ANOECA Alberto Noesi

Status
Not open for further replies.

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
922
113
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 a moderator:
Jan 9, 2004
9,252
589
113
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
 

Expat13

Silver
Jun 7, 2008
3,255
48
48
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
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
922
113
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.
 

DRob

Gold
Aug 15, 2007
8,227
571
113
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.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
922
113
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.
 

zoomzx11

Gold
Jan 21, 2006
7,848
429
83
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.
 

zoomzx11

Gold
Jan 21, 2006
7,848
429
83
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.
 

southwardbound2

New member
Jun 5, 2008
472
0
0
Land near me has recently gone up in price and nice new homes are being built.
This information very is interesting, but I need more for an evaluation the market. So, if you don't mind, please be so kind as to clarify "gone up in price". I have heard this phrase used frequently by people all over the world and have learned that it can have several different meanings.

Do you mean it SOLD within the last few months in an arm's length transaction for cash of a known amount for more than the last time the same ground sold in the same type of transaction? Or do you mean asking prices have increased? Or perhaps something else?

Nice new homes being built could be good news for developers and perhaps even for the market in general. Are they being sold in the same kind of transaction for a net profit in a timely manner? And if yes, how do the comparable existing homes on the market compare in asking price and time on market?

Thanks!
 

CocoBoy

New member
Feb 23, 2012
217
0
0
What a terrible reality for those investors who more than likely have lost everything, it must be devastating for them. One has to wonder if Albert and his inner circle have suffered any real loss as a result of the admittedly poor management. Most likely not and to the contrary. They are probably much better off than before. What type of justice could make this right? None that I can think of. Then again, if it sounded too good to be true, then it probably was! Tough lesson to learn this way for those who have lost their money.
 

belmont

Bronze
Oct 9, 2009
1,536
10
0
Take for example this condo building owned by Anoeca overlooking Puerto Plata. In the 8 years it has ben up, none are sold andonly rented sporadically. IMAGE
 

tomas2

New member
Nov 29, 2005
188
24
0
Well, this is disappointing.

The thread was allowed to be re-opened, after many attempts from different people to talk about this topic were unsuccessful (I saw several threads that were opened and redacted\closed very quickly?and this is not a shot at Robert?he waited an appropriate amount of time to give a trusted DR institution time to respond, to make sure of the facts?and then reposted the thread, and even gave it a bump).

And now no one has anything to say?

I don?t know anything about Anoeca other than the many DR1 heavyweights had lined up to personally vouch for it over the last 5 years (do a little search of DR1 for yourself), so I suspect it was not the typical DR scam.

So what?s the deal?

A Madoff special, or something else?
 

mountainannie

Platinum
Dec 11, 2003
14,944
406
83
elizabetheames.blogspot.com
When I came here seven years ago things were very rosy. Just before Bannitar.. things looked great. Sure there was a high interest rate on pesos but everyone was buying, buying buying. Trump was buying, EVERYone was buying Juan Dolio,, Punta Cana, Las Terranas.. So Real Estate was seen as really a goose that just could not go wrong. I mean.. there is only so much land, right?

But then came the crash. And I do mean the crash.

And that would be the global crash.

For while the DR was not particularly affected inside, it did mean that all the folks who were going to buy that second home here had lost one third of their money,.

Very respected posters had their money with this house. No one ever said that they were anything but honest. To say that they were a Madoff or a Ponzi scheme is, I think, way off the mark.

I believe they were simply private mortgage brokers who got caught in the crunch.

ANYONE who puts their money out at 12% when banks are giving 2% on money market accounts KNOWS that they are taking a flyer

so do not cry for them, Argentina
 

the gorgon

Platinum
Sep 16, 2010
33,997
78
0
When I came here seven years ago things were very rosy. Just before Bannitar.. things looked great. Sure there was a high interest rate on pesos but everyone was buying, buying buying. Trump was buying, EVERYone was buying Juan Dolio,, Punta Cana, Las Terranas.. So Real Estate was seen as really a goose that just could not go wrong. I mean.. there is only so much land, right?

But then came the crash. And I do mean the crash.

And that would be the global crash.

For while the DR was not particularly affected inside, it did mean that all the folks who were going to buy that second home here had lost one third of their money,.

Very respected posters had their money with this house. No one ever said that they were anything but honest. To say that they were a Madoff or a Ponzi scheme is, I think, way off the mark.

I believe they were simply private mortgage brokers who got caught in the crunch.

ANYONE who puts their money out at 12% when banks are giving 2% on money market accounts KNOWS that they are taking a flyer

so do not cry for them, Argentina

three years ago, a buddy of mine told me that he was going to put up some money with Noesi. i looked at his financial model, and told him to stay away. anyone whose financial structure is buit on real estate, in a third world country, is looking for this type of outcome. Noesi has properties, but no liquidity. if there is a run on his company, he has to raise cash by selling land, and buildings. who is going to buy stuff like Plaza Mambo, at the drop of a hat? he has buildings that have had no activity, for years. as mountainannie says, when the bank is giving 2%, and some guy is giving 12, you are looking to get burned. it was great for some, while it lasted, before the DR asset bubble went bust. those who won, won. those who lost have lost, PERMANENTLY. at least, with him.
 

dreivitt

New member
Mar 7, 2006
33
0
0
I'm In if Anyone Else Wants to Go For It

As an "investor" with Anoeca I would certainly be willing to go in with others and see if Mr. Guzman would be willing to pursue the assets of the company for a percentage of whatever we recover. In lieu of that I'd be willing to have them just sign over Plaza Mambo or some other like property in exchange for me NOT pursuing a lawsuit.
I realize how hard it is to do legal things in the D.R. but they can be done.
Anyone else up to this?
Rick Reivitt
 
Status
Not open for further replies.