Hi folk's - I am still here following all of your more or less sensible discussions – thanks for all the contribution from El-Trampolin: At least you increase the entertainment value (no offence guys)
I have been thinking of what the best strategy would be to get myself out of this situation – and, to be clear, I am talking about the Trampolin Hills Project
I am sorry to say, but in my mind THERE IS NO EASY WAY OUT of this.
I personally do not think that anyone will get their money back just like that – since all the money has been placed into the current status of the project. The value is in the ground – the planning – the cranes – the landscaping – the drawings – the application and permission – the show houses – etc. GT does not have any money in the bank – and why should they – They have started the project believing that this would go smooth – before all of our misfortune happened.
Assumptions’ and facts:
-Today we all have contracts and have paid a sum of money to GT
-I believe that GT is balancing on a line with regards to funding of the project or bankruptcy.
There are some alternatives that I can see today:
1. GT go bust: We - the customers - would then "own the project” - the only value we have left then is our contracts and the money that has been put into the work performed at the site
2. GT manage to stay alive and build the Trampolin Hills project (either as planned or a reduced/staged sized development)
3. GT sells the whole project to someone else that is willing to develop and have the solidity to do so
What is the most likely scenario?? I would not put money on either one of these cases – and I do not know what the best case would be for us
If they go bust - we would then need to join forces to find another developer to take on the responsibility of building the houses - I guess that we then must renegotiate the contracts that we possess with the new developer, but we would then have secured the value of the land and what has been invested in the project.
If GT builds the project – we have our contracts and would get our houses/apartments more or less as we have been promised – 3 years later than promised, but still
My biggest concern today is that GT don’t get funding for building the TH project – (mistrust from the banks – suspicions of a unhealthy financial situation in GT – potential customers driving the company into bankruptcy through trials – difficult market situation in general – etc.)
I guess GT need to do something to secure the funding; maybe governmental security to get the wheel turning in the Spanish economy, maybe large investment-companies would be willing to take the risk…Maybe we need to wait until the market situation turns upwards in order for GT (or others) to find funding for the project
Yes we are all suffering from today’s market crisis, but we are in the same situation as many many others – in other areas also.
I am not happy about the situation, as all of you – but I still stand tall and accept that this is my own fault and my own responsibility – and this is the way I personally feel the financial crisis. –howling and crying for help, blaming anyone and everyone else, outspoken frustration, does not help me, but I appreciate that some of us have a need to get out some frustration from time to time – even if it does not help the overall picture – and that is the upside of this forum J
No easy way: Trust me – I am equally frustrated as you regarding the situation – and I truly believe that this frustration is shared by the employees (and also the owner) of GT – I have decided not to “fund” the Spanish law system – since the only way any of us can get our money back is if the contract is sold to someone else – and I think that is difficult (or even impossible) to find a buyer until the project is on its way and the market turns back up. I have also seen that there is possible to sell property in Spain also today – given that the price is low enough- but our situation is that we have nothing to sell at the moment – other than “paper money” with relatively high risk.
To the guys in El trampoline and other GT developments – you have at least a house that is worth something – we only have a piece of paper – but I think we are equally stuck with the situation – I do not think it’s just to take a trial to get the money back and get out -
I would also like to thank you for sharing your experiences with GT – we in the TH project should try to learn from your experiences and find ways to avoid ending up in the same situation.
In short:
No easy way out – we need to get this building started!!!
Question that could be asked to GT:
1. Do you really think that GT would get funding to start the building - what is the current situation with regards to funding
2. When do you think that the actual building will start
3. Could you show, to the customers, the approved lisences
4. There has been some documents refering to something called "embargoes" what are these and what does it mean for us?
5. We have seen that you have applied for workers. Is the workforce identified and ready to start building
ALL THE BEST from
OGO