hello wrote:Hi Guys,
Lucky for you that at least Adohha has bought 50% of Fadesa Maroc and likely take over the remainder so at least you will one day have an asset (who knows when and to what standard) but as for people who have bought with them in Spain, Hungary, Poland etc then they are likely to have lost the lot. Simply be prepared to get inline with the creditors.
Also worth noting that Fadesa's assets are grossly over valued - they believe as of 6 months ago that they had fallen from 13bn to 9.7bn, this doesn't take into account that the market has dropped massively since then (and continuing) and how can you value half built developments?, they're be lucky if someone takes it on at 20% of the value.
Also surprising that their sales outlets (especially) the UK still have their doors open and continuing business as usual, surely they are trading whilst insolvent?
As for getting any info from the horse's mouth? I would doubt the horse cares or the lonely employees have as much of a clue as we do!
Sorry for the doom, but I think eveyone should be realistic and consult the lawyers, at least if you have bought in Morocco suggest altering contracts once Adohha take over to contract with them and on the same terms!
I'll go along with that, Fadesa's assets were dramatically overvalued and what remains as at today are half built developments with no hope of being finished off.
Fadesa employees or management never cared about clients or agents at the best of times. They were simply there to help themselves and get the best out of the piss up at the brewery. The horse's mouth is going to the site, walk around, ask the locals and make up your minds. Not difficult.
Sales outlets like the UK have never known what went on under their noses and were treated like village idiot by HO most of the time. Not that their moronic attitude did not deserve it. Don't take them too seriously, throw them a bone, let them chase it and do your stuff elsewere.
My recommendation being in the front line is to join one of the pressure groups being formed in Spain and Morocco to kick arse. Look, you are not going to get your dosh back then why waste precious time with gum chewing sales offices in your home countries when they are too woried looking what's next for their well trodden backsides.
Pepe Le Bad