Landbankers International/Sierra Madre Holdings Update
Moderators:admin, Moderators
-
Mexico Sun
- PV Beachbum
- Posts:2
- Joined:Sun Jun 29, 2008 10:57 pm
If there are any investors out there who invested in either Landbankers International and/or Sierra Madre Holdings, I'd like to hear from you. They keep giving out different contradicting information as to what is happening. I've been told that they are issuing refunds on a daily basis yet when I asked who I can contact about this, they didn't have the information. I've also heard that they've changed the name of the company again, changed the President and have a combination phone/fax number. Does anyone know what's really going on? Have they moved their offices? By sharing information and working together, I'm sure we can sort out what's really going on and help each other get back our investment. Thanks for contacting me and helping other investors, too.
-
Mistiafallon
- PV Beachbum
- Posts:1
- Joined:Thu Sep 24, 2009 3:30 am
Brisas Del Pacifico
It's great to finally find someone else dealing with this never ending run around. We're US and heard very little about what was going on in Canada with this company. We purchased our shares in October 2007 from the cousin of a friend who worked there! The cousin has since quit and moved back to Canada. According to him, he has yet to get his money back as well. I am told it wasn't a scam but I don't believe it as I too have had the eternal run around and non-communication. We invested thousands because we had more faith thinking we knew an employee that had invested his own money, so it must be legit. The only information I could get from the friends cousin is that a man named Gilberto is now handling refunds (as of March 09). his email is/was Gilberto@gcgrupocorporativo.com I wrote him in March and he responded to me once with :
-----------------------------------------------------
Hello,
In response to your Question regarding our land partners:
The company in good faith was expecting to have refunds ready by the end of November 2008.
At that time we were expecting three developers that were working hard to assemble their finances to purchase property from us. Until very recently this was all going ahead in the expected time table.
The company had no reason to believe this would not happen, nobody was expecting a Wall Street financial crash, or did we know that the banks would not be able to fulfill their obligations as lenders.
This has put all of us including our partners into a stall as we seek other alternatives to refund weary partners.
We are doing everything possible for our partners and hope they will understand our situation.
In short we believe that the developers that we were and still are depending on are still working out there own details, nobody has indicated they are not on board.
We are ever so grateful to our land partners that have made this development possible, but now we are asking them for little more patience as we work out an exit strategy for the ones that chose to not finish the race.
Gilberto
----------------------------------------------
I've written him since and never received a nother reply. We got our parents to invest! If anyone has any updated information, we'd really appreciate it. We were initially told that they were reorganizing the development and that they were holding out for more Sophisticated investors. We were told unless we wanted to invest 11K or more a piece that our investment would be refunded plus 20% for our troubles. Here's a lesson...if it sounds to good to be true...it probably is... ....then we found out about the cease trade in Canada.
-----------------------------------------------------
Hello,
In response to your Question regarding our land partners:
The company in good faith was expecting to have refunds ready by the end of November 2008.
At that time we were expecting three developers that were working hard to assemble their finances to purchase property from us. Until very recently this was all going ahead in the expected time table.
The company had no reason to believe this would not happen, nobody was expecting a Wall Street financial crash, or did we know that the banks would not be able to fulfill their obligations as lenders.
This has put all of us including our partners into a stall as we seek other alternatives to refund weary partners.
We are doing everything possible for our partners and hope they will understand our situation.
In short we believe that the developers that we were and still are depending on are still working out there own details, nobody has indicated they are not on board.
We are ever so grateful to our land partners that have made this development possible, but now we are asking them for little more patience as we work out an exit strategy for the ones that chose to not finish the race.
Gilberto
----------------------------------------------
I've written him since and never received a nother reply. We got our parents to invest! If anyone has any updated information, we'd really appreciate it. We were initially told that they were reorganizing the development and that they were holding out for more Sophisticated investors. We were told unless we wanted to invest 11K or more a piece that our investment would be refunded plus 20% for our troubles. Here's a lesson...if it sounds to good to be true...it probably is... ....then we found out about the cease trade in Canada.
