London Capital and Finance

londoninvestor

masonic wrote: »

Another company whose registered office is 7-9 Church Road. Perhaps someone from Global Security Trustees could have a word if they bump into them in the foyer.

Or in the mirror.

"You talkin' to me? Well I'm the only one here."

jimjames

If any bondholders want to know what their money was funding here is one

https://www.primeresortdevelopment.com/

Maybe via £12 million from LCF

https://beta.companieshouse.gov.uk/company/10953685/filing-history

rr755507

masonic wrote: »

Another company whose registered office is {text removed by MSE Forum Team}. Perhaps someone from Global Security Trustees could have a word if they bump into them in the foyer.

One thing I don't really understand - why would Buss Murton want to get involved in any of this? (Their premises being used as a registered address, and their solicitors acting as directors).

Even giving it a cursory look LCF et al looks shady as hell, but when your a professional and one of the partners got caught red handed with a similar scheme how can they plead ignorance again?

Botheredin

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Not much I can do I am afraid. It appears that you may know the more intricate workings of the scheme / s. I'd suggest, if you haven't already, speaking to FCA, The Standard, Action Fraud and law enforcement based on your earlier posts and apparent knowledge of the players and assets that they have acquired.

Malthusian

David_Evans wrote: »

Maybe that's what happened in the Privilege Wealth case, where someone was shot in Panama?

I believe the Privilege Wealth guy got shot before the scheme collapsed. So that rules out a disgruntled investor.

The reason for the hit was that Privilege Wealth was ineptly muscling in on the local Panamanian gangsters' turf by entering the Panamanian payday loan market.

(Yes, as is always the case, the scam did actually invest some of investors' money in the supposed underlying business, in Privilege's case payday lending. But so little of investors' money entered that underlying business that there was no chance of it producing sufficient earnings to pay the promised returns. Even if the guy running the supposed underlying business hadn't been shot.)

Botheredin

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The FCA are already in-play. I reckon we'll see some SFO moves this week.[/QUOTE]
SFO? Very reassuring.

Sledger

If any bondholders want to know what their money was funding here is one

https://www.primeresortdevelopment.com/

Maybe via £12 million from LCF

https://beta.companieshouse.gov.uk/company/10953685/filing-history

And another endless trail of companies. From the {text removed by MSE Forum Team}
{text removed by MSE Forum Team} Total number of appointments 21 - Born {text removed by MSE Forum Team}
{text removed by MSE Forum Team}

These 21 Mostly recently formed with {text removed by MSE Forum Team} etc

This one is of particular interest so maybe can help the administrator
MISSING ASSETS WORLDWIDE RECOVERY LTD Company number 10448149
https://beta.companieshouse.gov.uk/company/10448149

With each linked company new names pop up so overall 100 must be involved. Is there an actual interlinked company producing anything? If its proven these are just paper companies as a vehicle to move money what's that called? and moreover how can it be legal

{text removed by MSE Forum Team}
Total number of appointments 1
{text removed by MSE Forum Team}
{text removed by MSE Forum Team}
Total number of appointments 3 - Born {text removed by MSE Forum Team}
{text removed by MSE Forum Team}

{text removed by MSE Forum Team}https://beta.companieshouse.gov.uk/company/11489969

Jelli

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I think they said somewhere to wait 8 weeks for an update with proposals (a vote on something?), and we're around the 7th week. Can I just say at this point I no longer trust my cat.

jimjames

A big selling point from LCF (and also many other secured bond providers) is that the bonds are "asset backed" with security. I wonder how many people looked at what this asset backing or security consists of.

LCF made a £50 million loan to London Oil & Gas. The main security for this loan is the onward loans London Oil & Gas made to Independent Oil & Gas in 2015/16. So there is no security over any physical assets under the fixed charge.

There is no security relating to the loan to Atlantic Petroleum and no security over loans made after 2016 when LCF massively increased their bond issuance.

https://damn-lies-and-statistics.blogspot.com/2019/02/what-secured-assets-lcf-loans.html

The charge is listed here
https://beta.companieshouse.gov.uk/company/09734575/charges/WK3WWpt0fZFhkaQ-IrkgGxs0Bq4

Malthusian

Jelli wrote: »

I think they said somewhere to wait 8 weeks for an update with proposals (a vote on something?), and we're around the 7th week. Can I just say at this point I no longer trust my cat.

Actually it's the second week. S&W were only appointed as administrators on 30 January.

Within eight weeks S&W are expected to file a statement of affairs and an initial proposal, which should include their proposed fee basis. The creditors will have the opportunity to form a creditors' committee and to vote on whether or not to appoint S&W, which is probably the vote you are referring to.

On the assets side the statement of affairs will essentially consist of a list of LCF's assets (i.e. the loans and any cash in the bank) and what LCF directors say they are worth. This is nothing to do with S&W's tendency to put too much credence in the people who appointed them; no administrator can establish the true value of LCF's assets in eight weeks.

The real work begins after that.