Another win for Costaluz Lawyers

Hi Spanhod, nice posting, yes it is 90 negative postings from you now and i guess there are more to come ? Sure you have every right to say whatever you want, my problem has been that you appear to be very contradictary, you are a non completer, yet you say you have 'walked away' - you have 'walked away' yet you still feel attached enough to have made 90 negative postings (and counting) on a Corvera Golf Community forum ? 60,000 Euro is a lot of money but some of the completers have invested more than half a million Euro at Corvera Golf and continue to invest. I also think your anger at Calidona is a little misplaced, the syndicate of spanish banks who were providing the finance and guarantees were controlling the speed of the building of the resort, stage financing for a development like Corvera is often based on blocks of ten units, so the development moves along at a speed decided by monthly meetings of the banks, Calidona were never a cash rich company with the ability to finance the whole development from cash reserves. Just like in the UK the banks are the real culprits, but there is no point getting bogged down in the blame game, we are where we are, i'm happy and you are clearly not. Anyone for Tennis ?

This message was last edited by simongolf on 15/06/2011.

" calidona were never a cash rich company " ....... totally incorrect  ... if you check the appropriate spanish records you will find calidona were a very cash rich company .

Hi Searay, no development company presses ahead and spends millions without the banks being fully onside, my point was that Calidona were not 'RICH ENOUGH' to just ignore the banks, press on with the building works and worry about income and cashflow later on, meaning the banks were the ones really in control, as always.

simongolf , all these developments need to be supported by the banks but if you check the records calidona may have been in a better position to finish the clubhouse etc if 64,000,000 euros had not been transferred out of the company ... part of the issue being is that calidona had the CASH  but chose not to use it to support the development yet still expect others to support the development with there own cash and now choose the lack of support by the banks as a crutch .... ask yourself if you were the banks would you support a customer who was not prepared to back there product with there oun money ?

Searay, I think you will find the money you mention was repaying the banks. I don't believe Calidona directors are sitting there with 64,000,000 Euro in their bank accounts, of course Calidona COULD have pressed on, but without the total support of the banks every step of the way why would they ? I still like to think the development of Corvera Golf is in a pause phase right now and will re-start when the banks give the nod. Only time will tell.

no simongolf ....  not a bank repayment .. it would be nice to think it was but again if you get your lawyer to check the records i think you will find that was not the case .

Hello searay and simongolf

Great Posts,

simongolf, your steadfast belief in Calidona/Corvera goes beyond  imho normal realms of what you bought in too,having said that I hope you eventually get what you see as money well spent

searay , spot on and again imho not 91 or so negative posts just your veiw on what has happened and why they wont get anymore of your money unless they come up with what  you were sold both verbally and in the Brochures web etc

One thing you were wrong on it was 67 million not 64

Cheers chaps

sorry jored ... whats 3 million between friends .... oh yeah ... a clubhouse !!...... perhaps there is some foundation in the other thread where asset stripping is mentioned ? ..... 

Angry Spanish Property Buyers Win Day In Court Over ‘Developer’s Broken Promises’
Today

Hi Searay, it was interesting to read the blog, it's a pity the court case has been set for JULY 2012 !  Even as a happy completed buyer i too would like to have a clubhouse, an open golf course, etc, the problem is we have to ask ourselves does the setting of this court date next year make things better or worse ? Is it likely that this case will ever see the inside of a courtroom, i doubt it. Corvera Golf & Country Club SL will either settle out of court, go into liquidation or go into court and win. Any of these three outcomes takes us no further forward. I am also not sure where this and other planned court cases leaves completed buyers like myself. What if Calidona / Corvera Golf & Country Club SL start to sue non completing buyers and also get court dates ? surely they too have a case in saying that non completers are causing the lack of facilities ? I mean if we had 800 completed buyers now instead of 400 would we now have a clubhouse and a golf course open to the public ? I think we probably would.  Where does this leave everyone ? Well for me it leaves me to enjoy a few more holidays at Corvera, anyone for handball ?

perhaps if the large sum of money had not been removed from the company the facalaties could have been built and people would have completed ....  and nobody would be in this situation ? ..... who knows

All I can say is at last the Murcia Courts are taking notice and doing something.  Calidona had the money to build the leisure facilities and they chose not to.  They then expected us to fork out the remainder of the money for our appartments, were not willing to discuss when the said facilities would be completed and then chased us aggresively when we wouldn't pay. 

People who completed did so on a resort that had no facilities I cannot understand why you took this risk and why some are now trying to blame the situation on those who chose sensibly to wait or no complete.

Lets hope that next July justice revails

It's still a case of who do you believe though.

Reading  through the article the lawyers stating that there were no planning permissions for phase-3 leaves me a bit confused. There were planning permissions for phase-3 (I have seen them with my own eyes). The planning permissions they did not have were the 'final' planning permissions which they would not have even applied for until they were certain that they could meet the 18 month build deadline. The recession/exchange rate and the fact that they were guilty of selling too many p-1 and p-2 properties to investors who could no longer afford to complete as it was no longer financially viable meant that everything stopped and will probably remain stopped until the courts find or not in their favour.

I still believe that they would fulfill their side of the development contract if only the buyers would honor their purchases; but It ain't going to happen that easily. When alls said and done, I still wouldn't build a hotel without DeVere or somebody elses money up front because it would be empty for the forseeable future.

with all due respect steve  the development stopped because there business plan was flawed .... would you build a golf course in that location without a clubhouse ?   they wont build a clubhouse because not enought units sold .. again a flawed business plan .. not to mention the large sum of money transferred out of the company if i remember rightly by your calculations roughly the same as the non completers who are allegedly holding up the development ?  perhaps the answer is with calidona .

Hi Trudiea, are you seriously saying that the 400 or so completed buyers at Corvera Golf are all stupid and all the non completers are clever people holding back their completions until the clubhouse is built ? If i go to buy a house on a new UK housing estate can i say to the developer here is my deposit but i am not completing my purchase until the whole estate, landscaping and estate shops are all finished and open ? Of course not. I think all this guff about people holding back is complete rubbish, i think Steve is far more accurate in what he is saying in that there were are lot of investor type buyers at Corvera who thought they could put down their deposit and then make a quick sale before the building completion and make a fast buck, they came unstuck and decided to say the reason for their non completion was because of lack of a clubhouse and hotel. I have news for you, i still don't think any non completer using this argument will actually win in court, just because a court date has been set  for JULY 2012 does not mean the non completers taking this case to court will actually win it ! I think it's far more likely that some non completers will find themselves in court far earlier than this as a result of being sued for non completion by Calidona and i think they stand a far better chance of winning. Completed buyers like me are suffering a lack of facilities too and as i have said on this forum previously if Calidona goes bust - nobody wins. In fact if Calidona goes bust it may end up being the completed buyers sueing the non completers in court. As a early completed buyer i had every right to expect other deposit payers to complete their purchase too. If i end up being badly affected by the actions of non completers then i have a right to protect myself legally as well.

" i still dont think "   simongolf that is your opinion as indeed it is other peoples opinions that they will win , you made a commercial decision to complete without facalaties that was your choice and you are now having to live with the consequences of your actions other people made different choices and indeed they will have to live with the consequences of there actions time will tell     ......           but just by sticking to the facts , drivinig range closed , pros shop closed , no golf buggies  ... these are facalaties that were provided and have been withdrawn added to that people activly being encouraged to swap to roda ...... you would have thought that if the rental market was going to be at all viable that now would be the time people would be clammering for properties with all the construction work going on corvera airport but this would appear not to be the case ..... do all these FACTS look like a resort that is going forward ?

Hi Searay, I see you have made your way into your pulpit for another sermon, i agree that it is not good that the golf course, driving range and pro shop are closed. But is the reason for this that Calidona are just an evil corporate empire showing the worst side of capitalism or is the reason that they told the banks that they would have 800 completions by now and they only actually have 400, who's fault is that ? Is it Calidona's fault, is it the fault of the financial crisis and property recession or is it the fault of the non completers ? You like to deal in FACTS but you only seem to acknowledge some FACTS and you completely ignore other FACTS, that's a FACT ! 

hi simongolf ,.... talking of facts have you asked you lawyers to claify the large amount of money removed from the company or is that a fact you would rarther ignore and blame the recession ?  you choose to lay the blame on non completers rarher than the company .... afterall you put your faith and money in the company so that is only natural ... one point i will agree with you on is the possability of calidona going into administration ... as it would appear thay have had there money out . 

AH...Simongolf,

Being a bit hypocritical arent we?? spouting off your diatribe and then having a dig at Searay for having an opinion that differs to yours??  However i am very impressed that you have appeared to gain a Spanish Legal degree (specialising in property law), as your expert opinion must be based upon something other than a theory eh? As for completers suing non-completers thats very funny.. If you want my solicitors details to get the ball rolling please p.m me, i assume you are representing yourself??. As for Corvera suing non-completers well it seems that one is a bit of a non-starter as well, if their case is that good why havent they done it in the last few years?  Me thinks they have given up on Corvera, they stripped the company a while back and they are running it on a bare bones structure. Dont get me wrong i feel very sorry for EVERYONE involved ,even you , because you have spent good money on something that hasnt materialised. But for the 1000th time dont blame anyone else apart from Calidona, we have all been stitched up by them in varying degrees.. Lets be honest as well, i dont think anyone can claim to be a "happy" completer at the moment, after all ,apart from an apartment, a pool and a view that comes for free wtf else is there???

Hi Spanhod, I knew you would be along sooner or later. i appreciate your sympathy for me and the other 400+ completed buyers but we really do not need it, it really does depend on a state of mind whether you are able to enjoy your Corvera Golf property or not, i suppose it is the glass half empty or glass half full scenario. I completed in late 2009 and i have had five really nice holidays at Corvera since then, i can honestly say hand on heart that if we had a clubhouse or a hotel right now i would maybe use it once, if at all during my holiday. Every time i have visited in the last six months i have played several rounds of golf, but i have only done that because it's free, if the golf course was open i would have to pay like everyone else, so i probably would not bother. You see for me i just want an apartment in the Murcia Region as a base for my visits to Spain, if i had not bought on Corvera Golf i may well have just bought an apartment in one of the surrounding towns or villages, but then i would not have the security of a gated community or the maintenance of the buildings and gardens. I am being completely genuine when i say i am a happy completer, i don't need the golf course and i certainly don't need a hotel. It would be interesting if there are any other completers out there who are like me, if you read this and you enjoy your corvera golf apartment or villa then post your comments on this forum. As for whether Calidona v Non Completers or Non Completers v Calidona is first up in court.....only time will tell.