London Capital and Finance

jimjames

After reading some other information I realised that the FCA action and announcement is probably meaningless.

https://bondreview.co.uk/2018/12/31/fca-freezes-london-capital-finances-bank-accounts-investors-interest-and-capital-repayments-suspended/

FCA has frozen LCF bank accounts but hasn't done (presumably can't) anything to the bank accounts of all the associated companies that have been [STRIKE]given[/STRIKE]/lent the money. So any money likely to be frozen and accessible is recent investments by new bondholders. I guess the chances of much other capital being there are pretty slim especially as they had a few weeks notice with FCA restricting promotion in advance of the shutdown.

Jelli

I'm just hoping that while the workings of LFC seem a little dodgy, things eventually continue to work as usual with money going back to investors not too far-off maturity. Even if the internal workings of LFC are nonsensical and space-time is warping around us.

It's hard to think they spent all of our 100m on horses and Ferraris. They're also living precariously as what if someone out of the 15,000 investors belonged to a ninja cult?

I personally blame the law. Just make things less slithery.

There's a new update at https://www.londoncapitalandfinance.co.uk which is the letter they've sent out to use bondholders, readable online.

Vortigern

Jelli wrote: »

I'm just hoping that while the workings of LFC seem a little dodgy, things eventually continue to work as usual with money going back to investors not too far-off maturity. Even if the internal workings of LFC are nonsensical and space-time is warping around us.

Liverpool Football Club is innocent ;-)

It's hard to think they spent all of our 100m on horses and Ferraris.

That's what premier league footballers do with their spare cash.

Apologies for the dubious humour, and I hope you get your money back.

Jelli

lol thanks.

verybigchris

They've put the wrong phone number in the letter they've sent to bondholders. I imagine a lot of people are about to open the letter, find out all their money might be gone, and when they phone up for info all they'll hear is "I'm sorry, that number has not been recognised".


(I wonder how quickly I could register the incorrect number and have it play a recorded message sending bondholders to this thread!)

londoninvestor

verybigchris wrote: »

They've put the wrong phone number in the letter they've sent to bondholders. I imagine a lot of people are about to open the letter, find out all their money might be gone, and when they phone up for info all they'll hear is "I'm sorry, that number has not been recognised".


(I wonder how quickly I could register the incorrect number and have it play a recorded message sending bondholders to this thread!)

Damn, I thought I was going to be able to sit on my hands and not make a cheap gag about them outsourcing the call centres to the guy named {Text removed by MSE Forum Team}.

jimjames

verybigchris wrote: »

They've put the wrong phone number in the letter they've sent to bondholders. I imagine a lot of people are about to open the letter, find out all their money might be gone, and when they phone up for info all they'll hear is "I'm sorry, that number has not been recognised".


(I wonder how quickly I could register the incorrect number and have it play a recorded message sending bondholders to this thread!)

It might be worth posting that phone number in this thread then at least they'll get directed here if they search it on Google

verybigchris

jimjames wrote: »

It might be worth posting that phone number in this thread then at least they'll get directed here if they search it on Google

Good thinking! The incorrect number in the letter is 0800 415 1155. The correct number is 0800 410 1155, but I wouldn't expect any more sense from that one.

Sledger

Re Jelli post There's a new update at https://www.londoncapitalandfinance.co.uk which is the letter they've sent out to use bondholders, readable online.

I assume this was signed off by {Text removed by MSE Forum Team} of Buss Morton Law as GST Trustee rather than trustee {Text removed by MSE Forum Team} DOB {Text removed by MSE Forum Team} who has a clone born on {Text removed by MSE Forum Team} . The update sounds very optimistic that business as usual after this little FCA Hiccup, Pity they don't post on this forum and put clarity to all the issues raised then put a honest reply to all Bondholders with correct phone number

jimjames

I found a copy of the LCF Memorandum for the bond issue. Fascinating reading but I bet most investors never bothered.

Some complete nonsense in there, I wonder if they ever believed it themselves but they state how the borrowing company is assessed and the process to review them like checking profit history.

Quite how they can conduct such a due diligence review process in the space of 3 days from the creation of a company to placing a charge against its (non existent) assets is probably only possible with time travel.