[JMBroad]

Lisa spoke to Manzanares who advised her that all legal requirements have been filled by Grupo Sanchez to build Galatea.

Timatthebeach sent me copies of the documentation which he received from Grupo Sanchez. While I'm not a lawyer, I have seen many copies of licenses in Brasil as we don't market anything unless we have copies of all legal documentation on file in our offices as well as a written confirmation by an independent law firm in Brazil confirming that the documentation all checks out.

What Tim sent me this morning was the Registo de Incorporaçao. A developer can only receive this document once all other legal requirements have been approved. According to Brasilian law, only once the developer is in posession of the Registo can they make sales.

While the Registo itself is not a guarantee the development will be built according to the marketing material (that requires a whole different set of checks) it is a very good indication that the development is legally sound.

In my experience dealing with these papers it sure looks real enough but no I haven't personally verified the authenticity. Given that Manzanares are stating that it is legal then I am sure they will have checked its authenticity.

So in answer to your question, yes it is the license that Grupo Sanchez require to prove that they haven't defaulted on their contracts with regards to Galatea. While it is no guarantee that the other three phases will get their licenses, it is a huge step in that direction.