London Capital and Finance

Supercalafragalistic

One thing am confused about in sw report. II states “infoconnection(uk)limited , otherwise known as Surge”

Well its not...it shares same directors but are two difft entities?

Malthusian

Supercalafragalistic wrote: »

One thing am confused about in sw report. II states “infoconnection(uk)limited , otherwise known as Surge”

Well its not...it shares same directors but are two difft entities?

Separate schmeparate. It is 90% owned by Paul Careless, the CEO of Surge. LCF's call centre operator was first identified as Surge in this thread by Bail-in in October 2017 and that is the name given to the overall group of companies headed by Careless. It doesn't really matter which particular shell company name they used.

Supercalafragalistic

Malthusian wrote: »

Separate schmeparate. It is 90% owned by Paul Careless, the CEO of Surge. LCF's call centre operator was first identified as Surge in this thread by Bail-in in October 2017 and that is the name given to the overall group of companies headed by Careless. It doesn't really matter which particular shell company name they used.

Ok , thanks Malthusian..thought they had got it wrong!
Actually i can only find infoconnection, not infoconnection uk...and careless isnt on the infoconnection one under the “people” tab, although he’s mentioned in the filing history bit.

Anyway ,Reading the report then, am i right in thinking that there will be no recoveries made from surge? Does this mean they are deemed as not involved as such?

sully1311

Blackmore website has been updated:

INVESTORS
We have achieved our fundraising goals for this tax year and are not currently taking new investment.

We will be introducing our next offering in the following tax year, so please watch this space for future announcements.

Something is definitely happening....

masonic

Well that makes very interesting reading, although I'll admit I've only skimmed through at this stage. Finally some clarity over the position with the FSCS (though previous discussion has shown this position may not be concrete). It will be interesting if individuals at Surge are deemed to have given financial advice, whether they'll be investigated for carrying on a regulated activity without authorisation.

My mental arithmetic may be faulty, but I clocked up about £700,000 worth of expenses for the first 3 months' work. I'm sure the administrators will be eager to anoint a creditors committee to get those fees approved.

masonic

Supercalafragalistic wrote: »

Copied:

It would be best if he put up his details on a public-facing website you could link. I doubt the post will last very long while it contains contact information.

londoninvestor

Alexland wrote: »

Good the FCA deserve to be getting a public beating over how long they let this continue and how many thousands of people are now left with life changing financial damage.

From the BBC article you linked:

BBC wrote:

For its part the FCA has released a statement saying its immediate priority is to "investigate and assist in the recovery of any assets. We will then be looking into this matter carefully and will consider what lessons can be learned".

So the FCA will waste time following uselessly a few paces behind the administrators as they track down the manure left by this particular horse*, instead of doing its job and slamming shut the other open stable doors which we know exist in this industry.

* An even better analogy when you look at the section of the administrators' report dealing with FS Equestrian...

Supercalafragalistic

sully1311 wrote: »

Blackmore website has been updated:

INVESTORS
We have achieved our fundraising goals for this tax year and are not currently taking new investment.

We will be introducing our next offering in the following tax year, so please watch this space for future announcements.

Something is definitely happening....

Thanks for the info....next tax year eh? I can barely wait. My breath is indeed baited! (Bated?)...oh well, you get my drift!

Supercalafragalistic

GDB2222 wrote: »

Quote:
All borrowers had ceased paying the interest applicable to their loans by September 2018 which was 3 months before the FCA intervened into the Company in December 2018.
Now that IS a surprise. So although LCF were saying borrowers had a 100% track record up to and even beyond the time the FCA got involved it's simply not true.


That's all very odd, as interest was only charged quarterly. So, did they pay September, but not December quarter?

I think this is what jim armitage from the standards onto.....well deduced!

londoninvestor

GDB2222 wrote: »

Quote:
All borrowers had ceased paying the interest applicable to their loans by September 2018 which was 3 months before the FCA intervened into the Company in December 2018.
Now that IS a surprise. So although LCF were saying borrowers had a 100% track record up to and even beyond the time the FCA got involved it's simply not true.


That's all very odd, as interest was only charged quarterly. So, did they pay September, but not December quarter?

Wonder what was happening in the cases where the destination of the money looks like it might have been legit.

e.g. were Independent Oil & Gas and Atlantic Petroleum making repayments to LOG, and then LOG wasn't paying anything back to LCF?