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30b fully collaterized loan @ 1.9%, 6 months
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Grendell
Technologies Unlimited
#21 - 2015-12-07 15:33:36 UTC
isk sent!

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Dextrome Thorphan
#22 - 2016-01-31 09:13:32 UTC
(Have not received this month's interest yet)
Droodid
Antec Enterprises
#23 - 2016-01-31 16:25:22 UTC
I received interest for December on the 1st January. Perhaps January will be on the 1st February?
Dextrome Thorphan
#24 - 2016-01-31 16:36:40 UTC
Droodid wrote:
I received interest for December on the 1st January. Perhaps January will be on the 1st February?

Ah yes, fair enough :)

(Was looking at the first interest payment which was on the 28th)
Droodid
Antec Enterprises
#25 - 2016-02-02 12:51:03 UTC
I've sent wreck 21 a message asking him/her to confirm why interest payment is late.
Dextrome Thorphan
#26 - 2016-02-04 09:41:37 UTC
Any news yet?
Droodid
Antec Enterprises
#27 - 2016-02-04 10:18:29 UTC
No, have been in touch with Grendell regarding the possible default. No response from him yet.
Grendell
Technologies Unlimited
#28 - 2016-02-06 01:59:49 UTC
Droodid wrote:
No, have been in touch with Grendell regarding the possible default. No response from him yet.


Hey guys I'm working over the weekend! I'll look into this Monday!

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Grendell
Technologies Unlimited
#29 - 2016-02-08 15:41:06 UTC
Wreck has been mailed! Will await his reply. If he misses 3 consecutive interest payments without making up for previous shortcomings the loan will be considered defaulted! So I'll keep you guys posted!

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Dextrome Thorphan
#30 - 2016-02-10 12:39:24 UTC
Grendell wrote:
Wreck has been mailed! Will await his reply. If he misses 3 consecutive interest payments without making up for previous shortcomings the loan will be considered defaulted! So I'll keep you guys posted!


Wow 3 missed interest payments? That's more than we've already received Big smile And that would pretty much be the end of the bond duration anyway...

Could we make it 2 missed payments without notification?
wreck 21
Doomheim
#31 - 2016-02-14 23:07:11 UTC
Hi

I'm afraid to say this loan was taken to protect myself from an investment I wasn't sure would pay off within a reasonable time frame (and had already lost money on prior to taking the loan...) Sorry Gremdelll, but it's just not worth me paying back the loan. It would take me so long to get 30b back from that investment that I'd rather just have the 30b and stop interest payments now.

I see you wait 3 months to default, but I do feel kinda bad about this so I figured I'd give you the heads up so you can decide what to do those 50 Quafe Domi skins now.
Jerry T Pepridge
Meta Game Analysis and Investment INC.
#32 - 2016-02-15 01:11:30 UTC
wreck 21 wrote:
Hi

I'm afraid to say this loan was taken to protect myself from an investment I wasn't sure would pay off within a reasonable time frame (and had already lost money on prior to taking the loan...) Sorry Gremdelll, but it's just not worth me paying back the loan. It would take me so long to get 30b back from that investment that I'd rather just have the 30b and stop interest payments now.

I see you wait 3 months to default, but I do feel kinda bad about this so I figured I'd give you the heads up so you can decide what to do those 50 Quafe Domi skins now.


ill take one for 20b

@JerryTPepridge
Grendell
Technologies Unlimited
#33 - 2016-02-18 17:26:09 UTC
Checking up on this this week!

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Grendell
Technologies Unlimited
#34 - 2016-02-18 17:41:26 UTC
Hey guys,

So with the loan now considered defaulted we have 2 options.

Option 1: I divide the collateral amongst the investors, for each of you to decide when and how you would like to liquidate it. Current value of the collateral @ Jita prices is 33.75b.

Option 2: I sell the collateral, myself which would take time given the collateral and my available playtime. But I would be keeping the profit in the sales for the effort involved in liquidation.


Let me know which you guys would prefer by eve-mail and I'll get the ball rolling for either option.

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Edwin Rothbard
Interstellar Arbitrage
#35 - 2016-02-18 21:53:45 UTC
wreck 21 wrote:
Hi

I'm afraid to say this loan was taken to protect myself from an investment I wasn't sure would pay off within a reasonable time frame (and had already lost money on prior to taking the loan...) Sorry Gremdelll, but it's just not worth me paying back the loan. It would take me so long to get 30b back from that investment that I'd rather just have the 30b and stop interest payments now.

I see you wait 3 months to default, but I do feel kinda bad about this so I figured I'd give you the heads up so you can decide what to do those 50 Quafe Domi skins now.


Was the investment buying 50 Dominix Quafe Skins hoping to get rich? They sell about 1 per day in jita. Adding 50 of them to sell orders will crash the price hard. You could crash 14 of them into the Jita buy orders but after that it's a race to the bottom with the price. I seriously doubt 30b can be recouped from the collateral in any reasonable period of time. I hope your "investors" like flying skinned Domis!

Rothbard's Casino
noobs market orders
nOObs with Miners
#36 - 2016-02-18 22:27:26 UTC
wreck 21 wrote:
Hi

I'm afraid to say this loan was taken to protect myself from an investment I wasn't sure would pay off within a reasonable time frame (and had already lost money on prior to taking the loan...) Sorry Gremdelll, but it's just not worth me paying back the loan. It would take me so long to get 30b back from that investment that I'd rather just have the 30b and stop interest payments now.

I see you wait 3 months to default, but I do feel kinda bad about this so I figured I'd give you the heads up so you can decide what to do those 50 Quafe Domi skins now.



**** poor attitude
Edwin Rothbard
Interstellar Arbitrage
#37 - 2016-02-18 22:46:20 UTC
noobs market orders wrote:
**** poor attitude

Agreed although the investors made it way too easy for him sell his skins for more than they were worth. His post was a scant 30 words. No mention what he needed the money for, or the potential risks, not a word about the liquidity of the collateral, nothing.

The investors didn't ask a single question. They sent their money blindly. The quality of the collateral was questionable to begin with. Had someone asked questions this would have been apparent quickly. Most people would fight to get their collateral back, but the borrower realizes the value of the stuff he put up is less than the 30b he received and is happy to walk away.

I wonder how much I can borrow if I offer up a stack of Vizan's Modified Armor EM hardeners as collateral? They are "selling" for 4.5b each in jita after all. Roll

Rothbard's Casino
Jerry T Pepridge
Meta Game Analysis and Investment INC.
#38 - 2016-02-18 22:59:21 UTC
ease up on the lad - hes obvs a noob, we need noobs like this to lose money so we gain.

please consider this

also - ill take a skin grendall, ill trade a jerry corpse for one.

@JerryTPepridge
Droodid
Antec Enterprises
#39 - 2016-02-19 17:58:12 UTC  |  Edited by: Droodid
Edwin Rothbard wrote:
Stuff


I sent my 10b blindly, absolutely I did. I had no idea what the collateral was, on the other hand I did have Grendell assuring me it was worth 33b ISK, which is 110% collateral. I think you'll find that's standard. This isn't my first rodeo, it is however, my first default since 2009 so I'll take that success rate any day.

I'll take the ISK please/option 2, Grendell. I would have taken the skins, but now everybody knows what the collateral is I'm not interested!
wreck 21
Doomheim
#40 - 2016-02-19 21:31:04 UTC
Edwin Rothbard wrote:
Was the investment buying 50 Dominix Quafe Skins hoping to get rich? They sell about 1 per day in jita. Adding 50 of them to sell orders will crash the price hard. You could crash 14 of them into the Jita buy orders but after that it's a race to the bottom with the price. I seriously doubt 30b can be recouped from the collateral in any reasonable period of time. I hope your "investors" like flying skinned Domis!


I bought them with the intention of holding them long term. The loan was taken with good intentions (you'll have to take my word on that, but it doesn't really matter either way), as a way of freeing up my investment without giving up the skins. If skins had sold a bit faster than they are, even a little, I'd probably wouldn't have defaulted. I had to ask myself whether I would buy 50 quafe domi skins for 30b if it was offered to me, and the answer was no (even with the guilt of defaulting on top of that, which I do feel...honestly)

Sorry for the inconvenience, I hope you all get your isk back.