serous discussion for getting money back. No SARC or TWIGLET intervention please!

 Julie

Please carry on here. If the others have any manners they will respect and post on the other threads instead

Hi Joannie

Just chucking my hat in the ring to say...anyone who can offer advice about getting paid back what we are owed, and wants to share it......

I am here...i will do the same

Hi all

I had an e-mail from my solicitor earlier in the week saying the administrators would give their finding by 27 Nov,but i have not heard any thing else so far.

Mayby we will get the news this week.

I want my money back

No one's piped up with any details of a further extension so lets hope your right.

I WANT MY MONEY BACK

I was also told that the extension ended on the 27th Nov, so we need to start applying pressure to get the decision from the administrators and stop it from drifting into Christmas.   They seem to be experts at stretching things out.  They applied for the extension so that they could get information from lawyers as to how many of their clients wanted money back or to continue. 

I want my money back. I bought elsewhere and now have a mortgage I shouldn't have needed.

Hi Twigit.

ooooooooooooooooooPs.  WRONG thread.

See you on TWIGITS TRYST.                    Bob.

P.S. I WANT MY MONEY BACK.   PRONTO!!!!!
 

Hi all

I had an email from my Lawyer last night confirming that the Report of the Administrators that was due out has definately been postponed and could now 'easily' take 3 months or more to produce. This will define the qualification of credits, the companys financial balance and how to distribute it amongst creditors.  There was absolutely no confirmation on any refinancing imminent at all to continue builds as far as his discussions go with the Administrators.  Dont hold your breath for them to honor any property exchange or development being completed. Its only one opinion but it looks as if they can continue to delay even the legal system to give them more time to fob us off with excuses.  Santa Ana going ahead, built in 18 months - bull.... they cant even sell me an exchange property (that's off completely now) they have absolutely NO money to pay off extended mortgages that they took on excisting key ready properties  in order continue paying themselves and not build our homes!

If I sound angry, bitter and pig sick its because I am. 

IWMMB so bad it hurts

Sal

How long does it take to add up a few f*****g numbers, this is taking the p***.

Had enough... you bet..... it appears Franco is alive and well....

Hi Sal.

Thanks for that bit of information. I say thanks with tongue in cheek.

When we are all calm and logical, we knew when they went into administration or voluntary liquidation as i called it but Tony put me right on that one, we knew that the Kakki had hit the fan and that all that is going to happen to us is that we are going to get coated. We may be thrown a few crumbs over the next couple of years, to help shower a bit of it off but coated we are going to be.

I think Tony even you should now start to realise, in spite of your GOOD WORKS and i am being serious, you have done many and thanks for that, you should start to realise that nobody goes into administration lightly, only when their backs are against the wall and the game is more or less up.

Redman said: How long does it take to add up a few ................. numbers. I know it is a bit more complicated than that but at the end of the day he is pretty much SPOT ON.

The administrators know already i am sure what they are worth on paper, probably not a lot at todays diminished prices, they like us though could not hazard a guess how long it would take to turn that paper into money, and when it is all sold off way down the line, it probably will only be enough to shower a bit of that Kakki off.

                  Bob.

 Sorry to be negative but sometimes one has to face the stark truth, so as to be able somehow to get on with your life.

Hi Sal

Sounds like another blow for you and i am really sorry.

Can you just clarify which administration this information belongs to please, i havnt heard anything from my solicitor regarding San Jose, to the effect you have.  I am selfishly hoping its the Herrada del Tollo administration thats affected.

Then can i just go on to say that, much as i have some respect for Tony Mal's efforts, how can the information he and SARC assemble be so far away from what is actually going on?  He seemed to genuinely believe that the re-financing was round the corner, he said a few weeks about 6 weeks ago.....................

What is the SARC organisation reporting on their site Sal?...............it seems to be a pack of lies.  If its based on information coming from the directors of HdT then it gives an insight into how good these people are in business...dont it?

 was there anyone but TONY who reported that there would be  a report issued this week?

In reality no definite report is going to be issued until the spate of court cases to be held in the new year. The outcome of these will impact on the outcome of the report and the decision as to whether the company is vialble.

Joanie.

VIABLE.  I doubt if opening a bar in Spain in the present climate would be a viable proposition let alone re:financing a property developer who is in administration.

I cant believe how many unfinished properties we have passed within a 5 mile radius of where we live. Developers will probably let them stand for 4 or 5 years before they even contemplate completing them and putting them up for sale.

Its a rum old deal thats for sure. se vende everywhere, but where are the buyers?

                        Bob.

 Hi Bob and Pauline. Couldnt agree with you more. My comment was a bit tongue in cheek. Ie its no good the administrators trying to suggest its viable when 90%of people want their money back for breach of contract

Just to add to Bob's comments and an update regarding the property market over here, yesterday, Promociones Habitat with €2billion of debt went into administration, Spain's 5th largest property developer. This follows hot on the heels of Martinsa Fadesa for €5bilion, Spain 2nd largest and also with some surprise, La Manga club with debts running into €m's...............in fact read it for yourselves !

"With the Spanish property market now in a deep slump, Spain’s biggest developers are having an annus horribilis. Martinsa-Fadesa, Spain’s biggest residential developer, has already collapsed into administration under the weight of its 5-billion Euros of debt, as has Habitat, with more than 2 billion Euros of debt, whilst other developers have watched their share prices and turnover fall off a cliff.

The developer Colonial leads the pack in terms of losses. In the first 9 months of the year Colonial booked losses of 2.5 billion Euros, compared to profits of 357 million Euros in the same period in 2007, and failed to sell a single home, reports the Spanish press. Colonial’s turnover only fell 24% to 473 million Euros, and would have been much worse had it not been for its rental income, down just 3% to 215 million Euros, and sales of assets, up 70% to 148 million Euros. Colonial’s losses came largely from asset write-downs, shrinking the balance sheet 14% to 9.4 billion Euros. The company closed the 3rd quarter of the year with net debt of just under 9 billion Euros. Colonial has recently admitted that it will be forced to seek protection from its creditors if it is unable to sell some of its key stock holdings.

Martinsa-Fadesa, which was forced to seek protection from its creditors in July, lost 230 million Euros in the first 9 months of the year, with new home sales falling 75% to 855 units, compared to 3,384 in the same period last year. Martinsa-Fadesa’s book of sales contracts not completed stood at 11,231 units at the end of September. Martinsa-Fadesa claims it has recommenced work on various of its projects, and completed on 271 properties in the last quarter.

Metrovacesa, another quoted developer, lost 42 million Euros in the first 9 months of the year, compared to profits of 1 billion last year, with residential home sales down 39%. Metrovacesa is selling back the HSBC building in London for a loss of XXX million Euros, having bought it from HSBC in XX for XXX million Euros. Metrovacesa has net debt of just under 7 billion Euros, 0.6% more than in 2007.

The Spanish constructor FCC delivered profits of 297 million Euros, 52% less than the same period last year, whilst Aisa’s losses increased from 3.3 million Euros last year to 14.5 million Euros this year.

In total, Spain’s largest, quoted developers clocked up combined losses of 3.3 billion Euros in the first 9 months of the year. Their net combined debt was 24.5 billion Euros, down 22% since the start of the year."

2009 might be even worse....................................so can someone please tell me at such a dramatic downturn, a healthy business is going to risk such an investment to help save HdT or SJG  at this time.

darren

 I also understand that Aifos was forced into administration on Friday. Bad state of affairs and I agree that there is no sign that next year will see any improvement.

Hi Darren.

Thanks for that bit of information. Blimey, what do you do all day, sit reading newspapers etc., only joking, Ha. Ha.

Its what i already guessed but i must admit i was thinking in hundreds of million euros debt, not in billions. Its mind boggling really and i wonder how many people are affected besides the approximately 1700 at SADM. Does not bear thinking about.

I would like to think that there was a round 2, really, if only, but from what you have posted it does look very much like, game, set and match.

             Bob.

Bob

I wish fella......not a single day off now until feb sometime, even xmas day / new years day. Doing double shifts for most of the days as well...head chef has now moved on and i've been handed the reigns. Still if you and pauline fancy it, new years Eve we're planning a beach party to watch the 'first new sunrise' as they do over here, fires, bbq and beers on the la Zenia beach over night !!!!

regarding the news, it's Spain all over and in meltdown, trouble is, no-one can see the end to it, or how to bail the industry out for such large numbers so it won't be Government supported as first expected. The big investors will aim for those companies that are asset rich (and i dont mean SJG) and thats not looking good as within the report it clearly states one of the big guns maybe unable to sell its key stock holdings......!

Oh...and if anyone hasn't heard, Pilar has left the building and has been replaced by Mari Carmen Galvez  (cheers James)........who on first impression has no clue what is going on with anything.

Off to get ready for today's first shift

Darren

Hi All

 And thanks Sal for sharing your info, like the rest of you I  want my money back ,we spoke to our solicitor a week or so ago and they want us to wait for the report WHY!

We have been back to the UK since so this is the first time on the forum for a week,  would anyone in  their right mind want to wait another 3 months. I did offer some months ago to pull the trigger but no one knows where the culprit is I am not surprised Pilar has left would you work for nought.

As for you Darren I have your QS and Atora I was expecting at the very least a stew and dumplings will I have to wait 3 months for that?

Linda

Hi All,

A helpfull comment for you regarding the inform (report) it goes into the Court this friday and not in 3 months time (the reason for the delay  will be in the next SARC report). After the inform has been lodged with the court it will become available to the public( check with your solicitor). The Judge has a period of time to make his decison and he could make it more rapidly or slowly depending upon the content. The reason a solicitor has adviced waiting for the report is to enable an informed decision to be made on matters of substance rather than rumour or myth. I believe that this is an example of good professional practise. 

I have made this posting to help clarify a point not to try to score them.

All the best

Tony

Tiger, your are like the English rugby team. Can't score points even if you tried. Grrrrrowl to you.