Danger Ahead
 

Just read this article in El Pias it could be the final twist for CE.

http://elpais.com/elpais/2013/07/22/...83_079937.html

Sorry all!

Re: Danger Ahead
 

John please attach the link or article.... Sounds worrying :eek:

Jon

Re: Danger Ahead
 

Would the creditors pulling the plug on MF be such a bad thing? Their assets on Esuri would be sold off? Could be a good thing.....

Re: Danger Ahead
 

Most of the housing assets of MFN have already gone largely to the banks that I think was the phrase dation in payments. What is left is the land assets such as the golf courses and the plots which were not completed on. God knows what price they are held on MF's books at but I'll bet it does not relate to their true value and of course the banks won't want them plus a derelict shopping mall and hotel no chance at all of selling them on.

What really concerns me is the dire state of the infrastructure we already know that there are many problems with the drainage outside of house boundaries and some of the roads are downright dangerous just look at the exposed manhole covers up by the shop, how long before somebody rips a tyre sidewall has a blow out and is all over the road. The Town Hall have no intention of adopting the sites. The EUC do not really address this problem witness the street lights that have been out for 12 months which we were promised would be fixed in the next eleven days 3 months ago.

I am sure it by judicious payment of various liabilities for EUC fees by MF only enough to cover the large part of the yearly debt that keeps the EUC from bankruptcy. If MF fail the true scale of the EUC debt will be revealed and the each and every owner on CE will be liable for their % of that debt. The yearly accounts presented at the board are a joke and any attempt to question them is brushed aside. :thumbdown:

Re: Danger Ahead
 

Another liability that MF have is the bank guarantees which have been due for call in for several years but no action has resulted in any money appearing. The first million was within a month 6 months ago and that is being supervised by a judge but it does not seem to happen. That may be because if MF have to forfeit €4+ million of bank guarantees their credit worthiness would be destroyed.