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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.

No Go for change of date

The Application to bring the date forward to before the 25th July 2008 has been dismissed with costs.

STB Decision:

8 comments:

  1. Anonymous11 July, 2008

    Congratulation to all TC residents !!!

    The enbloc is off unless the buyers change their mind which is unlikely to happen now.

    We have wasted two years and now it is back to square one but TC is no more the same one.

    Hope that we can start afresh after 25 July 2008.

    ReplyDelete
  2. Whilst I am very relieved that 'due process' is alive and well at the STB it is still not the time to celebrate.

    The enbloc lawyer might apply to the High court to get the STB decision overturned.

    The buyer might suddenly decide to do a U-turn and agree to extend -
    .
    .
    This decision speaks volumes to the STB panel members' collective sense of correctness and fair play, and I thank them deeply for that.

    Let's us now hold out breaths and refrain from celebrating prematurely.

    ReplyDelete
  3. Anonymous12 July, 2008

    this is a case of lose-lose, those who want to sell will not see it happeninig and the minority will have to part with substantial legal fees.

    ReplyDelete
  4. The minority willingly engaged their lawyers and are happy to pay them for their excellent service.

    ReplyDelete
  5. Anonymous12 July, 2008

    Hi
    just want to know what would be the sceneiro now for the sales committe, are they going to go door to door asking for mendate from owners for EOGM

    ReplyDelete
  6. I don't see the point in their holding an EOGM to get the mandate to extend the deadline as the buyers have said they do not agree to an extension. Also, I think they have run out of time there too, insufficient notice...

    TC's AGM is on 26 July, 2008 - a day after the expiry.

    Anyway,let's keep our ears to the ground for news on that front.

    ReplyDelete
  7. Anonymous14 July, 2008

    Hi,
    There's nothing to celebrate yet as the buyers have nothing to lose yet. If they chose to extend the dateline, afterall they have waited 18mths, what's another month of waiting? They are in a win-win situation. Even if they extend and the deal is sealed, they might not tear down but instead lease it to the existing SPs to generate income till the market picks up.... Either way, they win unless they really want to forgo the sale, in which case I personally do not think so.

    ReplyDelete
  8. There is nothing to celebrate yet, I agree. One can fall at the last hurdle as easily as the first.

    At this moment in time, it is not rumour but fact written in black & white in a legal letter that the buyer does not wish to extend the sale.

    It is not over until the 25th, or the STB rules Sale or No Sale, whichever comes first.

    ReplyDelete