SARCO

I had an e-mail from a friend who has a property  and is currently in La Marina, yesterday.

She reports that SJ is now out of administration and is due to re-start work on their road works today.

Kay T

I don't think that can be right.

They can't even afford to pay the water bill for the 12 La Zenia apartments so the water has been cut off watch the Costa Blanca News for more info

........................she also reported that the water situation has been sorted and are able to shower freely everyday now.

Her solicitor told her that SJ has come out of administration.

KayT.

Certainly doesn't fit with what I have been hearing from El Pinet  MM

Latest SARC report

Calaspara: HDT wish to sell some ore land at Calaspara and the administrators are writing a short report to present to the judge to ask permission for the sale to proceed.  Almudena was very positive that the sale would be approved.

Jumilla Town Council:  HdT met with the Jumilla council the week prior to our meeting and discussed with them the way forward for the SADM development.  The council wish for the development to go ahead and HdT have been discussing with them, ways in which they could help the project to proceed.

BBVA:  The BBVA Valencia office has been negotiating with HdT regarding the refinancing of SADM.  The court gave an extension to the administration process to allow these negotiations to proceed.  The Valencia office has been checking documention (which the court authorised to be made available to them) and a deal is on the table.  They are awaiting a reply from BBVA head office in Madrid.  Almudena was very positive of the outcome.

Murcia Regional Government:  The regional government are going to purchase some land from HdT, as part of the construction of the new motorway.  HdT are seeking to get the payment from them ASAP.

SADM Build:  Almudena was very positive about the refinancing of the development and said that as soon as HdT had the money that they would apply for the licences, which would take a few weeks to come through.  She also said that whilst doing so they would immediately recommence work at SADM, get contractors on site, begin preparatory work and have materials delivered, to enable them to start building as soon as the final build licence was received.

Purchasers:   Almudena stated that as part of the process; and as the negotiations mentioned above concluded, the purchasers would be contacted and given the choice to proceed with their purchase or not.  The letter would outline the repayment offer for those who wish their money back and also the 'compensation' for those who wish to continue with their purchases.  A Malpass said that purchasers were getting very weary of the process and that the SARC membership had voted on a discount as compensation for the delays and stress that the situation had caused.  A figure was not given nor discussed at this time but it was made clear that the SARC membership would welcome and pursue a discount.

Comment/Opinion:  This was the most positive meeting that SARC had had with HdT and Almudena explained that negotiating with all of the different parties had been time consuming and hard.  It can be seen from the above information that the negotiations are serious and that there is wide support for SADM to go ahead.

From all that has been said it now appears that a positive conclusion to sADM is very close and that building will probably recommence at the end of this year.  It has been a hard 15 months for purchasers and we have had to endure negative rumours, which have never stood up to scrutiny but caused concern to many.  The aim of those spreading the rumours appears to have been to make money out of us and our plight.  There continues to be those who wish to make money out of us purchasers by trying to scare us but it is important that we ignore them, give them no credence and ensure that we do not line their pockets with our hard earned money.

It is therefore; the opinion of the SARC Executive Committee that the probability of SADM going ahead is high and it would be prudent for purchasers not do anything that could minimise their options at this late stage of the process and to be patient for a few more months.  Furthermore, we still believe that SADM is an attractive and desirable development and hope that many of us will be neighbours in the near future.

So it is apparant that SJ still do not have the money and yet again proves that they have lied to me having sent an email to me weeks ago to say that a deal from the bank was signed.

FAR

Hi Far, The report that MM posted is about 5 weeks old. It has also been reported that work will be started on El Pinet in 2 weeks. Who knows what the truth is only time will tell. Cheers Joanniemac

Hi Joanniemac

It is encouraging to hear that workmen have been at Pinet recently, however, this has happened before, these fleeting visits of men working and SJ still have not secured the finance. I am certainly not building my hopes up again until i see more proof!

FAR

Just a couple of comments on the spin and garbage.

"HDT wish to sell some ore land at Calaspara and the administrators are writing a short report to present to the judge to ask permission for the sale to proceed."
Fine, there goes another part of the assets. Assume the money will be used for the Administration costs and charges, or creditors. Result, less assets to support a loan agreement.

"Almudena was very positive that the sale would be approved." Bet she is hoping and praying.

"The council wish for the development to go ahead " no news there then.

"The BBVA Valencia office has been negotiating with HdT regarding the refinancing of SADM." No news there again. They have been since pre Administration. Administration was entered into due to lack of refinancing agreement.

"Murcia Regional Government:  The regional government are going to purchase some land from HdT" Goodbye another part of the assets.

"Almudena was very positive about the refinancing" No news, just pre Administration spin again.

You must give this company and its directors credit for something. They certainly know how to give information to certain people who do not have the intelligence to understand their words.
A fine example being "The BBVA Valencia office has been negotiating with HdT regarding the refinancing of SADM." Of course they would be. That is what happens in business when you need funding to carry on business. It would be news if they said they were not negotiating.
IDIOTS
I don't know if it is laughable or sad.
Does swine flue rot the brain cells (sorry, you have to have some first before they can rot).

I don't see any mention of the huge reduction in property prices in Spain, as elsewhere. Bet the developer is hoping that there are many, many, many mugs who hang on in there and be prepared to pay way, way, over the price and true value, if the properties were to be completed.

Hi Fin,

I am glad you can still spout negative comments full of spite, with no news, no help  and of no interest.

I am sorry that you feel the need to keep on doing that and have not realised that we are all tired and bored by that type of behaviour.

 I have no time for your crass behaviour  but I still wish you well.

 I WANT MY HOUSE AND A POSITIVE OUTCOME FOR ALL

Tony R17 18

Hi Tones,

So glad you are glad.

"negative comments" - Sorry, just common business sense and fact.

"no news," - Much like what you have posted then, which is spin.

"no help" - Why is help needed if what you claim and report is correct?
You make out that all is well. SADM will go ahead and be completed. So why is help needed?

"and of no interest." - No, it is apparent that business sense and dealings, together with facts, are of no interest to the likes of yourself. Spin believers and I bet Sun reader.

"we are all tired and bored by that type of behaviour." - You don't think people are tired of the spin you are fed and that you believe that all readers are complete idiots like yourself to believe it?

"but I still wish you well." - Save your well wishing for the poor souls who stand to lose so much and yet you persist in trying to lead them up the garden path by beieving yourself what your masters tell you. Is it Puppet or Muppet ?

Is there an opening date yet for the bar at SADM?

Hi Fin,

I am sorry that you feel the need to waste your time making silly remarks. I have no interest in  engaging in a pointless exchange with you.

 I  truly wish you all the best.

 I WANT MY HOUSE AND A POSITIVE OUTCOME FOR ALL

Tony R17 18

Hi Tonymal as FIN suggests  it is definitely "Muppet "

Are you oblivious to reality and to what is really going on regards the Spanish property market .

With thousands of unsold nae unsellable  properties already flooding  the market ,   Murcia Regional Government  ,BBVA , Jumilla Town council , the judge ,  SJ/HdT admin and last but not least Almu and SARCO think it is a good idea to build more.

Tony  ! what planet are you on ? just because you want a good outcome for all does not mean it is possible .

You are clearly  off your head !!!!      Think about it !!!!!!  It simply does not make sense .SJ /HdT  are leading you a merry dance and your gullibility is becoming annoying .Contrary to what you implied in the SARC report I have no interest in making money from your misfortune . I would just like people to be realistic and look at the bigger picture .Best regards MM.

PS the longer you delay the weaker your case !!!!!!!!

Hi MM,

I would take your comments more seriously if you had not contradicted your self so many times. So I have no interest in engaging in a pointless exchange with you. 

Wishing  you all the best

 I WANT MY HOUSE AND A POSITIVE OUTCOME FOR ALL

Tony R17 18

Hi Tony the cowards answer as usual .Are you unable to think outside the box and look at the bigger picture ? If you did you would see that you are once again  being  given the SJ/HdT bull.Just because Almu wants it to happen does not mean that it actually will .Did you ask her about El Pinet and  La Zenia ? This wonderful sound as a pound company who will definitely be refinanced (NOT ) can't even pay the utility bills and have left people there customers !  high and dry  .Dream on Tony !!!!!!!!!!

" I have no interest in  engaging in a pointless exchange with you. " So why do you? Aren't you a person of their word?

" I  truly wish you all the best." I just wish that you were not such a fool and did not listen to spin, then hope that you can convince others the spin is fact.
I wish you had some common sense.

"the longer you delay the weaker your case !!!!!!!!" And the assets are drastically reduced.
I will not try to explain as Tony Tiger would find it too difficult to understand. Pity he didn't question the reduction in assets at his meeting. Then there would have been some red faces.

Hi All,

There was a meeting held with Almudena on the 8th October & there have been subsequent communications. The reports has now been completed and has gone out to our members. It will be loaded ASAP onto the SARC website for all to see as it contains important information for all purcahsers.

 I WANT MY HOUSE & A POSITIVE OUTCOME FOR ALL.

Tony R17 18

Does anyone really want to hear what Almu has to say anymore .I don't

Yes I do. I think it is really funny to read what she tells them and then funnier to realise they believe what she tells them.
A couple of years ago, didn't she tell them all was well?