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Thread: ANOECA Alberto Noesi

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    Default ANOECA Alberto Noesi

    Added by Robert (DR1)

    I have asked them (ANOECA) to post to clear up the obvious rumors and confusion, but yet to hear anything.

    I'll go ahead and start a new thread, kicking it off with posts from a recent thread.

    =======

    April 2, 2012

    Dear Clients,


    As we indicated in our communication on March 21st, please find a further update regarding your investment with us.

    The essential audit process that we are currently undertaking is taking considerably longer than originally expected due to our poor record keeping and more importantly the interruptions to our work caused by clients turning up at the offices demanding meetings with our staff.

    With immediate effect we will now only be available for 1 day a week for client meetings. If you wish to meet with any of the staff please telephone the office for an appointment. Do not show up at the office, as you will be not be granted access to the staff without an appointment.

    Background to the current situation.

    Our business has grown considerably over the last few years and we have not managed this growth well.

    The global economic downturn has negatively affected our real estate and investment business.

    In addition too many of our loan customers have become late payers and we have re-financed at high rates to meet our obligations.

    The net result is we are not receiving anywhere near enough money each month to pay our liabilities.

    What we are doing about it.

    1. New policies and procedures including legal action are in place to recover monies owed to us.

    2. The repayment of our excessively expensive re-financing needs to be a top priority.

    3. We shall be marketing our property inventory more aggressively.

    How does this affect you?

    We are absolutely committed to protecting your investment and putting the company back into a position where we can pay all the investors.

    We know that the decision to suspend payments to our investors is unsatisfactory and we apologize for that, but it is not currently possible to make any interest payments or capital re-payments to any investor with no exceptions.

    Until the audit process is completed, within this month, and results are being delivered we cannot make any firm commitments.

    We do, however, firmly believe that as soon as we are in a positive monthly cash-flow position we will start making capital distributions to investors strictly pro-rata based on your individual investment percentage of the overall investment amount based on your balance as of March 15th 2012.

    We are committed to communicating our progress during this period with all investors and ask for your continued patience. Please note that the office is now closed until Monday 9th for Semana Santa.

    Alberto Noesi
    President Anoeca




    =====================


    Cobraboy's original post below:

    He mentions cash flow issues. That's one thing.

    But refinancing is also a Balance Sheet issue. Negative cash flow/losses and erosion of asset value can create a negative equity situation quickly. Few legitimate lenders will make loans to a company with a red Balance Sheet. Without a Cash Call to raise capital, it's over.

    But the larger issue: isn't this just another example of overall economic weakness of the DR economy? Properties going unrented and loans not being repaid?
    Last edited by Robert; 04-10-2012 at 07:50 PM.

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    [QUOTE]
    Quote Originally Posted by cobraboy View Post

    He mentions cash flow issues. That's one thing.

    But refinancing is also a Balance Sheet issue. Negative cash flow/losses and erosion of asset value can create a negative equity situation quickly. Few legitimate lenders will make loans to a company with a red Balance Sheet. Without a Cash Call to raise capital, it's over.
    And....the three items mentioned in "What we are doing about it," i.e. the game plan going forward, are more intermediate term remedies. The question is, how long/patient the investors will be. I expect more than a few investors have gotten used to, and rely on that cash flow. All the more reason to keep illiquid investments away from day to day needs.

    I do hope they are successful, but I, like you, sense their may be a lot more pain down the road.

    Respectfully,
    Playacaribe2

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    [QUOTE=cobraboy;1075442]Pretty much.

    He mentions cash flow issues. That's one thing.

    But refinancing is also a Balance Sheet issue. Negative cash flow/losses and erosion of asset value can create a negative equity situation quickly. Few legitimate lenders will make loans to a company with a red Balance Sheet. Without a Cash Call to raise capital, it's over.

    But the larger issue: isn't this just another example of overall economic weakness of the DR economy? Properties going unrented and loans not being repaid?[/QUOTE]

    It would seem, and I agree, but where are these agressive Real estate sale prices? as well the bank forclosures to try and mitigate these failures...All I see is un-rented properties still selling at prices that would reflect a year over year healthy Real Estate growth market

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    Garden variety ponzi whose time has run out ????

  5. Dislikes Monte disliked this post
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    Quote Originally Posted by Expat13 View Post
    It would seem, and I agree, but where are these agressive Real estate sale prices? as well the bank forclosures to try and mitigate these failures...All I see is un-rented properties still selling at prices that would reflect a year over year healthy Real Estate growth market
    Asking prices of unrented and unsold properties that have been on the market a long time are no indication of a "healthy" real estate market.

    The average time on market and sold prices are more accurate.

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    Wow,

    This looks really bad, for all the reasons stated. My sympathies to the investors, and I hope they can recover most of their funds.

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    Quote Originally Posted by DRob View Post
    Wow,

    This looks really bad, for all the reasons stated. My sympathies to the investors, and I hope they can recover most of their funds.
    I don't know much about Dominican Law, but I wonder if a depositor class action can force an actual audit.

    That may prove interesting.

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    Quote Originally Posted by cobraboy View Post
    I don't know much about Dominican Law, but I wonder if a depositor class action can force an actual audit.

    That may prove interesting.
    Maybe Fabio Guzman can answer that?

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    Hope this turns out better than it looks at this point, especially, for the forum members invested.
    As for real estate, Sosua seems to be doing fine. Land near me has recently gone up in price and nice new homes are being built. Plus they are not in those silly over priced compounds saddled with unnecessary monthly maintenance costs and a Dominican sleep walking with a shotgun.

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    An audit? "Recover" -You mean in like, get back??? I dont think there is a word for recover as relates to money in Dominican Spanish.

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