My offer still stands if anyone wants it - email me a copy and I'll tell you what it says

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email on its way to you John. Having looked at it more closely now I think it is actually from the people overseeing the administration and not from GS themselves.

Ok I'll send it back to you asap then if you want to post any information here that's up to you

Cheers

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After a quick read I skipped the last three pages and sent you back the first two which I'd suggest you read asap. I explained why in the email.

Regards

John

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I as i'm sure others would be grateful if you could share this information to get another perspective on the situation.

Cheers
CAM101

Well I'd prefer Tim explained it but on his email to me he did say "please feel free to post on forum as well" - as I assume he's busy at the moment I'll post the most pertinent information here.

As I said to Tim, please bear in mind that I'm not a lawyer and can't give legal advice so just trying to give you a better understanding - this was not a perfect translation however having read once through the letter quickly I opted for speed over perfection.

The letter is, as Tim rightly assumed, from the people in charge of the proceedings rather than from Grupo Sanchez themselves.


Before reading the rest of this there are several important factors to consider:

The translation may be right but the legal interpretation may be wrong - the date mentioned may not be the "last" date of declaration (for example it could be the first).

There may be several legal reasons as to why this doesn't apply to your specific case.

This may not matter anyway if you have the bank guarantee.

This may not be legally possible for them to enforce such a short timeframe.

Due to the above, I strongly suggest that you contact your legal representatives to confirm how the contents of the letter apply to you and exactly where you stand.

From the letter that I received from Tim (I translated it for Tim but i'll put a summary here):

Last paragraph page 1:
Creditors have one month to declare existing debts - the one month starts counting from the last of the publications of the declaration of administration..."

Second paragraph page 2:
"...the date of entering administration, 15.04.2008..."

Now IF 15.04.2008 was the date from which the clock started ticking and the timeframe is one month - then the deadline would be the day after tomorrow - Thursday the 15.05.2008

Basically they are informing you of the state of affairs with Grupo Sanchez and telling you what you need to do to be listed as a creditor of the company who is owed an outstanding debt.

If you miss the timeframe, as stated in the last paragraph of the letter:

"...If the creditor is late in carrying out any of the above - their debt and their qualification as a creditor may be affected by their tardiness or omission..."

In other words, they are saying that you have a limited time frame to claim the funds back from the people in charge of handling the companies assets now.

Their contact details are in the letter - last three pages of the document is the form you need to fill out and send them together with all the original (personally I wouldn't send them all the originals!?)documentation proving the debt exists.

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Thanks for the speedy reply and quick summary. As you say this may not be an issue if the bank guarantees are valid, either way this is what we pay our legal representatives for!

Cheers
CAM101

You caught me just before I left the office so I was closing up before heading out for a meeting

Good luck

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thanks for posting your translation John, I was out all day yetserday so didnt get around to it and thanks for the translation too.

If I may offer some advice--be very careful when investing in Brazil, and if you do buy, research the property to death. Lawyers in Brazil are slick and I don't trust any of them. My investment group was scammed in a small city north of Natal and we hired a lawyer based in Rio and recommended by the American consulate. We paid a retainer fee of $1,500.00US and five years later nothing has been done, and the lawyer makes excuses. He even offered to handle it the Brazilian way, but we had to pay more $ for him and his accomplish (use your imagination) to fly to Natal, Hotel, food, etc. Suffice to say, I have zero plans of ever investing in Brazil again. Keep in mind the judicial system in Brazil is almost non-existent and only works for the super rich or the 3% that controls all of Brazil; mainly white super rich folks based in Sao Paulo, and gringos have no leverage what-so-ever.

I personally think some Brazilians enjoy when a foreigner gets duped... maybe jealousy of the first world lifestyle, not really sure but jealousy does exist but never spoken about. And there is no recourse if you are duped and cheated and consider your loss or gift and cough it up as a lesson learned or the infamous Gringo Tax. And according to the World Fact Book, Brazil is Scam Ground Zero. Meaning more scams are produced in Brazil than any other country in the world. The Nigerian email scam the bulked millions from innocent people was started, managed and operated from a run down house in Olinda, a small village north of Recife, Brazil.

Not to slam Brazil.... but the country does have a lot to offer. Maybe the most raw talent in the world-the people, and Brazil has all the natural wonders; Amazon, Beaches, fruits, etc. But the corruption, the undermining mindset and flawed character of most are questionable ay best. Most Brazilian don't trust each other, that said, the argument is how can we trust them?

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