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April 9, 2015 Auction results
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cabbie



Joined: 09 Apr 2015
Posts: 45



PostPosted: Thu Apr 09, 2015 6:51 pm    Post subject: April 9, 2015 Auction results  Reply with quote

To all investor friends who believed and hoped that there was light at the end of the tunnel. As of April 9, 2015, Caicos Beach  Resort & Marina was sold at auction. I am a simple bloke and hoped one day to retire to the TCI. I have lost my money and also the hope to retire there. I guess things could be worse. I hope this helps all of you organise to deal with what is now the inevitable truth.  Sad  I wish you all the best of luck. I have no recourse because I trusted RR. If anyone has any ideas on how we can recoup our funds, I would like to hear about it. Good luck to us all.
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YellowBird



Joined: 03 Oct 2009
Posts: 40



PostPosted: Thu Apr 09, 2015 7:46 pm    Post subject: Reply with quote

Any company that buys the resort would also be buying its liabilities. Owners could make a claim on the land, but may mean going to court for many years.
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cabbie



Joined: 09 Apr 2015
Posts: 45



PostPosted: Thu Apr 09, 2015 9:15 pm    Post subject: Reply with quote

sorry dont know how to use this forum. I hope I am replying.
It was a foreclosure auction which means that when the the buyer came forth with cash in hand, it was sold "as is". Now any legal action that takes place between caicos beach and the bank is another matter post auction. But the auction sold the property and will deliver clear title. I was advised by my solicitor on the ground. The likelihood of us receiving one penny is nill to none. That is my reality. Good luck to you.
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YellowBird



Joined: 03 Oct 2009
Posts: 40



PostPosted: Thu Apr 09, 2015 9:50 pm    Post subject: Reply with quote

Sold as is means sold with its liabilities, which will have to have been made known at the time of sale. The new owner therefore must return all deposits paid or continue to develop as planned. Otherwise they will have a massive group legal action on their hands with hundreds of us paying several thousand each to force any new owner to return all deposits with years of interest in compensation.
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cabbie



Joined: 09 Apr 2015
Posts: 45



PostPosted: Thu Apr 09, 2015 10:11 pm    Post subject: Reply with quote

Yellowbird, the new owner receives CLEAN title. There are no liabilities - absolutely zero liabilities passed on to the new owner. If any litigation does transpire it would be between the old developer (RR) with the bank and/or the government. The new owner will not be involved. The developer(RR) has no money to initiate any  litigation I am told.  In fact, it was mentioned that the new owner will tear down ALL the existing buildings and do whatever they please with the land. I paid my solicitor to receive this information. I suggest you hire your own solicitors and extract the truth. I did so because I need to know the truth because I am retiring and have pledged my retirement funds in this property to retire,only to lose them. I now have to postpone retirement to recoup some of the losses, god willing, work another 5-8 years to settle matters. But at least I know the truth. I have not known the truth for 10 years. I dont mean to sound harsh, but I can deal with the truth and move on. I am too old to deal with fiction and frankly I do not want to.  Best~
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YellowBird



Joined: 03 Oct 2009
Posts: 40



PostPosted: Thu Apr 09, 2015 10:21 pm    Post subject: Reply with quote

I was in a simar situation with another development in the past. If what your saying has any truth then what will.likely happen is that the new owner will relaunch the development and offer the first units to the previous owners at a founders club rate/offer. In the case of my previous development in a similar situation all owners rejected this and got 2 million together between the buyers to hire lawyers. 6 years after long court battles the lost deposits were returned and the new deceloper was unable to get anything of the ground on the new development because of their legal costs and money the court forced them to repay. This was with a very large public company.
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cabbie



Joined: 09 Apr 2015
Posts: 45



PostPosted: Thu Apr 09, 2015 11:00 pm    Post subject: Reply with quote

If the new developer has a different purpose for the land, why would they be obligated to us? There is no obligation whatsoever. They are going to tear down the buildings and probably create a better use for the land.
The next announcement I expect to hear according to my solicitor is that our Developer declares bankruptcy- which would be the smart thing to do according to my lawyer. We will all receive legal notice when they do. Needless to say, its over. If you have the funds and have the patience for another decade's fight, by all means do so. I am at a point where I will choose my battles and this one I have no interest to fight. My solicitor looked at my contract and said its not worth the fight. We cant stop the demolition, we cant stop the new developer to develop as they please. What I can do is cut my losses. Lesson learned: "Let the Buyer Beware." I wish you all to be at peace with your decision. I now am. Best~
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YellowBird



Joined: 03 Oct 2009
Posts: 40



PostPosted: Thu Apr 09, 2015 11:59 pm    Post subject: Reply with quote

Because the new developer knew about the hundreds of contracts and property sold on the existing land at time of purchase. How can they legally ignore that obligation that comes with the purchase when.it can be proven that they know of the existing purchases for the existing building along with receipts, contract copies and bank transfer statements. They are directly benefiting from our payments made for the purchase of the properties on the existing land. Any court will see this. A claim could be enforced on the land registry books which would block any new developer from proceeding with sales.
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YellowBird



Joined: 03 Oct 2009
Posts: 40



PostPosted: Fri Apr 10, 2015 12:15 am    Post subject: Reply with quote

Are you saying that Rahl & Rahl intentionally secured the redevelopment of the airport and helped arrange the financing for it in order that they could better sell the land to benefit from it financially and personally. I think they need to be investigated if true and would most likely end up in prison for serious fraud. I am interested to see what CHUCK has to say about it all.

Last edited by YellowBird on Fri Apr 10, 2015 12:18 am; edited 1 time in total
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cabbie



Joined: 09 Apr 2015
Posts: 45



PostPosted: Fri Apr 10, 2015 12:16 am    Post subject: Reply with quote

YB, I would suggest that you read the auction terms and conditions that were published. If you lose your house to foreclosure, would the new buyer be subject to curing your defaults? The answer is no. But do not take my word, hire an attorney in the TCI and they will provide you with the answers you are seeking. That is what I had to do. I am not here to provide legal advice. I had to pay for mine. I suggest you do the same. Know your rights at this point and fight out what legal remedies you have at your disposal. I am a simple man who made a serious mistake. This is what I am guilty of. I hope this helps. Best~

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