I invested in a glitzy hotel scheme called Corran Resort & Spa. The hotel is still operating in Wales and hundreds of investors have put money in that scheme. I have been asking for buy back of my investment for more than a month but no reply from them. Many more investors would be in similar situation and I wish to bring all together.
How do I start a forum for class action against a fraudulent investment?
- Posted:
- 3+ months ago by CorranInv...
- Topics:
- hotel, action, forum, investment, investor
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Responses (9)
First of, send them a registered letter. and give them a deadline to respond.
then,
Call some attorneys and meet them, see what they say.
Then try to get a list of the other investors and contact them.
Chances are that you will only recuperate a part of it, but it's better than nothing.
Till now I have only got 2 other investors on this forum. However there has been a new development today in that Corran has sent out a letter inviting investors for a meeting on 12th July to resolve their queries. I intend to attend that meeting in person and can update you post that.
I'm from Hong Kong. I also think it is better to learn what are the options before taking any actions. However, I can't attend the meeting. Appreciated if you can share with us on what you see and hear during the meeting.
I attended the investor meeting yesterday and intend to file a legal claim against Kayboo. Their proposal is not acceptable and it looks like now there is no way out except to force bankruptcy of the resort in order to recover some bit of of our investment.
They said they will send by e mail to all investors the presentation from yesterday but they haven't yet done that.
By the way, their communication in beginning of the year that they are deferring interest payments to end of the year was a lie. They confirmed yesterday that they are not in a financial position to either pay the interest or to buyback the investment.
I received the presentation materials. I get the same feeling that they are unable to pay the rental after reading the proposal. Did they mention when the phase 2 will be completed? I foresee that if we accept the proposal, we will get little dividends or no dividends at all as the current income can't support the rental payment. What is your planned action? Can we unite with more investors to protect our interests?
They were paying quarterly till Q3 2015. Then they stopped and I understand they stopped for everyone.
I am trying to gather as many investors as possible in order to file a class action. If you send me your e mail address, I can get you added as well.
Any other investors on this forum are similarly welcome to join the wider group.
Please count me in.
I would like to join your initiative. How can I send my details to you? How to contact the others?
I am an investor and would like to be included in the forum. I bought my investment through Barrisford and Bird who have been hopeless with their support. If you wish to contact other investors I believe one of the deed documents lists at the back each investor in the room with their address (they spelt Hitchin incorrectly).
I am a lawyer and acted for several fractional buyers at The Corran. Some of those would like to instruct me to assist them in connection with the proposals put forward by Kayboo after the meeting last month. I understand that Kayboo are supposed to be circulating further details of the proposals. I would like to see these proposals before deciding whether I can assist further. Please feel free to contact me.
How can I contact you?
Can you advise how I can get in touch with you
Hi CorranInvestor, We are in a similar position, we signed for the 5 year deal in June 2014 through Barrasford and Bird and have had one annual payment in June 2015. We were unable to attend the meeting in July. We received the E-mail from Karen Jones yesterday (Sunday 21st August) with the company's proposals. It looks like a case of 'Hobsons' Choice'. We've asked her (Jones) about the proposed 'Investor's forum' but apparently there's some legal issues they've referred to their lawyers. That sounds like a fob-off to us and we're very concerned that they're trying to prevent investor's communicating. We were pleased therefore to see your post and would be very happy to join and contribute. We're new to question.com - how do we contact you (and others) privately?
Hi InvestRJ, I am in the same position. I read the documents I received yesterday and it is not clear to me where all the funds of the investors went and why the proposed distribution of profit between the directors and investors is so uneven and based upon. How do the investors get in touch with each other to discuss this further?
I am one of the oversea investor and would like to join the group to recover the asset invested
I am an investor in France, and can confirm that the hotel is not closed and staff have not been without wages. I know this because I've just been there and was greeted by the same manager who greeted me in the summer of 2016. I'm unsure where the rumor has originated, but it certainly isn't true.
Also there is a group that is gathering a legal fund. Itis a closed group and we DO NOT want to be airing this information in public due to the legal battle being sensitive and we do not want the directors of Kayboo being able to read what we are doing in this fight. So please stop posting on public forums. If you have invested, use your brain... airing in public doesn't help us as it only causes more damage!!
Can you advise how we join the forum
Hello, my name is Robin Barrasford and I am one of the owners of Halcyon Retreat. I was also one of the old owners of BBW. I have been married for over twenty years, live in Devon, have 6 children (1 recently adopted) and work out of our offices in Tavistock. I used to be a police sergeant in Sussex before leaving with good conduct and entering into overseas property.
Just to confirm BBW were one of 57 agents who sold The Corran, we were originally a master agent but ended up purely as an agent. BBW was purely a sales company and was in no way connected to the Corran. It was a huge shame when The Corran got into difficulties but BBW continued to help and assist the Core Group of customers all through the process. Indeed, I believe that we were the only agency who has actively contributed to the legal costs for fighting the court case against the old developer. We even went to the developer and offered to buy the company out of administration and gift it to the customers. We had no reason to do this bar a willingness to try and help.
BBW was closed as a commercial decision in order to concentrate on marketing only our own products. As BBW was only a sales company, this in no way affected any developments or customers. The Corran undoubtedly affected this decision as it was necessary for us to concentrate on our own developments where we were more in control. We therefore closed BBW and rebranded as HDG.
Obviously, there is justifiably a lot of emotion involved when the Corran got into trouble and so I would like to take this opportunity to set the record straight on a few points.
1. The French development is proceeding exceptionally well. We have a 220 acre site, full planning for the whole resort and currently sales are very buoyant.
2. The Chateau is not closed and is open and trading as a successful 4 star hotel and restaurant.
3. We have signed a partnership agreement with the largest hotel chain in the world and they are currently operating the hotel with us.
4. Construction is proceeding on site and we sent photos of the most recent work, including new transformers for the whole site to all customers.
5. We are currently sourcing finance to complete the facilities and expect to have the funds within 6 weeks. We have two confirmed offers at this time.
6. We were late on some cash backs. This was primarily caused by the fallout from Brexit. Whatever your political view, Brexit was not good for overseas property sales and rentals. Fortunately, the market has stabilised and sales are good again. We have caught up with most cash backs now.
I am very sorry for what happened to the Corran and will continue to assist the owners – even though BBW has closed and we are the only agency to my knowledge financially supporting the owners. (the case is still going and we genuinely hope for a positive solution).
I fully understand if anyone has any frustrations with regards to The Corran or some of the false information posted above. If they do, my direct line is 01822 611361, please feel free to ring me direct.
Received my latest payment after a bit of a delay so all good. My fraction next to the French chateau is more of an investment for my kids, so I wanted to get in early before all the facilities are finished to get the best value.
Traveling to the hotel soon for stay. Account good - were behind up to date now. We have heard a new swimming centre is planned with slides- good.
So Robin, how come you're winding up B & BW and yet giving support to those investors affected, after sneakily changing the company name first? Did you think no one would notice.?You went though a convoluted routine of changing several company names beforehand. You didn't even have the decency to tell your investors what you were doing. You still owe me a considerable sum of money, initially denied my existence to the liquidator and apparently have gone abroad refusing to give your address or phone no. If that is not the case, why have you told the liquidator that? If you do receive yet another of the " cash injections " that I was always told were imminent yet never materialized, how about giving it to the people you owe money to? But of course , you never would take my calls , and I doubt things will change going forward.
With regards to the recent post on payments I think it is fair to add that we have received one, another is on the way and we are in contact with regards to catching up with the outstanding rental payments. So things are looking up. As soon as they are all in I will update that too.
Cracks me up how negative comments are immediately removed from this forum.
Anybody investing in this Ponzi scheme needs their head testing.
Thank you.
My question however is how do I start an online discussion so that other investors can get in touch and we can take a collective action. Any help would be greatly appreciated.