SPML/LMC anyone claimed for mis selling and unfair charges?

ryde · December 16, 2009

the supreme speculator and starter of most conspiracy theories reckons capstone is distancing themselves before the big fine arrives and/or all these complaints have actually led to an investigation by insolvency/fsa/ch etc and capstone don,t want them prying about in high wycombe.

We can all live in hope and still dream.

Well done kegi get you a crate of beer on your release mate.

enoughisenough · December 16, 2009

Originally posted by Ryde

capstone don,t want them prying about in high wycombe.

Shouldn't the FSA have been doing just that for the last six months?

And if Capstone want to distance themselves that's fine by me. I'll deal with the organ grinder myself not the phone monkey.

littledotty27 · December 16, 2009

877 INSTRUMENT CREATING CHARGE registered against both companies
what is it?

A charge to secure any issue of debentures. A debenture is an instrument issued by a company as evidence of a debt or other obligation. It includes debenture stock, bonds and any other securities of a company, whether or not it forms a charge on the assets of the company.

890

Copies of instruments creating charges to be kept by company

(1)

Every company shall cause a copy of every instrument creating a charge requiring registration under this Chapter to be kept available for inspection.

(2)

In the case of a series of uniform debentures, a copy of one debenture of the series is sufficient.

891

Company's register of charges

(1)

Every company shall keep available for inspection a register of charges and enter in it all charges specifically affecting property of the company, and all floating charges on any property of the company.

(2)

There shall be given in each case a short description of the property charged, the amount of the charge and, except in the case of securities to bearer, the names of the persons entitled to it.

(3)

If an officer of the company knowingly and wilfully authorises or permits the omission of an entry required to be made in pursuance of this section, he commits an offence.

(4)

A person guilty of an offence under this section is liable— (a)

on conviction on indictment, to a fine;

(b)

on summary conviction, to a fine not exceeding the statutory maximum.

892

Instruments creating charges and register of charges to be available for inspection

(1)

This section applies to— (a)

documents required to be kept available for inspection under section 890 (copies of instruments creating charges), and

(b)

a company's register of charges kept in pursuance of section 891.

(2)

The documents and register must be kept available for inspection— (a)

at the company's registered office, or

(b)

at a place specified in regulations under section 1136.

(3)

The company must give notice to the registrar— (a)

of the place at which the documents and register are kept available for inspection, and

(b)

of any change in that place,

unless they have at all times been kept at the company's registered office.

(4)

The documents and register shall be open to the inspection— (a)

of any creditor or member of the company without charge, and

(b)

of any other person on payment of such fee as may be prescribed.

(5)

If default is made for 14 days in complying with subsection (3) or an inspection required under subsection (4) is refused, an offence is committed by— (a)

the company, and

(b)

every officer of the company who is in default.

(6)

A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.

(7)

If an inspection required under subsection (4) is refused the court may by order compel an immediate inspection.

Edited December 16, 2009 by littledotty27

ryde · December 16, 2009

Its 5pm and the guests(uninvited spies) have all left the high wycombe offices and gone home,no overtime tonight then boys?things getting tight,wait till the strike you,ll be on short time then or redundant we're all anaemic because of you parasites,you've bled us white you b.stards but we'll have you yet.

sorry got a bit carried away there again!

eagleforms · December 16, 2009

Do you want me to send over my cat, Ryde? She is very understanding, but a bit bruised.

kegi · December 16, 2009

moles have thicker skins

kegi

kegi · December 16, 2009

Thanks Ryde for the offer of beer will accept it with pleasure.

Truth is I went to Sherwood Forest to enlist the help of Robin Hood

But alas I was to late it seems a few years ago Capstone held a seminar here with Robin as the invited guest ,they wanted to see if he could be persuaded to change his stance on collecting money[for a fee of course]Seems to have worked because I saw a lot of empty tree houses in the forest, and lots of Moles who keep their heads down in fear of the wild Boar who patrol the forest wearing Capstone T-Shirts .I got caught but some unknown donor posted bail[ thank you kind sir]

I was also told by a corgi wearing a kilt there is a massive repo looming next year so look on 2010 as the year of reckoning and a new member to the site.

Try not to knock yourselves out to much, enjoy Xmas with family and kids

And come back fighting .My answer to the bailiffs when they came knocking is you can’t cut my hands off and it worked for me.

Remember what brought down Capone and the Mafia?

Kegi sore wrists an all;)

ryde · December 16, 2009

eagleforms

thanks for your offer of the loan of your cat but now kegi is back and debriefed have him to pulverise for the latest debacle

he's been exposed you know.

kegi

thank god you're alive and well,thought you'd been either turned which listening to you maybe you have kilts,men in green tights????

I told you to make sure your false identity, when you infilitrated the monsters lair ,would not be noticed.

Think wearing a wig and calling yourself Jennifer Talia was a big, big mistake especially as you would be missing from your desk for hours while working undercover for us and your colleagues and boss would be rushing about looking for you and asking if anybody had seen my or our :

JennyTalia!!!!! you numpty

good job you still had the kilt on!!

I told you to pick an ordinary name like, clark , smith or taylor not talia, forgot you're obsessed with the mafia,godfather and rocky films, and anyway that was her first name, still easy mistake.

ANYWAY You've got to go back in.!!!

ON ANOTHER MORE SERIOUS NOTE:

Assuming spml/pml may eventually be fined for the practices of the administrator capstone; is this not an absolute fallacy when their contracts for administration as clearly set out in the prospectus is with the issuer not with spml/pml so all the crimes they actually perpetrate are on the instructions solely of the various spv entities and it is they that should be fined and dragged out of their holes into the open and not the 2 sleepers whose only purpose was to originate the loans.

Besides the FSA who else could be informed of this because each and every spv should be fined and revealed.

Edited December 16, 2009 by ryde

kegi · December 16, 2009

As I read it Ryde the original lender once he starts off the securitisation and in my view or otherwise sells on the benificial interest he is free of any comeback as to what happens thereafter.

The SPV is a remote and also covered to a certain extent in most matters he is to me no more than a cash machine cum safety deposit box ,money comes in money goes out .The paymaster general if you will.

Capstone is the book keeper cum collector of money, he is the Hear all See all Say nowt . He knows all there is to know of some 70,000 plus mortgages WORTH 5 BILLION PLUS, who pays what and when, where it goes, into what account, every thing about your mortgages he knows .

And in my view he is Answerable to the Trustee's, for what its worth

KEGI

Turn the bookkeeper is what the FBI did

ryde · December 17, 2009

kegi

think we've put the kiss of death on everyone,I'm the only one watching,not even any guests.

JonCris · December 17, 2009

No yer not:p

Smarterchick · December 17, 2009

As I read it Ryde the original lender once he starts off the securitisation and in my view or otherwise sells on the benificial interest he is free of any comeback as to what happens thereafter.
The SPV is a remote and also covered to a certain extent in most matters he is to me no more than a cash machine cum safety deposit box ,money comes in money goes out .The paymaster general if you will.

Capstone is the book keeper cum collector of money, he is the Hear all See all Say nowt . He knows all there is to know of some 70,000 plus mortgages WORTH 5 BILLION PLUS, who pays what and when, where it goes, into what account, every thing about your mortgages he knows .

And in my view he is Answerable to the Trustee's, for what its worth

KEGI

Turn the bookkeeper is what the FBI did

Nothing to do with spml, but a simialr situation, what happens if the loan company and the spv Ltd co. have the same directors? What slant would anyone have on that? I'm on a fishing exercise....

sohoscribbler · December 17, 2009

This announcement in today's Telegraph about SPPL's imminent insolvency may be of interest:

Shares & Markets - Telegraph

actionnotwords · December 17, 2009

delete

Edited February 27, 2010 by actionnotwords
inappropriate personal

zither · December 17, 2009

PML website is down Iam sure it was running about a month ago?.

ryde · December 17, 2009

smarterchick

don't think it matters as the company is treated legally as a seperate legal entity except when it does something criminal then complicity may be examined and the directors looked at,such as transfer of assets from one insolvent company to another ???sppl????

ryde · December 17, 2009

EVERYONE LOOK AT THIS SO IMPORTANT THE TITLES FOR THIS POOL ARE BEING TRANSFERRED TO THE SPV

FULL CREDIT TO SOHOSCRIBBLER.WELL DONE MATE BLOODY WELL SPOTTED.

Anyone with these will have to be notified and I THINK THEY WILL HAVE TO REGISTER AT THE LAND REGISTRY.

GET READY

LITTLEDOTTY YOUR TIME MAY HAVE COME.

LMC may be next.

issued by

SOUTHERN PACIFIC SECURITIES 05-2 PLC

(the "Issuer")

on or about 8 August 2005

We refer to:

(a) the Mortgage Administration Agreement (the "Mortgage Administration Agreement") dated 10 August 2005 between, among others, Southern Pacific Mortgage Limited (whose role has been transferred to Capstone Mortgage Services Limited) (the "Mortgage Administrator"), Capita Trust Company Limited (the "Trustee") and the Issuer; and

(b) the Bank Agreement (the "Bank Agreement") dated 10 August 2005 between, among others, Southern Pacific Mortgage Limited (whose role has been transferred to Capstone Mortgage Services Limited) (the "Cash/Bond Administrator"), Capita Trust Company Limited (the "Trustee") and the Issuer.

Southern Pacific Personal Loans Limited ("SPPL") is an originator and current holder of the legal title to the Mortgages. The SPPL re SPS 05-2 Trust Collection Account (the "Collection Account") held by Barclays into which repayment amounts are paid by Borrowers is also in the name of SPPL.

The Issuer has been informed that SPPL has no directors and may be made insolvent imminently. In any case, the Issuer notes that a lack of directors may be considered evidence of the imminent insolvency of SPPL.

The imminent insolvency of SPPL will have various implications, such implications including but not limited to, issues relating to the holding of title to the Mortgages relating to each Loan comprised in the Mortgage Pool and the Collection Account.

Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Mortgage Administration Agreement and the Bank Agreement.

Clause 15.1(b) of the Mortgage Administration Agreement provides that the Mortgage Administrator shall, if requested by the Issuer (with the consent of the Trustee) or the Trustee, deliver to the Issuer (with the consent of the Trustee) or the Trustee, as the case may require, all Property Deeds and up-to-date schedules for attachment to the Transfers and give formal notice of a legal assignment as the case may require of each Mortgage relating to each Loan comprised in the Mortgage Pool and of such charge and guarantee to the relevant Borrowers, insurers and other persons all in such form or forms as may be required by the Issuer (with the consent of the Trustee) or the Trustee (the "Mortgage Administrator Actions") if the Trustee considers that the Charged Property or any part of it is in jeopardy (including due to the possible insolvency of a SPML or SPPL) where legal title to any Mortgage is vested in SPML or SPPL, as the case may be.

The Trustee has given its consent to the Issuer for the Issuer to request the Mortgage Administrator to perform the Mortgage Administrator Actions and once all the necessary arrangements have been made, including the transfer of the Collection Account into the name of the Issuer, the Issuer will instruct the Mortgage Administrator to perform the Mortgage Administrator Actions accordingly.

They haven't moved these companies to a new address for no reason believe me.

Wheres GR and EIE when you need them??

Dare I say it ; wars comin

Edited December 17, 2009 by ryde

zither · December 17, 2009

In a nutshell? please!

mollie5549 · December 17, 2009

It looks like something has been afoot over the last couple of days as there are announcements similar to the one posted by sohoscribbler on the Irish Stock Exchange for various notes dated 15th and 17th December.

My particular securitisation is listed so will be interesting to see what transpires.

In the words of our absent friend........

'Bring em down'

scedminc · December 17, 2009

PML website is down Iam sure it was running about a month ago?.

PML website has been down for well over a year now.

scedminc · December 17, 2009

smarterchick
don't think it matters as the company is treated legally as a seperate legal entity except when it does something criminal then complicity may be examined and the directors looked at,such as transfer of assets from one insolvent company to another ???sppl????

Correct Ryde. Each company is treated as a seperate legal entity but enforcements can be made against directors which could possibly affect such companies. For example, if a director is prosecuted and no longer allowed to be a director then any company they are a sole director to would be dissolved.

Sced

Crapstone · December 17, 2009

The London Gazette has a lot listed for Southern Pacific this month, so that's not the only one. Get trawling..

Gazette Website: PDF Navigator

ryde · December 17, 2009

sced

if attia is prosecuted as sole director then for non submission of accounts (still can't understand that one unless the 2008 submissions were actually for 2006) being sole director of spml/pml they might be dissolved???

Is this another false dawn or the beginning of a new one???

wars here!

get armed!

SOME PREFERRED SPVS HERE AS WELL

http://www.london-gazette.co.uk/issues/822345/supplements/1175

http://www.ise.ie/app/announcementDetails.asp?ID=10311746

eurosail notices here

D3 'S ETC JUST MEAN CHANGE OF DIRECTOR OR OFFICE THOUGH

why don't sppl just appoint attia as a director,she was once? are they all going to bail out?

Edited December 18, 2009 by ryde

Crapstone · December 18, 2009

It's Capstone I want to see bought down as they'll be the ones dishing out. They are still being nice to me and staying very quiet. Can't think why ...

mnoesere · December 18, 2009

The Plot thickens..

See the recent notes to Bond holders Re: SPLM and co..

It appears SPML is about to be made insolvent.

RNS Number : 2946E

Southern Pacific Securities05-2 PLC

17 December 2009

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

IMPORTANT NOTICE TO THE HOLDERS OF THE

€72,000,000 Class A1a Mortgage Backed Floating Rate Notes due 2025

(ISIN: XS0225842359, US84359XAA63)

$205,000,000 Class A1b Mortgage Backed Floating Rate Notes due 2025

(ISIN: XS0225843670, US84359XAB47)

£15,000,000 Class A1c Mortgage Backed Floating Rate Notes due 2025

(ISIN: XS0225851186, US84359XAC20)

£244,800,000 Class A2c Mortgage Backed Floating Rate Notes due 2043

(with Detachable A2c Coupons)

(ISIN: XS0225858512, XS0226046604)

€26,000,000 Class B1a Mortgage Backed Floating Rate Notes due 2043

(ISIN: XS0225861490, US84359XAG34)

£17,700,000 Class B1c Mortgage Backed Floating Rate Notes due 2043

(ISIN: XS0225862894, US84359XAJ72)

€22,000,000 Class C1a Mortgage Backed Floating Rate Notes due 2043

(ISIN: XS0225865483, US84359XAK46)

£7,750,000 Class C1c Mortgage Backed Floating Rate Notes due 2043

(ISIN: XS0225876688, US84359XAM02)

€25,800,000 Class D1a Mortgage Backed Floating Rate Notes due 2043

(ISIN: XS0225877652, US84359XAN84)

£6,375,000 Class E1c Mortgage Backed Floating Rate Notes due 2043

(ISIN: XS0225879278)

£19,125,000 Class E2c Mortgage Backed Floating Rate Notes due 2043

(ISIN: XS0225879518)

are together referred to as the "Notes"