rent 2 buy

It says on santaanadelmonte.net that the judge has made a decision to allow the administration to go through.

I am lost in a sea of confusion!!  What does this mean for all of us now?

I cant find anything on santaanadelmonte.net that says that?

Do Not Panic and give power of attourey just yet 
                we spoke with San Jose this morning and got a clear explination of what is happening

               we are seeing our solictors tomorrow morning to validate the information we have been give.
          you will be ask by the court to state whow much you have paid as a deposit  you do not need to give power of attourney to reply your current solictors can deal with this.
        we will confirm all we have been told tomorrow but looks good if we keep our heads
Brianmags & Tonymal

Brianmags and Tonymal - you are stars thanks so much for what you are doing out there, look forward to further news.

Hi All,
After an hours meeting with San Jose we feel that the project can be saved and that we all can increase the probabilty by being calm. Yes we need to ensure that our money is recognised by the court but we need to let the administrators know that we support the project and for it to go ahead. We need to all work together to support this, it could take years to get a deposit back and it would be soul destroying to see the properties built and not have one. We are seeing a solicitor tomorrow plus our banks so BraiMags and I will write up our visits for you on Saturday .

Focus on being really angry with the banks!  They charge you for your bank account, they gave you a mortgage offer and now they screw it up by not supporting a project that we collectively and contractually still have probably about 200,000,000 Euros to pay to San Jose on completion! 

Lets start a new phrase for us to all use.     " I want my house!"

All the best
TonyMal
Ps it is sunny here

Hi Toymal ect.  Not sure if you can pick this up but are you both in Jumilla this afternoon and if so what time. It would be nice to meet you both.

I have arranged with Martin of Abolex to hold a meeting at my house tomorrow at 11.00 so that anyone wishing to ask questions can do so  (between Jumilla and Pinoso).

Found a use for my big kitchen then eh Sue.

Dear All,
Some have sent me private messages. Iwould read them and reply but as of yet this facility has not been made operational for me.
So apologies.
BrainMags just thumped me and said his is open!
All the best
TonyMal

Hi Tonymal,

One question that should be put to the banks is why they accepted money for deposits when they knew they would not be issuing Bank Guarantees.  Are these as culpable as agents passing the money over in the first instance?

Or perhaps it has something to do with making money using other people's.

Regards.

IMPORTANT INFORMATION

The list of creditors supplied by Herrada del Tollo includes 1.501 (one thousand five hundred and one) creditors, adding a total debt of 77.686.748,53 Euros, and they value their assets in 257.309.383,20. They say the cash in the bank by end of 2007 was 7.325.002,11. This list may not include everyone, so please feel free to p.m. me if you need to know if you are in the list. 

The Court decision agreeing to start the process was written on the 19th and will be notified to Herrada del Tollo in the next few days. It will be publicised as well in the official website www.publicidadconcursal.es.

Herrada del Tollo will notify all creditors within the next weeks by letter, email or fax to your contact details. Please be aware that many of the addresses in UK I have checked are not correct., and some of the credits that have already been communicated to Court by Herrada del Tollo are not accurate. 

Since all publications of the Court decisions (which may take a couple of weeks), all parties have one month to take part in the process and communicate their credits.

Regards to all.

Hi

Unless i am reading the figures wrongly, or some information is missing, the company seems to be in a sound condition.  

The whole thing seems to make less and less sense to  so me, are the financial institutions really so nervous to withdraw funding based on these figures?

Are the asset values in some sort of freefall and will only realise a fraction of the stated value perhaps?

Hi Briando55
                   you are right financialy they are in good stead(assets) wise with out bank backing they are vulnerable but only on the two projects if we all support these projects they will have to procede to completeion as that is what the majority want and we will have our dreams"( our houses)" we will upload more substantial info in the next two days and ask that every one gets behind the campainge "We Want Our House" 
Brianmags

briando, I am no expert either but if you read Abolex's posting carefully he says that once it gets this far the "developer has no intention of building", not sure if on this thread or on www.santaanamonde.net.

The other issue is the asset or perceived assets are not assets as you many think, alot of that money is land. in the current climate and the fact Spanish authorities are cutting back on the huge developments the likelihood of another developer taking on the land at the price san jose paid is unlikely.

So from an accounting exercise if your accountant is trying to big yourself up you can quote land values expected in a few years hence, thereby enhancing your balance sheet, but in reality if you own land like san jose do in cieza, calasparra and not a small amount of land (a) there plans for more massive sites have no chance of getting planning approval - cieza was again 10,000 units and (b) the whole principal of self fulfilling water by recycling water used by living units into golf course thereby avoiding water shortage is shown to be flawed by polaris problems.

the reason it has ground to a halt at polaris is there are more investors selling the units than people using them, therefore no recycle water, therefore a reliance on buying water which golf course developments cannot do, hence the lack of likihood of planning approval.

which brings us back to the value of assets.

if you paid 75 million euros via deposits taken by clients to buy more land hoping the value of the land with bricks and mortar would be 300 million, and the land can no longer be valued at the 300 million due to the inability to sell (reasons - current climate, lack of planning, unlikely nature of achieving planning, lack of credible alternative builder to take on projects).

therefore the balance sheet valuation is not enough, and as cash has been spent hence the problem

it is a major problem.

HI ALL,
I have  just recieved an emal from my solicitor´s office and i quote " Fisrt of all i want ot make it 100% clear to you that this is not Bankruptcy or liquidation procedure of the company. This is a totaly different procedure , which does not necessarily , has to finish with the bakruptcy or liquidation of the company" 

So there we go, an opinion form a solictior company in Torreviaje. We are going in tomorrow and we will discuss this at depth.

Be positive.   
I want my house
TonyMal

Dear alarmed,
    please identify your conection I am on Plot R4 556 who are you and what is your interest

Hi All,
i quote a bit from the email I recieved this eveing from my Spanish solicitor ( I will try to copy and paste when I get back to the UK.

"We completely understand your concerns that this time, recieving so many different information for many different sources, but we appreciate that you keep calm with us and let us take the necessary steps to provide you accurate and realistic information about your legal position in regards to this new situation"

We will let you know what we find out

I want my house

TonyMal

Tonymal and others

Good luck to you with your campaign.  If we can't get our deposit back on Albatera, we were offered a swap to another site.  Maybe you could be our saviour.....and neighbour  lol

Brian and Lesley

Its gone quiet tonymal

Did you get any further with your request for information?

Briando55  Patience.  There is so much info to collate and make sense of, think about  and put it down in writing coherently.

Martin Abolex.  We cannot thank you enough for taking the time to hold a meeting at our house yesterday.  I will email you today and with your permission post some of that info on the forums.