Read Before you plan to attend the so called "Friendly Neighbours Meet" on Sunday June 10

Dear Fellow Neighbours (who have not signed the CSA),

As you may be aware, that last so called "Friendly Neighbours' Meet" on May 27 was just a ploy by CSC and their supporters, to get few SPs in a room and use nudge, push & scare tactics to get some of them to sign the CSA. They plan to do the same again on Sunday, June 10. We sincerely suggest that you read a few recent articles posted on this blog, which are contributed by few of our fellow SPs, who have subject matter expertise in property, building structure and infrastructure projects areas. Please do not fall prey to scare tactics of CSC and their supporters and do not sign the CSA until CSC addresses serious concerns of over 20% SPs, who are not going to sign current CSA.

For example, besides need to raise the Reserve Price, two of the key concerns of SPs are -

  1. CSC is not changing the CSA to reflect new Reserve Price of $1.1B as per the opinion by a highly respectable independent legal firm. Please see the article posted on this blog on April 10. CSC claims that they have increased Reserve Price from $990M to $1.1B; but the CSA gives them power to lower it up to $990M (which is in CSA) on advice from Huttons;  in case they fail to find a buyer at $1.1B and negotiate a private treaty. This is very unethical to lure SPs to get them sign CSA for RP $1.1B, which they can lower later. If they are really serious, change CSA and mention RP is $1.1B.
  2.  CSA had presented Huttons as marketing agent showing us that their fee shall be 0.35% of final Reserve Price, which should be 0.35% of $1.1B ($ 3.85M). Instead in CSA they have hard coded Huttons Fee as 0.35% of $990M ($3.465M) PLUS 2% on any incremental price. That means if Teresa Ville is sold at $1.1B, SPs shall pay Huttons additional $2.2M (totalling $5.665M). No wonder, Huttons is so excited that they may get additional $2.2M because of wrongly put fee structure in CSA. This is a serious breach of trust, but CSC is not ready to amend the CSA. They are not concerned about those SPs who may have to pay hefty Sellers' Stamp Duty; but they are ready to pay $2.2M more to Huttons ??? 
Thanks for your attention and support.

   

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