SAN JOSE INVERSIONES - Administrators report

Hi to all,

The report from the administrators of SAN JOSE INVERSIONES Y DESARROLLOS URBANISTICOS SA has been finally released and it includes some interesting information.

It is important to understand that the timescale to start litigation against San Jose or to put a claim against the credit qualification ends on the 30th of March, or so we have been informed by Court.

Anyone that has not filed their credit yet, it is vital to check and file it before this date too.

This company has recently sold assets worth €15M and there are sales that may happen in the near future. In our opinion, this administration process may have a positive outcome, even for those without a bank guarantee.

If you have any queries, please feel free to email us.

Kind regards,

This sounds like reallly positive news Martin and we thank you kindly for taking the trouble to post on this forum.

Richard

Hi Martin

Thank you for sharing this information - but I don't fully understand.  I thought the administrators report was released in December.  Have we now another one?  How have HdT been able to sell assets when under administration, or are they obliged to put all of these proceeds in a protected account to pay creditors?

thanks again

tracey

Hi

Is this a different report from the one published 22/12/08 which listed the assets and creditors?

If you remember, there are two courts involved in San Jose the parent company, dealing with different developments.  Unfortunately Herrada del Tollo is the company responsible for SADM, which is where most of us were buying, and the administrators, as stated below, produced the report on HdT last year.  The report on SJI is what Martin is talking about, which may be good news for some but unfortunately doesn't affect us.

Sue

 it does in so much that you could, theoretically lodge a claim if SJI remain afloat given loans from HDt and less than transparent accounting which has subsidised it at the expense of other subsids

Good point.  However, even if we could do this in theory, what chance would we have in reality?!  I think the words clutching and straws come to mind!

Sue

Maybe those who bought direct fro SJ may be able to claim eh!?

!!!!!!!!!!!!!!!!!! 

This message was last edited by auntielinda on 3/24/2009.

Martin, since it was you who started the thread, could you please clarify if this is a glimmer of hope for buyers at SADM in terms of getting back what is rightfully ours, or is this just some general news for those who are involved in any way with San Jose.

As far as I`m concerned they are one and the same, and if they have raised that amount of cash, then they should do the right and decent thing and give us our money back. I would like to think that it is more than a glimmer of hope for those of us who bought at SADM. Keep everything crossed in the meantime! Cheers Joanniemac

Hello Martin

Do you know what the 15 million is being used for as it would appear it is not being used at present to finish El Pinet?

FAR

I don,t think the 15mil they have raised is is nearly enough to pay purchasers. The amount owed  to purchasers with SJ contracts is way  above that figure and some .

I once read somewhere that the approximate amount owed to purchasers [i.e. their deposits] was about €80,000,000. If you take around 1700 purchasers at SADM and multiply that by an average €50,000 per person, that would be in the region of €85,000,000.

That is the total owed by both s/j and hdt, maybe even more, but whatever the split, €15,000,000. as you said  M.M. is nowhere near enough.

Well done Linda on getting a few retirement pennies in, join the clan. Also good luck Sue and John on your big day.

THANK GOD someone is having a big day at long last. Well done.

                  Bob.

Hi Bob  for SJ alone the figure required to pay back purchasers is nearer to 51mil  so the 15 mil is a drop in the ocean and who knows what they will do with it . One thing is for sure they will use it in what ever way benefits them most not what would be best for anyone else certainly not us .Sad but true . MM

Hi All,

SJ are share holders of HdT and I will be asking about the funds etc and how this effects SADM at my meeting with Almudena in April. 

All the best

Tony

Good luck  !   You will need it !

Thanks Magicmeg,

I will let you know ASAP what I find out.

KR
Tony

Hi Tiger, you have left out the normal "Hi Ja aka Magicmeg". Have you caught up with facts now and realise that this was pointed out to all some time ago and the reason why>

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