SARCO

One more interesting question

The SARC community leaders are very very sure there is no money.in fact they say it all the time............THERE IS NO MONEY.

So how do the employees get paid then...........how many of them are there.....................woolworths have gone and their staff had to bite the bullet so the creditors could get some money back......why are HdT so special they can drip feed information to Tony to see if its safe to come out from behind the sofa>

Hi Brian.

Yes there is some money somewhere, that is why the remaining staff are still being paid.

I really cannot  believe that after ALMOST 9 months the administrators still have not decided yet whether or not either company or both are able to continue or NOT. That really is quite ridiculous. Friends of mine went to SADM recently to test the water and asked to put a deposit down on a property with a view to buying that property, [NO NAMES] and were told in no uncertain terms that both companies are in administration and at the moment they are not able to sell any properties and have NO idea when they will be able to.

If that is the case, then what are the staff doing that warrents paying them???? Absolutely nothing of course, yet they are still being paid.

9 MONTHS! A  joke.

Liquidate them both NOW.

Its OUR money that you are paying out.

It is a disgrace, a bl....dy disgrace,

There is little money available, definitely no financial backers, and if any of you administrators have ever played poker then you should by now know when to fold your hand.

                            Bob.

Hi Bob and all , I would ask anyone to correct me if I am wrong but I believe SJ have been given permission to trade on and sell some assets to finish work at El Pinet . If this is the case does SJ continue to trade but still under court protection from their creditors, this situation would seem bizarre as HdT is one of SJs creditors .If this decision has been made so quickly for SJ what is the problem for HdT why is a swift decision not being taken .As with every day that passes there will be less and less left and less value to assets or chance of selling them.

In my opinion the whole process is a farce.There are 12 companies involved in this all acting together regard funds .previous trading etc .SJ holds 50% of HdT shares and money and assets have been moved left right and centre .The whole thing is a farce .SJ ie the wider group of 12 companies inversol ,imperium etc  have to have a lot of people legals,and councils and  court in their pocket .The whole thing beggers belief . Good luck to Tony and Sarc if they want to take another chance with these guys but I'm out .

The sad fact is that many of us are now more informed than Tomas ,so come on Tony bring it on. The truth of this situation will shoot down in flames  what  ever Tomas  has to say .No one with half a brain will  even having to take aim  as the SJ game plan is obvious for all to see .
 

This message was last edited by MAGICMEG on 2/3/2009.

Hi Magicmeg.

San Jose given permission to sell some assets to finish off El Pinet, maybe. What after that??? El Pinet very small. What about SADM and the rest of us???????????

Dead in the water. Finished. A few crumbs for a few people at El Pinet and GOOD luck to them they deserve that.

As i said.  Little money left. No financial backers. Very few buyers. Overbuild on new properties. Credit crunch. Banks cutback on mortgages. Assets of land and empty properties pretty much worthless. Prices gone through the floor. 

A really GREAT climate for a property developer to succeed, let alone one that is in administration.

Say no more. Unfortunately.  But i expect you will TONY.

                             Bob.

Have i given up??????

You bet your bottom dollar i have, a long time ago.

I just hope my bl........dy Bank Guarantee comes through in the end.

                                 Bob.

I was also told by my lawyer that San Jose were selling off assetts although in todays financial climate i am sure it would be a big task getting investors to buy land etc. SJ do appear to have raised some money though to be able to begin finishing off El Pinet.

Yes the whole thing is a farce as these guy's have loads of money but it is obviously stashed away and apart from all the land they have been buying  why isn't the administrators finding out where it all is. If the judge does not demand answers then what hope is there.

FAR

Write to them

Write to them now.....there is a letter available.so write.send it!!!!!!!!!!

Far as far as I know SJ  are only finishing of essential work  to allow those resident on ElPinet  to obtain their COHs .There is no news yet as to the finishing of the half built properties . Who knows when if ever  these will  be completed .

I have been told that the properties will be finished but it would not surprise me at all if SJ only finished the work for the people already living there, nothing would surprise or shock me anymore where SJ are concerned

FAR

The important thing is to get SJI out of concurso, and then its them who tell us, the customers, what they are going to do

Its not for us to accept whats thrown at us..........

Like wise Far I am now unshockable where SJ are concerned  ! Nothing could surprise me anymore  .I just wish SARC would be more careful  where SJ are concerned  anything they say can not be trusted. There is  however no point telling those who still have hope .I am long passed that stage  Thank God . Any thing at all will be a bonus now  .However to believe for so long that SJ will come good and  the houses will be delivered in the end is ignorance and stupidity to say the least .To ignore the basic facts about this situation is and blame it all on the credit crunch and not on the past actions of SJ is foolish and niave .

Ok, just to keep the facts in view.

• There are owners at El Pinet who are living there but have yet to make their final payment due to completions and licenses.
• The empty properties have mortgages on them (used to raise cash in the past), therefore any sales will only raise money to pay back the banks.  Chances are the mortgages will be more than what they can sell them for in the current market.
• Herrada Del Tollo is owned by the son of the director of San Jose, so you see, they are joined if somewhat indirectly.
• Land was bought by one company and sold to the other, therefore causing confusion as to who owned the land. (i.e. not the farmer, i.e. a scam)
• If San Jose are allowed to continue then they must come up with a plan to pay back it's creditors otherwise there is no other choice but to liquidate them. 
• R4 - 441 Paid 30% deposit May 2006 contract breached August 2007.  There was no credit crunch in 2006 when they promised my bank guarantee as soon as the money reached the bank.
• Failed by the developer who acted illegally, failed by the law who failed to uphold the legal requirements, failed by the Spanish government who fail to uphold its own laws.  Oh, and failed by the agents who continued to sell knowing that no BGs (or licenses) were forthcoming.

Doesn't take a nuclear scientist to work this one out.

Redman I agree with all that you say except

I do not believe keys would be handed over until final payments were made ,therefore do not think that  there is anyone  living on El Pinet who has not made the final payment and if by chance they are then these will be the properties with mortgages on them . I think there has been more re mortgaging of deeds and properties by SJ than we or the courts are aware of  .This puts anyone who has completed in a very dodgy position .Lets hope they had good lawyers who checked for existing mortgages raised on the properties or on the land they were built on .

Second point /The son of the director of SJ owns HdT .I thought he was the nephew and he is director of HdT not the owner.HdT is owned equally 50/50 by 2 other companies in the group SJ and inversol I think .It says so in the report .

Thirdly I am in total  agreement this is one hell of a mess for everyone where ever  you have bought ,whatever you want and whatever your situation with BGs or no BGs . We have all been scammed and this will take years to sort out .I doubt it ever will be sorted out .What a bunch of crooks .

Read Marias blog legal tip 37 Why should I register my property .....?

Yes there are people living at El Pinet who have not made the final payment, i don't know how many in total

When you purchase a property in Spain, any debts on that property is transferred to the new owner so unless you have a great lawyer that can protect your interest, it could all end in a right mess

FAR

Hi Far, thanks

A few thoughts for you all...!!!..on the SADM site.

Have we thought that.........there are some contracts still alive, due to them not legaly expired............they wont last too long will they?

When they have finaly expired..........then the land is clear......its like a farmers field again isnt it....no contracts on it, no claim to it......then it can be sold for next to nothing...in terms of what it could be worth.but for the builder.....its a return for them isnt it........and all that can happen, if the concurso drags on and on

Then nobody gets a penny.........except the clever builders who have ownership back, un encumbered.and the concurso have their funds paid in spades.  Its good this Spanish system eh...................doh

Luvly Jubbly........................SARC take heed..the clock is ticking.............

Gosh just got back from a quick visit to Spain and everyone's gone?

Someone has kindly sent me a pm but for some unknown reason It wont let me read it and keeps coming up error?

Sal

Hi Sal

Welcome back!  Just to reassure you that some of us are still here, but it has gone a bit quiet, hasn't it?! 

Hope that you enjoyed your quick trip and got a few things sorted out while you were here.

For some reason, various people have had problems with PMs recently, so maybe you should try contacting Justin to see if he can sort it out.

Sue

Hi Sal hope you  had a good trip .I also have a few Pms  but can't read them I think the system is down  . Can you tell us anything about your trip did you get any thing sorted ?

Hi, Sal,

The PM was probably from me.  I was just wondering if you had a good trip?