Collated Update

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09 Mar 2009 12:00 AM by zero Star rating. 15 forum posts Send private message

Hi All.

In response to the request for a more collated update, my progress so far is as follows:-

On speaking to my Spanish Lawyer on the 26th & 27th Feb, I agreed to settle out of court in return for my monies covered by the bank gaurantee's. I was advised the monies could be in my bank account within 7.days, the latter would be calculated  from the time my lawyer as Power of Attorney signed the agreement.

The terms of the Out of Court settlement, means both myself and the other parties will pay their own court  / legal costs. Originally I wanted to claim both costs and expenses,  my lawyer tried negotiating this with both sets of lawyers and was told the Bank had a policy which stated only the amounts under the bank gaurantee's could be reimbursed. Further if I insisted a board meeting would need to take place to discuss this, it was estimated this would take a further 2. weeks!

A further concern for me is the current economic climate, my lawyer said there is a lot in the Spanish press at present about various banks (inc.CCM), my lawyers advice was to "grab my money with both hands."

The bulk of my monies was covered by the B.G. however I have a smaller amount not covered in this way. The only way to try and get this back is to apply through the courts as one of the many creditors of Masdevallia, I am already registered  as that.  My lawyer is not very hopeful of a return, as he said Masdevillia have massive debts and he does not want me to incur further legal bills, however I still need to consider what action if any I wish to take.

At present I am waiting on a settlement from my lawyers, this sum will then be deducted from the monies I am due to receive from the B.G.'s.

I am sure I echo what a lot of others are thinking and that is, this nightmare is nearly over.......!

I will of course post confirmation when I am in receipt of monies.

Regards.

ZERO

 

                                                                                                                            

 




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