I rarely post on this site for obvious reasons, but on this occasion I think a public forum will serve its purpose.
I gambled on this project a few years ago and instructed a law firm in the DR (Oficina Melo Guerrero) to carry out some due diligence. I paid 3,000 GBP for this and they came up with the same thing MaxGold came up with when I initial signed for the property. (in other words things are kosher on paper). The next step is assessing whether they are in breach of contract and recently about the interpretation of force majeure. Donald Trump called the economic crisis force majeure so presumably it is a widely used delay tactic by property developers. (you can check my previous posts if you want to confirm my story)
The reason why I am sharing this is because I have never seen such unprofessional conduct by a solicitor (senior partner) at a prominent law firm. Commenting about people's other investments and suggesting that they have made unwise decisions (and fear mongering) while people are obviously in distress is at the very least inconsiderate behavior.
The threatening emails that went back and forth between the developer and MaxGold has put an end to any cooperation from the developer on any front. We can expect examination of public records for due diligence purposes while clarifications from the developer will not be forthcoming (as they clearly stated in their email).
I don't mind paying 300 pounds for some more information and another 300 for further action. In fact, I was about to wire the funds. Maxgold is our best chance to force the developer to move simply because it has access to a large number of investors.
After reading all the junk on this forum in the past few days, I do want Stefano to clarify the course of action his firm will take on this public forum. Regardless of if the readers are all investors or not it will be helpful to many.
Under normal circumstances, there will be a letter of engagement (or service proposal as they call it in the DR) signed by the firm and the client that outlines what the client can expect from its representative.
I am interested in a timeline of action among other things.
When will the due diligence start?
What pieces of documents will be sourced?
How long do you envision this to take?
If everything is legitimate, what further actions would you take?
How long do you expect a court to hear our case? (From filing of case to hearing)
If there is discomfort sharing this information on a public forum (don't see why there will be) then please feel free to email me or send me a private message.
If any investor has sent MaxGold funds for further due diligence and action, I would urge you to expect something in writing from your representative as to what course of action you can expect from them for the money you are paying.
Lets try to raise the maturity level of this forum (even if it is temporary) for once....