It’s been 12 days past the due date of July 2nd, and there’s still no information. Given that everyone knew July 2nd was the due date, shouldn’t the repayment communication have been made in advance? Why is there still no update many days after the due date?
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Who is working with Delt.ai on their overdue debt?
You would have known who if you spend a minute on actually learning about this community and the DAO. Like this is literally written in this very thread.
Hi, still no update?
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Thank you for the on-going requests for an update on the delt.ai loan which is now past due. We are making progress in discussions with delt.ai and its new parent, Albo, and will make an announcement once we have a resolution.
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How is there an issue repaying the loan? Did albo not raise $40mm less than 12 months ago? Did they not acquire delt.ai for $20mm? What is there to discuss?
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Even though they have raised funds and made acquisitions, it doesn’t mean they are willing to repay the loan. It’s clear that over the past year, they haven’t prioritized repaying the debt; otherwise, they would have prepared the repayment funds by now.
waiting for good news 
Hello Mr. Bill, I would like to ask about the current situation: Is Albo unwilling to repay the loan, or do they want to continue to postpone repayment in phases?
Hello , sir @billwolf , It’s been a month since the repayment deadline on July 2nd, and there are still no updates? thank you
Who is responsible for pursuing this and taking legal actions? Who is the portfolio manager in Truefi now?
@billwolf hello sir , what’s the situation right now?
@billwolf hello sir , what’s the situation right now?
Despite finding online that Albo is currently operating normally, why haven’t they repaid the loan one month past the due date and failed to reach any new agreements?
@Monica @billwolf
Update to TrueFi Forum Regarding Albo/delt.ai Restructured Loan
Thank you to all who have made inquiries regarding the status of the Albo/delt.ai loan that was due to be repaid on July 2, 2024. As is customary in a situation like this where the loan payments were not made on time, the parties engaged in an intensive and complex negotiation leading up to and and subsequent to the missed interest and principal payment.
Archblock, acting as agents for the lenders to the pool that made the original loan to the Company (now the combined company Albo/delt.ai (the “Company”)), have reached agreement with the Company on a restructuring which we believe is in the best interest of the lenders.
As we have discussed previously, the Company is a Latin American based financial services technology (“FinTech”) startup company that is still in the early stages of its development. While the Company has both made significant strides in growing and demonstrated strong results in its consumer and small-to-medium enterprise commercial FinTech businesses, it is not yet a free cash flowing company. Therefore, as the interest and principal payment date approached, it was clear that the Company could not afford to pay off the loan as was previously agreed.
Archblock analyzed the Company’s financial position and received confidential information regarding its new third party financings made available to it based on its progress over the past year and determined that the best course of action to maximize recovery for the lenders was to enter into a further restructuring agreement for the loan.
Based on that restructuring, the Company will make payments over the next 60 days of the interest that was due on July 2, 2024 as well as principal payments that will reduce the outstanding principal balance from the US$4,000,000 to $2,600,000. The Company will also make quarterly payments of interest based on a rate of 23% annual percentage rate accruing on average outstanding balances from the originally scheduled interest payment date of July 2, 2024. The final net principal amount of $2,600,000 will now be due on July 2, 2025.
Archblock will arrange to distribute the interest and principal payments to original lenders of record to the pool in a series of transactions, net of Archblock’s expenses to act as agent in this matter. This distribution will start after September 1, 2024 when we expect to have received both the missed July 2, 2024 interest payment and the initial installment of the agreed principal amount payments.
Given the complexity of this situation and the importance of preserving confidentiality of the details of the financial standing of the Company, Archblock going forward will attempt to answer questions about the process and the loan to verified holders of the loan who make inquiries to our hello@archblock.com address.
Thank you again for your questions and patience while we conducted this sensitive negotiation to reach the restructured loan agreement.
Hello Mr. @billwolf, I greatly appreciate the work you have done on this matter. I have the following questions and would appreciate your response:
1:
In the update, the agent fees mentioned for Archblock—are these referring to the $15,000 monthly fee starting from September 1, 2023? So, does this mean Archblock is now charging a total of $180,000 for the period from September 1, 2023, to September 1, 2024?
2:
As of August 15, 2024, Archblock has collected $553,524 from unclaimed repayments of Albo (Delt.ai) (related link: Address 0xb048dcb1262c28add6a3a0022b476db1c466abb6 | Etherscan). How does Archblock intend to handle this amount? Can the $180,000 agent fees be deducted from this $553,524, and the remaining funds be temporarily reserved for potential legal costs?
3:
According to previous posts, Archblock withheld $200,034.25 in interest payments made by Delt.ai from April to July 2023 to cover potential legal issues. Given that the loan has now been restructured and there are sufficient remaining funds (as mentioned in the second question above, totaling $553,524), can these withheld funds be released to repay the lenders?
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@Kevin911 Thanks for the questions. Please send us a message to the hello@archblock.com email address as we mentioned in the post we will verify you quickly as an original holder in the pool and then answer your questions which of course are pertinent only to actual participants in the loan. Thank you!
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@Kevin911 i am also a tfUSDC debt holder and share the same concerns here, including the plans going forward. Would like to communicate for exchange of info. Discord #kane7290 or email me kane@serernity-research.com
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