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Grand Natal Golf Goes Bankcrupt!

Discussion in 'Brazil Property' started by Dotty, Apr 6, 2008.

  1. Dotty

    Dotty Banned

    The so called beautiful Grand Natal Golf goes bust.All comments and suggestions welcome.
     
  2. Golfingworld

    Golfingworld New Member

    It is too hot to play golf there anyway...and when you get to the 9th hole you'll get robbed...so it has saved us all a lot of hassle!
     
  3. robh

    robh Administrator Staff Member Premium Member

  4. Dotty

    Dotty Banned

  5. robh

    robh Administrator Staff Member Premium Member

    So let me get this straight, you are claiming that everyone has lost their money on Grand Natal Golf, yet you don't even know the name of the company behind the project!!
     
  6. Dotty

    Dotty Banned

    One has to wait and see just like everybody is still waiting for their money lost when BRA went under .What Brasilian company was behind the project
    as Grupo Sanchez are infact Spanish and not Brasilian?
     
  7. robh

    robh Administrator Staff Member Premium Member

    BRA was a Brazilian airline not a Spanish promoter/developer.
     
  8. Dotty

    Dotty Banned

    Oh ,so everybody should receive their paid money from Spain is that right ?so great news!QUOTE=robh;42684]BRA was a Brazilian airline not a Spanish promoter/developer.[/QUOTE]
     
  9. robh

    robh Administrator Staff Member Premium Member

    Dotty,

    I don't mean to be rude, but for a so called "experienced property investor" you do seem to know remarkably little about what you are talking about.
     
  10. Dotty

    Dotty Banned

    I think you are misunderstanding what I mean!

    Rob,I am an old investor who has invested over many years.I have never invested in recent property scams within the past 5 years or earlier.So I would not have experience in buying from overseas developers or promoters that have recently been hit in R.G N.Sorry to repeat myself with this,but maybe this will clarify some points.Also,when people put a deposit or large sums of money on pre launches I would be right in saying that if a company/companies go down it would OFTEN be difficult to retreive your money.From what I have read online their are many people that have lost 1,000ssss.That is common sense.You do not need to be a market genius to work that out!So no you were not being rude.
     
  11. Dotty

    Dotty Banned

    sorry rob

    sorry rob I meant 5 yrs or after(not before)
     
  12. michaelbush

    michaelbush New Member

    I am informed that the GNG development is likely to get the go ahead this week in time for the Madrid Property fair where GS are reportedly exhibiting and where they will officially be able to sell. The whole project is quite complicated but it seems there is the political will for it to succeed. GS do not own all the lands, and some are subject to "permuta". I suspect that GS Brazil is not going down with the Spanish arm as people are suggesting here.
    Lets see what happens in the next few weeks. My source is very informed and I hope to give comfort to investors who may believe their investments are lost.
     
  13. deedee1

    deedee1 New Member

    :)Hi all,

    EITHER WAY I want to know where we stand with regards to our bank guarentees??

    These were barclays bank guarentees for spain and we all had to sign them when we completed the reservation forms and transfered over a small reservation fee???

    I hope no-one has paid anymore than a small reservation fee of around 4-6,000 euros (depending on your property type) as this was the only payment so far due??

    Anyone asked their lawyer where we stand with regards to getting the reservation fee back??

    And is there a get out clause due to the ongoing issues with GNG??

    Take care-D :)
     
  14. michaelbush

    michaelbush New Member

    I believe that the bank guarantee cannot be invoked if GNG get the licences approved before one year from the reservation date. It looks like they may get these now, so will be entitled to issue the purchase contract. If people do not proceed then I guess they will lose their reservation deposit. I suggest buyers contact GS or the agent they bought through for more info, or read thie reservation contract carefully.
     
  15. DC

    DC New Member

    Were people or did people have any protection on their investments and money?

    Bankrupt or not, some body ate well. Somebody took all the money, and some one is driving around in a nice Lambo, or Ferrari. Be sure some one has done very well out of it. Bankrupt or not.

    What about the average investor, or mug, what redress do they get.

    The truth is if none, then they were mugged and hoodwinked for their money. If not then good, they deserve to get their money back. In spain the companies have to be regulated so this does not happen.

    But you need a good lawyer to check this out.

    Not good for reputation of Brazil this and the diseases they have in Rio right now.
     
  16. michaelbush

    michaelbush New Member

    Suggest you read all the thread before making sweeping statements. GNG is still alive I am told.
     
  17. Dotty

    Dotty Banned

    It would only be a bit alive if it was bringing clients from overseas.That part has gone down G.S 200 million euros to date and you bet Brazil will not foot the bill or take a risk for such a fiasco,anyway even for the other part partnership.They wont pay G.S money now that they have sunk .
     
  18. DC

    DC New Member

    I wonder why people are saying it is bank rupt, if it is not.

    Does not seem logical. We are not intimate with the development. But from an investors point of view.

    I would like to see.
    Each have security on their investment. (like they get in some countries with the laws of that countries)

    To have transparancy.

    It is morally irresponsible and incorrect if all the pigs are in the trough eating the clients money and the client is standing naked holding the cheque. That is not right. But as said before

    1. I am not intimate with this development
    2. What securities do clients have?
    3. Morally if agents and promoters have taken the money and lived good, then it is morally irresponsible.
    4. If it is still alive and everyone is happy then why would people write the oppersite.
    5. Investors need to know exactly pre handing over their money if they are protected or not.

    Nothing like a big one, with all the smiling faces of big stars looking like another one to damage the confidence of investors.

    Who has taken all the money? That is my question. Who has all the deposits etc?
    Some one has.

    But if it is still functioning and everyone is still on track then why would some one write the oppersite. I dont know, what redress do people have if it has gone tits up. Will the agents give back the commission if they have taken it. (minimum).

    Does not help investor confidence for sure.
     
  19. DC

    DC New Member

    Get your lawyer to check the contracts

    People dont know the laws in Brazil, and what they have got them selves into, you need a professional who is looking after you, the client to represent your interest. A good lawyer with teeth to protect your interests. To put good money after potentially bad, if it is lame duck is even more crazy.

    Call in the LAWYERS, good ones. There are too many people getting ripped off in international property, for another big sucker con plan. Get a damn fine lawyer to represent you. At minimum use an independent one from day one.


     
  20. Dotty

    Dotty Banned

    Asfar as I am aware(GRUPO SANCHEZ) went bankrupt owing 200 million euros,if people deny that then they should not be in sales Spanish press,Brazilian press etc,so if it is alive and well news to us in Natal.The other part of the company which is Brazilian are supposed to be trying to hold it together,but quite frankly will they foot G.S bill or part of ? It is logical.Can they pull overseas investors over to fill that Golf Pitch or 2? It was really to big for it s own head .
     
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