Brief Thoughts on the JLs October 2014 data

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Sat, 22/11/2014 - 14:22

Hi Folks,

I have updated my Spreadsheets based on the JLs October figures, and now posting my brief thoughts. Data now combined into one document.

My Latest Thoughts after taking into account the JLs October 2014 Figures - you may not agree with me

  1. Returns for Jan/Oct 2014 were £7.4487m net. My data is based on GBP, apologies to my DAG Colleagues who invested in other currencies.

  2. No change re the 10 loans (facilities) to be repaid and these cover 8 ‘Relationships’ (I think), no loans were repaid in October. Remaining loans total £26.701m at 31.10.2014. These ‘loans/loan relationships’ comprise different currencies, repayment dates and repayment profiles. These loans mainly cover the 3 Yachts/Overseas Properties/UK Properties. They are mainly in Euros/USD

  3. FX Returns for Jan/Oct 2014 show a loss of £1.1m (now +£13.1m). The starting figure for Jan 2014 was +£14.2m, Jan 2013 was +£13.2m and Jan 2012 was +£15.2m.

  4. We will have received 100% of our Capital back by 28.11.2014. Any further returns will be towards interest lost due to the Liquidation.

  5. ‘Unresolved’ around £3.661m + the £1.500m ‘Unclaimed’ = £5.161m as at end of Oct 2014. Need the ‘Unresolved’ situation seen to now.

  6. Liquidation costs - Balance around £0.755m (inc my plus £0.7m). JLs will need to increase their £24.3m.

  7. The ‘write off’ situation no change at £3.4m, Surely an ‘avalanche’ of ‘write - offs’ has to start shortly.

  8. The ‘set off’ situation no change currently £15.2m.

  9. Re the PG – The return of our Capital means any loss will involve loss of interest only. Hopefully, our JLs manage to sell off the PG to a Third Party.

  10. Still have problems re the Euro Zone, but based on the July Progress Report, overseas properties only £4.9m (18.15%) of all loans left. As at July loans on the 3 yachts total £14.2m (52.592%) of all loans due. Based on currency, 85.392% of loans, come from mainly Euros plus USD & Swiss Francs. Within that % Euros account for 64.689% and circa 55.240% of all loans due.

  11. No more info on the end date of the Liquidation, but the JLs must push forwards now to finalise the loan book quickly (one way or another), then the PG and/or perhaps sell off both as one entity – let’s hope so. And look at and finalise any Litigation, outwith that of the loan book. The last full loan repaid was in July 2014 (inc a part repayment, total was £412k). The last part loan repaid was in August 2014 for £197k. Time for JLs to act now.

  12. Think we have approx £0.000m towards interest payments to Creditors. Need 0.4% or around £3.5m to pay the initial contractual interest and another 4% (£36.2m) to pay out further interest (Data taken from JLs info in January 2013 update).

As always take care,

And God Bless,

Gordon 45

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don't disappear

  • sunny1
  • 16/10/08 30/05/14
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  • Wed, 24/12/2014 - 11:49

I was alarmed when I coudn't reach this website some days ago, thinking it had been pulled. Don't please disappear.

Good wishes for 2015 to all,

Sunny1


Merry Christmas to all

  • glen07
  • 21/10/08 n/a (free)
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  • Wed, 24/12/2014 - 00:54

Just a quick check with the site to say Merry Christmas and to all who still fervently post and watch our backs, a mighty thank you. Here's to 2015 - a peaceful and optimistic year, I hope! Best regards to all depositors. glen07


Gordan -45's Outstanding Service

  • Wombat761
  • 30/01/09 20/03/15
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  • Fri, 05/12/2014 - 02:29

Thanks again Gordon, for your outstanding service to the DAG in keeping track of all those fiddlly numbers.

Like you I'm baffled why the JLs have not pursued the Loan Debtors more rigorously, but if you are right in the expectation of possibly greater returns from the delay, then maybe the JL has another rabbit to pull out of his hat and perhaps we'll all be pleased to receive more of our interest from the liquidation.

Take care and Happy Christmas.


Site's back on

  • steve
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 23/12/2014 - 07:41

Thank you for getting the site back on! And of course a big big thank you to those who have made such meaningful contributions over the last 6 years and two months.
A little bird tells me there may well be further payments to us in the future to cover lost interest, though this is not guaranteed.
Wouldn't this story make for a fascinating film along the lines of The Wolf on Wall Street? It's all there, although it would need a lot of embellishment as the stark truth would be so unbelievable.

As a kind of closure to the start of the chain of events, The actions of the Derbyshire Building Society, its HQ has now been demolished (apart from the original hall) and is now under development for exclusive housing. The remaining High Street branches are now boarded up awaiting new tenants. The name is no more. I never thought I would live to see the end of that brand name!

Merry Christmas to you all and a Happy and Healthy New Year wherever you are.
Steve


Hedonistic Glamour Awaits?

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 01/12/2014 - 06:10

No doubt the fleshpots of Monte Carlo are gearing up to prepare to separate me from my long awaited, much- missed £447 outstanding. Such immediate exposure to a life of hedonistic glamour has led to the ruin of more than one once-upstanding bumpkin.


Interest rate on bank accounts

  • ianw
  • 14/10/08 n/a (free)
  • unspecified
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  • Sun, 23/11/2014 - 17:00

I'm assuming "deal rate" means interest rate. If so, why have we given RBSI ca. £19 million on the basis of receiving zero interest?

Cheers

Ian


re interest rates

  • anrigaut
  • 19/10/08 30/10/09
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  • Sun, 23/11/2014 - 18:18

Hi Ian,

This £19m plus, most of which was only received during October, is in a current account presumably because - along with the £800k with RBS - it represents the amount needed to pay out our next dividend next Friday. I don't imagine there was much opportunity to get any interest-bearing deal for such a short period.

Just my thought anyway.

Cheers,
anrigaut


Hi Anrigaut, Thank you for

  • ianw
  • 14/10/08 n/a (free)
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  • Mon, 24/11/2014 - 09:01

Hi Anrigaut,

Thank you for taking the time to reply. Well, maybe in the big picture this doesn't matter too much. However, given the greed of banks, I'd have thought there has to be someone who would pay base rate to borrow £19 million for a month. I'd much rather we gave the £8k lost monthly interest to a charity, rather than down the throat of pals in the city.

I don't think it's ever been disclosed who purchased the KSF UK debt. Have we been told?

Also, whilst emotionally I'd like close this saga ASAP, from a commercial aspect, I'm happy to hold on to maximise the return from the KSF IOM loan book. Given we've been fortunate to have a 100% capital return (unlike Landsbanki where the return is much smaller at a projected maximum of 92%) I'm in no rush for the loan book to be sold for a song to more pals in the city in return for short term returns to us. However, I'm very happy to continue to support the decisions of the committee.

I continue to appreciate everyone's contribution and dedication over the years.

Cheers

Ian


UK Loans

  • D RAM
  • 13/10/08 01/08/14
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  • Sun, 23/11/2014 - 13:29

Thanks Gordon for your succinct views/summary. Greatly appreciated.

One point I'm at a loss to understand is the time taken to liquidate the outstanding loans, particularly the Sterling loans which are secured principally by UK property. As I understand, UK (London) property prices are generally above 2008 levels,so 100% recovery of these loans (about GBP 3.5 million) should surely be expected ?

D RAM


To Anrigaut & D RAM

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Sun, 23/11/2014 - 21:50

Hi There,

Thanks Anrigaut re answer to Ianw.

D RAM - I agree with you and that is why up until now I also thought we could get the £2.8m back from Properties in London/South East England and some of the £0.3m from elsewhere in UK (as per data in JLs July 2014 Progress Report). And something back on the 3 yachts. That is why I am now saying time for an 'avalanche' of foreclosures and 'write offs' or court cases.

Gordon 45


thank you

  • sunny1
  • 16/10/08 30/05/14
  • a depositor
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  • Sun, 23/11/2014 - 13:26

Thank you Gordon, as always.
Happy Christmas from Turkey to all