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Dear All,
As it appears that the weblink has disapeared from EOS I am posting the last update repot below & will post the November report there after the next meeting with HdT. I hope that this is of help.
All the best
Tony
On Friday 23
rd of September Anthony Malpass met with Almudena on behalf of the SARC membership and the matters discussed and the information given by Almudena are as follows:
It was explained that a cleanup of the site had begun in preparation of Elche town hall issuing the licence for section M1 and the resumption of construction very shortly.
Also that the apartments in Orihuela are having their purchases completed and an article in a free local paper was shown by Almudena (a copy of which has been scanned and attached)
Almudena explained how they are looking at the figure projections of the properties and how much money needs to be paid on top of any deposits to ensure viability of the projects, to enable repayment of SJI creditors’ money and to repay the finance. Also the more money that they raise through sales the easier it would be for others to consolidate purchasers etc as the company could offset some of the fixed costs (E.G. mortgage) with this income.
HdT / SADM
The first things discussed regarding SADM was the ongoing delay of the Madrid Supreme court to sit and review the paper work and licences given to the court at the end of last year. Anthony explained that SARC had contacted a MP who was now raising this with his counterparts in the European Parliament and that SARC were also sending a letter (in Spanish) to the Spanish body that overviews the actions of the Spanish courts plus various government officials asking for the court to sit ASAP and remove the temporary hold.
Almudena said that HdT had also been trying to get this problem resolved and the company solicitor had communicated with the "clerk of the court" and been told that the case would be listed in October 2011. Anthony welcomed this news but he and Almudena thought it a good idea to for SARC to send its letter and to push for the case to be heard.
Anthony asked that if the case was heard in mid October and the temporary hold removed what the projected time frames might be:
Firstly the Court would have to officially inform HdT and the Jumilla Town Hall that the temporary hold has been lifted.
Then the town hall would take one month or so to finalise and release the necessary documents for SADM to proceed.
Upon receipt of the documents HdT would then finalise and sign the finance for SADM that can take another month or so.
It is anticipated that all of this would take until February when the construction of the infrastructure may commence. After that the UK meetings would take place and HdT would explain the various options that purchasers have and then meet with them individually to discuss their compensation etc and which property that they would wish to have.
Deposit Transfers
HdT are going through cash flow permutations to enable them to facilitate the transfer of deposits between the two companies of HdT and SJI. It was mentioned that this has to be done in a way that is legally correct and would be acceptable to the share holders and creditors of both companies.
Anthony asked for Almudena to explain how this can be done and why, in a way that would be clear and logical to purchasers. Almudena said that some SADM purchasers had upon seeing El Pinet said that they preferred SADM and just wanted it to be built ASAP.
Arriba Home / Third party purchase contracts:
Some purchasers of both HdT and SJI do not have their purchase contracts with either of the companies but with a third party company. Anthony asked Almudena about the position of these purchasers, who may wish to continue with a purchase or consolidate their deposits. Legally the credit is still owned by these companies and they can prevent or agree to the consolidation of deposits.
Almudena said that they will do all possible to help these purchasers who wish to continue with a purchase. A meeting is being held with Arriba Homes in the next few weeks and it is hoped that this will be of help to those who purchased through this company.
SARC members questions:
When will I get my money back?
The time frame that was given in HdT’s proposal states that the full 65% will be paid back within 5 years of the agreement. (HdT will endeavour to pay the money back sooner but this will depend on the income that they generate from SADM. (The projected date for repayment is in just over 4 years’ time).
Will they compensate me for my legal costs?
Unfortunately, the legal costs that we all incurred during the administration process were done so at our own expense and some paid significantly more than others to their legal representatives.
Why have we not had a company communication?
Almudena explained that they are busy preparing for the shareholders meetings for both companies but have written draft letters for both HdT and SJI purchasers. However they are delaying in sending them out as they are anticipating receiving some news for both companies soon and wish to give purchasers this information in these letters. Anthony said that although members wanted news, what they wanted the most was for things to start happening.
Why have HdT asked to know who SARC members are?
HdT realise that their database may be incorrect and that the contact details that SARC have for their members may be more up to date and help them to contact purchasers. SARC have also asked for HdT to consider meeting with our members first at the UK meetings, as the members fought hard for their properties and/or money and together had a significant vote in the administration process.
Comment /Opinion
At long last it looks like there is light at the end of the tunnel. The atmosphere in the office at Orihuela was busy and optimistic and it could be felt that the staff now had a sense of direction and were busy preparing for construction work to recommence.
Regarding communications please remember that SARC share information not only with its membership but also make the information available to all via the website. One of the reasons that we do this and why SARC was formed is to improve communication between purchasers and HdT.
SARC will keep in contact with HdT and as soon as there is news about the court ruling in Madrid we will immediately email our members and get the news onto our website ASAP.
SARC Oct 2011
SJI / El Pinet:
September 2011 Report This message was last edited by TonyMal on 09/11/2011.
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Hi All
It is anticipated that all of this would take until February when the construction of the infrastructure may commence. After that the UK meetings would take place and HdT would explain the various options that purchasers have and then meet with them individually to discuss their compensation etc and which property that they would wish to have.SARC Update.
Have I got this right?
The people who have taken thousands of pounds off me over six years ago, who I have heard nothing from in those six years. Are going to sit down individually with nearly 1000 customers scattered all around europe to discuss which property we want. And this will happen when a spanish court will take less then 3 months to sort all the legal problems with the Jumilla Site.
On top of this, the building process will start soon after the honourable Judge has done everything required in 3 months that couldn't be done in 6 years.
And miraculously even though all our deposits have been spent ,HDT etc will finish the "new" 1st phase of 1000 properties with new funding, yet cannot give me my money back for another 4 years.
I'd better buy my suncream now!!!!!!
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Trowel1
Don`t waste any money on suncream just yet, they haven`t specified which February!!!
Cheers Joanniemac
This message was last edited by joanniemac on 10/11/2011.
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FACT-------- WE WERE BUYING A PROPERTY ON THIS DEVELOPEMENT AT 129,000 EURO BECAUSE THE EXACT SAME PROPERTY ON THE COAST WAS 200,000 WAY BACK THEN....FACT....
NOW THAT SAME PROPERTY ON THE COAST IS SELLING FOR 100,000 EURO AND SOMETIMES EVEN LESS....FACT... JUST LOOK AT SOME PROPERTY FOR SALE SITES....
SO IF YOU DO THE MATH OUR' PROPERTIES' MAYBE WORTH AS LITTLE AS 65,000 EURO???? WHO KNOWS, BUT IF YOU'VE ALREADY PAID 40,000 DEPOSIT, WHAT DO YOU PEOPLE FEEL THEY SHOULD GET TO COMPLETE ON THIS ' PROPERTY '??
TONE, WOULD LIKE YOUR THOUGHTS??
ONLY JOKIN' TONE, YOUR DRIVEL AND ' BULL ' ONLY GIVE ME AN URGE TO GO GRAB ANOTHER GIN 'N' TONIC...
PLEASE PEOPLE, IF YOU HAVE THE FINANCES TO DO SO, GO GET GOOD LEGAL REPRESENTATON AND BEGIN COURT CASES AGAINST THESE CROOKS....
WHEN I SAY CROOKS, I'LL LET YOU DECIDE, ( EH TONE?? )
REGARDS
_______________________
stu and jaq R4 428 I DON'T THINK SO!!!!
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Hi All
I totally agree.
On my spain property alerts, prices are coming down on a weekly basis. you can get polaris completed for 69k (2 bed apt) this was 75k 2 months ago. I think they will continue to go down with all thats happening in euro land.
anyone who is still in limbo- GET A LAWYER AND TAKE THE BANK TO COURT USING THE GENERIC BANK GUARANTEE.
it your only chance
Regards
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Don't post on here any more, since all the bickering, name calling, s~*t flinging started a couple of years ago !!
I still pop in now and then, to see if any useful information has come to light, but, same old same old !!
Interesting that advice is being given to go down the "SUE THE BANKS" route !!
I haven't seen any evidence anywhere, of anyone trying this, and / or being successful either ??
If this were the route to take, then surely our lawyers would be recommending this highly, as figures of around 700 euros have been mentioned.
We are currently owed around 72,000 euros, so roughly a 1% initial outlay would appear quite an attractive option, don't you think ?? So, why isn't everyone else doing it then ??
In my mind, ( I'm usually an optimist ! ), we have written off getting anything at all, and if we are fortunate to get something, then it will be a bonus, as far as I'm concerned !!
Sad that it's gone this way, as like most of you, we'd have been up and running for about 3 years now, enjoying our own little piece of heaven !!
Any other thoughts out there ??
Baz & Sue
_______________________
Baz & Sue R10 - 36
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That report is hilarious, its very much akin to propaganda Lord Haw Haw put out during the 2nd world war!
Keep it up your hilarious!
barry -
There is a small group of us who have found a good lawyer and started a class action against the Banks a lot earlier in the year to get our deposits back under the Spanish law 57/68.
We have been asked by our lawyer not to put to much information up on the EOS forum as it could be used by others against us, however I can tell you its going well and in Spanish terms the actionseems to be moving with some pace at the moment, with the preliminary actions already having a c ourt date for the hearing.
Dont get me wrong there is still a way to go, but its the most postive thing we have ever done to try and get our deposits back and in our view is quite possibly the only way you will see any money back.
There is absolutley no point in sueing SJ\HDT direct as they dont have any money to hand over and rest assured Santa Ana will more than likley never be built.
Your a brave couple to write off that amount of money!
Personally we're going to try every angle we can to get ours deposits back - never say die!
Regards,
Nigel & Jo.
_______________________
All the best,
Nigel & Jo.
nweatherall210@hotmail.com
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Hi All
I am also part of the small group trying to get my cash back from the banks.
To add to the previous statement, I have never had dealings with a spanish lawyer of such quality (I know thats not hard).
With the info we have received so far I feel confident we will get our money back whether it be 1 or 2 years!
For 700 euro I still can't believe people are sat about waiting for HDT to come up with the goods.
One thing is for sure if/when we are successful and it becomes common knowledge, the costs involved may well increase.
Regards
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Hi Nigel & Jo / Trowell1,
Just had a look on here and wish I had looked earlier but not been on for a good 9-12months! Are you with the same lawyer ? Like Baz and Sue we have written of funds (invested with parents for their retirement and they are now retired!). If you could send me a private message so not to add info to EOS as detailed earlier would appreciate whether possible for same lawyer to assist us via some contact details. Thanks Steve.
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In response to various messages put on here about the class action against the banks, our lawyer has informed us that to date, he has seen no proof of the result of any claim against the generic bank guarantee.
If anyone has written evidence, ( i.e. a court document ), then please share it with the rest of us, so that we are under no illusion that this is the route we should all be taking to recover all, ( not the paltry 65% we've been offered ), the deposits owed to us.
It;s very easy to post something on here that is not necessarily factual.
Sorry if this sounds sceptical, but, I've forked out enough money already in attempting to recover our deposit, and am loathe to fork out another initial 700 euros, if there is no guarantee of winning !!
Merry Christmas to all, and hopefully a Happy New Year !!
_______________________
Baz & Sue R10 - 36
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Hi Barry.
I can understand your concerns but for me the main concern is if you loose you will be liable for the costs of your opponent which can be a scary amount.
Ken.
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Hi
for those with any doubt about what we hope to achieve. just contact guadelupe and let her do her job, in giving you the info to help you make a decision.
I spoke to her a few times on the phone and felt she was good at what she does and put that across to me in a consise manner.
Do not wait for HDT/SADM!!
All the best
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