Monday, April 26, 2010

Bankruptcy Trustees report as pdf

Please feel free to email us if you are a buyer and would like us to send you the report, which we now have in pdf format. We will check that your name is on the list of creditors. We expect that this report will form the basis for further proceedings.

Saturday, April 17, 2010

Time out for complaints on report

Although the report by the Bankruptcy Trustees was announced both in local news and in the official bulletin, BOE (see link) on 31/03/2010, we have not yet been able to see a copy of it. It is not published in the BOE note, which states that copies can be obtained from the Court. The Courts were closed for 5 days during Easter imediately after the release of the report and have not yet answered our attempts to contact them. The BOE note also states that complaints should be made within 10 days and by means of both a solicitor and an attorney, which we see as practically impossible due to the above mentioned circumstances. We have therefore sent them a request for extension of the due date for complaints, for the records.

Thursday, April 15, 2010

Directors in jail

The Directors of the Trampolin Company were arrested yesterday. We hope the authorities do not see this as an adequate solution to our problems.

Thursday, April 8, 2010

Bankruptcy Trustees estimate the Trampolin Company assets to be far higher than the debts

According to local newspapers, the 442 page report issued just before Easter by the Bankruptcy Trustees estimates the value of the Trampolin Hlls land to be more than 69 million €, despite the recent court ruling which renders invalid the initial agreement between the company and the Town Hall of Campos del Rio, allowing for the building of the resort. This agreement was denounced in 2005 by the opposition, due to the involvement of some of the council members in dealings with the company, and is currently invalid.
Although 39 vehicles, among them 2 Ferraris, are classified as “not located”, the total assets are estimated to be 82.552.206 €, whereas the debts are estimated to be 62.557.091 €. This leaves the company with an estimated 17.537.260 €, according to one newspaper. The list of creditors amounts to some 1700 buyers of off plan homes. Regarding Trampolin Hills, the report states that “this project, as of today, and considering the lack of liquidity of the bankrupt company, would be completely unfeasible”. However, the local newspaper “La Verdad” (see link) concludes that the report opens new hopes for the buyers, who might see the project recovered and the homes built by another company.