Member Info for Malpenn

Maybe of interest

https://transactions.freshfields.com/post/102gusf/amigos-redress-scheme-granted-leave-to-convene

Remember what JB said about Amigo's legal team and then see why he purse Hamish for all his wrong doings while he was employed by Amigo. These are top draw lawyers...

Just looking at Richard Tett profile, very impressive

Notable non-confidential transactions include:

Four Seasons; Bartec; Fairhold Securitisation, H.C. Starck; OFS companies; Expro; PHS; New World Resources; Spanish real estate restructurings; NPL acquisitions for funds; IVG; McCarthy & Stone; Endemol; Deutsche Annington/GRAND; EMI; Primacom; Carl Zeiss Vision; Cory Environmental; La Seda de Barcelona; Honsel; Paroc; Bank of England (Bradford & Bingley, Landsbanki and Kaupthing); XL Airways; Amtel Vredestein; and the acquisitions of the London Eye and the Budget Rent-A-Car Group’s EMEA assets.

A multidisciplinary Freshfields team is advising Amigo, including Richard Tett, Neil Golding, Kevin Connolly, Maisie Heath, Lynette Ebo, Chris Mo and Deniz Sezer.

I think also the FOS needs to take some responsibility for the claim generation they have created, it seems that customer have admitted they lied on their applications to get credit. In most other area that is fraud but the "grey" guidelines that the FOS/FCA have enabled everyone that ever had a loan can make a claim, bring in the claim management companies and now you have no way that any business in sub prime can survive.
High street bank charge 49.99% APR and there is no comment from the FCA.
There are people who need sub prime lenders and yes that carries higher interest rate because of the risk.
Amigo V2 should contain Open Banking and an interest rate which reduces when payments are made on time, I am sure the FCA have looked at Amigo V2 and should be happy with the progress to the next gen of sub prime lending.

The government wants to encourage share ownership and investing but their darlings at FCA had their chance prior to the first court case to raise solid concerns, they didn't and advised that the voters have control and now the FCA change their minds and I thought that Amigo were charged with Misleading...

CCD believes it will be able to resolve the FCA's concerns (apart from their concern as regards redress creditors receiving less than full value) prior to the first court hearing but, if any remain unresolved, CCD expects the FCA to set them out for the court in writing. However, such concerns (if any) are not expected to be of a nature that would prevent customers being given the opportunity to decide for themselves whether or not to support the Scheme, or to oppose it in favour of the alternative, i.e. insolvency proceedings for CCD, notwithstanding any concerns the FCA may have.

Personally I think JPM are buying on behalf some another party, therefore today's FCA comments are fully expected and I would think they will take advantage of today's sale.

For what it's worth my money is on increased holdings.

MM's hit lots of PI stops early on and then played the game.

Increase holdings from today and we are all good, reduced holdings from JPM et al and yes we have problems.

FCA need to be seen they are driving a hard bargain for the customers and want Amigo to increase the pot or maybe the BoD to release some of their shares.

Not to the creditors meeting tomorrow they are not.

If the FCA had objected prior to the first hearing, then based upon valid grounds the judge might of not even approved the vote.
Customer might have thought, well if the FCA are okay with it then so am I.

Remember that JP rejected an offer of around 20pence for the business when it was in a very bad state.

Or the bond holders are asked to add funds, we are not impacted by that.
If I was a bond holder, I would add funds as my bonds become more valuable.
Yes if the company went into administration the secure creditors get their money back first but they want future profits from Amigo, so long term they benefit.
No idea really but even if placing happened, the business goes forward and we avoid administration.

All we need is a nice TR1 increase holdings from today's *special offer" and we firmly back on track.
Amigo won the vote !!!

https://twitter.com/Goodshare1/status/1392068115475881986?s=19

Did anyone really think the FCA would just watch this go through without formal comment /contest.
We have two sides at different ends of the spectrum, we are negotiating and first rule is never show your best offer first.. very likely this will be resolved through negotiations and judge will decide what is fair and if he/she wants changes to push this through.

All claims will be handled by Amigo not the FOS. This is part of there concern but not sure why, if Amigo upheld every claim then the pence in the pound from the scheme pot will be reduced. If they were allowed to be objective then the valid claimants would get more. I expect more % of profits will be agreed.

Maybe in future the FCA look at ways to include Amigo in the FSCS scheme. The FOS gets about £800 per complaint they are asked to investigate, where does that money go to ?