Vt7 Owners - Are There Any Recompense To Losses That May Be Suffered Here?

[jpm76]

Hi,

I am a VT7 investor who has just learned that StopVT7 has gone much further than thought a year ago. Can anyone give me a realistic scenario here for the average VT7 buyer. It seems that VT7 are already in breach of our contracts regarding delivery times, and that we can ask for refunds, but I seriously doubt that this would be a realistic scenario here, as VT7 would just cry bankrupt I expect. Can anyone bring me up to date, and let m eknow if there is any talk of action of VT7 purchasers against VT7 company or city hall. I would expect that, if the project does not go ahead, that we will suffer losses here. Just reading also, it seems that it is business as usual for VT7 and that they still expect us to pay our monthly payment? are all VT7 purchasers still doing this? Does anyone know a goo dlawyer who is on this?

Also, what is the latest? what is the implications of the Aug 8 non-decision? My understanding is that VT7 can still not build above floor 6, and so what does this mean for those owners on floors above this? I would appreciate some bias-free feedback on this where possible, as I do not like what I am learning now.

Thanks

[ThaiBob]

Hi,

I am a VT7 investor who has just learned that StopVT7 has gone much further than thought a year ago. Can anyone give me a realistic scenario here for the average VT7 buyer. It seems that VT7 are already in breach of our contracts regarding delivery times, and that we can ask for refunds, but I seriously doubt that this would be a realistic scenario here, as VT7 would just cry bankrupt I expect. Can anyone bring me up to date, and let m eknow if there is any talk of action of VT7 purchasers against VT7 company or city hall. I would expect that, if the project does not go ahead, that we will suffer losses here. Just reading also, it seems that it is business as usual for VT7 and that they still expect us to pay our monthly payment? are all VT7 purchasers still doing this? Does anyone know a goo dlawyer who is on this?

Also, what is the latest? what is the implications of the Aug 8 non-decision? My understanding is that VT7 can still not build above floor 6, and so what does this mean for those owners on floors above this? I would appreciate some bias-free feedback on this where possible, as I do not like what I am learning now.

Thanks

Many of your questions are answered in the thread JomTien Owners Sue for Sea View. It is my understanding that you can suspend your contract payments so you should contact the View Talay office. I can understand your surprise and concern if you have not been following this long story but there are many in your situation. Everyone is just waiting until the Court makes it's final ruling. At this point in time I don't see where you have any basis for legal action.

[Basil B]

I suppose this is where you need a good solicitor, supposedly they have made a lot of money from their other projects but when everybody starts asking for their money back they may have already moved all liquid assets to untraceable offshore havens, and will declare themselves bankrupt.

BB

[gguy]

Your money is lost.

I would write it off as an expensive learning experience on Thai business practices.

NEVER buy an uncompleted project in Thailand. There are no consumer protections.

[Basil B]

I suppose the best option is to buy second hand, if you do your homework, ie, look at the complex, if it is 5 or more years old, the developer has no more interest in it and it is well run, otherwise you could end up with a condo where the management could not be bothered to do anything about turds floating in the pool.

Try to buy secondhand at a bargain price, at least you should be able to sell it for something like what you bought it for.

Pattaya is a wash with new build and a lot property that is only a few years old that is just not selling.

BB

Edited August 23, 2007 by Basil B

[jpm76]

Hi,

I am a VT7 investor who has just learned that StopVT7 has gone much further than thought a year ago. Can anyone give me a realistic scenario here for the average VT7 buyer. It seems that VT7 are already in breach of our contracts regarding delivery times, and that we can ask for refunds, but I seriously doubt that this would be a realistic scenario here, as VT7 would just cry bankrupt I expect. Can anyone bring me up to date, and let m eknow if there is any talk of action of VT7 purchasers against VT7 company or city hall. I would expect that, if the project does not go ahead, that we will suffer losses here. Just reading also, it seems that it is business as usual for VT7 and that they still expect us to pay our monthly payment? are all VT7 purchasers still doing this? Does anyone know a goo dlawyer who is on this?

Also, what is the latest? what is the implications of the Aug 8 non-decision? My understanding is that VT7 can still not build above floor 6, and so what does this mean for those owners on floors above this? I would appreciate some bias-free feedback on this where possible, as I do not like what I am learning now.

Thanks

Thanks for your feedback. I take note of the responses. i would be interested in knowing what you think the chances are of StopVT7 actually succeeding in this are - I think they are probably more than VT7's chances of going ahead, but I keep hearing that either side could win. My understanding is that the Supreme Court has basically sided with StopVT7, and that Rayong originally did also, but they have now suspended the last final hearing without decision. Is this a turning point and a chance for VT7 or is there some other agenda going on here????

[ThaiBob]

Hi,

I am a VT7 investor who has just learned that StopVT7 has gone much further than thought a year ago. Can anyone give me a realistic scenario here for the average VT7 buyer. It seems that VT7 are already in breach of our contracts regarding delivery times, and that we can ask for refunds, but I seriously doubt that this would be a realistic scenario here, as VT7 would just cry bankrupt I expect. Can anyone bring me up to date, and let m eknow if there is any talk of action of VT7 purchasers against VT7 company or city hall. I would expect that, if the project does not go ahead, that we will suffer losses here. Just reading also, it seems that it is business as usual for VT7 and that they still expect us to pay our monthly payment? are all VT7 purchasers still doing this? Does anyone know a goo dlawyer who is on this?

Also, what is the latest? what is the implications of the Aug 8 non-decision? My understanding is that VT7 can still not build above floor 6, and so what does this mean for those owners on floors above this? I would appreciate some bias-free feedback on this where possible, as I do not like what I am learning now.

Thanks

Thanks for your feedback. I take note of the responses. i would be interested in knowing what you think the chances are of StopVT7 actually succeeding in this are - I think they are probably more than VT7's chances of going ahead, but I keep hearing that either side could win. My understanding is that the Supreme Court has basically sided with StopVT7, and that Rayong originally did also, but they have now suspended the last final hearing without decision. Is this a turning point and a chance for VT7 or is there some other agenda going on here????

JPM76,

All you are going to get here are uninformed opinions and pure speculation. Anybody can "spin" the recent court decisions as they see fit. Just kick back and relax and wait for the next court decision. And who knows, either side may file and appeal to the Supreme Admin Court. This may drag on for a long time but one fact is certain, VT7 is under construction for a while at least.

[jpm76]

Hi,

I am a VT7 investor who has just learned that StopVT7 has gone much further than thought a year ago. Can anyone give me a realistic scenario here for the average VT7 buyer. It seems that VT7 are already in breach of our contracts regarding delivery times, and that we can ask for refunds, but I seriously doubt that this would be a realistic scenario here, as VT7 would just cry bankrupt I expect. Can anyone bring me up to date, and let m eknow if there is any talk of action of VT7 purchasers against VT7 company or city hall. I would expect that, if the project does not go ahead, that we will suffer losses here. Just reading also, it seems that it is business as usual for VT7 and that they still expect us to pay our monthly payment? are all VT7 purchasers still doing this? Does anyone know a goo dlawyer who is on this?

Also, what is the latest? what is the implications of the Aug 8 non-decision? My understanding is that VT7 can still not build above floor 6, and so what does this mean for those owners on floors above this? I would appreciate some bias-free feedback on this where possible, as I do not like what I am learning now.

Thanks

Thanks for your feedback. I take note of the responses. i would be interested in knowing what you think the chances are of StopVT7 actually succeeding in this are - I think they are probably more than VT7's chances of going ahead, but I keep hearing that either side could win. My understanding is that the Supreme Court has basically sided with StopVT7, and that Rayong originally did also, but they have now suspended the last final hearing without decision. Is this a turning point and a chance for VT7 or is there some other agenda going on here????

JPM76,

All you are going to get here are uninformed opinions and pure speculation. Anybody can "spin" the recent court decisions as they see fit. Just kick back and relax and wait for the next court decision. And who knows, either side may file and appeal to the Supreme Admin Court. This may drag on for a long time but one fact is certain, VT7 is under construction for a while at least.

Thanks ThaiBob. Seems it could be drawn out and go either way. I called VT7 yesterday and they said that I no longer need to make payments, but I should just call back closer to late October, which I could not understand. the only think I could see happening around that date was the fact that my 3 months of non-payment would be considered a breach of contract. Think I am going ot have to speak to a Thai lawyer on this one to see where i would stand if this were ot go against. Thanks for your feedback

[brooklynbridge]

Hi,

I am a VT7 investor who has just learned that StopVT7 has gone much further than thought a year ago. Can anyone give me a realistic scenario here for the average VT7 buyer. It seems that VT7 are already in breach of our contracts regarding delivery times, and that we can ask for refunds, but I seriously doubt that this would be a realistic scenario here, as VT7 would just cry bankrupt I expect. Can anyone bring me up to date, and let m eknow if there is any talk of action of VT7 purchasers against VT7 company or city hall. I would expect that, if the project does not go ahead, that we will suffer losses here. Just reading also, it seems that it is business as usual for VT7 and that they still expect us to pay our monthly payment? are all VT7 purchasers still doing this? Does anyone know a goo dlawyer who is on this?

Also, what is the latest? what is the implications of the Aug 8 non-decision? My understanding is that VT7 can still not build above floor 6, and so what does this mean for those owners on floors above this? I would appreciate some bias-free feedback on this where possible, as I do not like what I am learning now.

Thanks

Thanks for your feedback. I take note of the responses. i would be interested in knowing what you think the chances are of StopVT7 actually succeeding in this are - I think they are probably more than VT7's chances of going ahead, but I keep hearing that either side could win. My understanding is that the Supreme Court has basically sided with StopVT7, and that Rayong originally did also, but they have now suspended the last final hearing without decision. Is this a turning point and a chance for VT7 or is there some other agenda going on here????

JPM76,

All you are going to get here are uninformed opinions and pure speculation. Anybody can "spin" the recent court decisions as they see fit. Just kick back and relax and wait for the next court decision. And who knows, either side may file and appeal to the Supreme Admin Court. This may drag on for a long time but one fact is certain, VT7 is under construction for a while at least.

Thanks ThaiBob. Seems it could be drawn out and go either way. I called VT7 yesterday and they said that I no longer need to make payments, but I should just call back closer to late October, which I could not understand. the only think I could see happening around that date was the fact that my 3 months of non-payment would be considered a breach of contract. Think I am going ot have to speak to a Thai lawyer on this one to see where i would stand if this were ot go against. Thanks for your feedback

Whatever they say over the phone, get it in writing. A lawyer at this point is essential I would think.

[Basil B]

It may be worth finding out if other buyers want out too, share a lawyer and costs, I suppose what you really want at this point is too know the financial status of the developers to ensure they have the assets to refund all if needed.

BB

Edited August 28, 2007 by Basil B

[kubota]

VT7 will be built! a guy in the "blocked view one" have got an offer about a nice penthouse in VT7, if he kind of "shout off"....amazing Thailand

[stevemiddie]

AHHHHHHHHH. VT7 will now be BUILT because a " guy " got an offer on a Penthouse. ?

Amazing Thailand.............indeed

[terryp]

Anyone who believes that VT7 will be built as is; must be missing a few bricks (it will only be completed if hundreds of millions of baht are paid under the table)…and as for workers on site I would hardly call security and a couple of gooks with wheel barrows construction?

In fact I’ve not seen more than a handful of workers on any of the VT Jomtien sites for months

This has the potential to wipeout VT and will have an impact; VT execs have stated already that this has cost half a billion baht so far???

I would be getting serious legal advice and sue-in for beach of contract a.s.a.p; even that will take years to go thro the courts and most prob even then VT will be know as something completely different

This will end in tears, either the loud foreigners will be whacked or jumpers, millions paid in tea money or VT goes bust…This is Pattaya after all anything can be bought

[stevemiddie]

This will end in tears, either the loud foreigners will be whacked or jumpers, millions paid in tea money or VT goes bust…This is Pattaya after all anything can be bought

That won,t happen.

A guy got an amazing offer on a PENTHOUSE ( tee hee hee )

Edited August 28, 2007 by stevemiddie

[midas]

I would be getting serious legal advice and sue-in for beach of contract a.s.a.p; even that will take years to go thro the courts and most prob even then VT will be know as something completely different

What happens in LOS if the " Company " runs dry of money and is declared

bankrupt/ wound up - can you then go after the individual Directors personal assets ?

[ThaiBob]

Anyone who believes that VT7 will be built as is; must be missing a few bricks (it will only be completed if hundreds of millions of baht are paid under the table)…and as for workers on site I would hardly call security and a couple of gooks with wheel barrows construction?

In fact I’ve not seen more than a handful of workers on any of the VT Jomtien sites for months

This has the potential to wipeout VT and will have an impact; VT execs have stated already that this has cost half a billion baht so far???

I would be getting serious legal advice and sue-in for beach of contract a.s.a.p; even that will take years to go thro the courts and most prob even then VT will be know as something completely different

This will end in tears, either the loud foreigners will be whacked or jumpers, millions paid in tea money or VT goes bust…This is Pattaya after all anything can be bought

JPM76

I had posted "All you are going to get here are uninformed opinions and pure speculation." and above is perfect example.

There is no breach of contract and you can observe the construction progress in this photo taken about a week ago,

http://www.viewtalaycondo.com/constraction_update_august.htm

When the VT4 project was cancelled buyers were given the option of a cash refund with interest or transfer payments to another VT project. If VT7 does not go forward you may be given the option of applying your payments to a unit at VT8(?) or a refund. I personally would not trust a Thai lawyer here in Pattaya because they don't want to tangle with the VT people who I am told are richest people in Pattaya. The JCC complaintants could not find a lawyer here in Pattaya to take their case and had to go to Bangkok.

[Mujjiman]

Anyone who believes that VT7 will be built as is; must be missing a few bricks (it will only be completed if hundreds of millions of baht are paid under the table)…and as for workers on site I would hardly call security and a couple of gooks with wheel barrows construction?

In fact I've not seen more than a handful of workers on any of the VT Jomtien sites for months

This has the potential to wipeout VT and will have an impact; VT execs have stated already that this has cost half a billion baht so far???

I would be getting serious legal advice and sue-in for beach of contract a.s.a.p; even that will take years to go thro the courts and most prob even then VT will be know as something completely different

This will end in tears, either the loud foreigners will be whacked or jumpers, millions paid in tea money or VT goes bust…This is Pattaya after all anything can be bought

JPM76

I had posted "All you are going to get here are uninformed opinions and pure speculation." and above is perfect example.

There is no breach of contract and you can observe the construction progress in this photo taken about a week ago,

http://www.viewtalaycondo.com/constraction_update_august.htm

When the VT4 project was cancelled buyers were given the option of a cash refund with interest or transfer payments to another VT project. If VT7 does not go forward you may be given the option of applying your payments to a unit at VT8(?) or a refund. I personally would not trust a Thai lawyer here in Pattaya because they don't want to tangle with the VT people who I am told are richest people in Pattaya. The JCC complaintants could not find a lawyer here in Pattaya to take their case and had to go to Bangkok.

The thread is why I will never buy in Los, "it is a country under military rule" Falangs cant own land, its 3rd world.

I suggest you rent a place for a year or 2 as a minimum, unless you have a high risk view

to investment, you may make a lot of money or you may los a lot.

What you gamble is your choice

[Tarqin]

Midas. No.

Others, I am amazed this has gone this far without a serious beating being handed out if not a whacking, unless it has happened and I haven't heard it.

Going to end very very badly. Either the other block wins and VT goes bankrupt and the Thai investors go looking for a falang to blaim or VT wins and the prices in the uther block plummet and the Thai investors go looking for a falang to blame.

Stay well clear.

OP I would really just follow the situation from a distance. Money to date should be regarded as lost. New money should only be demanded if VT wins but then again TIT.

RENT!

[laurus77]

Cannot change to paymenths to vt8 projeckt, i have asked that. It is a different company allready, so i am affraid that vt7 come to do bankrupt bce this is first time , we cannot change objekt inside vt company

So i am so so affraid that i have lost allready my investmenth in vt7 and now they are only sucks money in so much they can?

[OneMikeInBangkok]

Cannot change to paymenths to vt8 projeckt, i have asked that. It is a different company allready, so i am affraid that vt7 come to do bankrupt bce this is first time , we cannot change objekt inside vt company

So i am so so affraid that i have lost allready my investmenth in vt7 and now they are only sucks money in so much they can?

Laurus - thanks for trying to explain. Your English is not so good but never mind.

Let me get this clear. You are trying to move your investment from VT7 to VT8 - is this correct.

Maybe you don't understand this English phrase - out of the frying pan into the fire

I think I understand your English but I certainly don't understand your thinking or your logic.

You are having a problem with your investment in a View Talay Project - so you want to get out and invest in the same company?????

The reason you are having problems is that (allegedly) View Talay 7 is being built illegally close to the beach

Now you want to move to View Talay 8 that is (alledgedly) being built illegally too close to the beach.

Please confirm

1. I have interpreted your intentions correctly

2. You have a full set of marbles (another English phrase that means your brain is working normally)

[Basil B]

Cannot change to paymenths to vt8 projeckt, i have asked that. It is a different company allready, so i am affraid that vt7 come to do bankrupt bce this is first time , we cannot change objekt inside vt company

So i am so so affraid that i have lost allready my investmenth in vt7 and now they are only sucks money in so much they can?

I think what L77 is saying that VT have turned VT7 into a seperate company so there is no tie to their other assets, not supprised, is this not the company in the past that sold "off plan" telling every farang that there was no problem in owning in their own name until handover when all were told it was the first 49% to the land registery...

Put it down to another developer with the ethics of "timeshare" sellers.

BB

[OneMikeInBangkok]

I think what L77 is saying that VT have turned VT7 into a seperate company so there is no tie to their other assets, not supprised, is this not the company in the past that sold "off plan" telling every farang that there was no problem in owning in their own name until handover when all were told it was the first 49% to the land registery...

Put it down to another developer with the ethics of "timeshare" sellers.

BB

Come on!!!

Please don't do such a disservice to Timeshare Companies

[midas]

The thread is why I will never buy in Los, "it is a country under military rule" Falangs cant own land, its 3rd world.

totally agree

Some farangs seem more concerned on what return on capital could be

by owning than return OF CAPITAL at the end of the day - this is a

perfect example

[gharknes]

interesting that VT8 is deemed another company, sounds to me like VT are protecting their other assets from a big loss at VT 7 so it's only VT 7 that has responsibility not VT as a company, you could sue VT but not VT7 a defunct project.

[brooklynbridge]

interesting that VT8 is deemed another company, sounds to me like VT are protecting their other assets from a big loss at VT 7 so it's only VT 7 that has responsibility not VT as a company, you could sue VT but not VT7 a defunct project.

View Talay's corporate ethics are like their architecture -- ugly, and like their construction quality -- shoddy.

[OneMikeInBangkok]

interesting that VT8 is deemed another company, sounds to me like VT are protecting their other assets from a big loss at VT 7 so it's only VT 7 that has responsibility not VT as a company, you could sue VT but not VT7 a defunct project.

View Talay's corporate ethics are like their architecture -- ugly, and like their construction quality -- shoddy.

Brooklyn - You are an opinianated bastard - I will second your opinion

But hey they service a market

Guy comes to Pattaya

Guy falls in love with a Thai tart

Guy goes home and gets divorced

Guy gets his share of the marriage settlement

Guy spends most of it on a rabbit hutch in VT - he can't afford anything else

Now the interesting part

If he put it in his Thai tarts name then sooner or later he will lose it.

If he puts it in his name then............I hear that VT is owned by a Thai lady........

Sometimes you lose and sometimes you lose

[JaiDeeFarang]

interesting that VT8 is deemed another company, sounds to me like VT are protecting their other assets from a big loss at VT 7 so it's only VT 7 that has responsibility not VT as a company, you could sue VT but not VT7 a defunct project.

View Talay's corporate ethics are like their architecture -- ugly, and like their construction quality -- shoddy.

Brooklyn - You are an opinianated bastard - I will second your opinion

But hey they service a market

Guy comes to Pattaya

Guy falls in love with a Thai tart

Guy goes home and gets divorced

Guy gets his share of the marriage settlement

Guy spends most of it on a rabbit hutch in VT - he can't afford anything else

Now the interesting part

If he put it in his Thai tarts name then sooner or later he will lose it.

If he puts it in his name then............I hear that VT is owned by a Thai lady........

Sometimes you lose and sometimes you lose

Misinformed again! She is the sales director.

[OneMikeInBangkok]

interesting that VT8 is deemed another company, sounds to me like VT are protecting their other assets from a big loss at VT 7 so it's only VT 7 that has responsibility not VT as a company, you could sue VT but not VT7 a defunct project.

View Talay's corporate ethics are like their architecture -- ugly, and like their construction quality -- shoddy.

Brooklyn - You are an opinianated bastard - I will second your opinion

But hey they service a market

Guy comes to Pattaya

Guy falls in love with a Thai tart

Guy goes home and gets divorced

Guy gets his share of the marriage settlement

Guy spends most of it on a rabbit hutch in VT - he can't afford anything else

Now the interesting part

If he put it in his Thai tarts name then sooner or later he will lose it.

If he puts it in his name then............I hear that VT is owned by a Thai lady........

Sometimes you lose and sometimes you lose

Misinformed again! She is the sales director.

Ah well - Condoman strikes again - got to dash and catch the all I can eat Pizza, a few short times on Soi6 and the happy hour at the Happy gogo - maybe I can find some balloons and a dead pig on my way and save the 99 Baht

[Ungabunga]

As long as you don't wind up at the free-buffet bar I'm in, then that's fine

[OneMikeInBangkok]

As long as you don't wind up at the free-buffet bar I'm in, then that's fine

Free Buffet? pray tell the Condoman or should that be Condomman if I am headed to Soi6