BYE BYE FADESA

[ScottieDog]

I got the same email yesterday.

Then asked what the status of Alkudia Smir was and was told:

"It should not [affect you] as you bought through Fadesa Maroc not Martinsa-Fadesa. Fadesa Maroc is an independent company owned 50% by Addohha Grouppe."

So not sure where I stand now. I think it's time to get the solicitor involved!

SD

[Pepe Le Pew]

I got the same email yesterday.

Then asked what the status of Alkudia Smir was and was told:

"It should not [affect you] as you bought through Fadesa Maroc not Martinsa-Fadesa. Fadesa Maroc is an independent company owned 50% by Addohha Grouppe."

So not sure where I stand now. I think it's time to get the solicitor involved!

SD

This is about Mediaterrania-Saïdia, my patch... Cannot comment on Kabila as it's miles away from here:

Groupe Addoha will sit firmly on their grandiose royal arses until Fadesa Maroc delivers what they should have done five years ago. Impossible if it is not by buying the remaining 50% on the (very) cheap and then again they have no technical capability for the size we are talking about and so geographically dispersed. Know Addoha perhaps too well for my own safety.

But then again you can choose to beleive the above mentioned "should" if it makes you happy. Up to you.

Pepe Le Dehydrated (no beer ere, well, maybe if you look for it)

[ScottieDog]

Thanks Pepe. Appreciate the heads up.

The "should" does not make me happy, need to seriously consider what to do now....

Maybe you could head up to Alkudia and check it out - I hear the beer is nice up there!

SD

[Pepe Le Pew]

Thanks Pepe. Appreciate the heads up.

The "should" does not make me happy, need to seriously consider what to do now....

Maybe you could head up to Alkudia and check it out - I hear the beer is nice up there!

SD

Hey Scottie, thanks for not shooting the messenger.

Good idea. Get your stuff straight from the horse's mouth, no beating about the bush.

Listen, I ply my trade around these parts. Feel free to ask here in the forum.

Beer... Well you know what's it like down here, it's either ye olde "Flag Spèciale" in a grotty low life joint behind thick velvet courtains or the more upmarket "Casablanca" in a plush hotel Disco with even more upmarket thirsty ladies willing to make you part with your hard earned Dirhams... Both beers are good.

Pepe Le getting ready for one (Beer... )

[hello]

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!
________
Ford Fe Engine History

[Pepe Le Pew]

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

[VAF]

Hello,

Fadesa Spain is bankrupted.
But dont forget when buying in Alcudia you signed with
Fadesa Morocco ,which is a moroccan company ,under the moroccan law.The actual shareholders are 51% Addoha Groupe (a moroccan company) .Fadesa Morocco is already managed by Addoha Groupe.
In conclusion Fadesa Morocco is not bankrupted.
Of course Addoha will buy the remaining Fadesa Morocco's shares for a peanuts.

The Fadesa Morocco developements (Alcudia & Saïdia) will be terminated.
About Addoha Groupe they are plenty of money and no bank debt.

Don't forget these developements are sponsored by The King and the moroccan government as part of the "plan vision 2010".
The moroccan government invested lot of money.

About the contract , you dont need to resign it, because the shareholders are changing.This was the same when FADESA changed to MARTINSA FADESA.

Regards

[VAF]

Hello,

Fadesa Spain is bankrupted.
But dont forget when buying in Alcudia you signed with
Fadesa Morocco ,which is a moroccan company ,under the moroccan law.The actual shareholders are 51% Addoha Groupe (a moroccan company) .Fadesa Morocco is already managed by Addoha Groupe.
In conclusion Fadesa Morocco is not bankrupted.
Of course Addoha will buy the remaining Fadesa Morocco's shares for a peanuts.

The Fadesa Morocco developements (Alcudia & Saïdia) will be terminated.
About Addoha Groupe they are plenty of money and no bank debt.

Don't forget these developements are sponsored by The King and the moroccan government as part of the "plan vision 2010".
The moroccan government invested lot of money.

About the contract , you dont need to resign it, because the shareholders are changing.This was the same when FADESA changed to MARTINSA FADESA.

Regards

[shak]

Pepe le pew: study on you are taking my place on the forum.

[Pepe Le Pew]

Pepe le pew: study on you are taking my place on the forum.

I'll never dream to do that...

Thanks anyway, Shak. I will now let things unfold naturally, no need for me to spoil the party.

Pepe Le Modest

[shak]

Pepe le Pew posted "no need for me to spoil the party."

I had warned the forum users before the invite to the party were printed. The agents became very worried that their party was being gate crashed.

For, the sake of people who had invested their hard earned money and their dream by buying in Saidia or Alcudia. I feel very sorry as it does not look.

No axe to grind.

[Pepe Le Pew]

Pepe le Pew posted "no need for me to spoil the party."

I had warned the forum users before the invite to the party were printed. The agents became very worried that their party was being gate crashed.

For, the sake of people who had invested their hard earned money and their dream by buying in Saidia or Alcudia. I feel very sorry as it does not look.

No axe to grind.

Hey Shak, look on the bright side.

We had a recent communique saying that Fadesa Maroc was solvent... Now, what more do you want. In it they talked about a separate entity with separate... er, loans.


Blimey

Pepe Le Run for the Hills

[riaz]

I am sure Aldoha will do a good job. It is their country and they also want to show the King that they can do it.
I have heard from others that they willdo a much better job than Fadesa would have.
Their is no need to be so pesimistic, we have not lost our money.

Fadesa maroc is NOT Fadesa!

[Pepe Le Pew]

I am sure Aldoha will do a good job. It is their country and they also want to show the King that they can do it.
I have heard from others that they willdo a much better job than Fadesa would have.
Their is no need to be so pesimistic, we have not lost our money.

Fadesa maroc is NOT Fadesa!

I hope you are right as my livelywood depends amongs other things on the success of the likes of Mediterrania-Saïdia.

I also hope that Addoha find enlightenment to do the job and do it rightly.

Also wish that nothing happens to the employees of Fadesa, Martinsa-Fadesa and Fadesa Maroc where I have people that I (have) appreciate(ed)

The agents that are trying to do a job and facing a risk to their commissions.

I may wish all I want but from where I am sitting I cannot see it.

I HOPE I AM WRONG.

Pepe



To the many clients that have invested theit funds in good faith

[riaz]

Aldoha will be able to hire competent architects, engineers, project managers and whatever other expertese and experience they need.