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Caicos Beach update
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Rusty



Joined: 06 May 2013
Posts: 33



PostPosted: Mon Dec 22, 2014 4:12 pm    Post subject:  Reply with quote

http://tcweeklynews.com/works-on-...art-early-next-year-p5747-127.htm
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barb



Joined: 21 Mar 2014
Posts: 15



PostPosted: Tue Dec 23, 2014 12:43 am    Post subject: Reply with quote

It sounds like the airport was just an excuse to not finish building Caicos Beach Club, when the real reason was they've run out of money.  What happened to the Scotia Bank loan?  Was the finishing of the resort contingent upon the airport being built?  If not, it doesn't seem like they can use that as "force majeure."
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Oliver



Joined: 28 Jul 2011
Posts: 122


Location: Kent, England

PostPosted: Tue Dec 23, 2014 6:48 pm    Post subject: Reply with quote

Sounds grim at first reading but......

- at least the airport is on the government spending plan radar.
- I am guessing that the 3 years time frame is money related as opposed to the time it will take to finish this airport if adequate funds came available.
- I still think that the SC developers will be required to come up with monies to invest in the airport in return for government kick backs (eg. VAT room charge discounts etc)
- Yes, R&R are broke but the fight for new funding goes on and our options remains as mentioned earlier (zero).

In the UK it is almost impossible to obtain funding for newco's, the lending criteria is now so tight due to the new regulations that any start up needs to be self-financing. I daresay that R&R are having similar battles as banks are out so they need to deal with rich entrepreneurs who are difficult and are in a position to ask for silly requirements which all eats into our potential profit (and theirs).

For me pure logic prevails that this 'should' succeed as there are too many interested parties for it not too.

But as you all I await some sort of announcement.
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Rusty



Joined: 06 May 2013
Posts: 33



PostPosted: Tue Dec 23, 2014 9:52 pm    Post subject: Reply with quote

I agree Oliver, it does appear to be on a successful track. I have watched the debate on tearing down or trying to proceed with the structure. It seem they have made their decision and at least they are going to finish it.

As far as my length of time waiting, it looks as I'm 75% through the completion process, thank god for that. TC
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Oliver



Joined: 28 Jul 2011
Posts: 122


Location: Kent, England

PostPosted: Mon Dec 29, 2014 6:32 pm    Post subject: Reply with quote

If any investors are taking legal action it would be interesting to know;

- who against  - R&R always represented themselves as the developer lawyers or similar, never the developers, owners or the company we are legal tied to.

- What would the legal failing be?

- Should one win the case we would get a claim for our deposit back but that may be extinguished by legal costs.

- Legal cost may be eased through a group of investors getting together, or multiple properties but even then....

- ...where is the cash to satisfy any net claim?

If the banks are struggling to get out whole...............

I am not generally a half full glass person but what do we do? When we invested in this we were all taking a bit of a risk on the basis that this was not our back yard, it was all a bit of a dream supported by a dream advertising brochure. In the last years we have gone through all kinds of issues with probably government fraud being the biggest threat to clearing us all out but somehow we are still here with an investment.

On the basis of what we know I suppose many investors would now take their deposit back, to be honest I would not to give up this dream. Yes this soap opera might run another 2 years plus but think of what we 'may' have at the end (and at what discounted price!).

Think sometimes I write these just to cheer myself up!!

Merry Christmas & Happy New Year to everyone.
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Oliver



Joined: 28 Jul 2011
Posts: 122


Location: Kent, England

PostPosted: Tue Dec 30, 2014 3:21 pm    Post subject: Reply with quote

CD - Not filings, failings (as in 'failed'). What exactly is our legal cliam in court and who against?

Just interested if anyone knows.
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gh



Joined: 02 Sep 2012
Posts: 83



PostPosted: Tue Dec 30, 2014 9:52 pm    Post subject: Reply with quote

CAICOS DIVER wrote:
Yes I understood you perfectly I just didn't list the various ways you could file as I was merely making the point of why TO file.

First of all you could sue as your money was grossly mismanaged, you are repeatedly lied to as well as many other issues. I have not seen any contracts but you surely have an expectation of the project being up and running in a reasonable amount of time.

Right off the bat you can sue them for changing the terms of your contract which I am sure says NOTHING about the fact that this project will only be completed when the airport expansion is done. REALLY?? I doubt that was written in ANY contract as nobody would have purchased anything. Now after the fact they have halted production until then.

If there were a suit filed and an investigation ensued I am sure you would find out many of these things. I hate to say it but I have no doubt all investors are being illegally strung along at this point.

That is why I made the statement about if and how many suits have been filed against this project. I would find it virtually impossible to believe that at this point after so many millions invested that no suits have been filed.

Added: Who would you file against? Well there are ways to word things in a legal motion to describe the Defendant such as Rahl and Rahl and or any other person,entity, or institution legally in charge of the project known as etc.etc.


CD, on what basis was our money "grossly mismanaged", also what proof do you have that investors have been lied to ?
Do you have any legal standing at all that qualifies you to profer legal advice ? ...or are we being treated to unqualified bar-room legal logic.

Oliver makes numerous good points based on reasoned logic, the most pertinent for me was any compensatory arrangement being swallowed up by the mooring fees of a greedy overpaid lawyers yacht. You seem quite vociferous on this subject, why not get the ball rolling yourself ?...or dont you have the appetite for it..
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Oliver



Joined: 28 Jul 2011
Posts: 122


Location: Kent, England

PostPosted: Tue Dec 30, 2014 10:08 pm    Post subject: Reply with quote

Think some have tried and failed at great costs to themselves so don't think it is clear cut at all.

Most importantly what cash do you think is available for distribution. The developer is broke and the project has stopped and needs refinancing. There is no money.

I do not know R&R so cannot comment on their character, history, honesty etc BUT it seems from what I have heard that they are still in the game trying to keep this alive trying to negotiate new finance which could make this whole project work.

The whole point of raising this matter was to show the futility of legal action. If there is no cash there is no point of suing even if we had a legal case which is very uncertain. I am not burying my head on this just being realistic.
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gh



Joined: 02 Sep 2012
Posts: 83



PostPosted: Tue Dec 30, 2014 11:38 pm    Post subject: Reply with quote

Well put Oliver. Couldnt really add anything to that. Despite all the failings of this project (of which there are many) we are where we are. Filing of any description i feel will ultimately be a futile pursuit. I believe the project still has a heartbeat albeit weak but im confident it can be nursed through to completion.
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DJ



Joined: 05 Mar 2012
Posts: 6



PostPosted: Wed Dec 31, 2014 12:46 am    Post subject: Reply with quote

This is a chicken and egg situation. The longer this goes on the more likely alternative finance will be found.

Once the airport has been constructed and SailRock is up and running it will give potential lenders more appetite for risk. Realistically, this looks 2-3 years away.

Sailrock is not a volume based business so I imagine funding is easier to come by.

I am assuming there is little debt on the land and construction as the developer must be meeting the repayments. The project would have folded a long time ago if this wasn't the case.

The question is how long can the developer continue making repayments without a return???? Hopefully he can afford it for the next 2-3 years....

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