HdT Settlement agreement

What is happening with this . I thought the meeting of creditors was in December are they going to play the time card again and  once again force many of us to act in haste and repent at leisure .

Have SJ/HdTand SARC abandoned this little plan after consultation with the legal eagles . I think they have amd are now on plan B .

My legal eagle along with many others consulted  independently , believe that this agreement is not sound and contrary to the law.covering the administration.

Perhaps it would be a good time to hear from the experts ! Tony and Brian over to you ,

What is happening ? Are you and Brian the only purchasers gullible enough to agree . I know for a fact  that no Spanish buyers or creditors are even considering  the "charitable option" .

If one reads the correct news and information it would seem that SJ/HdT are preparing one scapegoat amongst their higher  ranks  in the hope that it will let the others off the hook.and enable them to retain their  personal wealth .

I can only hope that SARC are 100% sure of the honesty and integrity of SJ/HdT as in the midst of all of  the legal uncertainty surrounding this group of companies it is legally dangerous  to be offering guidance ,advise and opinion  in a situation that is so uncertain.I have said before and must say again what qualifies you to advise If your advise is wrong and I believe it is you are accountable !!!!!!

The truth is that there are only two real members in SARC ( oh sorry three , I forgot about  Chrissie ! )  .

The others only joined to make sure they are  getting all available info and do not agree with what you say at all .The very fact that they are members makes you liable for the duff info you give them . I hope SARC are  well insured .

I may even be a SARC member because I want to receive all the information that is available no matter how unsound it may be   .

I am 100% sure the advise SARC  gave me was the worst possible advise and I am very glad I ignored it  . How many did not ? SARC be very careful you are now more than ever before  treading  on very thin ice !!!!!!! Regards MM

Hi MM

Fully agree, I too sourced SARC in the beginning to see if they received any information that may be useful. Found out very quickly that they were being led up the garden path by Almundena. Everything bit of advice they have offered to their "Members" I have discussed with my solicitors and they have always said that it is contrary to what they advise. So who do I believe Amateurs or Professionals? No contest really.

However I do believe that SARC was set up with the best of intentions. I just think that they have allowed themselves to believe false hope and lies that have been drip fed to them by the crooks of San Jose Grupo.

Just my opinion for what its worth. Cheers.

Dave

PS. Have you got any further with SGR?

Yes Dave I have news I will PM you . MM

Sorry for being a sceptic but this whole proposal was and is a piece of nonsense .It  just ain't  going to happen .Another case of  SARC.Almu ,and SJ/HdT stringing purchasers along again with no real plan or strategy . Just pie in the sky,pigs might fly stuff as usual .Lets wind this up  now enough is enough ! MM

Had a message today from our lawyer telling us the Administrators told HDT they had until 30th November to make a decision as to what way they wanted to go either stay with the Concurso or go into Liquidation

None of you really need me to tell you which way SJ/HDT have gone YES with the Concurso so they now have to come up with a plan for the creditor meeting which is yet to be arranged

Watch this space

Yeh me too,

It's taken them almost two years to come to a decision not to make a decision.   I wonder if it will take another two years to arrange the meeting.  Absolute disgrace, shame on the legal process of Spain in this debacle.

If it was the UK we would have sent the baliffs in a long time ago and charged extortionate interest rates.

Its now obvious the administrators are working with a gun to their head, or is it a wadge of money slipped into their back pocket.

Corruption Corruption Corruption, the whole place stinks of it!

I read recently where a Spanish Mayor was arrested and charged of arranging the murder of another Spanish Mayor (the one he took over from)

Waiting to hear from my lawyer who was meeting with administrators this week, i wonder will she be able to shed any real light on El Pinet, the whole thing is a disgrace, SJ should be liquidated and another builder should take over to finish Pinet.

For people reading this aged 21 or under, put a deposit down on a house in Spain and hey presto by the time you reach 65 it may just be ready for your retirement, then again Pigs Might Fly so stay well clear!

FAR

" the Administrators told HDT they had until 30th November to make a decision as to what way they wanted to go either stay with the Concurso or go into Liquidation "

This is beyond belief surely the administrators are appointed by the court to look at the facts and figures and decide what is the best way forward .Why oh why  are they asking HdT what they want  .

As auntielinda so rightly points out no prizes for guessing which option HdT choose  but surely the Admin must decide if it is feasible and if it is not surely they have a legal duty to pack up the circus and bring an end to this farce .

I guess it is at this point that HdT and SARCS grubby little agreement comes into play .In short trying to get purchasers and creditors to agree that they are prepared to wait for years and sign up with notaries to agree that they are prepared to take another gamble for God knows how long and what should we base this on ?  The  honesty and scruples  of this scandalous company  . I think not !

Words fail me .

Is enough not enough . Let it be it is well and truly over .Wind them up now as it can only get worse in the future with all the impending criminal proceedings the financiers and banks obviously do not think they are a good risk so why should we .

This message was last edited by MAGICMEG on 05/12/2009.

This message was last edited by MAGICMEG on 05/12/2009.

Words fail me too! it is all very underhand that is all i can say about it, i certainly will not be signing anything, it is just one scheme after another, an absolute insult to our intelligence, unfortunately we cannot do a lot about it.

I am quite certain that i have lost my money or should that be robbed of 80000 euros and if i hear next week that my bg is most definately void then there is no way i will ever recover a penny. If SJ are liquidated and another builder is able to finish Pinet then i will go ahead to complete if possible as the bank could sieze the house and again i could lose the lot. All i want is closure on this  whatever way it goes, i have a life worth living and it would be nice if it did not involve San Jose!

FAR

Hi All,

I am sorry that some feel the need to make "nasty remarks" as all will be very clear soon. As it is, a meeting was held with Almudena on 3 December 2009 and a report has just been drafted and is being proof read prior to going out to the SARC membership.

I was sent a copy of the email that MM was sent by her solicitor and I must admit that I found it a rather non informative and negatively flavoured communication. 

For anyone to state that they will not accept an agreement prior to seeing it or for a solicitor to give such advice, is in my opinon most peculiar and not in the purchasers best interests.

I suggest that  we all wait & see what the settlement agreement contains before throwing the baby out with the bath water. I believe that for most purchasers the worse case scenario is HdT is liquidated and I hope that we do to not let that happen.

 I WANT MY HOUSE AND A POSITIVE OUTCOME FOR ALL

Tony R17 18

negatively flavoured communication !

What do you expect ? We are being shafted ! Pleaase tell me what is positive about that.

"I was sent a copy of the email that MM was sent by her solicitor and I must admit that I found it a rather non informative and negatively flavoured communication."

Tonymal can you please explain exactly what  you mean by  this quote from your last post ? Sounds a little underhanded to me I am sure others would also  like this statement explained .Thank you MM .

Hi MM,

I am sorry but if a SARC member wishes to share their solicitors reports with the SARC executive that is their perogative and I suggest that you take it up with the purchasers in general. 

Concerning the comment, I was hoping that you might have then given a little bit more of the content of the email that you recieved but you have not. 

It is a shame that you failed to mention the second parragraph in which the solicitors stated that the administrators have decided to proceed with the Concurso and not go into liquidation and put forward offers to the creditors to resolve the situation. ( note I have parraphrased the content rather then posting its content directly )

It would of been very helpful to all if you had actually included that information which verifies the SARC report stating that a settlement offer is about to be made to purchasers.

I  WANT A POSITIVE OUTCOME FOR ALL

Wishing you all the best

Tony

Hi

Yes Tonymal but what you have failed to also add is that the proposals must be presented to the creditors meeting for the creditors to decide if they want or agree to the company's proposals. If they do not then the administrators will then submit for full bankruptcy.

To my eyes and my solicitors this is just more stalling on the inevitable outcome. The company do not have a realistic financial proposal to continue trading. They do not have the funding to even complete the El Pinet development, which could have provided sufficent income to pay the installments due to Jumilla Town Council. Without those payments Santa Ana Del Monte has no chance to continue, as for Albertera non starter as its on green land and will never be granted any building licences, central goverment has already decreed that.

Brianmags has tried to say that HDt is different from other parts of the company. Yes it is in the eyes of the company but I'm afraid not in the eyes of the courts and administrators. when HDT first applied for voluntary administration  they tried to get only HDT involved but the Judge and Courts stated NO the whole company was responsible for debts and therefore the whole company was placed in administration. This is not just my opinion but a matter of fact and if you look at the  Alicante mercantile court records you can see this. Therefore for the matter of liquidation and disposal of assets all the company assets would be realised  into one pot and then distributed amongst the creditors.

The misunderstanding of this has arisen because when the lists of creditors for the administartion process was formed for ease they were formatted by development  lists and by investment lists( ie shareholders of each part of the company) These facts are all a matter of record and can easily be checked by your legal team at either the courts or the administrators.

Each creditor who has given power of attorney to their solicitors will be represented at the creditors meeting. They will listen to the company's proposals for the return of deposits/ repayment of debts/re-financing of developments they will then report back to their clients for them to make their own decisions, based on what they will perceive  is the best option to them.

I feel that San Jose are just using what ever platform is available to them including SARC to try and influence the clients decision and therefore to allow them to continue to trade. I dont blame them for this they are  a sinking ship and are just clutching at straws. In the present financial climate Santa Ana Del Monte will not be started let alone finished. Maybe a developer will buy the land at a peppercorn fee but they will sit on it until the market has fully recovered and the surplus housing has all been sold and the need for more development has grown. When will that be? The economists, of which I don't profess to be, say maybe in 15 to 20 years the construction industry  will be back to its previous development levels. Therefore I think 99% of creditors will take the money back option what ever that may be if any.

Just my humble input.

Cheers

Dave

This message was last edited by Laird Dave of Lochaber on 07/12/2009.

This message was last edited by Laird Dave of Lochaber on 07/12/2009.

Hi Dave, Thanks for your informative post, made for very interesting reading. The sooner the Administrators and the courts wind up this cowboy outfit the better. They have had our cash for 4 years now and show complete contempt to us the purchasers, they have continued to use delaying tactics and expect us to sign up for even more delays. To talk about getting very little back if they go into banktruptcy is neither here nor there, if we agree to their proposals, by the time they decide to refund our cash you will be lucky if it will buy you a windmill and a balloon! Cheers Joanniemac

Nice one Dave !

Ken.

Just had a reply today from San Jose     

With regards to Herrada del Tollo we keep on working in order to carry out the project in Santa Ana del Monte (Jumilla Golf) and that way let you know as soon  as possible about its continuity and time scales. In the next weeks, it is expected that the outstanding motions will be sorted as well as the completion of the final report by the Administrators, such report is estimated to be issued before the end of the current year. In the meantime, the company in working with the aim of putting forward an agreement that suits best the creditors either to purchase a property or to get a refund in a reasonable period of time.

As soon as we have the different proposals we´ll contact all of our clients to let them know so that they can make the right decision.

Yours sincerely

Mari Carmen Gálvez
San José Inversiones
 

dear all

                  San Jose Inversions is the sales arm for San Jose groupo and they were never in concourso if you read you purchase contracts they are with San Jose inversions on behalf of HdT. they are just informing their purchasers of what is happening thats all don't see what the fuss.

brianmags

Complete Tosh Brianmags I suggest you research and educate yourself before you offer advice to others !!!!!!!!!

Calm down MM i don't want to loose you again so soon.