Have you reserved at Gran Natal Golf?

[JMBroad]

Everyone should have taken this route!?

Again, all official reports say that the company which has petitioned administration is Grupo Sanchez Spain, not Grupo Sanchez Brasil and they are saying that investors who sent money for reservations on Grand Natal Golf sent it to Grupo Sanchez Brasil.

[michaelbush]

Originally Posted by 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??

Dotty - where did you hear that GNG Brazil is in administration or bankruptcy?
Or is it just an assumption that because of the Spanish company problems that the Brasil company is also bankrupt. You really have to be careful to post facts that are substantiated, and not hearsay. The sale of Villas Jacuma is not from GS. or a receiver.

[LisaNic]

Originally Posted by 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??

Dotty

All investors at GNG had the bank guarantee.........it was part of the deal!! GS have NOT gone into Bankruptcy. The have applied voluntary administration which is very different and was explained by me in the Update I put on this posting on 14th April. It can lead to bankruptcy but not necessarily.

I think I am repeating myself now!!!

[Dotty]

The voluntary administration is the 1st stage of bankrupcy (inform if I am incorrect) .So if GS Spain are having difficulties then GS Brasil should be too or is the resort going ahead providing they get a licensing?

Originally Posted by Marben

Dotty

All investors at GNG had the bank guarantee.........it was part of the deal!! GS have NOT gone into Bankruptcy. The have applied voluntary administration which is very different and was explained by me in the Update I put on this posting on 14th April. It can lead to bankruptcy but not necessarily.

I think I am repeating myself now!!!

[LisaNic]

Originally Posted by JMBroad

Everyone should have taken this route!?

Again, all official reports say that the company which has petitioned administration is Grupo Sanchez Spain, not Grupo Sanchez Brasil and they are saying that investors who sent money for reservations on Grand Natal Golf sent it to Grupo Sanchez Brasil.

The reservation contracts on Gran natal golf and the reservation deposit payment were between the buyers and SANCHEZ ROMERO GRUPO INMOBILIARIO-INMOBILIARIA, S.L (Grupo Sanchez Spain) acting on behalf of entity RN BRASIL INVESTIMENTOS IMOBILIARIOS LTDA.

[LisaNic]

Originally Posted by Dotty

The voluntary administration is the 1st stage of bankrupcy (inform if I am incorrect) .So if GS Spain are having difficulties then GS Brasil should be too or is the resort going ahead providing they get a licensing?

From my previous post

"The have filed for what in spanish is known as “el concurso voluntario de acreedores” or “suspension pagos”. This can be seen as 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)

[Dotty]

One knowledgable poster mentions that deposits were held in GS Brasil another mentions GS Spain on behalf of GS Brasil.So what is right and what is wrong thats the question??

Originally Posted by Marben

Dotty

I assure you i am not confused. I have expained this situation now several times in this post. I dont think I can be any clearer!!!!

[LisaNic]

Originally Posted by Dotty

One knowledgable poster mentions that deposits were held in GS Brasil another mentions GS Spain on behalf of GS Brasil.So what is right and what is wrong thats the question??

I am not blowing my own trumpet here, but given I was involved in taking the reservations in the first place and have taken that post stating that monies were paid to GS spain on behalf of a brazilian company directly from the GNG reservation contract which i have in front of me right now! And also given that I have now been dealing with the lawyers, GS and the clients involved pretty much 24/7 for the last 2 weeks, i am confident that i am correct!

[Dotty]

Now if people paid into GS Brasil as quoted by JMB and they are not in the 1st stages of bankrupcy(spanish law)here in Brasil does that mean they can get their deposits back anyway ?

Originally Posted by Marben

Dotty

I assure you i am not confused. I have expained this situation now several times in this post. I dont think I can be any clearer!!!!

[JMBroad]

Also, the "knowledgable poster" was trying to make it clear to you (because everyone else seems to have understood it before it was repeated 500 times) that GS Spain and GS Brasil are two different companies.

GS Brasil was/is involved with the GNG project, therefore the financial situation of GS Spain should not effect the project.

However just to make it perfectly clear, when in doubt go by what Lisa (Marben) is saying as Lisa was and is much more informed about this situation than I ever was or am.

Hope that was clear enough.