Jon-Bxl

Blimey - I agree with a politician. I hope he can get the votes needed to oust this current mayoral team we have had to put up with for years. Though I have to admit - I dont know the politics here..... just my own opinions and experiences of how the current politicians have IMHO ignored the needs of the CE electorate.... (and other concerns too, too much to mention here !)

Good to hear there is more justification to the rumours though. Ever hoping for a full plan to be known by the summer season... AND the 'impediment' stopping VV are sorted ASAP!

Jon

Diddymiddy

Maybe something maybe nothing but MF looking @ 115million euro equity debt swap. Wasn't sure whether to post under this or Golf Club. There are a few links regarding this - with all the recent posts thought I would do a bit of googling - apologies if already aware...regards

EsuriJohn

When Fadesa went into bankruptcy sometime in 2007 it was not as we would understand it in UK but more like Chapter 11 in the US or Administration in UK. they traded on under court supervision directed by a Judge. He released them from that supervision but they still carried Billions of Euro debt. This debt is reviewed every 6mths by the banks who made the loans. They have failed to meet their terms on the last 2 reviews.

In Spain you are not allowed to go into Bankruptcy again and trade they would be liquidated with all their creditors scrambling for what they could get. So now is a very dicey time for MF.

The liquidator of Amerych awarded the new lease to Esuri River Golf without the full agreement of MF who said they would follow that up in the courts. This has resulted in the current situation where MF have recovered their rights in the golf courses and the clubhouse probably their most valuable asset on Esuri. That MF should seek a buyer for the whole package of golf, hotel and commercial center is not surprising given their dire situation at the moment.

If there is a buyer in the wings they would want to carry out a very thorough Due Diligence given the history of MF. So things could take a while to sort out in the meantime are the banks going to wait, a debt for equity swap could be another stalling tactic until they can cough up some hard cash.

Woodzie

Hi all,

I've received an email that originated at Gesprosur with a brochure attachment and these words

'Attached is the brochure from the company who has purchased the Golf Club, Mall and Hotel at Costa Esuri.'

Why isn't our Ayamonte Club shouting from the rooftops?

Confused.

EsuriJohn

Perhaps Gesprosur know more about progress than MF WHO APPEAR TO OWN AND ARE SELLING THE COURSES we think!

Ps could you attach the brochure for amusement!

Woodzie

Not sure if I've done this correctly. Hope you can see it

AndyS

This is a brochure that created some excitement earlier this week, but then someone pointed out that Le Golf are more of a "broker", offering discounted green fees once you have joined. Nevertheless it is still intriguing that Gesprosur made such a statement. Maybe something lost in translation??

Anyway, AliceB gave us all a sensible dose of reality about the whole situation, this week, so it's very much wait and see.

guesswork

Le Club is a product of a company called NGF Golf of France. They run around 40 courses in France but the Le Club offer is to get discounted Green fees at affiliated courses around the the world.

MikeJ

Bearing in mind what has happened since and the date of this post, it looks like a very cruel and unpleasant April Fool joke.

Jon-Bxl

April has been a shittty month for CE, started by undelivered promises made by MF that I suspected were 'dubious' from the get-go (and got told of about posting about it, in PM). Then this mail from Gesprosur, a very respected company deeply involved in CE on 16/4, that I have to say, perked me up.

In a vain hope to be positive I say 3 words: Smoke - fire - Fitch!

Lets hope that there is 'something going on' and there's no smoke without fire.. though we will need to wait and be patient.

Did you see that Fitch raised the credit rating of Spain a couple of days ago? http://www.reuters.com/article/2014/...69806320140425 Once one ratings agency starts often others like S+P (that were involved in the financial crisis IMO, with their so-called triple-A products) normally follow.

Sentiment: Spain still has a long way to go, but at least its a step in the right direction

Lets hope that this sentiment applies to CE once VV is finally open! They are raring to go - and give local employment! Something a socialist town hall should want!

Jon

guesswork

I found this article today

http://www.auraree.com/real-estate-n...-owes-e6-7-bn/

Teed Up

Hi jon
Up at the local now,and there is a small film crew interviewing Amalia,they have also filmed down by the old Jag's,and across the golf course,rumours are that Vista Verdi could start staff training this Monday coming.

shirley and anthony hide

Indeed, my wife became an unintended walk on extra ,as they were filming as she went to buy some bread.she is swanning around like Joan Collins now and calling everyone darling!

Jon-Bxl

Shoulder pads available in La Plaza!

Interesting stuff, I got a photo of the filmcrew in email, at the local (thanks) and I wonder if its a promo shoot for the new VV....... which opens SOON!!!!!!

Cant wait for the post from someone who has actually had a drink there and can update us on the new look CE-social centre + 1!.. when it opens.

Would be interesting to get an update on the facilities, menu, prices etc. and how its changed from the 'previous owner'. I'm trying to lose 'Jags' as the name, but I have a feeling its going to rest for some time, with many of us.

JM told me that he was to pitch pricing between the local and the GC...

A bit of good news in a bad start for 2014 and I wish JM and family every success..... they should do fine as its basically a monopoly and people are crying out for a social centre,and place to go and have a drink+ meal. Cant wait to try it out next month... and skateboard down the 'ski slope'

Jon

guesswork

Here is a further update Its worse than they thought

http://www.auraree.com/real-estate-n...-e652-mn-loss/