NS / Thunderbird (in Public Record)

AdminNightStrike August 23 2007 2:34 AM EDT

It has come to the attention of NS Loans Service that this customer cannot maintain the requirements of the loan agreement. Originally, the plan was such that the debtor (Thunderbird) would pay between $1m and $1.5m per week under a ramping interest model that would allow an opportunity to put a large dent in the principle before interest started accruing quickly. This would require 18 weeks to pay off. There was an error in the original loan calculation wherein interest started at 1% instead of 5% prior to the ramp up. This error was in the favor of the debtor, and so was left uncorrected. The debtor was unable to maintain this level of payment, and has instead averaged 750k per week, placing the average payment under the current level of interest accrual. At the current rate, payback of the loan is not possible, and defaulting on the loan is imminent.

Because of that, NS Loans Service has agreed to restructure the loan to something that the debtor is more able to handle. Under the original model, if payments were consistent at 1.5m per week, the total amount repaid would have been $22,764,604 over the life of the loan, or $5.8m interest against $17m principle. The new model if agreed to by all parties will instead be a fixed interest of $6m with no further interest applied against the total remaining balance. All payments made thus far ($3.5m) will be credited to this balance, leaving a total remaining balance of $19.5m. A minimum weekly payment of $750k is required, though there is no maximum. Failure to send the minimum payment by noon server time on every 7th day from the start of the original loan will result in "The CB Monty Feature" being applied to the debtor.

Please direct all questions to Miandrital.

MissingNo August 23 2007 3:47 AM EDT

I agree and appreciate this 100%.

MissingNo August 23 2007 12:30 PM EDT

Thunderbird (Thunderbird) NightStrike (Loans) $300000 12:30 PM EDT

MissingNo August 25 2007 12:06 AM EDT

Thunderbird (Thunderbird) NightStrike (Loans) $250000 12:06 AM EDT

MissingNo August 26 2007 1:25 PM EDT

Thunderbird (Thunderbird) NightStrike (Loans) $200000 1:23 PM EDT

Completes 750k for this week, next payment should be due August 7th?

Miandrital August 26 2007 1:35 PM EDT

Sept 7th

AdminNightStrike August 26 2007 1:38 PM EDT


August 29 - Done, 750k
September 5
September 12
September 19
September 26

To make things easier, you can wait until you have the 750k and send it all in one payment for the week, as long as it is before noon server time on the days listed above. But yes, you have done your 750k for this week, and the next week is not august 7th, it's september 5th.

Miandrital August 26 2007 2:10 PM EDT

what he said ^

MissingNo August 31 2007 6:21 PM EDT

Thunderbird (Thunderbird) NightStrike (Loans) $750000 6:20 PM EDT

September 12 is the due date for the next payment.

MissingNo September 8 2007 1:57 PM EDT

Thunderbird (Thunderbird) NightStrike (Loans) $750000 1:56 PM EDT
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