I been in discussion with Ponta Bicuda and they confirm that the 4% will be an annual payment rather than a one-off payment.
The “4% per year” will be accrued as of 1 December 2009, provided we both have all the documents in place (program + amendment), until completion. The payment will be discounted from the final payment in the notarial deed. It is then completely income and stamp tax exempt.
WorWilly. You obviously have more experience of the process than me. How would you best advise a group of investors who have paid 40% (100k euros give or take) on how to achieve satisfaction?
Your situation is a harder on, as I believe they have disappeared once before. The choice as I see it from reading in here is the 4% deal, or go for money back. The majority seem to think the 4% deal is the better option. If that is what you were going for would it not be prudent to ask the developer to put deposits into a secure escrow account that would give some insurance. Also any further payments made must only be used on the site itself, and any New loans made by a Bank take into consideration the investors deposits in agreeing a new loan. This could stop them from just disappearing again with everything.
There’s no easy answer, but as a group I’d want a little more say than just signing another New Contract after all it is your hard earned dosh. Finding the right Solicitor too is a difficult task to do what you ask, although as I’ve said they all seem to want to rock the boat. Getting the Mayor involved too, that would help protect your investment.
All developments are in trouble at the moment, even Villa Verde as half is completed yet no further signings are taken place ? Some have just up, left and disappeared with the dosh and some just shut everything down until the credit crunch is over, so you’re not alone, I know thats no help either, but forming this group is the best thing you can do at the moment, and I wish you all the best in getting the development finished.
hope it helps, good luck guys
WW my post had absolutely nothing to do with you or anything you may have said, so why do you choose to make it your business. I agree with Steve’s philosophy & can relate it not only to investing, but to life in general.
I have put up with so much crap & personal insults from you over the last year or so & have had enough. Who the hell do you think you are? You know nothing about me & have no right to cast aspersions upon my character. I can promise you that if you continue I WILL be going to the police.
You know exactly who I am & despite the fact that I have never made it difficult for anyone to find me & come & say hello on Facebook, you chose to tell everyone my surname. Why don’t YOU come & say hello? There a many people who would love to know – you’re a very popular guy…..I can’t imagine why you’re hiding?
Couple of things:-
I agree with Worwilly in creating some form of group to protect our investment, I’ve noticed the CVAG on this forum who seem to be at least organised and have managed to have some contact with local officials albeit on Sal.
I’d not only contact the mayor, but also lobby the justice department or even higher and put some pressure in order that this land dispute appeal can be expedited. This sort of dispute can only be harmful to Cape Verde’s future, which relies so heavily on tourism.
I’m not sure of conspiracy theories but the communication from VO regarding the delay didn’t say that the husband( the original land owner) is a minor shareholder in VO. He, himself also has on-going litigation with VO over the sale of the land.
Who will stand to gain most if this land dispute is prolonged?? Not the investors!
Design Resorts, forget the ‘nice internet literature’ about the renovation project in the area around Ponta Bicuda, that can be done once there’s some tangible evidence of construction, why not
shove a rocket up VO’s ar&se and get them going!!!!
First off Donna, don’t give it if you can’t take it.
(Steve)”It is easy to be negative and a harbinger of doom”
(Donna)Couldn’t agree more Steve & how very well worded.
That was aimed right at me, and like you, try and wriggle out of it, by saying “my post had absolutely nothing to do with you or anything you may have said” So don’t bitch when the tables are turned. Threats don’t bother me. However let’s not spoil this thread.
On the issue of the Cape Verde Action Group, they are doing a great job trying to get the ball rolling, maybe you could join in there just to start it. However I feel sooner or later each development will have to act on their own as different circumstances will prevail, some may get sorted some may have to wait longer, but nothing wrong with going your own way as well, at least your developer is trying to negotiate a new contract. But would stress, this new Bank that may get involved, for extra funding, should be aware of the investor’s interests too, and possibly, noted as a condition of a loan. As I’d hate to see you all in the position you are now in 2 years’ time. You should in any case have your own group, after all, it is your development and could influence the way its ran, so forming a group will not end after this is sorted.
You really do have delusions of grandieur don’t you & now you’re calling me a liar as well!
It is not a threat it is a statement of fact – I really have had enough, so lay off me you bully.
Hi WorWilly:- The 4% you mention to be put into an escrow account is unworkable because the developers need every penny to complete the program and it is deductable at deeds!
Hi richboy1967:- Its common for landowners to be offered part shares and part cash when selling to developers so nothing unusual in the land owner being a minor shareholder, regarding the dispute thats between VO and the landowner, as I say forget the past and look to the future!
Its obvious that the developers want to complete Ponta Bicuda otherwise they could go bankrupt and walk away, so lets get behind ourselves and vote for ourselves i.e. I am not pro VO…..I am pro optiontrader!bertMember
What’s the latest on whether the 75% was achieved before the deadline? Really hope you guys managed to pull it off
Has anyone heard anything from VO???
Despite sending them several emails over the last 4 weeks to try and find out on what’s happening, I’ve received nothing back from them….
Theres no news at the minute, though they will not respond to you anyway after your post on the 26th of November!![:0]seagullsslimjimMember
As its not that difficult to count the yays against the nays and seeing if 75% has been breached, i’m guessing that its a no
Sunny Sussex goes south
If it is a nay, I am expecting them to increase their offer to try and get more yays then nays!
I received this yesterday after asking some resonable question – they have been stone walling me for 3 months now.
“Unfortunately, at this point, we are still not in a position to make an official communication to the clients. I have been reported that we need to wait until the end of February to do so, in order to gather all the amendments and finish negotiations with them.
In the meantime, I can advance you that we have presented counter-allegations in the judicial procedure in Cape Verde, and that the plaintiff has not added anything further to its appeal. We now wait for the decision and hope for the best.
Legal Department/Departamento Jurídico”
Hi tunbridgewells:- Its obvious that the developers did not get the numbers of owners to accept the proposal…say there is 200 owners and they got 80% agreeing to the proposal that leaves 40 owners who have not agreed, too many. I thought the 4% net per annum deducted at deeds was OK, expect some sort of revised offers to sway the nays.
One saving grace maybe is Vilas Oceanicas and Design Resorts are interlinked i.e. top employees are classed as being employed by both companies. I got a XMAS card from Design Resorts not Vilas Oceanicas and I have queried the shareholding and the comfort letter with my solicitors:-
We have not analysed the comfort letter and we do not know if it is valid. Please note that under the terms foreseen in the Portuguese Companies Code, a company may only issue guarantees (such as a comfort letter) if it has an own interested duly grounded or if it is to a company in a domain or group relationship. Although the letter mentions that Design Resorts is the indirect sole shareholder of Vilas Oceânicas, in a company by shares is very difficult to attest this.
I still believe that the developers want to build Ponta Bicuda as they will have a good contract with Tiara Hotels!!
Anybody heard anything? I have written several times without any form of reply
You must be logged in to reply to this topic.