Member Info for FrankyS1971

Beacause the unrestricted cash is not actually that. The cash is only unrestricted if we don t breach our covenants or if the creditors want to make them rhe priority above the payouts they can literally pull the rug and force into administration to protect themselves. I may have worded this clunkily but the jist is correct.

The way to see this is that you don t release an RNS like that without already engaging the relevant parties up front and getting some levelnof buy in. The customers haven't been engaged and low and behold its debtcamel that piped up as their voice asking for more details..this will be massaged into place. Feel more positive than not on outcome.

They are regulated XEL but sadly the FCA is totally reactive and have not redressed the balance. The Woollard report will likely change that. Added to FCA resolution a SOA lending etc there is a lot of positives to see this 30p by spring. That or bust. But what is the point of killing a business with new mgt that wants to fix it. Would be irrational and short sighted but nothing would surprise where FCA is concerned.

Unless a line is drawn under complaints then no lending and no lending no business. Only way to get complaints sorted is SOA. Only way to get SOA sorted is a 4 way negotiation between FCA creditors customers and Amigo. Not easy to achieve and all known examples of this have failed. Narrow path for GJ and team but if anyone can the candyman can.

Sorry vinson but the amount you have invested and the statement "90% of complaints sorted" tells me you ve got more money than sense. The provision was never going to be enough to handle the volume. Once complaints build up they never go away. Its a sad fact as the gravy train gets jumped on. Further, the formula for paying back guarantor payments hadnt been settled which was the remaining 10%. Its vey clear that any commitment to that number on 2200 odd cases then opens up another floodgate. I am invested here but lets not be naive. The future of Amigo is not in our hands, its in others.

I have 120k in this now clintek..possibly a silly boy and 20k paper losses. I won t sell though even if there is a bigger part of me that feels i am sleep walking toward disaster. Gulp. Its still a 60-40 in our favour coin toss. Not likely to see 11-12p to derisk annoyingly.

Cheers Clintek. Mark TBF is fair enough but like us we re all mushrooms..kept in the dark and fed sh%t and we all change our minds and confidence levels quite frequently. I can t abide the bully boys with nothing factual. I m not sure here whether to cut and run at a 15-20% loss as am balls deep. Tough one.

I was trying to raise this at the start of the month and was largely told i was boring as i kept banging on about how these schemes are structured etc.

This outcome is not in our control. It is in the control of creditors, FCA and customers. I am nervous as this is clearly not a good place to be. Lending can be talked up but can t happen without the ringfencing agreement. This will go into administration very quickly without the agreement as the creditors will naturally put their interests ahead of their money being paid out. It might be best to derisk at a loss and come back if sorted out. Better to get in at 15p for example?:-/...will sleep on it.

DavidHos we can only afford it if creditors allow it. Technically they can put us into administration if they choose to prioritise themselves over customer redress. It is a narrow path but a clear one.

More so the offer will be pre-negotiated as the alternative is taking the FCA to court. They risk paying us a lot back if our case were upheld as it was in Australia with the same governance structures. Best way for FCA to redress balance with CMCs is this. Customers will be advised to take the offer and Sarah at debtcamel can f off and play with her dildo as an alternative

Back up plan will be judicial review.and going to court. No good for any party.

Binary..approval an multi bag. No approval and lose your shirt. Simples.

No probs Mark...never any malice in what is say just the odd ribbing-)..customers will vote yes because they lose lots to the claims companies and this cuts them out and means amigo can go direct to offer redress. Lots of them are borderline trying it on and will be glad for something back than nothing. Same for creditors and fca i reckon.

No probs Mark. I ll convert you into an investor yet haha. Stick 20k into this and forget about it. Come back in 12 months and enjoy 60-80k+. No more listening to the hound or trying to contact a judge in Bermuda. Much better for the soul to invest LT!!

Thats fine Mark basically you re a trader and not really an investor. As long as you realise that 90% of amateur retail traders lose 90% of their money 90% of the time you ll be fine. And by the way, nothing here has changed, its the same binary bet it was in the summer. Either complaints consume the business or its a multibagger.

Anyone interested in seeing where this will land, take a read of my post in the subject header. Redress Scheme and what that means to shareholders covered.

Actually key here is the sweetener GJ offers which is 5% of profit over next 3 years to go into the pot. So effectively don t agree and lots get nothing or agree and we can makes sure the redress is fair. FCA and FOS would be daft to shut us down on that basis. They wont want to go to court.

Hence i banged on about this a couple of weeks ago. Without a SOA we are toast and this pot if agreed is the best thing by a country mile we can wish for. Without it we are dead meat so i d be hopeful we get a green light.

#skin# not soin lol-)