (doing it before the holidays industry got a bad dose of Covid19 would have been an even better idea). No more excuses, we have passed the deadline (more than once), so it's time to provide some terminations.
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Carter
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Post by Carter on Jun 14, 2020 16:11:30 GMT
/mod hat off
I'll just repeat what I said about 6 months ago .. we spent a lot of time being lied to by amateurs, then we were lied to by supposed professionals (lawyers and financial gurus), and it is well past time we just pulled the plug (doing it before the holidays industry got a bad dose of Covid19 would have been an even better idea). No more excuses, we have passed the deadline (more than once), so it's time to provide some terminations.
Regardless of how people feel, and what they think should have happened 24, 12 or 6 months ago, the decision that needs to be made should be based on the information as it stands today. What will deliver the best commercial outcome for lenders now. If administration is the answer it has to mean that no viable exit is available within a specific time frame. This means the backers of the venture have walked away, the bond raise is dead and no refi is available. From the recent formal update on the exchange it appeared the backers were still very much behind this project. But hey, screw that, I've lost patience so pull the plug and give me 50p in the £ at some point next year.
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Post by sirpercyblakeney on Jun 14, 2020 18:47:48 GMT
Contracts are basically promises, do X or y happens, which both sides need to keep, otherwise the contract is worthless. If this is a viable project then the finance needs to be produced to demonstrate it. Promising to do something in the future merely indicates the unwillingness / inability to take the risk.
Sufficient allowances have already been made, too many games have been played. At this point decisions should be binary, actions automatic, based on compliance or non compliance of the contract.
Last minute Friday deadlines are never a good idea, it allows people to put things off. High Noon, allows afternoon prepared action.
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cedarcourtcapital
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Post by cedarcourtcapital on Jun 15, 2020 8:19:16 GMT
Last minute Friday deadlines are never a good idea, it allows people to put things off. High Noon, allows afternoon prepared action. I wholeheartedly agree, but what you fail to realise is that your logical thinking obviously does not apply to MT.
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robski
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Post by robski on Jun 16, 2020 10:53:15 GMT
Hopefully the lack of update means the proposal was something of value and some sort of DD is ongoing
As I mentioned above I hope the offer is a charge over more assets.
I still feel by far the best outcome for lenders is this project getting over the line
Its rare in any field for failed projects to realise anywhere near their real value as the vultures who go after the corpse want to pick at it virtually for nothing to maximise their own gain (completely logically)
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Post by Badly Drawn Stickman on Jun 17, 2020 12:35:49 GMT
Hopefully the lack of update means the proposal was something of value and some sort of DD is ongoing As I mentioned above I hope the offer is a charge over more assets. I still feel by far the best outcome for lenders is this project getting over the line Its rare in any field for failed projects to realise anywhere near their real value as the vultures who go after the corpse want to pick at it virtually for nothing to maximise their own gain (completely logically) I don't necessarily take the delay as either positive or negative, just delay. Some indication could have been updated in either case (then again my patience levels are stretched generally these days). Whilst additional assets would be welcome, arguably if they are unencumbered and easy to realise the personal guarantee would cover them anyway but consolidation would be an improvement. That having been said finance could in those circumstances be raised on said assets to bring the loan up to date which would be better. Maybe a pro rata issuing of shares allocation as penalty interest would be a way forward, one day this project could be a money spinner.
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