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"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.
I hear through the grapevine that a group of majority owners (the ones that are close to the SC) are signing a petition to move the hearing date forward. Their reason being that the buyer 'is not minded to extend' after the 25th July deadline. The SC have requested the STB for the adjourned date to be fixed at a time before the 25th and expected not only an earlier date BUT a speedy decision as well. Rushing decisions through is NOT in the best interests of the majority or the minority; it is an abuse of due process.
Justice hurried is Justice buried.
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It is not the minority who set the dates, but rather the STB panel. They are professionals in their own right with busy schedules and fit these hearings in at their convenience, not ours. Bear in mind, it was the very late application to the STB by the SC that delayed the process to begin with by a whole 9 months!
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Isn't it poetic justice that they are running out of time?! The majority owners signed the CSA stating "Completion of the Valid Contract of Sale shall be scheduled not earlier that 3 months and not later than 6 months from the date of the Valid Date of Contract" (4.1.5). But in the S&P, it was changed to one year from the in principle RPA date - effectively tripling the length of time to 16 months.
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On another issue:
In case you haven't heard about the outcome of the Sale Committee's application on the 23rd June to amend the Sale and Purchase agreement over the distribution of Beta sum:-
The application to amend was withdrawn.

3 comments:

  1. Anonymous29 June, 2008

    Hi,

    What is the amendment to S&P agreement? Is it refer to the Application to STB Beta Sum amendment on 24 June? What is the implication of dismissal of the application to the TC enbloc sale?

    Thank you.

    ReplyDelete
  2. Yes, to amend the distribution of the sale proceeds (Beta sum)

    Implication of dismissal? We shall see.

    ReplyDelete
  3. Anonymous29 June, 2008

    Hi,

    Can anyone help to explain why there is a need for the Sale Committee to amend the S&P agreement over Beta Sum distribution?

    If any changes are to be made to the S&P agreement, is it a requirement to consult the TC owner first?

    Thanks.

    ReplyDelete