GE did not just change its name, it sold the company = lock, stock and two smoking barrels. But this little move saved them and Revenue.ie €3 Million.
GE Capital Woodchester Home Loans Limited to Pepper Finance Corporation (Ireland) Limited – Change of Name – Legal Office Notice No. 1 of 2014
By Certificate of Incorporation on change of name, (No. 34927), registered in the Companies Registration Office on the 11th day of October 2012, it is certified that by Special Resolution of the Company and with the approval of the Registrar of Companies, GE Capital Woodchester Home Loans Limited changed its name and is now incorporated as a limited company under the name Pepper Finance Corporation (Ireland) Limited.
The following procedures apply as and from 11th October 2012:
1. Discharges and vacates of charges in favour of GE Capital Woodchester Home Loans Limited will be executed under the name Pepper Finance Corporation (Ireland) Limited.
2. Charges dated on or after 11th October 2012 must be in the name of Pepper Finance Corporation (Ireland) Limited
3. Charges dated prior to 11th October 2012 that are created in the name of GE Capital Woodchester Home Loans Limited, but lodged after that date, should be registered in the name of Pepper Finance Corporation (Ireland) Limited.
4. On application by Pepper Finance Corporation (Ireland) Limited, in any particular case, it may be registered in substitution for GE Capital Woodchester Home Loans Limited, as owner of individual charges, on payment of a fee of €40.
9th January 2014
Here is a start, my pets: GE sold to Pepper.
Transfer Duty to Revenue: €700.00 (200K to 400K), Land Registry Fee €130.00. Deeds Registry €50.00. That’s €880.00.
Pepper have saved themselves €3,080,000.
Revenue lost out to the tune of €2,450,000.
And that is one of the smallest transfers (name change).
So lets get the list going.
GE turns to Pepper
On Peppers own paperwork:
Peppers “this acquisition provides Pepper etc, third-party servicing.
GE portfolio of around 3500 mortgages with a value of 600 million was sold (Pepper may have just changed the name from GE Woodchester Home Loans Limited to Pepper Asset Management) for a reported 40 cent in the éuro, it is quoted in many media forms as being 330 Million, so what figure is true? I have see the figure at just €149 million!
I personally would imagine that the 600 million would be correct and being sold to Pepper at 149 million.
Pepper just did a name change, GE became Pepper on the CRO form 28/09/2012 and yet they (GE) were still doing transaction with CRO as GE up to 11/10/2013. But a sale happened and all directors changed, new company / new directors!
Mr Tuttle comments on the sale and it was a sale not just a name change, “our first priority is to keep people in their homes”. “try and get people on a footing where they can make payments”, Not seen too much of that Mr Tuttle! “there may be some debt forgiveness for some people”, Not seen too much of that Mr Tuttle! “following the completion sale the company will be renamed Pepper”.
The purchase price whatever quoted, that’s not a name swap, that’s a purchase (do you guys get where this is going). Third party interlopers, and by their own words an “a third party asset servicing company”, in black and white.
Pepper have 4.5 million on their books of possible possession for people falling behind on their payments.