Member Info for FrankyS1971

I think 540K might be shy of the 15M Momajid. Why not buy the IP off them for that much and go get an FCA licence?

quite happy extracting 4k out of this at 0.41p. Pays for a holiday at least and can't believe someone would buy them. Assumed it would have been suspended.

More than likely. They don't have sage like wisdom though. This is the binary and unpredictable bet it always was. Bit like a penalty shoot - out. No one really knows for sure what will happen despite the idiot "I told you so's". Like guessing it was red at the roulette wheel....seeeeeeeee I told youuuuu!! ::::-)

Major FCA pillar is to balance protection of consumers versus the needs of the economy. They won't want Amigo to go under ideally. Doesn't mean it won't but if there is a solution they'll accommodate. My best guess is that we'll get another extension and the funding levels will get massaged into place. Also means for LTHs like me that the recovery will be much longer and from a lower base. This will take 2-3 years for LTHs like Vinson to get back their money. IF ever!

Cross purposes Mick not disputing he can invest and construct the vehicle but he won't get to be on board etc as he has lost his approved status. I for one will sell immediately if he turns up. Despite his protestations and smooth words, he is the man responsible for being too aggressive when applying the strategy post IPO. He would like to blame Hamish entirely but they have to both take the blame. They don't give a fck anyway. Driving their Bentleys and fkin their fellow man over! But hey "that's capitalism" like it makes the whole construct ok haha!!

No chance JB will get approved and why would he bother.

I think people need to appreciate that this may be one big fat negotiation for: 1: adjustments to the lending process to make it more profitable and viable. 2 Overall redress from either future raise or profits. It doesn't mean that Amigo will win that negotiation, but that is what is happening.

I actually wrote one of my nicer notes BSkY but didn't send. something along the lines of its only money and we'll all be worm food soon enough! I'm holding personally. If it goes it goes! Sadly my exit with a 250,000£ profit evaporated at SOA1 when I took my niece to Alton Towers and couldn't get a signal or brain space to sell. I thought the extra day wouldn't matter! Ouch!

Why would you put money into genedrive! You love screwing yourself in the ahole then lol. They'll be raising cash again with another dilution and stating they've sold very little again anytime soon, thrown in with some FDA progress to keep the SHs on the hook. Rise has already happened and the shorters will take it down like a disabled wilderbeast over next month. Total casino stock! Other than that great shout and good luck!!

BksyB - It's only money. we'll all be worm food in a few years so just be indomitable and happy! Find a better way next time:-)!

A bit of sober reflection on the state of play.
1. FCA role is to ensure the highest compensation pay-out that they can for creditors and as we know from past behaviour, creditors will vote for the most they can get. 6M in the pot is therefore better than zero and may well get FCA support. I believe that a creditor committee will be enough to approve this on behalf of creditors, rather than the full shooting match as previous? Thoughts on that?
2: 21M + 6M is still a base to grow from, but the lower base and market conditions will make this a much longer term play if indeed the business survives. The 10-11M convertible bonds are issued when there is no basis for a valuation so like the investors, existing shareholders can't really know what the value of the business and the sentiment will be like if they go back to court for amendments. We can start to make an educated guess that around 30M + a growing book of business could bring this back to about 4-5 times existing share price.
3: I think the risk and reward here will probably see the SP drop further maybe to 1.5p but at that point its worth a risk! I may top up again if it falls to that level. Otherwise I'll top draw/take up my options for the long haul or set up my own sub-prime solution on the other side. AKA going around Bootle with a shot-gun:-))

Beastly - argument could be the best in the world but 19/1 is the law with insolvent businesses.

A voice of sense - wind down would require the FCA to drive that process and want it to happen. So far the FCA have allowed a pilot and relending and written off a huge fine. If they have any doubt about being too heavy handed well here is the proof and I feel its far more likely that they will support than not. Where would be the point of that be. The Court will do what the regulator wants. I also doubt this time whether it would need to go through the same months long process. "Other options" could be a sale which would be IMO a bad result worth 3-4p to us.

STD NOW. Showing what little he knows. Under no circumstance do people get their debt written off. Idiot. Filtered like raw sewage.

That's true HH...Either way I think it'll be 2-3 years before this really gets going again. (if) Lending into sub-prime will always be a thing. Surviving will allow the business to figure that out with the FCA over time as to getting the balance right with affordability and to enhance existing products and develop new ones.

I'm a bit surprised no one has really picked up on this. We got a major concession from the FCA and had the fine waived. The FCA did this to support Amigo in its efforts to recapitalise. The same is now happening. Guarantor Loans are too expensive to run all the affordability checks and the Pilot hasn't worked so well for this product. I.e. very high demand with a very low conversion rate. This is owing to the stringent measures that the FCA have set out. The FCA are assessing the model as we know. If I was the Management Team I would do exactly this as part of the negotiation. Demonstrate that the rules are effectively choking sub prime lending when it needs to work. If the FCA are willing to tweak some of the criteria, this would then make the investment community more interested. The concern is that the FCA won't move fast enough here and I don't know how fast they can particularly pivot. Either way, this to me at least, feels like they are working with the FCA still on the pilot so that the balance is right.

You'll only go to a pawnbroker if all else fails! You'd try and get a loan first before giving up the gold teeth surely!

They didn't fine Amigo because no new investor in there right mind is going to take on a 70m fine to pay out and the FCA want the company to survive.

JB won't be allowed within a mile of Amigo by the mgt or by the FCA. Hamish Paton is the man who is at least as culpable and somehow has managed the same at Provident. Drives around in his Bentley and somehow not stripped of his FCA "competent manager" status. What a joke.

But this applies to every facet of life. Bankers get huge bonuses for us to discover that it was based on lies and unethical behaviour. How many companies have you seen on AIM get listed, the raise happens, mgt teams exit and the RI's get shafted. All the time. Basically, money gets extracted from the biggest schmuks and its all against all. Global Politics and the way Finance works has failed IMO. You have a generation of very sceptical people witnessing corruption left right and centre and wonder why people don't save into their pensions!!!!:-))