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I had a meeting in Spain a couple of weeks ago with my legal representative and asked a few questions.
I continued to ask how we found ourselves in this position without a bank guarantee as we had continually asked for one from the beginning and were promised one, but never received one. I said I thought this was law, but apparently not and has to be part of the contract. This begged the question had my previous rep not done their job. More than likely.
Anyhow, he said that the meeting between the creditors and administrators was unlikely to happen before christmas 2009 (even though they are hoping for sooner). He said that there are 120 lawyers representing various creditors involved and that this was a logistical problem getting them all in the one court room at the same time. No excuse just more delaying tactics in my book.
The good news, or so I'm told is that San Jose are different to most developers in administration because they have assets, and although the value has dropped (land, property etc) they still have more assets than depts. However, the way it will work is that before they can sell anything they have to have permission from the administrators and so far they have only been given permission to sell one piece of land.
The second problem is that each time they raise money that can be used to pay the creditors it has to be split right across the board, so getting your money back will be in dribs and drabs over years. He thinks that they would be better to go into liquidation, this would speed up the ability for the administrators to sell off their assets, whereas at the moment the company is in limbo and most assets are frozen.
They are also in trouble regarding two private investment companies, one is inversol and the other I can't remember, so the Rodriguez family are back and forth to the courts over misleading their shareholders, emphasising what crooks they really where.
As MM has indirectly pointed out, people who were to move to Jumilla have since passed away and condolences to their families. This make this all the more sickening. Whether this situation contributed or not I personally don't know.
I'm not going away and every now and then I will shake the hornets nest and see what happens. As for our MEPs they are a waste of taxpayers money and I've told them as much.
We need to regroup and have another go.
Regards to all...
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Hi Redman
thanks for sharing your information received. This is much appreciated. We have heard from our solicitors that we are being treated as ordinary creditors by the judge. I don't think we should have been treated as creditors at all - more like victims of theft!!
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Hi all ,
if you read Maria's latest blog on the general forum you will see there is some good news for purchasers of Martinsa - Fadesa . I am delighted for any one caught up in this to have some good news for a change .
My problem is I simply don't understand why our situation is so different or is been dealt with so harshly . Can anyone explain why MF seem to give a shit about their customers when SJ are totally oblivious and down right arrogant to those who purchased from them in good faith and have nothing to show for there money .
I am completely baffled ,can anyone explain who made this decision ,if it will ever come to fruition and why the outcome seems to be sooooo different when the situation of both companies/purchasers appear to be the same ??? Damned if I know can anyone enlighten us on these points ? Thanks MM
_______________________
 Nothing surprises me anymore 
 but I am willing to accept that sometimes (although not very often ) I can be wrong ! 
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This thread has lost me completely .What are you all on !!!!!!!!!
_______________________
Nothing surprises me anymore
but I am willing to accept that sometimes (although not very often ) I can be wrong !
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Posted on the general forum by lawyer Maria De Casstro
Let's see if the creditor's meeting is now accepted by the Judge. It is like the 3rd or 4th time Aifos apply for the creditor's meeting. Related to this, I rad yesterday that buyers in Martinsa without Bank Guarantee and with no house are going to be first paid ( out of a majority consensus of creditors) Real good news as it is also a precedent for other unsolvency procedures, such as....Aifos for example.
Let's keep fighting. Law is there.
MAria
Yes, Aifos request for unsolvency protection has been approved by the Commercial Court in Malaga. All the already started lawsuits will keep their way till Court decission.
Any creditor needs to notify/deffend his credit before the Administrators of the company and ( if necessary) before the Commercial Court.
Take the precedent of Martinsa Fadesa where off plan purchasers with no Bank Guarantee, no property to be built will be refunded 400.000 maximun each ( necessary to be an individual buyer and not a company). Banks have backed the agreed proposition.
Banks.... banks.... where are you now?
Maria
I think this is what we should be discussing ,finding out about and putting our energies into .Why is this happening with purchasers of Martinsa Fadesa and not San Jose / HdT .
Is it because the purchasers were more numerous or had very large group actions ,were they better represented than us and on mass ? Are MF just more honest than SJ ? Are MF more concerned with their future reputation ? Will this ever really happen ?
As Maria says this sets a legal precedent can we use this ?
I feel we are losing an opportunity to help ourselves and use what we have avaliable to us .Your thoughts knowledge and opinions appreciated !!!!!!!
Read Marias Blog on the general forum and lets think about what this means for us MM
This message was last edited by MAGICMEG on 28/07/2009.
This message was last edited by MAGICMEG on 28/07/2009.
_______________________
Nothing surprises me anymore
but I am willing to accept that sometimes (although not very often ) I can be wrong !
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If you believe that, it's fine. I have no problem with it. In fact, having read some of the things by some people on this thread, I find the stupidity quite entertaining.
You may guess, others have facts. Perhaps best you should join SARC, but then, you probably a long standing member?
Strange we do not here from the idiots now?
Please note that the above was in response to Mr what's his name. Oh yes. Pratt.
MM, please be sensible. Are you now expecting all to think for themselves and to seek guidance.
This message was last edited by FriendinNeed on 28/07/2009.
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Hi Taxiparrot , I take it that you have a BG and are just a selfish fu##er who therefore does not give a shit for those who don't,
Do you have no wish for a sense of justice in all of this for everyone involved ?
Perhaps the question I was asking you to think about was toooooo hard . Sorry but that makes you a sad bas##rd and a true parrot brain !!!! Best regards MM
edited for the truth to prevail
This message was last edited by MAGICMEG on 29/07/2009.
_______________________
Nothing surprises me anymore
but I am willing to accept that sometimes (although not very often ) I can be wrong !
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Hi Mug,
You really have a ' fowl ' mouth.
'Sense of Justice' . I prefer to have a sense of humor on this site as 90% of the contributions are from either you or your little side kick  Keep up the cr-p. Sqwark Sqwark
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Hi, the Mug here. I have not, will not lose one cent or penny as a result of the problems with the developer or its developments. Hope you can say the same. Mug, who ?
I am not surprised you have got into a financial mess and likely to drown, when you are not prepared to take advice or seek proper advice.
Having a sense of humour, well yes I do think it funny that you make light of losing money.
A fool and his money .................................
And may I thank you for proving the saying.
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I am re posting this so that people don't miss it .
Taxiparrot I take it I am correct and you are too stupid to comment intelligently on the contents of this post ?
Posted on the general forum by lawyer Maria De Casstro
Let's see if the creditor's meeting is now accepted by the Judge. It is like the 3rd or 4th time Aifos apply for the creditor's meeting. Related to this, I rad yesterday that buyers in Martinsa without Bank Guarantee and with no house are going to be first paid ( out of a majority consensus of creditors) Real good news as it is also a precedent for other insolvency procedures, such as....Aifos for example.
Let's keep fighting. Law is there.
MAria
Yes, Aifos request for unsolvency protection has been approved by the Commercial Court in Malaga. All the already started lawsuits will keep their way till Court decission.
Any creditor needs to notify/deffend his credit before the Administrators of the company and ( if necessary) before the Commercial Court.
Take the precedent of Martinsa Fadesa where off plan purchasers with no Bank Guarantee, no property to be built will be refunded 400.000 maximun each ( necessary to be an individual buyer and not a company). Banks have backed the agreed proposition.
Banks.... banks.... where are you now?
Maria
I think this is what we should be discussing ,finding out about and putting our energies into .Why is this happening with purchasers of Martinsa Fadesa and not San Jose / HdT .
Is it because the purchasers were more numerous or had very large group actions ,were they better represented than us and on mass ? Are MF just more honest than SJ ? Are MF more concerned with their future reputation ? Will this ever really happen ?
As Maria says this sets a legal precedent can we use this ?
I feel we are losing an opportunity to help ourselves and use what we have avaliable to us .Your thoughts knowledge and opinions appreciated !!!!!!!
Read Marias Blog on the general forum and lets think about what this means for us MM
_______________________
Nothing surprises me anymore
but I am willing to accept that sometimes (although not very often ) I can be wrong !
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YEEEEEEEEEEEEEEEES !!!!!!!
JUST GOT MY MONEY BACK USING MY BANK GUARANTEE . GREAT,ITS ALL OVER !!
WITH 'TONGUE IN CHEEK' BECAUSE OF THE EXCHANGE RATES, I'VE GOT MORE BACK THAN MY DEPOSIT!!
GOOD LUCK TO THE REST OF YOU ON HERE. MY ONLY ADVISE IS YOU DO NEED A
REALLY GOOD PRO ACTIVE LAWYER TO DO THE BUSINESS
SIGNING OFF FOR EVER
THE PARROT.
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Well done Taxiparrot! I am sooooooooooooooooo pleased for you (and jealous)
Could I ask who your BG was with (by PM if you like) so that we can start to praise the Banks that are being honourable, and shame those who are dragging their feet.
Tracey
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