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Hi Brian
they had to put half on their credit card and they were a bit straped for the cash as you would expect , anyway we asked the questions that needed to be asked for those that were to scared or unable to get a reply from anybody and they wee basic as we needed the answers to be clear and unambiguous.
brianmags
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"staff are 99% sure that it will be proceeding" - Is that the same staff that didn't know administrators were being appointed, now all of a sudden, they now what directors and administrators knoe. Isn't that illegal as the report hasn't yet been published?
"The listed debt of the companies is around 30 million Euros" - I thought that this was the figure that they defaulted on payment on and not the total debt?
How do they know that figure when not all claims have been submitted?
That obviously excludes the deposits, so where have they gone?
"assets of 300 million" - That valuation carried out by SJ?
"You have very negative view based on many assumptions" - Am I alone, when the Administrators have not yet reported?
You run a so called campaign to save a company and a development, without knowing what the total debts and assets are of the company, then say "I believe that you are going to be proven to be totaly wrong".
What is that judgement based on when you do not have facts?
Many on here claim to have Bank Guarantees, so they are not too worried. Surely if the Administrator is aware or has been informed of that, which one or other he will have been, is he likely to be too concerned about the purchasers who have such guarantees, therefore other options, when compared to what unsecured creditors are facing?
Do you know what the procedure is when Administrators are appointed?
Do you know what the total debts of the company are?
Do know how many hotel groups who would consider developing the hotel at present?
You continually choose to avoid accepting that there are such questions to be researched, before running a campaign, which you requre the Administrators to take seriously.
Would you at this moment in time, or say in 3 months, risk putting a deposit on another property on this development, assuming it was to go ahead?
This message was last edited by alm on 6/16/2008.
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Hi Brian
I take your point and its good that we have places to visit like this to get as much information as possible, long may it continue eh, cheers.
Im always trying to balance things up and i think we are learning bits as we go on. I was fairly fortunate to have seen the first thread on here, started by a lawyer, telling me San Jose was in administration. I still have to say i am awaiting any notification at all to tell me of the situation from San Jose.
I am still also having to say that my name has not been found on the creditors list by my lawyer, despite a SJ employee telling me it is on there.
The fact i have a lawyer and POA means that wont be a major problem and i will be on the creditors list when the lawyer makes representation.
So from my perspective its not a question of can i afford to hire a lawyer with money being tight or maybe putting good money after bad, its more like a feeling that if i dont get a lawyer i may get stitched up by this builder.
Shop round for the best lawyer and make sure they have credentials and will support the charges laid down in their law society prices. I dont know what else to say. I hope that most people who could afford to place a deposit can afford to be represented now that its be needed, i dont see the builder as my saviour in this, sorry.
Brian
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Hi Brian
couldn't agree with you more the only reason we uploaded that info was for those people who are bewildered about what to expect and what to ask so we did it for them and also negociated a resonable fee as I said our own solicitor wanted 10% of our deposit but then gaves us a discount to 6% as we were exhisting clients and that was still nearly double of what the other solicitor said even at full price so we saved a few euros (esspecially at the exchange rate now, but we will be nearly quits an what we paid in sterling if it does go the other way).
so if anyone wants a solicitor at such a price we can pass on his details from the sarc hotmail address and they can discuss with him directly.
regards Brianmags
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To those running "the campaign".
"staff are 99% sure that it will be proceeding" - Is that the same staff that didn't know administrators were being appointed, now all of a sudden, they now what directors and administrators knoe. Isn't that illegal as the report hasn't yet been published?
"The listed debt of the companies is around 30 million Euros" - I thought that this was the figure that they defaulted on payment on and not the total debt?
How do they know that figure when not all claims have been submitted?
That obviously excludes the deposits, so where have they gone?
"assets of 300 million" - That valuation carried out by SJ?
"You have very negative view based on many assumptions" - Am I alone, when the Administrators have not yet reported?
You run a so called campaign to save a company and a development, without knowing what the total debts and assets are of the company, then say "I believe that you are going to be proven to be totaly wrong".
What is that judgement based on when you do not have facts?
Many on here claim to have Bank Guarantees, so they are not too worried. Surely if the Administrator is aware or has been informed of that, which one or other he will have been, is he likely to be too concerned about the purchasers who have such guarantees, therefore other options, when compared to what unsecured creditors are facing?
Do you know what the procedure is when Administrators are appointed?
Do you know what the total debts of the company are?
Do know how many hotel groups who would consider developing the hotel at present?
You continually choose to avoid accepting that there are such questions to be researched, before running a campaign, which you requre the Administrators to take seriously.
Would you at this moment in time, or say in 3 months, risk putting a deposit on another property on this development, assuming it was to go ahead?
Perhaps if you were able to respond with facts, it may give your campaign more credibility.
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Hi Alm
I think its pretty obvious that the administration is the only place where you will find all the facts. Its there that the balance sheet will be drawn up as well.
The assets of the company i understand are primarily in land banks, which have licence problems. The whole process should polarise the parties concerned into some kind of action and bring the whole thing together to make decisions shouldnt it?
Land with a licence worth more than land without, issues rumoured like environmental problems brought out into the open to be considered. Open and honest book keeping through the administrators (we hope) available for financiers and investors. All people of the region interested in the local economy will have a sharp intake of breath when its realised the size and effect of this problem. I never underestimate people power.
When all that is reported the true value of the company can be weighted and declared. If the land went on the market, its worth what someone will pay. If its valued as a going concern, financed, licences obtained and the like its surely a good result for all investors with deposits? I know i would be more optomistic getting my money back from a shop thats open rather than one thats closed.
When an administration declares that work continues, the cost of trading is usually guaranteed by the administrator and creditors like trade suppliers get paid for any new materials, plus a percentage month on month of the debt. Thats a better system than folding completely. Suppliers will go for that every time. It depends on the viability......and the administrators will report on that.
Dont underestimate the possibilities from the Administration that some sites will continue to be built. I mean...Leeds United are still playing football....they had no assets, they didnt even own their football stadium did they?..ha ha. Bet you my deposit they kick off next year.
I think i got some alternative points in there.....theres some grains of truth i think!
Briando55
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"I think its pretty obvious that the administration is the only place where you will find all the facts." - To some yes, to all, no, otherwise, why quote what the staff are saying?
"Its there that the balance sheet will be drawn up as well." Sure is and the only place where true assets and debts are known at the moment.
"The assets of the company i understand are primarily in land banks, which have licence problems." So that could be written down 40-50-60%
"I never underestimate people power." Agreed and there are a lot of people, suppliers, contractors and staff who all will want payment and no chance of possessing a guarante, like those who were purchasing and hold.
"When an administration declares that work continues, the cost of trading is usually guaranteed by the administrator and creditors like trade suppliers get paid for any new materials, plus a percentage month on month of the debt. Thats a better system than folding completely. Suppliers will go for that every time. It depends on the viability......and the administrators will report on that." Yes, as I have pointed out on numerous instances and am aware that you are aware. But, where are these campaigners in answering basic questions when they claimed to know so much and have such influence.
I am afraid that owning a t-shirt will do little to get your money back or your house.
I just think it ridiculous to continually read of the 30m and 300m when nobody can offer evidence.
Was the 30m inclusive of deposite, I think not as 1500 x 20,000 = 30m
Dont underestimate the possibilities from the Administration that some sites will continue to be built. I mean...Leeds United are still playing football....they had no assets, they didnt even own their football stadium did they?..ha ha. Bet you my deposit they kick off next year.
I think i got some alternative points in there.....theres some grains of truth i think!
Briando55
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Ok
So....where do we go from here on these points then? I dont get it.
Have you any information of when, where and how the administrators report gets published or released?
Maybe thats the focus for us yes?
Brian
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"So....where do we go from here on these points then? I dont get it. "
I am just amazed that the "campaign masters" seem unaware of the points raised, seeing as they feel they have power to influence.
You don't get it, nobody will get anything until the Administrator's report, even if the SJ staff can advise they are "995 certain" the development will proceed.
"Have you any information of when, where and how the administrators report gets published or released?"
There are working dates, of which I am not aware, but no doubt the CMs would have advanced information as they are so influential?
Maybe one of the Lawyers can advise on this?
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Have you got a lawyer alm?
Are you recognised on the creditors list, do you have a bank guarantee? Which site did you place a deposit on?
Whats your major concern, i am on the land parcel of Albatera, which has about as much chance of being built as millenium dome 2
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Best wishes, Brian
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"Have you got a lawyer alm?"
Why would one need a lawyer and the "fighting force" are representing all and have direct contact the the MD of SJ and obviously the Administrators also.
"Whats your major concern" - That people are offering advice on hearsay and not facts.
Those they slated some weeks ago are now considered a useful source of information, just because they are an employee of the developer.
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So............do you have any property involvement with San Jose Aim.....or are you a cut and paste expert getting some extra practice in?
Or is there just an annoying echoe in here.......
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Best wishes, Brian
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Act your ages boys and post positive or even helpful things for your fellow forum posters and readers
ALM warned us months ago about the state of SJ affairs we all just chose to ignore the warning
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Great Auntie Linda
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Hi Girls
Thats put it all in perspective for me now, thanks for the input. What age do you want me to act lol
Im not seeing anything positve from Alm...and believe me im looking hard!
All i see is cutting and pasting and some comments about some obvious mistakes or misconceptions, thats easy!
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To DaveR, NO. Why should I be?
To auntielinda, thanks. You will recall the slating I took at the time then, and the abuse flying around as I was not viewing everything through the rose tinted. Glad somebody read into it.
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