London Capital and Finance

David_Evans

masonic wrote: »

Presumably the Administrators in this case believe that their actions will eventually bear fruit, because there are no assets within the company from which their fees could be paid.

That makes me suspicious..

jimjames

Although LCF accounts were frozen this only affects them. There is no impact on the 12 companies lent money by LCF that essentially have all the £236 million of bondholders' money. These companies are run by individuals linked to LCF and have the ability to move that money where they want unrestricted.

The administrators also have no authority over them so if a loan agreement says it only has to be paid back in 3 years time then there is probably little they can do until then to find out if that is likely as they cannot demand access to accounts etc.

https://damn-lies-and-statistics.blogspot.com/2019/02/administration-rights-what-happens-now.html

David_Evans wrote: »

That makes me suspicious..

My understanding is that £4 million was found in LCF bank accounts so that would be enough to pay the administrators for a while even if no assets materialise.

David_Evans

masonic wrote: »

No, not that I'm aware.

I was thinking of the Privilege Wealth case..

David_Evans

jimjames wrote: »

Although LCF accounts were frozen this only affects them. There is no impact on the 12 companies lent money by LCF that essentially have all the £236 million of bondholders' money. These companies are run by individuals linked to LCF and have the ability to move that money where they want unrestricted.

The administrators also have no authority over them so if a loan agreement says it only has to be paid back in 3 years time then there is probably little they can do until then to find out if that is likely as they cannot demand access to accounts etc.

https://damn-lies-and-statistics.blogspot.com/2019/02/administration-rights-what-happens-now.html


My understanding is that £4 million was found in LCF bank accounts so that would be enough to pay the administrators for a while even if no assets materialise.

The whole thing is very suspicious.
I would expect the people behind this to have some kind of connections to the police / regulators.
Otherwise it's just not realistic to expect to get away with it.
If you can buy a helicopter, you can bribe an official.

jimjames

David_Evans wrote: »

The whole thing is very suspicious.
I would expect the people behind this to have some kind of connections to the police / regulators.
Otherwise it's just not realistic to expect to get away with it.
If you can buy a helicopter, you can bribe an official.

Well Surge did try to give £3000 sponsorship to Kent police rugby team

https://pension-life.com/blackmore-bond-shaken-not-stirred-careless-or-stupid/

masonic

David_Evans wrote: »

That makes me suspicious..

But suspicious of what?

David_Evans wrote: »

I was thinking of the Privilege Wealth case..

No it's nothing to do with that. This is a small P2P lender of whom you have likely never heard.

David_Evans

masonic wrote: »

But suspicious of what?

Suspicious that the administrators have undisclosed links to the LCF directors etc.

David_Evans

jimjames wrote: »

Well Surge did try to give £3000 sponsorship to Kent police rugby team

I was thinking more along the lines of a brown envelope...

masonic

David_Evans wrote: »

Suspicious that the administrators have undisclosed links to the LCF directors etc.

The administrator of the company I mentioned is part of a small practice with no ties to Smith & Williamson or LCF.

I think S&W does appear rather sympathetic to the directors of LCF, but that's a different matter.

Botheredin

It would be interesting to see the deal terms between Surge, RP Digital and others.

It appears that the main director of Surge and directors of other companies live a Champagne Charlie lifestyle whilst the two directors of RP Digital do not.

Coupled with the Surge comments along the lines of “we have addresses in common but the two companies operate independently” one might suspect that {text removed by MSE Forum Team}, director of RP Digital, might be about to be thrown under a bus.

Actually, Surge appears to have very little contact with the other firms involved with common directors in the LCF bit. The lead gen tracks back only to RP Digital it appears?

Quite clever if that’s what they’ve done and one, less than competent, former assistant bank manager takes the fall.