The blogs may have started out as a small group of investors, but that is most certainly not the case now, so to continually be targetting "the Georges" doesn't reflect reality. One of the key purposes of the blogs is to hold the partners to account. Have you not read any of the blog entries??? Once bankruptcy has been declared, a good number of investors will be following through with criminal charges - the partners will most certainly not be getting away "Scott free" as you put it.
As you are so supportive of the partners, and optimisitc of the returns via an IVA yet with no factual basis for being so, may I suggest that in the 2-3 days left you try to articulate the factual basis for your optimism in an IVA approach, the publishing of rental data, and explain what happened to the following properties:
2 abbeycroft close
24 carnarvon
56 beckford court
30 peacock avenue
In March 2010, the following texts were sent by Liam Collins to an investor as part of the fore-play to a major PN investment made by that investor:
[Liam]: The promissory note acts as a legal personal guarantee from myself and the Collins Bone Partnership including all partners for your investment. All of our personal assets including 74 personal student properties and our own homes is held in the partnership.So whilst you do some digging around the above 4 properties, can you also investigate these 74 properties and explain to investors where the (74 - 24) properties have also gone!
Making public to 3rd-parties investment particulars without their permission is a violation of the Data Protection Act. ... I have warned you about this before. Moreover, how much the Georges invested is completely irrelevant - what is relevant is the GBP value of the debt owed to anti-IVA group members, which obviously you now have a handle on otherwise you would not be sending out the e-mail below.
The Editor
----- Forwarded Message -----
From: Robert Wakefield <robert@wysi.co.uk>
To: <investor>
Sent: <20th March 2012>
Subject: Collins & Bone
From: Robert Wakefield <robert@wysi.co.uk>
To: <investor>
Sent: <20th March 2012>
Subject: Collins & Bone
Dear fellow investor,
As I see it, bankruptcy will result in only one thing: the debt being wiped, none of us ever seeing a penny of our money again and Collins and Bone being allowed to walk away Scott free. Have I got the wrong end of the stick? Am I missing something?
Surely, an IVA gives us all (the creditors) a chance of seeing some of our money back one day - even if that day might not be today? Even if there is no chance right now of ever getting our money back, are we not better to wait till property values increase and see what the portfolio of houses might fetch in 2-5 years?
Unless I am very much mistaken, it seems there is a small splinter group of investors who are determined to ruin everything for everyone by acting without having properly understood what bankruptcy for Collins & Bone will mean for us all. Actually, I find it very selfish. Maybe you do too?
I have heard it mooted recently that an IVA would only allow Liam Collins and David Bone to "carry on exactly as before" (whatever that is supposed to mean); this is absolutely incorrect. The whole point of entering into an IVA is that the IVA practitioner (rather like the role of an administrator in an insolvency matter) takes full financial control of the assets, income and liabilities of the debtors.
I have personally seen the balance sheets, and I've seen the mortgage debt on the properties: please let me reassure you that there is not a hope in Hell of any of us seeing a single penny of our money back if Collins & Bone are forced into bankruptcy.
May I ask you this: if (quite understandably) you are sick and tired of the whole C&B meleé, and you would rather have closure, would you please consider your fellow investors, some of whom stand to lose their entire life savings in the event of C&B bankruptcy. Is this what you really want? If not, please help your fellow investors and vote 'YES' to an IVA today.
If, again totally understandably, you even hate the sound of 'Collins' or 'Bone', do you really want to let these two off the hook for good? If so, vote against the IVA and for bankruptcy, because that is exactly what your vote will do. They can then stick two fingers up at us all and walk off into the sunset. Is that fair? I don't think so. Nor is it what Collins & Bone want to do either, I might add.
If you know something that I don't, would you please tell me? I am just an investor (like you), but one who has always believed that working with them and not against them is our smartest choice. Supporting any petition for bankruptcy might give you some satisfaction, but it certainly isn't smart, and you will not see a penny from it. Mark my words.
I would like to end this email by pointing out that the two misguided women who have been so determined to ruin our chances are (together) owed £15,000 (out of a total £4 MILLION). Perhaps they can afford to wave goodbye to £15,000? I wonder if they would have behaved in the same way if they were owed the whole £4 million (as collectively we all are)?
I understand you are either undecided or against Liam Collins & David Bone being allowed to enter into an IVA regarding their current debt to investors of about £4 million.
As I see it, bankruptcy will result in only one thing: the debt being wiped, none of us ever seeing a penny of our money again and Collins and Bone being allowed to walk away Scott free. Have I got the wrong end of the stick? Am I missing something?
Surely, an IVA gives us all (the creditors) a chance of seeing some of our money back one day - even if that day might not be today? Even if there is no chance right now of ever getting our money back, are we not better to wait till property values increase and see what the portfolio of houses might fetch in 2-5 years?
Unless I am very much mistaken, it seems there is a small splinter group of investors who are determined to ruin everything for everyone by acting without having properly understood what bankruptcy for Collins & Bone will mean for us all. Actually, I find it very selfish. Maybe you do too?
I have heard it mooted recently that an IVA would only allow Liam Collins and David Bone to "carry on exactly as before" (whatever that is supposed to mean); this is absolutely incorrect. The whole point of entering into an IVA is that the IVA practitioner (rather like the role of an administrator in an insolvency matter) takes full financial control of the assets, income and liabilities of the debtors.
I have personally seen the balance sheets, and I've seen the mortgage debt on the properties: please let me reassure you that there is not a hope in Hell of any of us seeing a single penny of our money back if Collins & Bone are forced into bankruptcy.
May I ask you this: if (quite understandably) you are sick and tired of the whole C&B meleé, and you would rather have closure, would you please consider your fellow investors, some of whom stand to lose their entire life savings in the event of C&B bankruptcy. Is this what you really want? If not, please help your fellow investors and vote 'YES' to an IVA today.
If, again totally understandably, you even hate the sound of 'Collins' or 'Bone', do you really want to let these two off the hook for good? If so, vote against the IVA and for bankruptcy, because that is exactly what your vote will do. They can then stick two fingers up at us all and walk off into the sunset. Is that fair? I don't think so. Nor is it what Collins & Bone want to do either, I might add.
If you know something that I don't, would you please tell me? I am just an investor (like you), but one who has always believed that working with them and not against them is our smartest choice. Supporting any petition for bankruptcy might give you some satisfaction, but it certainly isn't smart, and you will not see a penny from it. Mark my words.
I would like to end this email by pointing out that the two misguided women who have been so determined to ruin our chances are (together) owed £15,000 (out of a total £4 MILLION). Perhaps they can afford to wave goodbye to £15,000? I wonder if they would have behaved in the same way if they were owed the whole £4 million (as collectively we all are)?
Kind regards,
Robert Wakefield
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