GRUPO SANCHEZ is filing for bankruptcy - Page 5

wolfgang · #41 01-04-2008, 08:29 PM

Investors will just have to wait and see how this one plays out.
The terms of the reservation contract are very specific, and without wishing to become embroiled in legalese, there is no provision for the guarantee trigger within 12 months of signature.
In view of the fact that the first contracts were signed circa May 2007,investors will have a very good indication soon.

Dotty · #42 02-04-2008, 12:14 AM

Oh please,they will not get their money back.People can not just get excited about Brazil and think they have a few million to invest and wam look how wonderful we are.Brazil works very differently.I am thrilled they have gone down becasue of the exploitation and destruction of the natural enviornment.I understand more are going under aswell.Peace at last.

Quote:

Originally Posted by JMBroad

Well, regarding Grand Natal Golfe this is what the owner of the lands had to say about it:

"The Brasilian company SPEL owns the lands and is the person to whom the licenses have been granted. Just because one of our partners has requested a "delay of payments" for one of their companies, in another country and due to the market conditions present in that country does not impact in any way our project on the beaches of Pitangui which will go ahead as planned".

SPEL is the sole owner of the lands and the licences and is a Brasilian company which was established over 17 years ago.

Tribuna do Norte, 25.03.2008

Dotty · #43 02-04-2008, 12:18 AM

Well said,but now with have hugh enviornmental issues that we are more contious of and so it is so much harder to get whats necessary to build.Overseas agents have no experience here and they come and go very quickly its very funny.

Quote:

Originally Posted by michaelbush

Unfortunately Grupo Sanchez is only one of many overseas developers who invest in the land, and produce the project with the expectation of getting the licences. They cannot legally sell in Brazil until they have the licences but many start the sales campaign in Europe taking "reservation" deposits. They cannot issue a legal contract at this stage.Then with all the delays getting all the permissions, people lose interest, the company loses credibility and then come the problems for investors to get their deposit returned. If you want to be certain use a reputable agent in Europe who does check out before offering developments, or better still visit Brasil yourself, and importantly do not believe in the virtual reality images on the internet.

Dotty · #44 02-04-2008, 08:57 AM

Well no it actually would not mention it,but yes the debt is phenominal for a company that knows nothing about Brazil!We are not surprised they have gone under considering the pokey offices they had here anyway,scam what scam,no chance of refunds if so how long.........my quess never.They owe 200 million Euros.

Quote:

Originally Posted by robh

It doesn't say anything about a scam nor lost deposits??

JMBroad · #45 02-04-2008, 09:44 AM

Quote:

Originally Posted by Dotty

Oh please,they will not get their money back.People can not just get excited about Brazil and think they have a few million to invest and wam look how wonderful we are.Brazil works very differently.I am thrilled they have gone down becasue of the exploitation and destruction of the natural enviornment.I understand more are going under aswell.Peace at last.

Hi Dotty and welcome to the forums.

Whether they will get their money back and whether the GNG development was exploiting the environment are two different things.

We are talking about whether the individual will get his deposit back on reservations for individual units on the development. G Sanchez shouldn't even have touched that money yet so there should be no issues getting it back.

I know the buggy drivers will be jumping with joy as well as lots of environmentalists who have been fighting the case because of the Genipabu water tables.

In a perfect world, real estate developments will be built in a sustainable way without totally ruining the environment. Low density developments made to fit in with the surroundings. But we don't live in a perfect world.

LisaNic · #46 02-04-2008, 10:33 AM

Okay for those of you that dont recognise me as Marben. I used to be known on here as LisaNic and at that time I was general manager for International Property World who were selling agents for Grupo Sanchez at Gran Natal Golf.

I no longer work for International Property World but do recognise that a number of IPW buyers are on this forum and I have always tried to be open and honest about what is happening at GNG.

Today I have spoken to Grupo Sanchez who have advised that YES they have filed for Bankruptcy in Spain but this does not affect in any way their projects in Brazil, as these are registered through another company who are Brazil registered. All buyers at GNG are still covered by the bank guarantee with Barclays and can claim for full refund of reservation deposits if the licence situation has not been resolved after 1 year after the signing of the reservation contract.

Grupo Sanchez are sending out a formal communication this week to all buyers of Gran Natal golf, to advise of this.

I am waiting for further updates reagrding licences etc and will post these as soon as I have more information.

Please note I no longer work for IPW and no longer promote GNG. If any of the IPW buyers would like more questions answered please PM on here and I will do my utmost to get updates for you.

Many thanks

Lisa Nicol

Customer Service & Marketing Director
Marben International

Dotty · #47 02-04-2008, 10:46 AM

What current airport?

Quote:

Originally Posted by davros909

hi golfing world im wondering if u have some sound advice for me as id like to buy something in the natal area but i plan to wait untill the real weakens or pound strengthens plus i plan to go and buy from brazilians as i have friends in london and in brazil do u think i could save a decent amount ? hope your place is going well ? is it better to wait? im after a beach view not far from the current airport? any advice would be appriciated thanks have a nice day or night

JMBroad · #48 02-04-2008, 10:51 AM

The airport in Natal maybe? However being 35 kms or so from the beach a sea view might be pushing it a little.

Dotty · #49 02-04-2008, 10:56 AM

That sounds exactly the same as when BRA went under sent out letters,emails,signed refunds,to this day the case is still going on and all investors have received nothing to date.All money is held elsewhere and the investors will find it difficult to get a part of the 200 million euro dept.Lets wait and see.

Quote:

Originally Posted by Marben

Okay for those of you that dont recognise me as Marben. I used to be known on here as LisaNic and at that time I was general manager for International Property World who were selling agents for Grupo Sanchez at Gran Natal Golf.

I no longer work for International Property World but do recognise that a number of IPW buyers are on this forum and I have always tried to be open and honest about what is happening at GNG.

Today I have spoken to Grupo Sanchez who have advised that YES they have filed for Bankruptcy in Spain but this does not affect in any way their projects in Brazil, as these are registered through another company who are Brazil registered. All buyers at GNG are still covered by the bank guarantee with Barclays and can claim for full refund of reservation deposits if the licence situation has not been resolved after 1 year after the signing of the reservation contract.

Grupo Sanchez are sending out a formal communication this week to all buyers of Gran Natal golf, to advise of this.

I am waiting for further updates reagrding licences etc and will post these as soon as I have more information.

Please note I no longer work for IPW and no longer promote GNG. If any of the IPW buyers would like more questions answered please PM on here and I will do my utmost to get updates for you.

Many thanks

Lisa Nicol

Customer Service & Marketing Director
Marben International