AGMs Bank votes

Am I right in thinking that as IRM havent paid their Community fees in months that they don't get to vote in the AGM??? If so, could be interesting???????

At the end of the day we will never know, ML will tell us what they want and we have no way to disprove it.  I doubt if ML have the proxies from the banks, a lawyer friend has said that this is unheard of, but unless you want to challange them in court what do you do?  in 2012 some presidents wanted notaries to oversee the AGM to ensure fair play but this never happened.  ( in the minutes of the presidents meetings ). Due to the amount of apathy here nothing will change.  

Apathy does seem to rule!!!

What do IRM own apart from the Al Kasar, other community areas, the golf course, and some of the undeveloped land?

Any apartments that Polaris owned when it went into administration would have been transferred to the individual Bank underwriting the building of that apartment section (and then in some cases from that Bank to the Bad Bank when the Bank had financial difficulties). It's those Banks that would have the votes.

I am sure this has been spoken of  before but am I correct in thinking that the community fees paid by owners pay the wages to the staff etc of ML. If this is the case then as their "boss" surely it is the owners that should have the upper hand and any sign of apathy should be dealt with by the owners, it should not be a case of ML telling us what they want or am I getting it all wrong

Jan x

 

This message was last edited by hamibabe on 25/01/2014.

I know from real experience that if the developer or bank are not up to date, at an agreed date prior to the AGM, then they are not allowed to vote at the meeting and that, prior to the meeting owners should receive a copy of the current accounts and debtors list

To obtain this information you certainly don't have to challenge this in Court, you just have to ask for the information

Any ownerr can request or see a copy of the accounts and debtors lists for their community

Often the banks, even if they are up to date, do not attend or even bother appointing a proxy

Specifically on Corvera at the last AGM's in March 2012, the owners were able to vote in new Presidents, all now owners not Corvera staff, for all of the communities, which has made a difference but to achieve this you do need good communications and a plan with Presidents aleady identified

The problem that we had was with The Entity because debtors are allowed to vote so the developer was able to maintain control with their own representative

Yes the community fees pay the costs of the Administrator, they should work for you and the owners need to remember that

jjj

Underpar, my understanding is that IRM is made up of the banks who held the debt from Polaris....so whether you call them IRM or the banks....they still hadnt paid their community fees so shouldnt have had a vote!!!

but at least some of the individual Banks are apparently up to date with the community fees for the properties they still own even if the separate entity IRM has its well-known cash flow difficulties after SAREB played hardball and refused to refinance it. Which Banks do you know haven't paid their property community fees?

I spoke to a Spanish president today and he was saying that the banks normally pay late but always pay before AGM so they can push through items on agenda that they want. He said that as of last Friday they still hadnt paid!!!

My understanding is that IRM was set up to represent those banks who were owed by Polaris...I believed that Irm then paid these fees on behalf of those banks...eg if banco Popular owned 20% of IRM and the bad debts then they would pay 20 % of the community fees.

I was told that it os 9 months since these fees were paid but it was thought they would pay before the AGM but didnt. ITs not just Community fees but refuse collection etc at Al kasar which is in danger of not being paid/ collected.

I cant remember who the bank is with the biggest debt but if IRM fails then this bank with the largest debt would acquire the golf course and Al kasar, Condado Club etc to settle its debt...so its in the best interests of this particular bank to push IRM to the brink...and by not paying their share of Community fes this has to come to a head!! It would probably be in our best interests if this bank took over too!!! I will try to find the relevant article about this and Im sure someone who understands this better can clarify my points!!!

Rosie

If IRM fails then the golf course, Al Kasar and other community assets owned by IRM would all go to the bad bank (SAREB). This is because SAREB's debt with IRM ranks in preference to the other debts IRM owes to the other consortium banks and the debt owed to SAREB exceeds the current value of the assets owned by IRM. This was my understanding of why SAREB refused to refinance IRM and thus why IRM is currently in a voluntary pre-bankruptcy agreement so it can try and refinance itself without bankruptcy and thus the other banks losing everything to SAREB (although some of the 'other banks' are also shareholders in SAREB).

I know that at least one of the banks that still owns apartments on Condado (and is part of IRM) has paid the community fees it owed within the last 3 months to bring it up to date at that time.

IRM should be contributing to the upkeep of the Al Kasar (and presumably the outer ring road etc) but as you say presumably they are not and that should be a worry to all owners and the businesses on the Al Kasar.

New Facebook group for Condado Residents Association!!

CRA Condado

Gracias!!