Singing Pig

Hi I'm new to this forum.

I have invested in both Fort Apache and Durango lofts. I am really worried after reading this thread. Does anyone have experience with what we can do if they do not pay us? Would we all get together and take some sort of group action?  

Ea

I had a chat with someone at WCP 2 weeks ago (as I expect many people did since they were ringing around). They are confident of paying out by September.The land they have is apparently valued at a much higher value than purchase price - so that's the safety net. They claimed to be confident that we'd get paid on time, but that it was simply proving difficult for them to raise finance at the moment (not surprisingly given the credit crunch!!!).

WCP have no obligation to pay anyone, anything yet. They are totally within the terms of the agreement we all signed up to. Be worried in September if we are not paid then - not now.

Jeremy
 

Ea,

Unfortunately There's nothing anyone can do if they don't pay us. The AIPP they claim to be part of has no regulatory power so thats of little use. They promised payment of Fort Apache on time and yet 2 years later still have not started work. To be safe expect to be paid out of Durango Lofts and Fort Apache 15 months later than you were first expecting. 

Hello to everyone that has posted re: WCP. I have invested in the la piazza project so am a litte concerned about the posts regarding no construction having started

In a newsletter I received in July 07 they stated "we are progressing with construction on the Fort Apache development."!!!

I also recently read an article (which sadly I can't find again!) which suggested WCP where preparing to release shares via London Stock Market  in the 3rd qtr of 2008. This was reported to be to raise £45M.

Has anyone else read/heard of this?

I was given assurance that WCP had over $1 billion in assets and that WCP would pay me if the Vegas WCP LLC went bust!

Please keep posting on any news you have, particularly if you get your investment return with or without profit!

Thanks to all

Roy
 

RogerD:

To misquote Private Fraser in Dad's Army, "Yer all doomed !".

Roger = That's an absolutely inappropriate and insensitive comment. Many people have got a lot of money on the line here, and as you can see if you read the posts, some far more than they can afford to lose - that kind of comment is unuseful and offensive..

Not only that is is also inaccurate - the fact is that we are far from 'all being doomed'. There is without doubt a possibility that we will lose our money, but that is one of a number of outcomes in this case.

For anyone seriously interested in WCP, I have some information about them which suggests that they are indeed in a difficult position (not surprisingly given the credit crunch and US property market), but that the management do have investors best interests at heart, and do intend to refinance to repay investors. I certainly hope this is true and that they are able to refinance - a change in the credit markets and US property markets would certainly help them to help us.

Roy - There was talk of a share issue some months ago, and indeed I remember seeing something on the internet about this. When I approached WCP about it they said that they were not planning a share issue. I hope it is true though, as it may be one of the few ways that they can raise capital at the moment. Having said that I won't be buying shares myself!

Hi All

For a few days singing pig www was down, then I think it will be

a good idea to have our own website with access for all the investors in WCP

where we can keep update each other and in the case of worst scenario

be together to make them respect our rights and make WCP fulfill their obligations

What do think ?

Any ideas or toughts?

Regards 

investorprop