Hi All,
I am sorry for the delay in the report coming out. I have been down with swine flu and and out of action for a couple of weeks.
The SARC webmaster has a problem with his PC and software, therefore there is a delay in getting this posted onto tthe SARC website and I have posted it here for all to be able to read:
Tony R17 18
July/August 2009 Report
On the 30th of July 2009 Anthony Malpass, on behalf of the SARC membership, met with Almudena to discuss the position of SADM and the following information was given and or discussed:
Calaspara:
HdT wish to sell some more land at Calaspara and the administrators are writing a short report to present to the judge to ask permission for the sale to proceed. Almudena was very positive that the sale would be approved.
Jumilla Town Council:
HdT met with the Jumilla council the week prior to our meeting and discussed with them the way forward for the SADM development. The council wish for the development to go ahead and HdT have been discussing with them, ways in which they could help the project to proceed.
BBVA:
The BBVA Valencia office has been negotiating with HdT regarding the refinancing of SADM. The court gave an extension to the administration process to allow these negotiations to proceed. The Valencia office has been checking documentation (which the court authorised to be made available to them) and a deal is on the table. They are awaiting a reply from BBVA head office in Madrid. Almudena was very positive of the outcome.
Murcia Regional Government:
The regional government are going to purchase some land from HdT, as part of the construction of the new motorway. HdT are seeking to get the payment from them ASAP.
SADM Build:
Almudena was very positive about the refinancing of the development and said that as soon as HdT had the money that they would apply for the licences, which would take a few weeks to come through. She also said that whilst doing so they would immediately recommence work at SADM, get contractors on site, begin preparatory work and have materials delivered, to enable them to start building as soon as the final build licence was received.
Purchasers:
Almudena stated that as part of the process; and as the negotiations mentioned above concluded, the purchasers would be contacted and given the choice to proceed with their purchase or not. The letter would outline the repayment offer for those who wish their money back and also the “compensation” for those who wish to continue with their purchases. A Malpass said that purchasers were getting very weary of the process and that the SARC membership had voted on a discount as compensation for the delays and stress that the situation had caused. A figure was not given nor discussed at this time but it was made clear that the SARC membership would welcome and pursue a discount.
Comment / Opinion
This was the most positive meeting that SARC have had with HdT and Almudena explained that negotiating with all of the different parties had been time consuming and hard. It can be seen from the above information that the negotiations are serious and that there is wide support for SADM to go ahead.
From all that has been said it now appears that a positive conclusion to SADM is very close and that building will probably recommence at the end of this year. It has been a hard 15 months for purchasers and we have had to endure negative rumours, which have never stood up to scrutiny but caused concern to many. The aim of those spreading the rumours appears to have been to make money out of us and our plight. There continues to be those who wish to make money out of us purchasers by trying to scare us but it is important that we ignore them, give them no credence and ensure that we do not line their pockets with our hard earned money.
It is therefore; the opinion of the SARC Executive Committee that the probability of SADM going ahead is high and it would be prudent for purchasers not do anything that could minimise their options at this late stage of the process and to be patient for a few more months. Furthermore, we still believe that SADM is an attractive and desirable development and hope that many of us will be neighbours in the near future.
ADM 12/08/09