off plan purchase at crystal spa aparthotel - eurosilex

[dannyo]

hi all
I still have not recieved a letter from eurosilex,but from what i can gather they are looking to issue new contracts with a new completion date in 2010,when we sign these new contracts this means we support eurosilex and their banks are happy that no one will enforce the old contract and they the bank will forward money to finish golden valley. sounds likes a good deal for eurosilex. I think eurosilex are a bit premature issueing new contracts,does this type of arrogant behaviour not give us investors some clue as what they think of us as a whole, we are basically just a large pay day for them,its a waste of time going down to varna to talk with them, again its time our lawyers worked out a suitable deal for us with them.we have a golden opportunity here with a good contract that eurosilex are now just about to breach so i appeal to all investors do not sign this new contract without getting good independent bulgarian legal advice, if anyone would like to pm me i will give my contact details. dannyo

 

[Tidalflow]

Hello everyone,

I've just read the post from Dannyo and think that I have something to add. Yes, reading over my original Golden Valley contract this morning its looks excellent, but only if Eurosilex can comply with the terms. When I invested in Golden Valley my installments closely paralleled the stage of building on the site. Unfortunately, this sensible arrangement seems to have been overlooked as more developments were planned. So, once the demand for properties in Bulgaria fell, as the Credit Crunch took hold, problems
were going to surface. What's certain is that trust between Eurosilex and its clients is crucial in obtaining funds only at present this seems to be dwindling. I believe that Mark Wood's excellent idea of a face to face meeting with Eurosilex is the most constructive idea to date.

Regards,

Tidalflow

 

[nor123]

Golden Valley

I welcome the idea and join the club. I've recieved a letter from Eurosilex but need more info before can make a decision. I’m open to an idea of joint actions and open discussion. Any leads to a decent local lawyer?

 

[nor123]

Golden Valley

Not at all, we most certainly need to keep an open mind, my concerns are that not supporting this proposal from Eurosilex could be more damaging than to consider it as a fair and reasonable option. With the global financial meltdown this really came as no surprise! Although the shock as I am sure you know only too well was still considerable and naturally worrying....I would very much like to see the CEO of Eurosilex to discuss this face to face what options there are, I therefore hope to be armed with questions fielded from this forum that as a group you'd like covered off. With this in mind please don't hesitate to get in touch with me, I am hoping to build a comprehensive list of fellow investors together with individuals addresses and contact details.

Hope you are onboard.

Regards

Mark Woods
07912466627 + 01379 741123

Mark,
I'm in and welcome the idea of joint actions and sharing information. I'll let you know my phone number via PM after I'm promoted to an active user.

 

[nor123]

Golden Valley

Hello everyone,

I've just read the post from Dannyo and think that I have something to add. Yes, reading over my original Golden Valley contract this morning its looks excellent, but only if Eurosilex can comply with the terms. When I invested in Golden Valley my installments closely paralleled the stage of building on the site. Unfortunately, this sensible arrangement seems to have been overlooked as more developments were planned. So, once the demand for properties in Bulgaria fell, as the Credit Crunch took hold, problems
were going to surface. What's certain is that trust between Eurosilex and its clients is crucial in obtaining funds only at present this seems to be dwindling. I believe that Mark Wood's excellent idea of a face to face meeting with Eurosilex is the most constructive idea to date.

Regards,

Tidalflow

Hi,
Do you suggest we all fly to Varna for a face off. Does not sound practical, does it?

 

[nor123]

Golden Valley

Not at all, we most certainly need to keep an open mind, my concerns are that not supporting this proposal from Eurosilex could be more damaging than to consider it as a fair and reasonable option. With the global financial meltdown this really came as no surprise! Although the shock as I am sure you know only too well was still considerable and naturally worrying....I would very much like to see the CEO of Eurosilex to discuss this face to face what options there are, I therefore hope to be armed with questions fielded from this forum that as a group you'd like covered off. With this in mind please don't hesitate to get in touch with me, I am hoping to build a comprehensive list of fellow investors together with individuals addresses and contact details.

Hope you are onboard.

Regards

Mark Woods
07912466627 + 01379 741123

Mark,
In a few days the delay with the construction is over 180 days and we have all 'legal' grounds to rescind the contract and demand our funds back (sounds a bit naïve). How does it sound?
rgds

 

[nor123]

Golden Valley

Not at all, we most certainly need to keep an open mind, my concerns are that not supporting this proposal from Eurosilex could be more damaging than to consider it as a fair and reasonable option. With the global financial meltdown this really came as no surprise! Although the shock as I am sure you know only too well was still considerable and naturally worrying....I would very much like to see the CEO of Eurosilex to discuss this face to face what options there are, I therefore hope to be armed with questions fielded from this forum that as a group you'd like covered off. With this in mind please don't hesitate to get in touch with me, I am hoping to build a comprehensive list of fellow investors together with individuals addresses and contact details.

Hope you are onboard.

Regards

Mark Woods
07912466627 + 01379 741123

Some burning questions from me

(1) How much of the funds having been paid by the buyers (in the previous instalments) have been spent on the construction so far
(2) What is the lacking part of funding necessary for completing the project
(3) What caused UniCredit Bulbank to stop credit lines and how much of the buyers' funds they still hold
(5) What have you (the builder) done to make sure that the properties are not damaged due to the construction break
(6) How many buyers have to sign the annex before you can finalise a new loan agreement
(7) What is your plan of actions if a significant number of buyers will elect to rescind the contract (Article 7.5) and request a full refund
(8) What is a level of completion of the project in general and our villa specifically. Was the project status assessed by an independent auditing or it is your own estimate
(9) If the financing issues are resolved how long it will take to complete the project?
rgds

 

[livenow]

Hello people,
i have been reading this post for last few days and i am also an investor in golden valley and very worried about the whole fiasco..
I got the letter from Eurosilex and must say the clauses clearly are not investor friendly as they want us to sign away all our legal options and delay claims.. And there is no guarantee that these will be built after all..
Maybe time to seek legal opinion..
Hopefully we will be able to form a group and get something positive done..

 

[livenow]

Anyone able to recommend good lawyer ?

 

[livenow]

Anyone based in London ? I am in London.. Maybe we should meet up in UK somewhere for a quick meeting..

 

[nor123]

Golden Valley

Anyone based in London ? I am in London.. Maybe we should meet up in UK somewhere for a quick meeting..

London is fine for me. I travel over very often. Just got a reply from Eurosilex to my questions. To call it pathetic is to grossly overate it.
rgds

 

[livenow]

yep i also got replies to my questions. and basically they are refusing to honour the contract and return the money. ( With veiled threats that we have no protection from Bulgarian legal system in case we go to court )

i have lost trust in them now..

 

[livenow]

has anyone got opinion on Lawyer called Milen Hristov ? He seems to be the one handling the Bulgarian dreams case for the Irish/English buyers..

 

[Tidalflow]

Good evening everyone,

The fact that I'm getting prompt replies to my emails is a definite plus point. However, several contributors appear to be extremely unhappy with the response they have received, especially if they have raised the money-back option. Clearly, if money were available at present then the building work would be progressing. One thing is sure, before any building work restarts Eurosilex are going to need a new credit line. We need to know how much effort they are devoting to achieving this and what the banks are saying to them. Without definite facts this uncertainty among the investors in this forum is going to continue. After looking at the properties that appear to be sold on their website it appears that there are around 80 plus investors at Golden Valley, maybe 125 or more at Crystal Spa and 30 or so at Eternity. So at present the views and doubts expressed are a very small sample of the whole picture.

Looking forward to seeing the number of contributors increase.

Tidalflow

 

[yam600]

Hi Mike,ive been thinking about you and your kinda smug reply to my original posting,have you read all the consequential threads on the subject.I hate this horrible situation but i am curious as to how you feel about the current position eurosilex find themselves in?Are you worried at all like the rest of us!!!

Bettyb,

I have now received a letter asking us to sign an extention, I'm worried now?

 

[nor123]

Golden Valley

Good evening everyone,

The fact that I'm getting prompt replies to my emails is a definite plus point. However, several contributors appear to be extremely unhappy with the response they have received, especially if they have raised the money-back option. Clearly, if money were available at present then the building work would be progressing. One thing is sure, before any building work restarts Eurosilex are going to need a new credit line. We need to know how much effort they are devoting to achieving this and what the banks are saying to them. Without definite facts this uncertainty among the investors in this forum is going to continue. After looking at the properties that appear to be sold on their website it appears that there are around 80 plus investors at Golden Valley, maybe 125 or more at Crystal Spa and 30 or so at Eternity. So at present the views and doubts expressed are a very small sample of the whole picture.

Looking forward to seeing the number of contributors increase.

Tidalflow

I agree that they reply without much delay. However, there is not much use in a prompt reply if it does not address the issues you have raised. So far, we have paid at least 80% of the total cost (correct me if i'm wrong) so i would really want to know if about 80% of the construction work has been completed.

 

[Tidalflow]

Hello Nor123,

Yes, I think that most of the investors on Golden Valley will have paid around 80% of the total cost. Eurosilex have stated that Golden Valley is around 75% complete (although unfortunately work ceased before it was connected to utilities). The also informed me that the 20% we pay on completion would be sufficient to cover the remaining building costs.

Tidalflow

 

[livenow]

what i cant understand is that Golden Valley was the first project for them. After that they sold other projects and must have got good money from them . For e.g. Crystal Spa. So if their intentions were genuine they would have used that money to complete Golden Valley. And then used the final 20% or so from golden valley clients to get the other projects started.

And the very fact that they want us to sign an additional clause which takes away all our claims on the delay , etc should be raising red flags and danger signals. !!!

 

[nor123]

Golden Valley

what i cant understand is that Golden Valley was the first project for them. After that they sold other projects and must have got good money from them . For e.g. Crystal Spa. So if their intentions were genuine they would have used that money to complete Golden Valley. And then used the final 20% or so from golden valley clients to get the other projects started.

And the very fact that they want us to sign an additional clause which takes away all our claims on the delay , etc should be raising red flags and danger signals. !!!

As far as I understand the money we have paid are kept on the Golden Valley deposit and could not be released to other projects. The bank would not allow that. What is not clear to me if the bank still has some remaining funds in thier possession.

 

[Tidalflow]

what i cant understand is that Golden Valley was the first project for them. After that they sold other projects and must have got good money from them . For e.g. Crystal Spa. So if their intentions were genuine they would have used that money to complete Golden Valley. And then used the final 20% or so from golden valley clients to get the other projects started.

And the very fact that they want us to sign an additional clause which takes away all our claims on the delay , etc should be raising red flags and danger signals. !!!

Hello LiveNow,
I suspect that the running costs of Eurosilex, which until recently a rapidly expanding business, may be higher than you think. For instance they have continued to pay a top architect and a high quality media company. The difficulties in the financial situation worldwide has resulted in far fewer sales on their new developments. Hence at the very time they most require a credit line to complete Golden Valley the funds have dried up and this prevents them from collecting the final 20% to move things on. I believe Eurosilex when the state that a new credit is the only solution and this leads onto the difficult area of reliquishing our claim for the delay (however even a years delay is preferable to no building work!)

Tidalflow