SARC letter to purchasers

17th April 2010

 

Dear Fellow Purchaser,
We have become aware that there are some purchasers who have not received up to date or accurate information about the current situation regarding Santa Ana del Monte (SADM) or the settlement agreement.

The Santa Ana del Monte residents co operative (SARC ) is a purchaser group , totally independent of Herrada del Tollo,  set up by purchasers to have a collective voice in the administration process and to try to find a positive way for us purchasers  to get out of the awful situation that we all found ourselves in. We have had meetings with HdT and supplied our members with update reports. We have also placed these, together with other information, upon our own website.  This has enabled purchasers to have access to a lot of information that they would not normally receive or be aware of. It has been a continuing process throughout this administration, helping purchasers to know and understand the choices that they have.

SARC discussed purchasers concerns regarding the settlement agreement and made several requests on behalf of its purchaser membership. These requests have been met and are identified in the attached documents, “SARC Position Statement on the HdT Offer”.  We have also had our document reviewed by a Spanish solicitor and asked him a few pointed questions. We wish to share his reply with you and it was as follows:

Dear Tony,

.......................................................

.- The terms of payment would keep the same as in the original purchase contract.

.- From my point of view, if the company is liquidated it would be very difficult to ensure the creditors to get 65% of their money back.

.- (I have not clear the meaning of the question) The process of selling assets could take a long term.

.-I agree with the SARC assessment regarding the settlement agreement, because from my experience the liquidation process never satisfies the ordinary credits

I hope to help you with these answers.
Do not hesitate to contact me if you need something more.
Regards.
Eugenio Pedreño Balibrea. Abogado.
Mare Nostrum Solicitors & Services, S.L



As purchasers we believe and as can be seen legal advice agrees with us, that we must not allow HdT to be liquidated.  This would have a very negative outcome for the majority of us who do not have privileged status and are ordinary creditors.

Therefore, we, as a group of purchasers are asking you to please read our position statement and to save your money by signing up to the settlement agreement.  It is very important to note that we have not been asked by HdT to send you this letter.  It was the decision of the SARC Executive to do so.  We believe it is crucial that all purchasers realise the importance of accepting the agreement and the very negative consequences of not doing so.

If after reading the documents you wish to sign up to the agreement personally, in the UK/Eire, you have until the 23rd April to do so, due to the time delay in getting the documents to the court in Alicante. If you wish for your solicitor to sign for you with his or her power of attorney please ensure that you have emailed or phoned them and told them of your decision.


If you wish to read any of our past up date reports or any other information that we have supplied to our purchaser membership, please access our website:

www.santaanadelmonte.org

if you wish to join SARC you are welcome to do so, membership is free and purchasers are still joining the group as they have become aware of our existence.


Yours Sincerely


Anthony Malpass
Brian Dornan
Linda Needham
On behalf of the SARC Executive Committee

Dear Tony

Thanks for posting this up, but i would have thought that by now nearly everyone would have been contacted by their respective legal representatives and already made up their minds as which way to vote, I see that you state that legal advice agree's with you which is fine but i also have legal advice which says this is a bad deal. Surely by asking HDT to contact people on your behalf is working with HDT and not independently of them.

I would be more than happy for HDT to continue for those that want their houses and if that is the path you wish to take i am pleased for you,  but i want 100% of my money back from them now, not 65% in five years, so i am willing to take my chances if they get liquidated and not have to tit around for another five years.

This is my wifes and my opinion we have not been brainwashed by the JA et al (the nasty gang)

I DO NOT HAVE A BANK GUARANTEE

Kind Regards

Mark

Hi Glendale

We totally agree with your opinion, we too want 100% of our money back now not 65% over 5 years. We are willing to take the risk. Get these crooks liquadated, they should be locked up and left to rot!!

Hi Tony.

I once again have a problem with your general statements ie

to get out of the awful situation that we all find ourselves in.

I would say the awful situation that HDT have put us in !

I know i keep going on about it but to me the key is simple (Bank Guarantees!) We should have been issued them by law from HDT they did not comply with this legality and thats why we are in this awful situation

Even now when asked if we continue will we get them the answer is WE WILL ENDEAVOUR etc.

The correct and honest and lawfull answer is a simple YES but this appears to be beyond the capabilitys of HDT! WHY!!!

Ken.

Ken

The reason that they cannot give you an answer of YES to getting a Bank Guarantee, is simple. No Bank or Financial Company are allowed to give bank guarantees to a company under administration.

Cheers

Dave

(and before I get the normal one view slating from SARC, yes I've got my money back, no I don't care whether Jumilla goes ahead and yes I would like to see all directors of San Jose the company prosecuted, and jailed)

Dave

How sad.  Have you realised just how selfish that last paragraph really sounded. Those without BG's still have to fight so if you dont care and you have everything you want try not being so bitter. 

Take care and try to be happy with what you have and leave the rest to get what they can however they can.  By the way thanks for your support for your fellow brits your a real comfort.

Chrissie1

Chrissie

You just read into things what you want to read. I was being sarcastic towards the constant slating I have received over my views about whether Jumilla would get started. I have been  passed on this forum as someone who doesnt care about Jumilla or anyone else as long as I get my money back. Just read previous posts and you will see what I mean.

People that know me, and you surely don't, know that I do care about those unfortunate people who have to endure further waiting before this sorry mess is closed. So please get off your high horse when you don't know me and cant look further than the end of your nose.

Dave

Those that have met Dave and his Wife Linda and have read their posts throughout this whole sorry debacle know that they care very much what happens to folk that don't have BG's.  The people that they are angry with, and aren't we all, is HdT and San Jose.

Hopefully, this really is coming to an end now one way or another.

Hi Mark,

It was some strange legal practises that got us all in this mess in the first place and there appear to still be some happening.

I  suggest that rather than replying on the advice of some one, who may have a conflict of interest in the matter, due to the generation of an income stream, that you speak to a chartered accountant.  I have lost money in the past when companies have been wound up in the UK  and my solicitor has said from the start that, we as ordinary creditors, will not get much of our money back if HdT is liquidated.

Yes it is very annoying but please think about any example that you can think of where the ORDINARY creditors have recouped a substantial amount of their money. The only way you can get 100% of your money back is via the option that SARC negotiated with HdT, to enable purchasers to have transferable contracts that they can sell on & get all of their money back earlier. For that to happen the agreement need to be accepted and I urge that reconsider your position and accept the proposal. 

I am, as I allways have done replying to you honestly even though I may be derided for this and I urge you to protect your money, for if HdT is liquidated I strongly doubt you will see it again, even if you give your solicitor more money to try to get it back.

Wishing you all the best

SAVE YOUR MONEY, SAVE YOUR HOUSE, SAVE SADM

Tony R17 18

To get a full perspective on this situation and what you may or may not be able to do to get monies back, particularly is there is no Bank Guarantee.  Read Legal Tip 256 from Maria of Costa Luz Lawyers.

Hi All,

Those of us without BG's have no magic get out of jail free card, despite some making suggestions that there may be but they are not comparing like for like circumstances or creditor classifaction.  The only way for us to protect our money is to prevent HdT being liqudated, some one making a hell of a lot of money by buying the assets cheap and to stop paying solicitors who appear to be not really doing a lot except getting paid.

SAVE YOUR MONEY, SAVE YOUR HOUSE, SAVE SADM

Tony R17 18

So now it was some strange legal practices that got us into this mess !

How long before you are going to blame the volcano.

HDT put us into this mess by not issuing bank guarantees as required by law simple.

Ken.