elliotn
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Post by elliotn on Dec 8, 2018 10:44:28 GMT
Guys I've just had an afterthought. As the majority of the loans had a LTV of 70% (worst case), it means if assets are disposed of at 60%, we only lose 10% = £1.7m and not the £6.8m I had factored into my initial calculation. That means I miscalculated and we will have an extra £5.1m than I had previously thought, meaning the expected return should be £14.3m. So 14.3/17 = 84% which sounds a lot better! Am I missing something? Which one of my two calculations are more flawed? Loans 68% 24.4M MV = 17M @60% = 14.6M ie c2.5M loss, and so on at 10% drops ie @50%, reasonable starting point per r00lish? = c5M loss However, the forum has ears and you’ll get me into trouble. (Altho may give FCA heads up as to how much tax payers might have to refund us .)
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Post by charliebrown on Dec 16, 2018 0:15:38 GMT
It is ironic that sufficient detail is presented on their compensation when limited progress has been made on the administration. The good news is the deadline. We would know where we stand by April next year. The countdown is on! I’m not speculating on what % loss we will take (although my view is a very pessimistic one) but I am more interested in how long all this unnecessary mess will take to resolve, especially when the hopeless Administrator is racking up fees like a rock star on a night out. Can someone elaborate what the April deadline is?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 16, 2018 2:11:41 GMT
It is ironic that sufficient detail is presented on their compensation when limited progress has been made on the administration. The good news is the deadline. We would know where we stand by April next year. The countdown is on! I’m not speculating on what % loss we will take (although my view is a very pessimistic one) but I am more interested in how long all this unnecessary mess will take to resolve, especially when the hopeless Administrator is racking up fees like a rock star on a night out. Can someone elaborate what the April deadline is? That is April fool’s day... And they say Gotchya...
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adrianc
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Post by adrianc on Dec 16, 2018 8:50:07 GMT
...but I am more interested in how long all this unnecessary mess will take to resolve Nobody can say for sure, because it depends entirely on the borrowers. Will they all pay up? How long will any legal action take against them? Are the current administrators more or less hopeless than the ones who didn't even bother to secure the basics, like the internal documentation of who had what loans? All the fees around the data recovery wouldn't be necessary if Refresh had actually done that. It's the date on which the administrators formally say the underlying business cannot be continued, and it moves from administration into receivership. AFAIA, that doesn't affect how they operate the recoveries, just that a line is officially drawn under ColLtd and friends.
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SteveT
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Post by SteveT on Dec 16, 2018 9:02:04 GMT
Once in Receivership, I believe one change is that statutory reporting to creditors moves from 6 monthly to yearly.
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archie
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Post by archie on Dec 16, 2018 9:13:13 GMT
As there is progress on who owns what, are the loans going to be repaid as they complete or do we have to wait until all loans are resolved?
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adrianc
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Post by adrianc on Dec 16, 2018 9:47:27 GMT
As there is progress on who owns what, are the loans going to be repaid as they complete or do we have to wait until all loans are resolved? Reading between the lines of the committee report that Monetus posted the other day, I rather suspect that once the loan-part-ownership data is deemed adequate, they're going to start distributing. But I doubt that the distributions will be full, at least initially. I suspect some will be held in reserve for fee coverage, since it's sounding as if there's a very good chance the fees will be coming out of the "trust" monies.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 16, 2018 10:58:28 GMT
As there is progress on who owns what, are the loans going to be repaid as they complete or do we have to wait until all loans are resolved? Reading between the lines of the committee report that Monetus posted the other day, I rather suspect that once the loan-part-ownership data is deemed adequate, they're going to start distributing. But I doubt that the distributions will be full, at least initially. I suspect some will be held in reserve for fee coverage, since it's sounding as if there's a very good chance the fees will be coming out of the "trust" monies. Don’t be silly the FCA will pay them.
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adrianc
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Post by adrianc on Dec 16, 2018 11:18:59 GMT
...I suspect some will be held in reserve for fee coverage, since it's sounding as if there's a very good chance the fees will be coming out of the "trust" monies. Don’t be silly the FCA will pay them. <tries to remember whether you're one of the posters that could actually post that with a straight face and mean it...>
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Dec 17, 2018 0:07:16 GMT
Don’t be silly the FCA will pay them. <tries to remember whether you're one of the posters that could actually post that with a straight face and mean it...> Off course I am.. I can see the future .... Brexit will happen with a a new party that is coalition of Labour and Conservatives.....Called LabourCon !! Wait I got it wrong that was the nickname for the next Labour manifesto.
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averageguy
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Post by averageguy on Dec 17, 2018 9:10:32 GMT
<tries to remember whether you're one of the posters that could actually post that with a straight face and mean it...> Off course I am.. I can see the future .... Brexit will happen with a a new party that is coalition of Labour and Conservatives.....Called LabourCon !! Wait I got it wrong that was the nickname for the next Labour manifesto. Now you've seen the next post have a guess
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GeorgeT
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Post by GeorgeT on Dec 18, 2018 0:01:47 GMT
As there is progress on who owns what, are the loans going to be repaid as they complete or do we have to wait until all loans are resolved? Reading between the lines of the committee report that Monetus posted the other day, I rather suspect that once the loan-part-ownership data is deemed adequate, they're going to start distributing. But I doubt that the distributions will be full, at least initially. I suspect some will be held in reserve for fee coverage, since it's sounding as if there's a very good chance the fees will be coming out of the "trust" monies. An interesting interpretation.
I'm sure that initial, albeit fee reduced, distributions of recovered funds based on individual, loan part ownership data would be very much welcomed by investors. As opposed to all having to wait until the very end of the administration process before receiving anything at all.
Of course I'm aware of the restrictions placed on Monetus by the NDA but I wonder if Monetus is able to give any indication as to whether this is a fair intrepretation of how matters may proceed?
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Monetus
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Post by Monetus on Dec 18, 2018 10:04:17 GMT
Reading between the lines of the committee report that Monetus posted the other day, I rather suspect that once the loan-part-ownership data is deemed adequate, they're going to start distributing. But I doubt that the distributions will be full, at least initially. I suspect some will be held in reserve for fee coverage, since it's sounding as if there's a very good chance the fees will be coming out of the "trust" monies. An interesting interpretation.
I'm sure that initial, albeit fee reduced, distributions of recovered funds based on individual, loan part ownership data would be very much welcomed by investors. As opposed to all having to wait until the very end of the administration process before receiving anything at all.
Of course I'm aware of the restrictions placed on Monetus by the NDA but I wonder if Monetus is able to give any indication as to whether this is a fair intrepretation of how matters may proceed? Absolutely no idea when distributions of any kind will be made at this stage.
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dawn
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Post by dawn on Dec 19, 2018 9:54:22 GMT
Monetus - are you able to provide any more information regarding the non-receipt of the email about the 6-month report by a large number of investors? I would hope this is not covered by the NDA. I received the email but another family member did not (they passed their details to you). Thanks
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SteveT
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Post by SteveT on Dec 19, 2018 11:28:00 GMT
Monetus - are you able to provide any more information regarding the non-receipt of the email about the 6-month report by a large number of investors? I would hope this is not covered by the NDA. I received the email but another family member did not (they passed their details to you). Thanks Mentioned in this post
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