Have you reserved at Gran Natal Golf? - Page 2

robh · #11 14-04-2008, 09:34 AM

Quote:

Originally Posted by Marben

Unfortunately Dotty I fear not and whilst I agree this should be the case, I feel that with the circumstances being as they are, most buyers will be just greatfull to gain the deposits amounts as paid and to be just rid of the headache that is now Gran Natal Golf!

When GNG was at the pre-launch stage I really felt it was a fantastic investment. It is only in recent months that it proved to be a non starter. This does not take away the fact that I was the General Manager of a company promoting this project, and even though i have now moved on i still feel duty bound to provide a service to my clients of that time (and now anyone else I can assist too) to ensure monies are returned as due.

I am sure my previous buyers on this forum will advise that I have always been upfront and honest with regards to this project, and have done my utmost to update as frequently as GS would allow.

I just see obtaining the refunds as a continuing part of this duty.

Thanks

Lisa

It is good to see you are doing the right thing by your clients.

JMBroad · #12 14-04-2008, 09:45 AM

They pulled out at the last minute. They were supposed to be in hall 10 in front of the door but they called it off at a late stage.

michaelbush · #13 14-04-2008, 10:29 AM

Quote:

Originally Posted by JMBroad

They pulled out at the last minute. They were supposed to be in hall 10 in front of the door but they called it off at a late stage.

That confirms what I was told first - that they were to be there providing the last licence came through before the show started. Any more news from my source I will post.

Dotty · #14 14-04-2008, 11:10 AM

Anybody heard about Coral Beach? Am not able to post on the thread.It seems just so odd. There were 2 messages on there that were contradicting eachother (no longer there).How would Sarah Nash know so,so much(most interesting!!)

LisaNic · #15 14-04-2008, 02:51 PM

I have now had a response from our lawyers as to legal stance on this matter and can confirm the following:

1. Grupo Sanchez have NOT filed for Bankruptcy. The have filed for what in spanish is known as “el concurso voluntario de acreedores” or “suspension pagos”. This is the first stages of Bankruptcy in Spain and is the same as CVA in the UK (or corporate voluntary administration). This means that the adminstrators take over the fiscal management of the companies debt (which is reported to be 97m€) and work with creditors until there is a resolution to the companies problems. This is different to bankrutpcy, as the company still has sufficient assets to offset this debt. This can proceed to Bankruptcy or Insolvency if no improvement is seen after a period of time (usually 6 months)

2. All reservation deposits paid over to Grupo Sanchez were paid on a non refundable basis in accordance with the reservation contract and will not be refunded unless GS become in breach of this contract (ie fail to get their final license within a 12 month period of the date of the reservation contract) for the bulk of you this is End of May / beginning of June.

3. The reservation deposits are guaranteed by Barclays Bank in Spain and each buyer has 30 days from the expiration of each reservation contract in which to make the claim to Barclays. If GS declare Bankruptcy prior to this date, the Bank Guarantees will still stand.

Additional Questions

Q: I have lost faith in this project, and wish to cancel irresepctive of whether licences are granted or not. Can I claim a refund?

A: At the current time, it appears not! You have to either wait until the expiration of your reservation contract or to see if the company files for bankruptcy prior to this date, in which cases the bank Guarantees will kick in. If you decide to pull out irrespective of this, you will lose your deposit.

Q: If GS do declare they have received full building permission, how will we know for sure?

A: No lawyer will proceed to contract signing and next stage payment without first seeing copies of the granted liicenses. I will also be requesting a copy of this license from GS in order to show to all buyers.

Q: I have been advised that GS do not own the land or the licenses granted to date for Elegance Natal Golf. How does this effect the situation?

A: GS are a registered company in Spain. In order to build in Brazil you must be either linked to a Brazilian registered company who holds the title and the licenses for you or have a Brazilian registered company yourself. GS have a partner in Brazil under a different name whom the title and licenses are registered to. This is why this project is advertised as not being troubled by these financial difficulties.

Q: If I proceed to the next payment of 30%, will there be further guarantees backed by Barclays?

A: At this stage I cannot comment on this as I have no information. I believe the original plan was to guarantee the next stage payment but at this stage I have no details as to who is backing this guarantee or if indeed it will exist at all.

I know this news is bad news to all of us, and I am still working with the lawyers to see if there is anything we can do to dodge these legalities. The lawyers have advised that they doubt that the licenses will be granted in the given time frame as there are too many environmental issues causing the delays. We have to wait to see on this score.

Please do not be disheartened at this stage. I am still working on your behalf and will continue to do so until we reach a satisfactory resolution.

I will of course keep you all informed every step of the way.

Kind regards

Golfingworld · #16 14-04-2008, 08:22 PM

Prospective Investors in off plan overseas property, please read all the above and decide if it really is the quick route to fast profits!

Dotty · #17 17-04-2008, 08:53 AM

You know what GW the road to fast profits rarely exists.In this case along with many others people have just been riped off and the hardest part is to separate the good from the bad.

Quote:

Originally Posted by Golfingworld

Prospective Investors in off plan overseas property, please read all the above and decide if it really is the quick route to fast profits!

wolfgang · #18 17-04-2008, 05:20 PM

Lisa,
An informative and worthwhile posting though not strictly correct on a vital issue.
I refer to your second point.
If you read the "small print" in the res contract with G.S. ,the reimbursement trigger is not actually whether or not they obtain the license within the 12 month period ;it is that within the timescale they must furnish the individual investor with a date - a crucial difference and certainly not as clear cut as your posting would imply.

I do not altogether agree that it is only in the last few months that aspects have gone off track.This outcome was predicted quite some time ago.

From a posting of mine dated July of last year when several investors sought to shoot my view down in flames-

"Anyone conducting even a modicom of due dilligence would be aware there are major licensing hurdles for Sanchez.
Realistically, Ronaldos fame and Banderas's on screen presence are less likely to impress at Ibama-the chief obstacle. Fasten your seatbelts folks you are in for a long bumpy ride.Sanchez have not got a prayer of pushing this through within 12 months."

Make no mistake ,this one will go all the way and best you advise your former investors to don their hard hats, and as i stated in July 2007,i will restate in April 2008,- fasten their seat belts for a lengthy and bumpy ride.

LisaNic · #19 17-04-2008, 05:40 PM

Quote:

Originally Posted by wolfgang

Lisa,
An informative and worthwhile posting though not strictly correct on a vital issue.
I refer to your second point.
If you read the "small print" in the res contract with G.S. ,the reimbursement trigger is not actually whether or not they obtain the license within the 12 month period ;it is that within the timescale they must furnish the individual investor with a date - a crucial difference and certainly not as clear cut as your posting would imply.

I do not altogether agree that it is only in the last few months that aspects have gone off track.This outcome was predicted quite some time ago.

From a posting of mine dated July of last year when several investors sought to shoot my view down in flames-

"Anyone conducting even a modicom of due dilligence would be aware there are major licensing hurdles for Sanchez.
Realistically, Ronaldos fame and Banderas's on screen presence are less likely to impress at Ibama-the chief obstacle. Fasten your seatbelts folks you are in for a long bumpy ride.Sanchez have not got a prayer of pushing this through within 12 months."

Make no mistake ,this one will go all the way and best you advise your former investors to don their hard hats, and as i stated in July 2007,i will restate in April 2008,- fasten their seat belts for a lengthy and bumpy ride.

Hi Stephen

Thanks for the heads up. I will double check this with the lawyers because they are the ones that have gone through the contract with a fine tooth comb for me in order for me to advise both on here and through my email updates to my clients.

I would expect that the lawyers will be looking at all the small print and interpretting that in their responses to me, but I will indeed double check it.

I have been with the lawyers pretty much constantly for the last 3 days regardng this and I am pretty confident that I will be able to come up with some "solutions" over the next few days. As promsied as soon as i have more information I will update both the forum and my other clients as well.

Your posting from July is echoed by the lawyers in that the chances of the licenses being granted is very doubtful.

i will certianly raise this issue though and advise as soon as I have an answer.

Many thanks

Lisa

Dotty · #20 17-04-2008, 06:19 PM

Worrying stuff,but what language is the contract in because interpretations differ from language to language.