Have you reserved at Gran Natal Golf?

[nickohorny]

Anyone know how old this is?

or those that live in Natal, did you hear about Antonio visitin the site recently??
Must be close to them getting this license mess sorted now.

Grupo Sanchez - Antonio Banderas - Ronaldo - Grand Natal Golf - Grupo Sánchez Brasil

[LisaNic]

Originally Posted by nickohorny

Anyone know how old this is?

or those that live in Natal, did you hear about Antonio visitin the site recently??
Must be close to them getting this license mess sorted now.

Grupo Sanchez - Antonio Banderas - Ronaldo - Grand Natal Golf - Grupo Sánchez Brasil

Hi Nick

It appears this article is from October 07.

As for licenses, there is no change from the update from last week as it stands at the moment.

The first lot of contracts expire actually on 22nd May (exactly 1 month from now) so we will see if anything appears between now and then. From the research I have been doing it appears that the licenses will not be granted in time if at all.

Sorry

[KDJX]

Originally Posted by Marben

Hi Nick

It appears this article is from October 07.

As for licenses, there is no change from the update from last week as it stands at the moment.

The first lot of contracts expire actually on 22nd May (exactly 1 month from now) so we will see if anything appears between now and then. From the research I have been doing it appears that the licenses will not be granted in time if at all.

Sorry

Dont be sorry Lisa...I think that's the best possible outcome for most of the investors. If GS obtain the licences we will then have to make the choice between losing our deposits or throwing more money at a company that is one step away from bankrupcy. I cant see many (if any) investors who know about the situation doing that unless GS come up with a whole new range of bank guarantees.

K

[michaelbush]

Originally Posted by KDJX

Dont be sorry Lisa...I think that's the best possible outcome for most of the investors. If GS obtain the licences we will then have to make the choice between losing our deposits or throwing more money at a company that is one step away from bankrupcy. I cant see many (if any) investors who know about the situation doing that unless GS come up with a whole new range of bank guarantees.

K

Have been offered Villas Jacumã, Gran Natal Golf - project and land- 13.8 hectares (8m euros). It seems that parts of GNG may be being sold off? Anyone bought in this section which has beachfront?

[Dotty]

So when a company goes into the 1st stage of bankrupcy what happens to the peoples deposits because the news does not look very good according to Marben International?Also they are now clearly losing all responsibility of the construction if they are already trying to sell off the project and land and the 1,400 investors???

Originally Posted by michaelbush

Have been offered Villas Jacumã, Gran Natal Golf - project and land- 13.8 hectares (8m euros). It seems that parts of GNG may be being sold off? Anyone bought in this section which has beachfront?

[JMBroad]

From what I understood when the 1 year mark passes (22 of May) then the investors get their money back if the licenses haven't been granted.

Actually, Paulo de Paula, the owner of the land on which GS was promoting Elegance Grand Natal Golf had always planned to sell off other the other plots to various developers so it shouldn't come as a big surprise. The whole area is far too large to be developed by one developer only.

[robh]

Originally Posted by JMBroad

Actually, Paulo de Paula, the owner of the land on which GS was promoting Elegance Grand Natal Golf had always planned to sell off other the other plots to various developers so it shouldn't come as a big surprise. The whole area is far too large to be developed by one developer only.

I have heard that numerous times as well.

[JMBroad]

I believe it because of the numerous precedents and pure business sense - aka take a look at the plan azur projects in Morocco or the Master development plans in Dubai or the Mega projects in Spain.

There is always a master developer but that master developer never develops all the plots, he always sells some off to other developers.

[LisaNic]

Originally Posted by Dotty

So when a company goes into the 1st stage of bankrupcy what happens to the peoples deposits because the news does not look very good according to Marben International?Also they are now clearly losing all responsibility of the construction if they are already trying to sell off the project and land and the 1,400 investors???

Dotty

In the case of GNG. The reservation deposits are guaranteed by Barclays bank. The buyers will get their money back eventually but it is a long process in order to recover the monies under a bank guarantee.

Firstly for the bank guarantees to kick in, GS have to breach the reservation contract. (ie not get the license before the contract expiry date which is 12 months exactly from the date on the contract). They then have to be unable or unwilling to refund the money. Once this happens then the buyers have 30 days only to submit their refund request to Barclays under the guarantee and in time they will get their money back.

This is not ideal we know, but at least there are some assurances of getting the monies back if GS breach the contract. The problems really start if GS DO get the license before 22nd May, becuase if this happens buyers either HAVE to proceed to contract by paying monies over to a company in voluntary administration or lose their deposit (upto 12,000€ per unit) all together. Not a good situation!!!

Hope this clarifies the situation once again.

Thanks

[Dotty]

The part I do not get is that you place a deposit then the company applies for 1st stage of bankrupcy,yet they have a license deadline 22nd May(which would be difficult to give to a company that is going into bankrupcy)and Barclays has guarantees upto this date to return money to investors,but what about other investors that may not have taken this route??

Originally Posted by Marben

Dotty

In the case of GNG. The reservation deposits are guaranteed by Barclays bank. The buyers will get their money back eventually but it is a long process in order to recover the monies under a bank guarantee.

Firstly for the bank guarantees to kick in, GS have to breach the reservation contract. (ie not get the license before the contract expiry date which is 12 months exactly from the date on the contract). They then have to be unable or unwilling to refund the money. Once this happens then the buyers have 30 days only to submit their refund request to Barclays under the guarantee and in time they will get their money back.

This is not ideal we know, but at least there are some assurances of getting the monies back if GS breach the contract. The problems really start if GS DO get the license before 22nd May, becuase if this happens buyers either HAVE to proceed to contract by paying monies over to a company in voluntary administration or lose their deposit (upto 12,000€ per unit) all together. Not a good situation!!!

Hope this clarifies the situation once again.

Thanks