This is obviously a very serious situation, and Anoeca's crass handling of PR isn't helping, but there have been a number of malicious and misleading statements on here besides the vague babble of which Robert complains. And even when one poster did get specific, his statement about one particular Anoeca asset is downright incorrect.
Most posters here are not directly involved and for them it is just a spectator sport, like drivers who slow down to enjoy car wrecks. It is well known that such people usually only add to the problems. But in the case of certain posters who have persisted in throwing mud I have to wonder if they are business competitors of Anoeca or have some personal grudge because Anoeca has bested them in business in the past. There is one character on the North Coast with a history of criminal convictions in Europe who will tell anyone withing earshot that Anoeca owes him a substantial sum. If he were to post here anonymously, would his views carry any weight?
A more general point. Some posters have implied that Anoeca's business is to buy and sell property. It isn't. Any property which Anoeca holds will be when a borrower has defaulted on repayments. Anoeca doesn't lend more than 50% of the property's value, so the situation is not comparable to those First World institutions which defaulted because they lent 90% or more of the value. Even if the property market has fallen (and some of our regular rose-tinted brigade who suck up to the Dominican establishment insist it is booming!), no-one has suggested that it has fallen below 50%. I am not suggesting that Anoeca being stuck with property, with the consequent loss of liquidity, is not a bad thing, just that it is not the total write-off which some are suggesting.
Anoeca have promised a statement around the end of the month. I suggest we all wait and see what they come up with instead of making wild assumptions and accusations based on nil evidence. It may be every bit as grim as some are predicting, or it might be a bit better than that, but the truth is that we really have little to go on at present, which is why posters are fantasizing.
The more helpful posts here are those suggesting the creditors should form some sort of collective to protect their joint interests as best they can. They need not take a confrontational attitude to Anoeca but could work with Anoeca to make the best of a bad job. It could be in Anoeca's interests to deal with one body instead of a panicking mob of individuals with the vast expenditure of time and legal costs that would entail.
Most posters here are not directly involved and for them it is just a spectator sport, like drivers who slow down to enjoy car wrecks. It is well known that such people usually only add to the problems. But in the case of certain posters who have persisted in throwing mud I have to wonder if they are business competitors of Anoeca or have some personal grudge because Anoeca has bested them in business in the past. There is one character on the North Coast with a history of criminal convictions in Europe who will tell anyone withing earshot that Anoeca owes him a substantial sum. If he were to post here anonymously, would his views carry any weight?
A more general point. Some posters have implied that Anoeca's business is to buy and sell property. It isn't. Any property which Anoeca holds will be when a borrower has defaulted on repayments. Anoeca doesn't lend more than 50% of the property's value, so the situation is not comparable to those First World institutions which defaulted because they lent 90% or more of the value. Even if the property market has fallen (and some of our regular rose-tinted brigade who suck up to the Dominican establishment insist it is booming!), no-one has suggested that it has fallen below 50%. I am not suggesting that Anoeca being stuck with property, with the consequent loss of liquidity, is not a bad thing, just that it is not the total write-off which some are suggesting.
Anoeca have promised a statement around the end of the month. I suggest we all wait and see what they come up with instead of making wild assumptions and accusations based on nil evidence. It may be every bit as grim as some are predicting, or it might be a bit better than that, but the truth is that we really have little to go on at present, which is why posters are fantasizing.
The more helpful posts here are those suggesting the creditors should form some sort of collective to protect their joint interests as best they can. They need not take a confrontational attitude to Anoeca but could work with Anoeca to make the best of a bad job. It could be in Anoeca's interests to deal with one body instead of a panicking mob of individuals with the vast expenditure of time and legal costs that would entail.
-)