Singing Pig

Hi, we have invested in Durango Lofts.  I am not suprised at the turn of events and would expect WCP to invoke payment extensions given the dire state of the American markets at present.  I would also expect them to hold off on construction until the market improves (it will, this is Las Vegas we are talking about, prime tourist area etc).  Nevada has not been hit as badly as the rest of the states for this very reason.  What we must all hope for is that they can pay us all out at least our basic investment plus interest. There are quite a few of us judging from this website and I agree there is definitely strength in numbers.  We invested at quite possibly the worst time ever - but nobody saw this huge mess coming.  WCP do have some high profile investors and the risk to their reputation as developers is massive. Their Chief Executive is well known in various circles, nobody will touch him with  a barge pole in future if these developments go belly up.  Hopefully it won't come to that, they haven't broken their contract arrangements yet.  I think we need a closed forum and I think we need a representative to maybe e-mail Rod Nielson on behalf of the Investors and start to make noises.  Best regards to all of you.

I am also in the same position as all of you with 2 investments at Fort Apache. However, I spoke to my account manager yesterday who informed me that good news had arrived, in that wcp have secured the re financing. They are currently awaiting the funds to be transfered. As soon as they are received WCP will be arranging to pay out (at roughly the same time for everyone). He hoped this would be in October, but could not guarantee that.He said it could take us right up to December.  

He confirmed again that the worrying was now over - for us and for him as he can now get his bonus as well.

 Should I believe him?. I am not sure, but I certainly hope it is true. Has anyone else heard of this latest positive development?. If it is not true I would also be interested in joint action.  

Regards

Matty - that's great news. Fingers crossed.

I agree totally with the views expressed by Twinkles. Animal has offered to collate names, so perhaps people could make contact directly and we can e-mail each other off-forum.

I have started an email distribution list to allow us to talk in private. If you would like to be included send your email address to me by PM or email.

animal

Guys its a good idea to get peaoples names and emails addresses i still think its early days lets not just panic now, WCP have done as per there contract they havent broken any rules and as someone said they have some very high profile investors so hey wouldnt want to see it go belly up! . I before investing did my due dillignce and got confirmation from thier accountants ( i my self am one too) they surveyors and CBRE and they all confirmed that existance and other info on the company. lets wait untill Dec i get mix feelings with the curren market situation, XL going bust air zoom going bust, there reasons can be fuel prices they also have probelms in raising funds which i hope WCP wont have! can you add me to this email discussion.

Z

Hi All,

Been following this forum with great interest, as a fully invested WCP Fort Apache punter. I purchased two options and initially was not concerned but am now starting to doubt this payback is going to become reality. At this stage I would be happy just to get my initial stake back! If collaborative legal proceedings begin..please count me in. Alone we'll gain nothing, if theu go bust we'll gain nothing, but a joint effort on letting them know we are not mugs might give them the shove required to get our concerns taken seriously!

ijones34@hotmail.com

Ian

Just spoke to WCP this afternoon regarding Fort Apache payout. Apprently all funding and finance for all three projects is now agreed and signed. Funding not from UK or US institution. Fort Apache should be paid out in DEC 08 (minus US tax  approx 10% which I wasnt aware would be deducted as initial statement didnt indicate any US tax deductions) and Durango lofts probably paid out by March 09, these dates not firm so dont quote me. WCP sounded confident that all would be back on track now....Lets wait and see! Anyone else spoken to them regarding this? Any conflicting stories?

Hi Ian,

That is good news, although the 10% tax is news to me too. That will be applied to payouts on all three projects?

Was that mentioned somewhere in the small print that we should have read?

Thanks,

Brian