Friday, December 21, 2007

ROP Land under assault

I was forwarded an article about the original land dispute we were all aware of and how it has expanded to more land. The writer points out how the claim has to be bogus given certain facts surrounding the case.

One point was well made in that the company (6 Diamonds) claims to have paid $4M for property that Red Frog has the rights to (and has won 2 court cases regarding this property already). However, no taxes were paid to Panama's government on that sale... 10% or $400,000. If they did buy it, then they are guilty of tax evasion. If they didn't really buy it, then this would explain why the taxes have never been paid.

The fact that this claim has expanded from the original land that was in dispute concerns me, as our beach front lot is still ROP land and could conceivably be drawn into this or some other lawsuit. If the ROP situation is not resolved by this summer, we may have a decision to make.

Mick @ Lot 83


Anonymous said...

Mike I don't think you have any recourse even if the ROP is not decided soon. It is obvious that the developers of Red Frog (Pillar) don't have the funds to give back to people that have invested at the project.

Mick @ Lot 83 said...

You are correct, of course. I talked to Scott, and the standard operating procedure is the lot needs to be sold before we can recoup our money.

Mick @ Lot 83