Toni
This may not be too difficult to understand. If Rushcliffe is in administration then the assets have to be realised and the creditors paid off. If you have a valid contract, have complied with it to date and registered your claim then you are a valid creditor.
Assets? There is a valuable one here at Jardines de Montemar. OK, due to the Spanish real estate crisis, it is not worth anything like it would have been 4/5 yers ago but it is still formidable. More than likely the bank(s) have a charge as well.
At the end of the day it won't just sit there forever, someone will buy it, the value of the asset realised and the creditors paid. Perhaps it cannot exist as an apartment complex and has to be an aparthotel. That matters not as it still has value. Right now Rodat are building an aparthotel in Moraira and the work is going "lickity-spit" for completion early in 2010 - so there is still money around for this type of venture.
The Moraira "Marriot" makes J de M look like a B & B in comparision.
You have a 30% interest in an apartment for 350,000 (let's just say that for now because the actual amount is irrevelent), so it's 105,000. Now the real value may have fallen to 200,000, so it's only now worth 60,000. How much is the swap deal really worth? Get the idea? Could be a good investment if there is a buyer around for J de M and not much else is owed except to the buyers. After all the place is actually finished and Rushcliffe have even tarmac-ed the road and installed the pavements and streetlights - it's not like it is half-finished!
One thing I don't understand is that Jardines of Montemar is such a well kept secret, something must be going on. The only thing I heard was about the meeting in Benissa town hall over a year ago about J de M's status as apartments, after the building licence was issued for an aparthotel. I don't think that there could be a big scandle here, except for the fact that it is an aparthotel and not apartments. I have searched and searched and there is still nothing.
You have to remember as well that places like Calpe, Benissa, Teulada, Benitachell, Javea etc., although not without a few rumours now and again, are fairly respectable municipalities with long-term reputations to worry about. J de M is actually part of Montemar/Buenavista that started it's development in the 1970's.
If there was something really wrong it would be all over, like when the mayor of Benitachell was arrested.
Send me a PM if you want to communicate. I live in Moraira and have a rental agency. I go past J de M practically every day.
Homefinder
This message was last edited by Homefinder on 4/19/2009.