TitoPuente
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Post by TitoPuente on Aug 18, 2021 8:40:41 GMT
There is an Estimated Outcome Statement dated 31/01/2020 in the website that can be used to base guesses.
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TitoPuente
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Post by TitoPuente on Aug 13, 2021 8:21:29 GMT
Would it make sense to expect that the recent Lendy Court ruling will positively influence the outcome of the application to Court for direction by MT IPs? Or is it wishful thinking?
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TitoPuente
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Post by TitoPuente on Aug 12, 2021 7:58:22 GMT
Maybe it is coming in installments. Did anyone else receive £98.79? Exactly £98.7940158771
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TitoPuente
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Post by TitoPuente on Jun 14, 2021 14:20:28 GMT
I lot of Ablrate lenders are getting the heebie-jeebies about this loan and the bids and offers have plummeted in the secondary market. The share price is not doing well and they keep borrowing more and more money through capital raises. One wonders how on earth they will be able to repay the Ablrate loans in several months time. ablrate are you able to share some information about this borrower to stem many people's concerns over them? Just a clarification, the company has been issuing equity through capital raises, not borrowing.
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TitoPuente
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Post by TitoPuente on May 28, 2021 12:46:09 GMT
Progress report available.
Drafted with manifest contempt. Property sold on 29 April. No details disclosed because the date is after the statutory reporting period. No new useful information. Lots of paperwork done to rack up fees. Appalling.
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TitoPuente
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Post by TitoPuente on May 19, 2021 10:41:17 GMT
ablrate, thank you for the recent updates. Please could you confirm if these guys are open, and if not, when's the opening date?
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TitoPuente
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Post by TitoPuente on May 18, 2021 9:10:20 GMT
Admin proposals & SOA available on CH. No time to read but from a skin nite director was looking to flat pack & lots of UNs to complicate matters As expected, there is little conclusive information in the report. Both the current “valuation” and the size of the UN1 (plus “investors”?) are taken from the SOA which has no supporting details and is an arithmetic nonsense. MT has the first ranking priority in the secured creditors list (Section 9). The UN1s have not been officially accounted at this point but are categorised as second ranking priority by the Administrators. The ultimate realisable value will depend on ironing the planning issues and dealings with the Liverpool City Council, who seems to be less than willing to engage at this point. It all points out to a long and protracted process, as expected.
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TitoPuente
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Post by TitoPuente on May 10, 2021 10:58:33 GMT
April payment just in.
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TitoPuente
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Post by TitoPuente on May 6, 2021 12:37:54 GMT
The below was published in the LAG group in FB and may be of interest to Lendy investors here.
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Lender Support / Opt-in Action Required
RESPONSE BY MONDAY 17TH MAY REQUIRED, OR INCLUSION IS NOT GUARANTEED
This project is being undertaken for Funding Secure Action Group members. Lisa has asked us to post here on LAG for those who also wish to join for Lendy.
Correspondence to the FCA/MPs/Treasury and/or other groups holds more weight if it’s supported by a united group, rather than individuals, hence we need to show a united front.
We are now at the stage where we have to declare who is signed up to FSAG and ideally LAG, and importantly, that we have their unequivocal permission to write/communicate on their behalf.
We are to write to the above letters of complaint highlighting the multiple failures of the FCA in regards to both Lendy and Funding Secure and seeking a Public Inquiry into the purported lack of Supervision demonstrated by the FCA in regards to both these companies.
This is especially pertinent for FS, where the FCA approved a Change of Control procedure in October 2018. We can only hypothesise that not all the protocols could possibly have been followed or signed off by the FCA prior to granting the Change of Control.
Will all those lenders from LAG that wish to have their names associated with these proposed letters, please give FSAG your written consent to add your name at the bottom of the letters we are to write.
The letter will be signed “FSAG Administrator(s) / Marc ***** / [other FSAG/LAG members]” followed by a list of all people’s names that have opt-in.
THIS OPT-IN PERMISSION NEEDS TO BE CONFIRMED BY EMAIL (LEGALITY).
• Please send your approval in writing to FSAGFCA@yahoo.com
• In the basic form of “[your name] gives my full support to FSAG/LAG”
• Please include:
(1) your first and last name. This is 100% required to opt-in.
(2) the name of your MP, his political party and constituency (saves us time later on in hunting out 100's of MPs),
(3) if you have funds in FS or Lendy, and if you want to divulge the amount you have currently frozen (1st May 2021) in each company. This will give us a cumulative idea as to how large the problem is compared to other FCA regulated and non-regulated collapses recently.
Should you be aware of anyone who is not signed up to LAG or FSAG, please forward this post to them for their consideration to opt-in.
If you are NOT fully satisfied with the proposed way forward, please do NOT respond to this request. If you do not want to share your info, then only share what you are comfortable sharing.
We have a very small team here and doing what we can with quite literally zero resources.
A copy of the letter(s) will not be published on FSAG (or LAG), as last time a letter was published in good faith on the FSAG platform for the lender’s info, the joint administrators quoted the letter in court.
Any questions, please post here on the forum for all to see.
The above is done purely as a goodwill gesture on our part. If you do not feel happy, or are not in agreement by 100% support in providing your name, or concerned about any ramifications, then please don’t support.
The above is not an alternative to everyone making their own representation, you must also continue to chase up the FCA on your own accord. Literally, every letter they receive will add to our + your chances of success.
All the best,
Marc & FSAG Team
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TitoPuente
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Post by TitoPuente on May 4, 2021 12:50:06 GMT
Last meaningful update almost five months ago indicated that a closing schedule was expected. Did that materialise? Any progress that could be disclosed? ablrate
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TitoPuente
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Post by TitoPuente on Apr 26, 2021 10:43:51 GMT
Someone left a nice review in Trustpilot for this drone company which contains details that coincide with the pilot's dealing with ABL. Possibly prompted by this latest discussion. Personally I would not condemn the guerilla approach of naming and shaming. The subjects deserve it.
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TitoPuente
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Post by TitoPuente on Apr 22, 2021 19:20:43 GMT
A first charge with interest retained on a residential development - not very 'rock and roll'. More like the old FC loans. Still, the 11% suggests there could be some excitement in the security department. LTV not yet given. Yes. 11% Welsh castle comes to mind. Spooky.
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TitoPuente
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Post by TitoPuente on Apr 8, 2021 18:46:55 GMT
This loan got to 75p on the pound last year when toilet rolls traded at a steep premium.
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TitoPuente
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Post by TitoPuente on Mar 15, 2021 13:24:47 GMT
Borrowing Proposal page 13 "The loan is structured on a 48 year partly amortising profile" It's a typo. It should read 48 months, according to the previous paragraph.
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TitoPuente
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Post by TitoPuente on Mar 15, 2021 11:17:38 GMT
ablrate it is frankly not professional to change times of loan launch at the eleventh hour. Some people are busy and have arranged calendars according to the announcement last week. If you have to delay the launch, that's ok, but don't move it two hours! Can you act professionally and postpone it until tomorrow at 2pm? Your handling of business affairs in such a sloppy way is becoming quite frustrating lately.
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