sorry rob I meant 5 yrs or after(not before)

I am informed that the GNG development is likely to get the go ahead this week in time for the Madrid Property fair where GS are reportedly exhibiting and where they will officially be able to sell. The whole project is quite complicated but it seems there is the political will for it to succeed. GS do not own all the lands, and some are subject to "permuta". I suspect that GS Brazil is not going down with the Spanish arm as people are suggesting here.
Lets see what happens in the next few weeks. My source is very informed and I hope to give comfort to investors who may believe their investments are lost.

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Michael Bush
e-mail mbush5@aol.com
http://www.thecompletepropertysolution.com
skype name michaelbush

Hi all,

EITHER WAY I want to know where we stand with regards to our bank guarentees??

These were barclays bank guarentees for spain and we all had to sign them when we completed the reservation forms and transfered over a small reservation fee???

I hope no-one has paid anymore than a small reservation fee of around 4-6,000 euros (depending on your property type) as this was the only payment so far due??

Anyone asked their lawyer where we stand with regards to getting the reservation fee back??

And is there a get out clause due to the ongoing issues with GNG??

Take care-D

I believe that the bank guarantee cannot be invoked if GNG get the licences approved before one year from the reservation date. It looks like they may get these now, so will be entitled to issue the purchase contract. If people do not proceed then I guess they will lose their reservation deposit. I suggest buyers contact GS or the agent they bought through for more info, or read thie reservation contract carefully.

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Michael Bush
e-mail mbush5@aol.com
http://www.thecompletepropertysolution.com
skype name michaelbush

Were people or did people have any protection on their investments and money?

Bankrupt or not, some body ate well. Somebody took all the money, and some one is driving around in a nice Lambo, or Ferrari. Be sure some one has done very well out of it. Bankrupt or not.

What about the average investor, or mug, what redress do they get.

The truth is if none, then they were mugged and hoodwinked for their money. If not then good, they deserve to get their money back. In spain the companies have to be regulated so this does not happen.

But you need a good lawyer to check this out.

Not good for reputation of Brazil this and the diseases they have in Rio right now.

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Suggest you read all the thread before making sweeping statements. GNG is still alive I am told.

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Michael Bush
e-mail mbush5@aol.com
http://www.thecompletepropertysolution.com
skype name michaelbush

It would only be a bit alive if it was bringing clients from overseas.That part has gone down G.S 200 million euros to date and you bet Brazil will not foot the bill or take a risk for such a fiasco,anyway even for the other part partnership.They wont pay G.S money now that they have sunk .

I wonder why people are saying it is bank rupt, if it is not.

Does not seem logical. We are not intimate with the development. But from an investors point of view.

I would like to see.
Each have security on their investment. (like they get in some countries with the laws of that countries)

To have transparancy.

It is morally irresponsible and incorrect if all the pigs are in the trough eating the clients money and the client is standing naked holding the cheque. That is not right. But as said before

1. I am not intimate with this development
2. What securities do clients have?
3. Morally if agents and promoters have taken the money and lived good, then it is morally irresponsible.
4. If it is still alive and everyone is happy then why would people write the oppersite.
5. Investors need to know exactly pre handing over their money if they are protected or not.

Nothing like a big one, with all the smiling faces of big stars looking like another one to damage the confidence of investors.

Who has taken all the money? That is my question. Who has all the deposits etc?
Some one has.

But if it is still functioning and everyone is still on track then why would some one write the oppersite. I dont know, what redress do people have if it has gone tits up. Will the agents give back the commission if they have taken it. (minimum).

Does not help investor confidence for sure.

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People dont know the laws in Brazil, and what they have got them selves into, you need a professional who is looking after you, the client to represent your interest. A good lawyer with teeth to protect your interests. To put good money after potentially bad, if it is lame duck is even more crazy.

Call in the LAWYERS, good ones. There are too many people getting ripped off in international property, for another big sucker con plan. Get a damn fine lawyer to represent you. At minimum use an independent one from day one.

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Asfar as I am aware(GRUPO SANCHEZ) went bankrupt owing 200 million euros,if people deny that then they should not be in sales Spanish press,Brazilian press etc,so if it is alive and well news to us in Natal.The other part of the company which is Brazilian are supposed to be trying to hold it together,but quite frankly will they foot G.S bill or part of ? It is logical.Can they pull overseas investors over to fill that Golf Pitch or 2? It was really to big for it s own head .