TitoPuente
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Post by TitoPuente on Jul 13, 2020 8:35:06 GMT
Cant BDO bypass the directors if they are uncooperative and just pursue the valuers of the chattels ? It's been reported in this forum that COL did not engage professional valuers for the chattels. This is anecdotal and was reported by a lender that visited the premises and asked the question.
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TitoPuente
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Post by TitoPuente on Jul 2, 2020 19:33:55 GMT
The actions by RSM in this matter have nothing to do with lenders, they are solely for the benefit of creditors, which lenders are currently not. The alleged alienation of funds was from company assets, not lender assets. It has little relevance to the recovery of lenders money, other than establishing, if proven, the nature of the directors character/willingness to engage in suspect practices, which will be of use in any future action against Lendy. Thanks for your views. I bow to your superior knowledge. It would be nice, however, to think that someone (FCA, RSM) has the return of funds to us ordinary hardworking people as some sort of priority. Sadly "us ordinary hardworking people" P2P lenders are falling through the cracks of the obsolete and corrupted UK insolvency law.
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TitoPuente
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Post by TitoPuente on Jun 27, 2020 10:07:20 GMT
... The idea of someone being interested in buying out a debt which the borrower hasn't serviced for some time lacks credibility IMO. Not if there is a deal for the borrower and a haircut for the current lenders (us). Buying the debt at par and then pursuing all unpaid interest, penalties, and newly agreed fees would work for a distressed debt specialist. Would MT lenders accept 100% capital back but no interests (effectively a haircut)? Probably yes. Would the borrower accept new fees in exchange for time to complete their supposed plans? Probably yes.
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TitoPuente
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Post by TitoPuente on Jun 25, 2020 9:18:24 GMT
I know it is not unusual to have no update for 8 months these days.... But 8 months is a long time and you might have expected something to happen... I remember that the recovery on this one was complicated. Does anyone have any insight as to what is happening lately? Thanks Suggest reading the last Administration report dated 19 June.
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TitoPuente
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Post by TitoPuente on Jun 20, 2020 9:55:44 GMT
Mine also matches. I have a number of COL transaction excel sheets (maybe all), they were named 01simple.xls. Matched a few with the BDO report. e.g. £25 COLBB00667 1/2/18 renewed to COLBB00728 "A Collection of War Medals". As others have mentioned the former code is on the BDO report. Appendix I "Under investigation - Company Dissolved". Not sure what is to investigate, just sell the things.
Unfortunately one explanation for the "under investigation" comment is that the object is not what it is supposed to be. Sad but somewhat expected at this point.
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TitoPuente
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Post by TitoPuente on Jun 19, 2020 11:30:39 GMT
Please correct me if I am wrong, but the underlying security for this loan is not directly the asset (house), but a "comprehensive security suite to be shared with all other loans" to the borrowing entity. If things go pear shaped in one or several of the other loans, this loans goes to. If this is correct, investing into this or any of the other loans to this borrower has basically the same risk. Perhaps I am reading this in a too simplistic way.
Edit: Similar to the Ferrari situation in the other place.
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TitoPuente
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Post by TitoPuente on Jun 19, 2020 8:37:51 GMT
Yes, it is good to see to disclosure and to build confidence in the ability of the borrower to prosper and repay - which it has 100% so far. The only downside is the source of additional funds in exchange for shareholding, which firmly links this loan to so many others. On the flip side, this shows that good old A*** C*** F*** are active and generating business even if their website is shamefully broken.
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TitoPuente
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Post by TitoPuente on Jun 18, 2020 15:33:52 GMT
OK, so you invest 100k and get, say, 110k of notional holdings ... but if the secondary market remains active then your only way out will be through that same secondary market. No-one is going to buy direct at par if they can buy on the SM at 10% off! And as we are seeing now, the ability of the AAs to release funds organically is, shall we say, limited. So your notional 110k is really only worth 100k still, unless the market discount rate changes, so really you're betting on the direction that will take. In your example, an investor will enter with 100k (actually, 99k if you want the discount to be assumed at 10%) buying 110k of assets, will stay for a period of time and produce, say 10k interest, then exit at the same 10% discount, realising 108k, so earning a net benefit (assuming that the discount does not change, as in your example). This is exactly the same principle as in any market with, well, market pricing.
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TitoPuente
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Post by TitoPuente on Jun 11, 2020 14:12:58 GMT
Still no further communication from BDO - last one was last December. We are due to receive the mandatory general update this month but no sign of it yet. Collateral is in liquidation, mandatory updates are only one every year (administration is 6 months). If you look at the official notification you will see that dated 23/12/19 so we have some way to go before any official notification is due. That same official notification dated 23/12/2019 includes the following "The next statutory report in the liquidation is not due until June 2020. A further update may be published on the website prior to that date, if there are matters to report to investors and creditors". Was the June 2020 reference a mistake? They also state "the Joint Liquidators aim to circulate a detailed schedule of each investors’ loan exposure early in 2020". Even if the statutory cycle does not mandate an update, professionalism involves honouring a self imposed commitment. Anyway, preaching to the choir here.
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TitoPuente
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Post by TitoPuente on Jun 2, 2020 9:12:51 GMT
The admission document was added to the company website. It contains details on the original and current arrangements with ABL.
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TitoPuente
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Post by TitoPuente on May 31, 2020 9:45:33 GMT
Press release including material information posted in DDC.
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TitoPuente
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Post by TitoPuente on May 2, 2020 9:40:32 GMT
Put your holdings up for sale at (say) 50% discount and you'll find how wrong you are in a couple of minutes I better wait for the liquidators, I might get a higher percentage Naive anyone?
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TitoPuente
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Post by TitoPuente on Apr 29, 2020 13:19:38 GMT
You forgot to compound the 4.1% which is effectively 4.18% so your 3.17% becomes 3.25% This is trivial but shows the confirmation bias that is rampant these days. Please read AC website 4.1% Gross target interest rate p.a. I worked in investment banking for a lot of my life so this is something I will not forget as it is so basic and using 4.1% in my calculations I get very similar number to AC but to an extent it depends on the basis being used. The "investment banker" is wrong. The 4.1% is the [target] gross annual interest rate. AC uses continuous compounding with monthly capitalisation. £1,000 in the QAA last January have earned £3.488 which is £1,000 * (e^(4.1%/365 * 31) - 1) Yes, it is very basic. Edit: Crossed with chris
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TitoPuente
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Post by TitoPuente on Apr 29, 2020 10:14:02 GMT
I would do the same now ,Transfers wont happen look at all the additional interest Assetz are getting considering we only get 4.1% on our investments that we can,t get access to now.Like most have now missed the best of the Stock market lows With the fees this reduces to 3.17%, before someone asks the fees are 0.075% PM compounded this makes 0.93% annualised so the rate is reduced by this amount. You forgot to compound the 4.1% which is effectively 4.18% so your 3.17% becomes 3.25% This is trivial but shows the confirmation bias that is rampant these days.
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TitoPuente
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Post by TitoPuente on Apr 28, 2020 12:15:25 GMT
A few more useful contact numbers: Anxiety UKCharity providing support if you have been diagnosed with an anxiety condition.
Phone: 03444 775 774 (Monday to Friday, 9.30am to 10pm; Saturday to Sunday, 10am to 8pm) Website: www.anxietyuk.org.ukBipolar UKA charity helping people living with manic depression or bipolar disorder. Website: www.bipolaruk.org.ukCALM CALM is the Campaign Against Living Miserably, for men aged 15 to 35. Phone: 0800 58 58 58 (daily, 5pm to midnight) Website: www.thecalmzone.netMind Promotes the views and needs of people with mental health problems.Phone: 0300 123 3393 (Monday to Friday, 9am to 6pm) Website: www.mind.org.ukNo Panic Voluntary charity offering support for sufferers of panic attacks and obsessive compulsive disorder (OCD). Offers a course to help overcome your phobia or OCD. Phone: 0844 967 4848 (daily, 10am to 10pm). Calls cost 5p per minute plus your phone provider's Access Charge Website: www.nopanic.org.ukOCD Action Support for people with OCD. Includes information on treatment and online resources. Phone: 0845 390 6232 (Monday to Friday, 9.30am to 5pm). Calls cost 5p per minute plus your phone provider's Access Charge Website: www.ocdaction.org.uk
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