Membership of Corvera Legal Action Group - Important Announcement

Russ can you elaborate on your Polaris comment? Have not been keeping up of late

Cheers....

Hi KRW - Looks like Polaris is heading towards administration. 

Please read Truth about De Vere on Roda fourm.

Please read post Truth about De Vere on Roda forum

Hi krw

Polaris world are in financial trouble as can be seen on the following page http://www.simplynetworking.es/news-1926-31-polaris_world_seeks_court_protection_from_debtors.html  the following is an exert from that page :
 

' Polaris world has finally admitted to having massive financial problems, owning up to what it calls "a lack of liquidity."

On the 22^nd December, the day on which the focus of the nation was occupied with the El Gordo lottery, Polaris World petitioned for a period of negotiation for several of its companies, with their creditors  to which they are entitled to under Article 5.3 of the insolvency act, the same route that other development giants with liquidity issues such as Nozar and Proinsa followed. 

The petition went to Commercial Court Number 2 in Murcia, and news of the action was only  released this afternoon.'

I believe Polaris were the no 1 developer in the area and they appear to be heading for collapse, but with no one buying  ( or at least not at a price that gives the developer a profit) it is not surprising ( can a business survive with effectively no income?), perhaps the only surprise is that all the developers have not yet gone to the wall. Unfortunately the banks are likely to end up with a substantial number of these properties which they will likely heavily discount to get them off their books which will depress prices further. If people believe prices will reduce further they are unlikely to buy which will make a bad situation worse, and with all the negative publicity around due to developers not keeping their promises and going into administration, I suspect prices will head south for the next couple of years and developers that manage to survive will be building  minimal facilities to help with  their cash flow problems ( but no doubt be very generous with their  future promises).

kev

This message was last edited by kev2 on 30/12/2009.

Thanks kev2, not surprsing really given the huge number of projects they have started over the last 3/4 years.

Suppose the question we all want to know is if they do go to the wall will it have a domino effect and could Caledona follow? For those who have completed i sincerely hope not but for those of us fighting for refunds would that not invoke the bank guarantees and a subsequent return of our deposits?

Anyone know the answer to this admittedly very hypotheitical question? 

interesting point , one would assume that calidona are not selling units on any development in any quanity as would appear to be the case with polaris world (they did however have a track record of completing resorts ) , the avalanche of court cases pending against them you would have to question the cashflow and how long it could continue .

they would seem to have a choice carry on building in the hope of sales picking up , or curtail activity (as per roda ) forget about building facalaties (as per roda )  and try to preserve whatever capital they have as i a sure they must have an ever increasing legal bill to worry about .

No doubt that Polaris World have financial troubles but I also see this move a great business sense; in that being in trouble, the last thing you would want is for one of your creditors (who may also be in trouble) to call in a debt that you are paying off slowly but not in the position to pay off lump sum. Don't forget that the 3-month protection takes PW over the 'end of financial year' period and as such stops anybody else in a vulnerable position from forclosing on them.

Good move from PW, will be interesting to see results.

As for Calidona ????????????

Hi

Can you give us info on legal action group.We purchased menta phase 3 nearly 3 years ago. How do we join this group?

Regards

11Maple

Hi, Anyone know how we can obtain the up to date financial position of Calidona? Please advise S.A.P.

This message was last edited by RH on 02/01/2010.

 Hi All,

Please note that the solicitor representing the Corvera Legal Action Group has been inundated with requests to join his firm and has now stopped taking on new clients. This has been necessary to maintain the quality of service to existing clients. My apologies about this, but not within my control.

I would ask that anyone contemplating legal action against Corvera to contact Maria de Castro for advice and consider attending the meeting planned for Tamworth. Please also see the EOS posts at:  http://www.eyeonspain.com/community-forum/18713/rodacorvera-legal-action-meeting.aspx

Regards,

Ash

This message was last edited by ashish on 09/02/2010.

This message was last edited by ashish on 09/02/2010.

Ashish, i dont think Baron will be too pleased that you have just divulged all the details of the planned meeting on this open forum!!

KRW,

I am not really sure what the secrecy is about - the meeting is well publicised and anyone can get the information they need by emailing Baron. After all the idea of the meeting is to publicise it as much as possible! However, just in case I ruffle any feathers - I have amended my post. Maybe Baron can post if he/she feels that the location of the meeting needs to be as widely publicised as possible.

Regards,

Ash

Fair enough although i was under the impression that it was 'invited guests' only and that he was insisting on emails rather than PM's to keep it under wraps?

As you say anyone from Corvera et al would not find it too difficult to find this info if they really needed/wanted  it