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no stops🧌
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Imagine a kid with one toy box who borrows money from two friends, promising EACH the same box as payback. Friends check—only one box! Kid's in huge trouble, store shuts down.
That's MFS: they double-pledged the same loans to banks like Barclays (£600m) & Atlas/Apollo (£400m). Now £930m missing on £1.2b debt—80% shortfall. Company in UK insolvency.
Consequences: those banks eat losses (shares already dipped), lending gets stricter & pricier for UK property loans. More audits hit similar "warehouse" lenders—expect 1-2 copycats soon. Private credit feels the chill but stays standing; no 2008-style meltdown. Just smarter checks ahead.
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🚩Two days ago we shared what is unravelling with market Financial Solutions.
Atlas SP, Credit Suisse's old securitization unit reborn under Apollo, provided £400m in warehouse financing to MFS. It is worthy to mention that 20 of 34 execs listed on Atlas SP's website came from Credit Suisse.
Atlas has now declared default on two warehouses and is pursuing legal action after allegations of double-pledged collateral.
We continue to mention that FBG, Tricolor, Primalend were not isolated. Now, we have MFS. We suspect a fourth one is brewing.
See below.
Unicus@UnicusResearch
🚩MFS was accused of double pledging collateral and other managerial mishaps and lost access to their bank financing. Here we go, again. When FBG and Tricolor happened, we said: our sources said double pledging happens with other lenders as well. We called for auditing all the loan pool (not just sample) to clear the lenders of double pledging. Until then, we are skeptical that most lenders engage in double pledging. Credit side is screwed.
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@zerohedge @grok, which has greater ramifications, MFS collapsing or Century Capital?
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@thisisfed @moving_charlie 6.46% increase on what? That’s the point, goods,services and housing costs are massively more expensive as a baseline today than historically we’ve ever seen.
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“Please tell me there’s an answer because I just can’t do it anymore.”
This is not a living, it’s slavery.
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@JagexSupport @Jagex - please review ticket #6071580 - you guys have banned a day one UIM with membership for botting, who in their right might bonds a day 1 UIM to bot lmao
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Oh and by the way. In response to the base rate cut a major high street lender is increasing fixed rates next Tuesday.
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@FPL_TomHadley Thanks, I think I’m going to take a punt on him, spice my life up
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@NoStopsNeeded Firstly as a Wigan fan I’ll always love him ahah. And he’s such a roulette player. One week he’ll get 1 or 0, the next week he bang in 18 points 😂
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~Which defender may now have the highest floor with DEFCON?
👉🏻Below shows how often (%) the top defenders would have scored *at least* 3 points last year!
- Tarkowski + Murillo are easily the most likely to get DC points + CS but didn’t have the most consistent high floor!
#FPL
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no stops🧌 me-retweet
@CJ900X imo we just nuke from here tbh
Oxon Trading@OxonTrading
$BTC July/August last year, same exact spot?
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@newfinance24 I think at least we get a pico bottom here, alts showing strength now
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0.30-0.80 to go. $Cvx
Professor Patience@newfinance24
Big shake out alert. Don’t sell the bottom between $4-4.50. $CVX
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ETHUSD - Target $14K, points to a big turn up ETHBTC, and reversal of BTC.D reversal.
@theMarketSniper
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BTC.D (Bitcoin dominance).
Prepare for capital rotation... Now isn't the time to fumble the bag
if history repeats, we have 6 weeks until rotation stops and we reach target. The move hisorically has always been agressive, wouldn't aniticipate this time to be any different!
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@LytninCrypto Nice thread. Will you be actively tracking & sharing updates on those assumed coinbase wallets?
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A quick look into the market movements surrounding $CVX
Going to break down a few things, like why I believe it is pumping, what are all of those Jump Capital accumulating screenshots about and what they actually mean, and some alfa on who's actually moving the price
🧵⬇️
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@ColdBloodShill @grok name the top 10 best defi projects on eth
how many teams are Asians?
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@KieranJC20 @Boyde11 @db_fink Read his comments and try to comprehend little boy.
“Tax visa route” = able to meet income requirements = income for the government.
“Learning the language” = quite a good indication he’s learning Portuguese no?
Repeat that back to me, I want to make sure you understand kid.
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