Any update ? thank you
No updates here? I emailed the contact listed above and was told updates would be in this thread.
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Hi, any update ? I also tried through the email provided above but I haven’t received any answer.
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It’s been four months since the loan’s maturity date. Has there been any progress on the repayment? thanks
@billwolf @Monica
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Saw this in the news. Seems like they should have plenty of funds to pay us back.
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Thank you to all of the lenders in the TrueFi pool that owns the loan to Albo/delt.ai (the “Company”). Since our last communication regarding the restructuring of the loan that was due to be repaid at the beginning of July, 20204 we have been working behind the scenes to facilitate payments from the Company as quickly and efficiently as possible. As we have emphasized in the past, we have been privately and confidentially engaged in an ongoing intensive and complex negotiation post the restructuring of the loan which was announced by us in August 2024.
Based on the August restructuring, the Company was to have made payments of the interest that was due on July 2, 2024 as well as principal payments that would have reduced the outstanding principal balance from the US$4,000,000 to $2,600,000.
Based on continuing challenges the Company faced in securing more efficient debt capital to sustain and grow their business, Albo/delt.ai quickly fell behind on the restructured terms. Through intensive negotiations between Archblock, acting as agent for the lenders, and the Company and through significant progress by the Company in securing a new lending facility, we are pleased to announce that we have recovered the following amounts:
Principal payments in a series of payments totaling US$1,200,000.
The interest payment which was due in July 2024 for US$226,849.32
The Company remains behind schedule on payments under the terms of the August 2024 restructuring and owes an additional $200,000 of principal payments and the 23% interest payment on the balances outstanding between July 2, 2024 and September 30, 2024 (the first quarterly period post the restructuring). We are working diligently with the Company to secure payment of those amounts as soon as possible.
Notwithstanding the amounts currently overdue, Archblock will arrange to distribute the interest and principal payments we have received 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. It is currently our intention to distribute US$1,200,000 in the next two weeks to all holders of the loan who will receive their pro-rata share of the originally committed amounts. We will send a communication to the Forum indicating the timing and the final amount to be distributed.
As we stated in August, 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 continue to manage this ongoing sensitive situation to reach the best possible outcome for the lenders.
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Hi all,
Here is the link to the November 2024 airdrop claiming instructions: delt.ai loan: Nov 2024 airdrop claiming instructions | TrueFi Docs
Please let us know if you have any questions. Thank you!
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Happy New Year, @billwolf ill and @Monica!
Is there any progress regarding this loan? After Albo missed the interest payments for July to October 2024, the payments for October 2024 to January 2025 are now also due.
Please keep us updated if there’s any confirmed progress. Thank you!
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I attempted to send an email to Mr. Bill and received an automatic reply stating that he has left the company.
Is there anyone currently handling and following up on this matter? Is Archblock still operating as usual?
thanks
@Monica @RyanRodenbaugh @SolexJ1000 @rafaelcosman
Please send an email to hello@archblock.com for any question related to this thread.
Dear Solex, Kevin, and Team,
Thank you for your inquiries. I confirm that Bill has recently left the company. I am actively familiarizing myself with the loan details and have had several meetings with Albo’s CEO to address this situation. While there have been challenges, Albo remains confident that the loan will be repaid in full over the next two quarters. In the meantime, we are exploring an additional distribution based on the interest payments.
Best regards,
Alex de Lorraine
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@AdL please give an update to the alameda debt holders as well, its been a while since we got updates from archblock.
Hi CapitalM,
thanks for asking, would you mind sending an email to legal@archblock.com please? The legal team is working through this and is happy to update you.
All the best,
Alex
Dear Mr. Alex,
Thank you for your response and for continuing to follow up on this matter. Albo has repeatedly failed to make interest payments as agreed, making it difficult to believe that they will be able to repay the full principal and interest when the loan matures in July.
We sincerely hope that you can secure the best possible outcome for the creditors. We appreciate your efforts and dedication in handling this situation.
Best regards
Dear Kevin,
I agree with you that is has been rather difficult and we are constantly reevaluating the situation to determine what is best.
With best regards,
Alex
Dear Alex,
We would like to clarify that Albo has not made any interest payments from July 2024 through March 2025. Could you please advise when the overdue interest will be paid?
Thank you.
Hello, any news about this subject? It’s getting worrying not having any information.
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So much money is still left to repay creditors. Any updates?
This kind of no information is really bad for this protocol.
Also is anyone even left at Archblock to take care of this?
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