San Jose Inversiones ( SJI ) Vote

Dear All,
We were informed today by Almudena that the SJI creditors vote is provisionally over 50% for yes , as the vote has to be checked and ratified by the court . Therefore, SJI will be coming out of administration like HdT, which is good for HdT purchasers/creditors as SJI owns 50% of HdT. An update report will follow in the next few days.
 
All the best
Tony
On behalf of the SARC Committee


 

Tony don't know what planet you are on .This is good for no one

Ja,

Thanks you for your comment. I am sorry that you feel that the news that people are not going to loose their money is not good news. I know all you wanted was to get the companies liquidated but I am afraid that would not been of benifit to any purchaser without a BG. Fortunately most people understoood the reality of the situation and acted accordingly.

 All the best

Tony

Ok so San Jose have allegedly come out of administration !!  What next ?

Bet its more spin and delay tactics from both San Jose and HDT . They will carry on excusing themselves from not making progress and blaming others i.e. Banks for not lending money, Shepards not willing to sell land etc, etc. 

The reality is that despite what HDT claim,  they are a very long way off securing finance to build at Jumilla. Why ? Because who would agree to finance a large project in the knowledge that properties will not sell at the prices HDT are demanding from us purchasers. And they have the ability to use the Spanish legal system to give themselves safe breathing space whilst protecting their own assets. 

Maybe in five or six years time the Eurozone economy will be strong enough to revitalise Santa Ana and other locations but for now nothings changed in the completion of Santa Ana and nothing will change in San jose / HDT attitude to us purchasers. Yes HDT and San Jose are very clever operators when it comes to looking after themselves !!

Regards

Broph,

I am sorry but :

HdT and SJI are still accoutable to the court and have to give 6 monthly updats to prove that they are following the proposla that has been sealed in court.

As for the  finance, you are not aware of what is taking place and unfortunaley are making sweeping staments based on opinon and conjecture not fact . I suggest that you relax and wait and see what occurs in the next couple of months. 

Wishing you all the best

Tony

Hi Tony,

              I do respect what SARC are doing and I do believe you have purchasers best interests at heart. Indeed you will have some information from HDT that is not for the public domain and I respect that too.

However in my hitherto experience, for what its worth, the Spanish legal system does not hold water when it comes to acountability otherwise none of us would be in this position. HDT / San Jose failed to supply bank guarantees when required to do so by law. The legal people whom we put our trust in also failed us when they knew better and when we pressed HDT and our solicitors to issue Bank guarantees we were fobbed off firstly by delay tactics then deceit and pure lies. 

My previous post is not conjecture or opinion, it is fact as I have already stated. There is no money to fund Santa Ana at present, there will not be money to fund Santa Ana in six months time or in three years time. Trouble is by that time HDT and San Jose will have creamed off more of our monies and the Spanish legal system allows them to get away with it. So I wont relax and just wait to see what occurs because I know full well whats occuring A BIG NOTHING !!!

Regards

Hi Broph,

I fully understand your scepticism but I am afraid that you stating that there will be no financing for SADM does not make it a fact,it is your subjective opinion. I suggest that we wait a couple of months, see what happens and cross each bridge as we come to it rather than looking for posible problems. I hate to sound like a life coach but they say each journey starts with a single small step & I believe that our journey out of this mess has taken a few steps allready.

Wishing you all the best and hopefully a Merry Christmas & New Year

Tony

Tony,

            I do not seek to speculate. 

Fact = I am not looking for possible problems, we have no choice but to wait, however the outcome will be the same.

Fact = HDT cannot get the finance needed to build Santa Ana. That is a fact and it is not going to change despite whatever HDT might claim. 

Fact = San Jose / HDT have been in the administration process for such a period of time that would have allowed them to obtain something of a financial rescue package so that once out of the administration process they could show early signs of development and progress in the building of Santa Ana or elsewhere.

Fact = Spain is in the same economic climate as the rest of Europe and there is no quick fix for anyone.

Best Wishes

Hi Broph,

 The only fact is that you do not know the future,no one does.To state as  fact something that is purely your opinion does not make it so. Obviously you wish to retain a negative view point but I suggest that you are basing your position purley on your own thoughts and opinions.

Yet again I ask for you to wait a couple of months to see what happens.

Wishing you all the best & a Merry Christmas and a Happy New Year

Tony

So it does not get lost the original posting

Dear All,
We were informed today by Almudena that the SJI creditors vote is provisionally over 50% for yes , as the vote has to be checked and ratified by the court . Therefore, SJI will be coming out of administration like HdT, which is good for HdT purchasers/creditors as SJI owns 50% of HdT. An update report will follow in the next few days.
 
All the best
Tony
On behalf of the SARC Committee



 

Ok Tony ,

                time will tell.  And if I am wrong then I will be truly happy !

Hi Tony

Good of you to share your inside information with me about Albatera, and Almudena's comments concerning the interests of their company.

To balance off her euphoric news of the vote can you point out to her and your SARC members that the parcel of land at Albatera is not going to be developed now, and the options are to offer their clients places that they didnt want to go to, at an unspecified time, or a reduced pay back, not guaranteed, with a promise of timescale for pay back they can not support.

I remember you saying a couple of years ago that I didnt have any say in the way SARC was developing, because sadam was nothing to do with Albatera.  I have to now reinforce my case that our deposits were always supporting the survival of SADM and we have been completely stuffed, by SJ and by your organisation.

Any comments from Almudena will be gratefully received.....starting with 'if i say i want my house, whos house will i get?

 Finally we have had access to extremely relevant information about “San Jose Inversiones y Proyectos Urbanísticos”, which was being covered up to now.

At last some good news for all those people who were denied a Bank Guarantee by this crooked company. You can now claim your deposit back from SGR.

Well done Guadalupe for digging around and unearthing the relevant legal positions. I know you have successfully claimed back deposits from SGR for friends of mine perhaps now you well be snowed under with the extra work Im sure will come your way. HaHaHa.

Best wishes

Dave

 Hi:

I think so, because SGR was also providing bank guarantees to HDT buyers, and individual bank guarantees are never given if there is not a previous "generic" agreement between the Bank and the Builder (usually called "contrato de contragarantia"), where they agree which deposits are covered, commissions that the buikder must pay for every guarantee issued, etc. These generic agreements are usually issued for the whole resort (they don't specify properties or phases) and just settle a maximum amount to be guaranteed, but this limit doesn't apply to buyers because is against the law (art. 7, 57/68 Act).

We are trying to get copy of all the generic policies signed by Grupo San Jose with SGR. But if we can't get them friendly, we can do it throught the Court (Preliminary Enquiry).

Should you have further questions, please do not hesitate to contact me.

Regards,

Guadalupe Sánchez

Dear Guadalupe

Can you help us without BG's at Jumilla get our deposits back? if so could you give us an idea of what it might cost, would we get the per annum interest and would your fees be covered by the generic BG?

KInd Regards

Best Regards,

Guadalupe Sánchez.

GM LEGAL EXPERTS

Hi all

I am trying to get my head round this new pocket of information and its relevance to purchasers without bank guarantees.

Without typing out a long boring post here, I want to aim at the points that are new, and ask you good people to contribute your knowledge and feeling about this.

First, anyone who comes along with a new way of getting the money back is going to be welcome, and looked on as a saviour.  I want to make sure before spending another penny in Spain, that I am going to get a return for it.

So.....Bank guarantees are part of Spanish Law and should be given to all purchasers..we know that

The court has failed to act on this principle and give us our money back...we know that

My lawyer has said in the past that it probably is expensive and has no definate outcome, to pursue the failing in law of failure to supply BG's.

Now here is the new part....It is said here that the builder has an obligation in law to set up a generic document which obliges the court to recognise each individual as having a bank guarantee when they have a legitimate contract, and this has been done with San Lose clients developments.  It is said that this is enforceable regardless of if a BG has been supplied, or not.  (as i understand it)

Can anyone who has an interest let me know what they feel about this development.  I am not prepared to put another penny into anyones hands who dosnt give results, so I am naturally sceptical at this time.

CONFIRMED: BUYERS' DEPOSITS FOR HERRADA DEL TOLLO, SAN JOSE INVERSIONES Y PROYECTOS URBANÍSTICOS AND INVERSOL GRUPO URBANÍSTICO ARE COVERED BY A GENERIC GUARANTEE POLICY

Brian,

I am with you I do not want to spend anymore money trying to get our money back.

Guadalupe,

I wonder if you would consider using this generic BG to get our deposits back and take a % of the recovered funds as your fee?

Kind regards.