The Offer from Almudena

Having emailed the website link and login to someone who seems to have very good connections with the Spanish legal system, they have sent me an email this morning stating that the whole HDT offer may well be nothing more than a scam by Almudena, and they are sending the details (i.e a full spanish print of the webiste) to the administrators to make them aware of it!!

As they understand Spanish bankruptcy law, any proposals have to be made by the company to the Administrators, not direct to us as creditors, and have to be agreed by the Judge and then distributed to the legal representatives who in turn distribute the proposals to the Creditors.  

They do not believe that any proposal is legal if made direct to the creditor by the company.

I think a big massive resounding NO vote coming on  

My solicitors said the offer came from the courts, So this would make it legal wouldn't it?

Claire,

Your solicitor probably gave you a breakdown in English of the proposal, and probably only highlighted the two main choices, your property or some of your money back.  However, the devil is in the detail, you really need to see the whole proposal.  All of their predictions for paying back any money is based on their VERY optimistic sales and income figures.  Which are also based on their unresolved contracts of 966, of which many have been breached and belong to many people who have no intention of continuing.  It will be at least four years before you see a penny and there's also nothing to stop them being liquidated in the future should they breach their proposal, but by then they will have laundered whatever else they can out of the company by paying themselves increased salaries.

I've already chosen the third option and that is to reject the proposal.  I would sooner stop them in their tracks than have them continue on and drag more people into this mess and take more money in the process.

This company have shown nothing but contempt.  I want to sent a clear message back to the courts.

For those who follow the spanish forums for the spanish shareholders and buyers alike were already trying to arrange a march against SJ.  So if that's not enough I don't know what is.

Totally agree with redman, even though we do not have a bank guarantee, we are not willing to put up with another five years of crap from this lot, why the hell they think they can mess us around for all this time and then kindly offer us back 65% of our hard earned money is an insult, so even though i could possibly loose all of my money we too have voted no to this proposal and i suspect and hope quite a few more will or have.

As far as i can tell even if they can continue it is not going to ever be on the scale of the original plans, so who knows what you could end up living on.

Mark

I have been thinking along the same lines. I no longer expect any money back so the best i could hope for is to stop them hurting more people.

I'm with you and will be rejecting.

I no longer want to show any interest in them are this situation.

Good luck to all whatever you decide.

You never know pigs might fly. ha.