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Lads,
I just got a response from Begbies, and their ambiguous response, as well as their failure to address the issue I raised MULTIPLE TIMES, got me thinking.
There are only 2 ways to get our money back.
1. Regulators. If regulators step in now, then they launch a full investigation. We may have a chance.
2. Lawyer. Hire a professional lawyer to assist with our case, and request a full investigation as part of the legal action.
The fact that Begbies Traynor insists on getting the asset sold first, then investigation will come later, makes me question the true motive behind it.
a. Will Begbies Traynor be willing to help us until we all get our money back, even if the new asset owner is from a different jurisdiction?
b. Or perhaps Begbies will stop responding to our queries because the job is finished (afterall the asset already sold) !
JAV3LYN,
please reach out to me.
my email address is jojohanes2021@gmail.com
thank you
@JAV3LYN,
Begbies Traynor are seeking to sell the asset as quickly as possible to "anyone" (read: Doyle appointees / Insiders or their proxies) who will: A) provide enough $$$ for their fee; and B) acquire the assets without any conditions or creditor approvals.
This amounts to an unresolved sale to the "quickest" buyer (ie. a “hospital pass”) as opposed to a sale to the most credible bidder who offers the most recoveries to creditors. The sale will generate peanuts (a few million $$) which will go largely to BT and their lawyers/agents fees.
Put simply - BT is not focused on securing maximum creditor recoveries. They are focused on their fee, statutory minimums and will leave the creditors to fight against the new owner. BT will continue very minor recovery work in the background (a few million of NQ loans to directors) but that’s it.
Creditors will be on their own and at the mercy of the new owner. Who will be Doyle-linked.
Note that Audley / bondholders have no enforcement rights at all. Only ING does and ING will not enforce. So once the sale is complete and BT exits the picture, bondholders will be powerless and at the complete mercy of the new owners.
BT are acting in breach of their fiduciary duties and their actions (e.g., delayed/under-reported investigations, repeated award to Doyle appointees/proxies, failure to award the most credible/highest bidder etc) amount to gross negligence or incompetence.
This is a sham of a process and put simply, we are dealing with a lazy/corrupt Administrator.
The earlier poster was correct. There are only two avenues now for bondholders:
1) Police / regulatory action at the highest level
2) Legal action against Begbies Traynor and Stephenson Harwood
BT, Hilco and Stephenson Harwood are under the spotlight right now.
There is a dossier of evidence showing fraud at NQ and corruption of the Administrator.
And media are ready to publish on this matter as soon as the award/sale is completed.