17 Nov 2008 10:21 AM:
PALMERA PROPERTIES UPDATE
Kind Regards
Stephen Hodgkiss
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In Fuengirola on the 14th of November 2008
Dear Clients,
Having been at the courts on the 10th & 11th of November, our initial impression is that the Judge will not file our case, which is obviously a good sign, as other Judges have done in almost identical ongoing cases against Palmera Properties.
The first person called for questioning was Gotardo, he started to explain what had happened in each development and why they were never built, after a very brief summary, he stated he would make use of his right to remain silent and not declare. We imagined this would be the case, and although we would have loved to question him in depth about every single one of your cases, the fact of the matter is, his silence only reinforces our case, it clearly shows he has something to hide. Saying this, the Judge did make him answer one question, had he returned any money at all, to which he answered, no.
Then the witness we had proposed was called, he confirmed that certain projects had not been able to go ahead for various reasons, that the amounts they received from clients was not always used as it should have been, and that none of the amounts were guaranteed.
We are now waiting for a date for the representatives of Grupo Mirador to be questioned, as their address does not coincide with Palmera Properties, their statements will take place in the court in Velez Málaga, this is just a mere formality as this is where the company address is registered, those statements then get sent back to the Torremolinos Court, who is, at the end of the day, the court that is dealing with the case.
The Judge was well aware of the events surrounding the case as she is currently dealing with a number of claims against Palmera, she has decided to unify all procedures into one as the basis of each and every case is exactly the same.
The bad new is obviously the fact that there are so many cases being dealt with at the moment, the amounts being claimed are extremely high, we are claiming over three million Euros, another law firm is claiming two million, there are a couple of investors who invested almost three million in one of the projects alone..., the question is, can he come up with the money?, we will have to wait and see but it is unlikely that he will be able to return all amounts.
For the moment there is nothing further to report, we will keep you all updated as and when we receive notifications regarding the trial. As I mentioned in the previous update, we are entirely in the hands of the court and things will not happened over night, some time may elapse before there are any concrete advances, but as always we will do everything in our power to push the matter for a quick resolve.
Kind regards,
Naomi Webb
IURA DESPACHO JURIDICO
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Palmera Properties
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