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08 Apr 2010 15:51:

Hi All,

As most have probably noticed JA is not a creditor of SADM and has said recently that she would watch with interest what happens to SADM. However, rather than doing this she is trying yet again to remove access to information for purchasers  at a crucial time.  As for JA's remark about SARC being in cohoots with HdT that is completely untrue ( could Justin suplly us with JA's details so that we can look  into taking action against her for this slanderous remark?) but is what we have come to expect from her.  SARC is and has allways been a purchaser group independent of HdT and  working on behalf of its member purchasers for a positive outcome.  The SARC Executive have  NEVER  tried to prevent or stop any view point being posted but have themselves endured  continual nasty remarks.

I therefore,  ask that the link remains so that purchasers have ease of access to the SARC site whilst we go through the final few weeks of the administration process.


Tony R17 18

Thread: Question for Justin ?

28 Jan 2009 21:48:

Hi All,

I am glad that there is going to be a lawyer complaints addition,unfortunately it will probably have little impact on our situation but could help future purchasers .

However,the credit cruch is an issue, I am sorry, so I beg to differ and think quite a lot of other people would do the same.

One of the  problems with the Spanish property market is the way that developements are funded and being reliant upon lines of credit from the banks for the work to take place. The problem for SADM was caused by the bank withdrawing the line of credit for the build. Now this is not isolated just to construciton or to Spain, the same problem is hitting other countries and sectors of industry. Why are rescue packages being drawn up for the car industry by creating a line of credit for the purchase of cars in the UK?

The real problem that we have is the failure of confidence in the banking sector, they have been daft and thrown money around and yes they lost some. Now they are almost in a catatonic state unable to function and worried about lending money but still wanting to make a profit. The only way they can make a profit is for commerce to take place, so we should really be putting pressure on the banks to reinstate the lines of credit and let us buy our properties.

Let us not forget that the build at SADM has been done legally and it is not an illegal build, plus the new motorway  link to Jumilla is now being built.


All the best

Tony R17 18



This message was last edited by TonyMal on 1/28/2009.
Thread: San Jose into liquidation.

27 Jan 2009 21:33:

Hi All

 Ads mentioned the BG petition and that is the one i was refering to .If there is another petition as mentioned by Suzie about non developemt specific problems, then great it could help purchasers feelings and possibly do more than that.

 However ,the key point is and I am sure that every one around the world is well aware of it, the credit crunch. What we need is for the banks to stop hoarding their funds and not permiting commerce to take place. They will make no profits without commercial activity taking place and as much as some may not like it, I and others truly believe that SADM is still a good project.  legal, foundations in, new motor way link, fantastic location (away from the concrete deserts) and all we need is for the banks to give back the line of credit that they removed.

All the best to you all and good luck to every one




This message was last edited by TonyMal on 1/27/2009.
Thread: San Jose into liquidation.

26 Jan 2009 23:49:


ADS is correct the petition is concerning the Spnish banks not paying out on BGs and finding ways to not pay out ( see the letter from a paper on SARC site). This is a worry that those with BGs could do without and quite rightly has caused a lot of anger. However, for those of us without a BG  we need to get the banks to refinance SADM, we have money to spend and they are desperate to make money in an uncertain world. So we really should be demanding that the banks in Spain provide the line of credit and get SADM built.

All the best to you all, what ever your preferd outcome for your self.

Ps I have been really busy at work and can only get on line occasionally at the momment but you are all in my thoughts.

me  I want my House

Tony R17 18

Thread: San Jose into liquidation.

12 Jan 2009 23:34:

Hi All,

this was posted on the SARC website back in July 2008 and may be of interest and relevant now.

Thoughts on Purchasers Options

The meetings that SARC attended and are reported upon the SARC website have given some cause for deep thought as to outcomes for purchasers at SADM.
Several key points have been noted that impact upon the decisions to be made regarding whether to continue with the purchase or to stay as a creditor and try to regain the money paid.

It can be seen clearly in the report that the deposits, although auditable and appropriately accountable are not all sitting in a ring fenced client account. This is information was given with some discomfort by SJ/HDT but we needed to know the truth regarding the position of the deposits. When we attended the meeting we were not sure either way regarding the existence of a client account, as there had been two mutually contradicting postings on the EOS forum. We sought to clarify this and in doing so found that only a small proportion of the funds are kept in an account linked to bank guarantees.

Therefore, we are very concerned that if purchasers decide to try to get their deposits back that several factors need to be considered:
􀀢 Only a small proportion of clients money is in a clearly identified account
􀀢 Money can only come from the company trading out of difficulty or through liquidation of the company.
􀀢 If agreement can be made with creditors regarding debts the company can carry on trading.
􀀢 Liquidation of the company would take time and in the current economic climate not realise intrinsic value of assets.
􀀢 Staff, Government, Court/Administrators, Banks come before purchasers in line of payment.
􀀢 Any interest or compensation claim would come at the end of the line of payouts and as such is highly unlikely.

Taking these points into account we cannot see how it can benefit any purchasers to go down the route of trying to get back their money. We understand the wish to protect your investment in your property/ies but believe that going down the legal route will have small return, cost money and have lots of stress. As of yet no one has been able to give a good reason how it is beneficial to try to get your money back!

If on the other hand we support the continuation of SADM and we take up the offer to continue to purchase we can have, although it may have been delayed, our property. This is a much clearer and by far a better outcome for most if not all of SADM purchasers. It has been made clear to us that SADM is a legal development; the licences are there, the water is there, and that the location is desirable and not part of the coastal property bubble.

It would therefore, seem prudent for all purchasers to actively seek to get SADM built and ensure that liquidation of the company does not occur. We may not be happy with the situation that we find our selves in caused, primarily by the credit crunch and banks, but we can try to ensure that our money is safe by getting SADM built.

With regard to solicitors it is essential to realise that if you decide to continue with your purchase the legal fees should be less and thus there could be a conflict of interests. Think very carefully about what you want and what is best for you, not your legal representative who is getting paid. If you do decide to continue with your (the purchase of your property) property, it would be a good idea to ask about a reduction in your legal costs, as you will not be going through a protracted legal procedure. Why for example pay 10% of your deposit if you are not pursuing a claim through the Courts?
23 July 2008 SARC Admin.

Thread: San Jose into liquidation.


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