The River Condo

[Abrak]

Abrak, all I know is the funding for this project is not coming directly from or through Raimonland.

My understanding is the money is being chanelled through Taksin Properties or like you said, Norrison Developments.

The funding earmarked for this project is for The River development only.

I am not a money man and I don't know how the owners have set up their business but one thing is certain. Funding for this project is in place and is safwe from any Raimonland financial problems in the future.

You maybe right but the obvious reason to set up Thaksin properties is so that you dont have to consolidate it. Norrison Developments may well be the financier but can you produce any evidence anywhere that this company has the financial resources to support such a project. Personally I dont even know of other developments they have been involved in.

So you are 'certain' that funding is in place for this project. I dont wish you to prove this knowledge only to imply on what basis your certainty is based. As I understand it (which maybe wrong) funding is dependent on securing far higher sales than have been achieved.

So I dont doubt your knowledge I just wish to have some clue on what it is based.

[wordchild]

they did not set up Taksin , as i said above , Taksin was a Lehman vehicle part of their global property group it was an original partner in the project because it owned the land and brought in Raimon as developer . Raimon took an initial stake in Taksin as part of their share of the deal.when Lehman got into difficulty Raimon bought out most of the rest of the equity for a nominal sum. Though almost all of Taksin is owned by Raimon,and it is now effectivly a shell, it does still have its own strucure,ie debt and equity hence the way it is treated in Raimons reports. through their shareholding in Taksin and through direct investment Raimon declare their total equity interest in the River project to be 85% as of last week,it is their project there is no evidence of any mystery backer!

Edited August 19, 2009 by wordchild

[Abrak]

they did not set up Taksin , as i said above , Taksin was a Lehman vehicle part of their global property group it was an original partner in the project because it owned the land and brought in Raimon as developer . Raimon took an initial stake in Taksin as part of their share of the deal.when Lehman got into difficulty Raimon bought out most of the rest of the equity for a nominal sum. Though almost all of Taksin is owned by Raimon,and it is now effectivly a shell, it does still have its own strucure,ie debt and equity hence the way it is treated in Raimons reports. through their shareholding in Taksin and through direct investment Raimon declare their total equity interest in the River project to be 85%

Apologies for the misleading information that I gave. To be honest I havent look at the RL accounts in detail for some time but I just get the general financing concept. When I looked st things, they were slightly different. But the basic concept was the same. RL owns and finances the River Project and it still does. The fact that it has gone on balance sheet rather than off is an unfortunate consequence of the financial crisis.

Playing with balance sheets is about as interesting as playing monopoly. Except I never got the value of all those railway stations.

[wordchild]

sorry for being so anal abrak, the main point though is ,however the shareholding is structured or whatever the history ,this is a Raimon project now and there is no evidence of any other deep pocketed partner.

[zorro1]

More money than brains me thinks

Think about that for just a second. How do you get one without the other. Dont listen to old cliches my friend they are meant to keep the poor poorer. Another example " money doesn't grow on trees you know" LOL oh yes it does , plenty of money trees at the moment

[Abrak]

sorry for being so anal abrak, the main point though is ,however the shareholding is structured or whatever the history ,this is a Raimon project now and there is no evidence of any other deep pocketed partner.

No need to apologize, you have explained in one simple sentence a message that I have obviously failed to get across in 5 posts.

[Livinginexile]

Abrak, all I know is the funding for this project is not coming directly from or through Raimonland.

My understanding is the money is being chanelled through Taksin Properties or like you said, Norrison Developments.

The funding earmarked for this project is for The River development only.

I am not a money man and I don't know how the owners have set up their business but one thing is certain. Funding for this project is in place and is safwe from any Raimonland financial problems in the future.

You maybe right but the obvious reason to set up Thaksin properties is so that you dont have to consolidate it. Norrison Developments may well be the financier but can you produce any evidence anywhere that this company has the financial resources to support such a project. Personally I dont even know of other developments they have been involved in.

So you are 'certain' that funding is in place for this project. I dont wish you to prove this knowledge only to imply on what basis your certainty is based. As I understand it (which maybe wrong) funding is dependent on securing far higher sales than have been achieved.

So I dont doubt your knowledge I just wish to have some clue on what it is based.

Edited August 20, 2009 by Livinginexile