Singing Pig

R,

I am exactly in the same situation than you.

I dont know if we have to wait until end  of the deadline to see if everything is really in a good shape in that company and nothing fishy is behind.

What do you think to get organinez and hire a lawyer or any legal company  in order that they can verify , that our contracts are 100% legal and that WCP projects are 100% true and there is not any weird inside?

 Together we can make more than acting separately.

I send an email to one of the WCP guys saying that I am in contact with other people that has invest in WCP , and he was very surprised how  I meet this people.

Please if any have more ideas or news about any project in WCP..share with us.

Thanks

investorprop 

Perhaps there is already someone else out there who has enagaged a solicitor to run through the contract?  I agree that it would be good to group together if the necessity arose.  Having worked in the property industry I am familiar with what may or may not carry in court.  I think it is way to early to be thinking about this however I do note that the only "risk" mentioned by WCP is that property prices may not rise.  If for some reason investors did not get back what they put in then this risk warning would be deemed totally inadequate.

WCP have, as expected, taken their option to delay payment on Fort Apache. For the time being this is until 1 December.

I reiterate that this is not surprising given the credit crunch and the US property markets. If we had invested in US property we'd not only have lost our investment but would be in negative equity!!!

I think people are over-reacting by saying that we need a lawyer to look into this. WCP are totally within their rights to delay payment, and have done nothing wrong!

Having said that I do think, that, as a group, we may have more weight than individually, and that it would be useful to get together to find out more information from them. I'm sure that someone representing a number of us would be able to get more information than all of us as individuals.

Is anyone interested in (1) being involved in such a group or (2) leading such a group?

By the way, the letter I received, suggests that they are still aiming to secure further funding to pay investors back, and that it is their intention to do so. They also hint that the delays are not in their best interests from a reputational perspective, which I'm sure we are contributing to.

R,

Thanks for the reply - I was starting to think that nobody wanted to talk to me

I'd feel a lot happier if someone was able to at least verify that the building works are nearing completion? I believe I saw an entry in this forum (or a similar one) many months ago suggesting that someone had visited the site and that no building works had started on any developments.

WCP have always acted professionally and I am not suggesting that they are acting wrongly or that anything is less than legal & proper, and I'd love to believe that I'll get my 70% return from Durango Lofts in December this year  (made even better by the current exchange rates, since all payments are in USD). However, I would like some reassurance from someone that there is a reasonable chance that I will get the return that my revised contract entitles me to and that, ideally, the payout will occur when WCP is suggesting (i.e. between December 2008 and February 2009).

The revised Durango Lofts contract prevents people from taking their option, but is supposed to guarantee a 70% return. The new contract also had a clause that reinforced WCP's right to pay 12 months late, although I asked for the new clause to be removed before I signed. Even so, the original contract gave them the same right, but not emphasised to the same extent.

The situation that would be a killer would be if WCP eventually goes out of business prior to paying out, which would seem a possibility if none of the building work is in progress.

Thanks,

Brian

P.S. I don't think anyone investing in Durango Lofts should be talking about solicitors at this time. The situation may be a little different for Fort Apache investors, but as far as I am concerned WCP are acting within the terms of their contract and only if someone can prove that development work has not started on Durango Lofts (and Fort Apache) should alarm bells start to ring. I am happy to believe what WCP tell me and to trust them to honour their contract, unless evidence emerges that we are being misled.

Brian,

 I agree that the priority in terms of reassurance should be to get proof that the development is started and (hopefully) on schedule.  I have now been told twice by my contact on the sales team that as far as he knows December is still on schedule and a news letter will be issued in the coming weeks.  I suppose this is so that all investors receive the same information.

It may be useful, however, to email one of the project/ construction guys in WCP for a more definitive and immediate answer.  Thier details are on the website.

 There are certainly some local press articles on the Clock Towers development at Spanish Hills although WCP are not mentioned - it is Citation Property Group, WCP's parent or sister company.  I couldn't find similar articles for Durango Lofts although of course this name may have changed.

If you decide to email let me know if you get a response.

I agree on the issue of solicitors - it is too early to contemplate.

R

I'm a Fort Apache investor. I'd be happy to join a group of people to hire solicitors to at least look over our contracts now and represent us in the future if it comes to that. I'd rather let someone lead with the organisation of solicitors and aims but I'm happy to take names, emails and phone numbers of investors and set up an email distribution and/or phone conference. Best to avoid arranging further on a public forum.

animal

Hi, I would also like to join this group - I am expecting my payment on the apartments in December.

 Thanks

Hi

I invested in the Durango Loft project and have spoken to James Parker earlier today. He seemed confident that the payout date of January was still realistic. He did mention that there were construction problems on Fort Apache. He told me to expect a newsletter to come out in the following weeks and a follow up phone call in 8-10 weeks regarding payout for Durango about which bank account to pay into.