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April 9, 2015 Auction results
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YellowBird



Joined: 03 Oct 2009
Posts: 40



PostPosted: Fri Jun 26, 2015 1:48 pm    Post subject:  Reply with quote

Now that CMK/Sailrock have closed with Scotia bank and the dream and all deposits have been lost, does anyone have any news about the law suit against Scotia bank? Nothing from Patti yet.
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Oliver



Joined: 28 Jul 2011
Posts: 122


Location: Kent, England

PostPosted: Fri Jun 26, 2015 4:07 pm    Post subject: Reply with quote

I have the same question YB. I understand there may be two actions, one against the bank, the other against the govt. PR is presently getting legal advise but it has all gone very quiet.

I believe if we want to join we will have to contribute financially although that has not be clarified.

I also do not know how cabbie or Pam are getting on either which would be of interest.

On the basis that SR refused such a massive offer it would be very interesting to know what they are going to do. It can't be knocking everything down and building a few villas, they must use what they have to max out.
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barb



Joined: 21 Mar 2014
Posts: 15



PostPosted: Sun Jun 28, 2015 10:41 pm    Post subject: Reply with quote

Why in the world would the bank have any obligation to the investors?  The bank lent money to the developers and they defaulted on the loan.  Simple.  A waste of time and resources by the investors to look to the bank for relief.  It sounds to me like the Rahls are the ones who screwed their investors (amongst others, no doubt).  Follow the money!  What "massive" offer was made to Sail Rock?  Highly doubtful if they couldn't pay the bank loan that they then made some offer to "buy back"' the property.  Come on, use your brain!
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B



Joined: 28 Jun 2015
Posts: 1


Location: FL

PostPosted: Sun Jun 28, 2015 11:57 pm    Post subject: caicosbeachclub Reply with quote

Everything seems so "out of reach" in knowing what actually happened.  Perhaps some one has a handle on it and can explain it to me.   I really want to know if there is any value left for the investors in any way since it was such a surprise that it was auctioned.  I actually  thought the development was almost ready for the owners to see their units.  If you have had a letter from the Rahls would you share it with me for I have had nothing from anyone.  Just the surprise was so sudden that I am still shocked to say the least. B
_________________
I would like information as to my investment year 1993
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papadodge



Joined: 15 Oct 2012
Posts: 21



PostPosted: Wed Jul 15, 2015 10:30 am    Post subject: Reply with quote

UK INVESTORS

I have now made contact with regulatory legal who have offered to undertake claims against UK advisers to recover the investment on a no win no fee basis for me and anybody else who may qualify. They have previously been successful in recovering two of my investments on this basis

As a result I have instructed a specialist Financial Services Lawyer, Michael Cotter of Regulatory Legal Solicitors who has a practice specialising in the recovery of investors monies into unregulated funds and acting on behalf of individuals and corporations alike. Mr Cotter is currently assisting many investors in recovering monies lost due to receiving sub-par financial advice in these and other companies.

You may have seen his article recently in the Financial Times concerning Keydata (on 27th May 2015),We  have been in discussion with him concerning these and other investments.

He would be keen to speak with you regarding this investment you may have made and how he may be able to assist you with your recovery (Mr Cotter is commonly able to receive instruction on a no-win/no-fee basis).

If you are interested it is important  that you contact him direct by email at michael.cotter@regulatorylegal.co.uk which negates any of us having access to each others data.

He requests that in your email you detail the following:
1.       Your contact details; and

2.       Your investment; and

3.       Who advised you to invest; and

4.       The dates on which you made your investments

He can then make a free of charge initial assessment and contact you by return.

This is not a claim against the developers , the Governments or the Rahls and relates purely to UK investors recovering their investments using the UK regulatory process.

Papadodge
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Oliver



Joined: 28 Jul 2011
Posts: 122


Location: Kent, England

PostPosted: Fri Jul 17, 2015 12:41 pm    Post subject: Reply with quote

I presume the important question here is No3; Who advised you as presumably it is the financial adviser that will be chased. Can you confirm please.

Would this have to be linked to an ISA or Pension investment only?
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Oliver



Joined: 28 Jul 2011
Posts: 122


Location: Kent, England

PostPosted: Fri Jul 17, 2015 12:45 pm    Post subject: Reply with quote

Barb - the question being tested presently is did the bank give away the project to SR knowing full well that a) the Rahls were trying to find investment and b) that it would take 640 investors out and c) why at such a low price.

If any investors want more information I suggest a PM to Chuck.
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papadodge



Joined: 15 Oct 2012
Posts: 21



PostPosted: Fri Jul 17, 2015 1:58 pm    Post subject: Reply with quote

Oliver

I am an investor and am neither a lawyer nor a financial adviser so as you can understand this does not constitute advice .

However it is my understanding is that individuals who received advice from an IFA or invested into a pension fund via a SIPP are likely to qualify to make a claim . The claims are via the Financial Ombudsman Service ( If the Advisor is still trading ) or via the FSCS ( If the advisor is not trading) .It is also my understanding that if the the IFA simply assisted in putting the investment into a SIPP that this constitutes advice and may be subject to a claim either against the IFA or the SIPP itself  . The position regarding direct investors or those who simply used agents is being clarified you may wish to clarify this directlly with Michael Cotter via email as I understand there will not be a charge for this

It is also my understanding that if you choose this route then the the FOS or the FSCS( Finanacial Services Compensation Scheme ) will take over the investment and individuals recovering their money in this route will forfit any future rights under the investments as the objective is to place them in the same position they would have been in without investing.

I also understand that there are different maximum  limits of the amount that can be claimed under each scheme.

You may note from the national press  that Regulatory Legal are acting for both SIPP , Pension and under a separates case for direct investors in cases relating to Harlequin Investments in the Carribean.

I hope this helps your decision making particularly bearing in mind I have not seem any other way forward anywhere to get our investment back .

Apologies to non UK investors for posting this on the this  forum .

Papadodge
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CHUCK



Joined: 06 Dec 2011
Posts: 129


Location: WINNIPEG CANADA

PostPosted: Fri Jul 17, 2015 3:22 pm    Post subject: Speaks for itself Reply with quote

http://www.tciaffairs.com/articles/when-will-it-end/
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barb



Joined: 21 Mar 2014
Posts: 15



PostPosted: Fri Jul 17, 2015 4:01 pm    Post subject: Reply with quote

Oliver,
Again, trying to sue Scotia Bank is an exercise in futility.  If you don't pay, they take it away.  It is simple economics.  They don't care who is on the other end (investors losing their hard-earned dollars).  They don't care if the Rahl's told them they were "trying" to get additional funding.  Would your mortgage bank care, if you were not paying your monthly payment, that you were waiting for an inheritance from your rich uncle in order to catch up on payments?  Of course not!  Anyway, I wish you all luck.

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