Cap Cana problems

Chirimoya

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Dec 9, 2002
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I heard about the layoffs, but not the reason. The person we spoke to said 3,000 which sounded like a wild exaggeration. Even 600 is startling.
 

Castellamonte

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I heard about the layoffs, but not the reason. The person we spoke to said 3,000 which sounded like a wild exaggeration. Even 600 is startling.

Believe me, this is only the tip of the proverbial iceberg. Even Deutche Bank stopped doing Wholesale Mortgages in the Dominican Republic. Without development financing and purchasing financing it is going to be very 'interesting' here in the next few months.
 

vandee

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Nov 26, 2003
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Banks have stopped lending especially since Washington Mutual had to hand out $16 billion dollars to depositors in a 3 day period. Banks need to keep cash on hand in case of a run on the bank.
Very serious business right now.
 

socuban

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Nov 24, 2002
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Docks for sale yet?

Hmmmm, I smell an upcoming fire sale in a very nice part of the country.
 

Golo100

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Jan 5, 2002
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Wachovia

Equally disturbing is the rumor that bank deposits in U.S. dollars in DR were deposited in Wachovia Bank. Wachovia accordingly had a very close relationship with our banks. Any comments?
Golo
 

Robert

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Jan 2, 1999
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Equally disturbing is the rumor that bank deposits in U.S. dollars in DR were deposited in Wachovia Bank. Wachovia accordingly had a very close relationship with our banks. Any comments?
Golo

Damn! Equally disturbing is that you posted on the board!

Long time no see :)
 

AK74

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Jun 18, 2007
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Hmmmm, I smell an upcoming fire sale in a very nice part of the country.


In many parts...

That was that some realistic people predicted just several months ago. And were attacked like hell.
 

Lambada

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Equally disturbing is the rumor that bank deposits in U.S. dollars in DR were deposited in Wachovia Bank. Wachovia accordingly had a very close relationship with our banks. Any comments?
Golo

This was in El Nacional last Thursday
El Nacional, la voz de todos

'El listado de clientes dominicanos de ese banco incluye las agencias de cambio La Misi?n, La Nacional, Remesas Vimenca y Quisqueyana Agencia de Cambio, adem?s del Banco Central, de Reservas, Popular, BHD Progreso, Le?n, Santa Cruz y Vimenca.'

I'm still trying to work out how a non-commercial bank like Banco Central can be a 'corresponding bank' with Wachovia.............any ideas Golo? Surely BC didn't put its dollars in Wachovia? The commercial banks did, I understand that
'Wachovia, entidad bancaria estadounidense, es receptora de mayor parte de los dep?sitos en d?lares de los bancos comerciales de la Rep?blica Dominicana'.
CLAVE DIGITAL - ECONOMIA

But.............Banco Central?
 
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Chirimoya

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Cap Cana layoffs = 1,500 and more to come, according to an inside source, partly due to a long-term strategy that was accelerated by the Lehmann collapse.
 

MikeFisher

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Socuban,
let it go down to 10% of their actual visionary rates
and i will think about buying a few squarefeet of beachfront over there, ha ha.
the banks of many countries will get willingly or accidentally involved in such.
if the cap cana project relayed on that one,
wow, adios for a little while,
Trump is not known for covering bad businesse's deficits.
Mike
 

J D Sauser

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Nov 20, 2004
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I have warned one contractor to a Cap Cana developer a good while ago and they now finally went out to talk to people past week on site as they had been put off waiting for their final payment of about 100K (USD)... just to be told that... "sorry baby, no money!".

... J-D.
 

STEVE G.

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Apr 2, 2006
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500 employees were canceled at Cap Cana

By Pavel Arias
Friday October 17 2008


SANTO DOMINGO-Nearly five hundred employees of the resort of Cap Cana, were canceled as a result of the crisis situation that affects the commercial banks in the United States and other European nations.

It was also learned that the tourist complex that operates in Punta Cana in Higuey, keeps millions in debt with many companies and suppliers of individual services.

They also knew that as a result of the economic crisis affecting the tourist complex was selling a fleet of vehicles including two private jet aircraft used by top executives of the company and customers exclusive.

Director of Communications Cap Cana Ellis Perez confirmed the situation and explained that in recent weeks have been laid off nearly five hundred employees who were working at the company.

Perez clarified however that as part of restructuring the tourist complex was decided to hire specialized suppliers who are responsible for filling the vacancy of employees made redundant.

He said the executive of Cap Cana that the company is undergoing a process of opening new hotels rooms in a short period of two or three months and necessarily will have to hire between seven to eight hundred new employees to replace those services.

"It's very possible that we end up with more employees in three months that he had recently," said Ellis Perez during a speech in the radio program The Government of La Tarde, the radio station Z-101.

He revealed that there really is a level of arrears in payments by companies and individuals suppliers of services and building materials.

He explained that the resort is selling cars, trucks, vans and two private jet aircraft. He clarified however that this decision was agreed taking into account that these vehicles would not be used by the company in their everyday tasks.

"If we are going to hire specialized suppliers to give us the services is not logical to have a fleet of trucks and vans which represented a series of maintenance costs and employees for the company," Ellis added Perez.

He denied also that there is a Commission on Settlement of Properties of Cap Cana after adding that when it actually creates a commission of this kind is when a company declares bankruptcy.

He said that two small aircraft with capacity for eight passengers each so that the company is selling to buy two new aircraft and sixteen other 24 occupants each.

He explained that the company is not in crisis, but this subjected to a process of readjustment to present world economic situation which is registered in the United States and other nations proceeds from the bankruptcy of a bank.

He clarified that the company had funding to the bank Lehman Brothers for $ 250 million. He indicated that everything was ready to receive the first disbursement of 50 million dollars, but unfortunately three days after it was announced the bankruptcy of the banking institution.

He said that this was going to provide the company have in their pockets or in his bank account that the high amount of money, but unfortunately that transaction did not occur.

He stressed that now that there really is a situation of limited liquidity, a situation that argument are going through the vast majority of companies in the world as a result of the banking crisis...El Viajero Digital
 

MikeFisher

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a missing disbursement of $50 Mios should not be a markable prob for a huge project like Cap Cana. time will come up with the facts what's going on and what happened in the past.
within small business owners like myself they are known as "mal pagos", bad payers, i have for myself for Yacht services i provided november 29th 2007 still not received one cent. big looking to the outside but 2nd and 3rd class administration behind the walls.
and that my 2 cents by my own experience.
actually somebody related to Cap Cana would need to pay cash and in advance before i rent a boat to their 'special management guests' again.
and such has nothing to do with a world crisis in economies.
Mike
 

AK74

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Jun 18, 2007
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and such has nothing to do with a world crisis in economies. Mike[/QUOTE said:
This IS exactly the world crisis in economies. Several ultra-high level crooks (call them private-government investment conglomerates) have taken the whole bunch of banks/funds and investors big time. Now no more trust. No one wants to take risk and to give credit in fear of being taken again. Like they did to you and you now smart and want money upfront.

Now they need to wait several years until the public forgets the pain from the loss and to do it again.

Those nice guys who really own Goldman Sux will keep do it again and again.

So, your individual case is a prime small scale example of the global financial/trust problem. Same con artists but on government level of "globalization".

Alles Gute!
 

MikeFisher

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written in those words,
right, agree, and that's what i meant with not a world crisis,
'cause they plan that stuff from the beginning exactly that way.
yes, it is a world crisis that as a matter of fact those money moving suckers go on walking freely on our streets and live the life others would not even dream about. they should get taken responsible and their belongings passed on to the people.
hell,
in that case the school system here would be that great,
i would really think about to got back to school again for a while, lol.
Mike