Dissenters lose appeal

THE drawn-out collective sale of Horizon Towers finally came to a close on Thursday when the High Court threw out the appeal of the objecting owners, allowing it to proceed. 
 
This means that Hotel Properties (HPL) and its two partners can now complete the $500 million collective sale of the Leonie Hill estate, if the objecting owners do not appeal against the High Court's decision. 
 
It has been one-and-a-half years since the deal was inked. 
 
High Court judge Choo Han Teck on Thursday said he was of the view that there was no error of law that would have corrupted the decision of the Strata Titles Board (STB), which had allowed the sale to proceed.

En bloc sale approved

STB approves en bloc sale of Horizon Towers 
Almost a year of wrangling and millions of dollars in legal fees later, the controversial en bloc sale of Horizon Towers was eventually approved by the Strata Titles Board (STB). 
 
Finally

Greed is the people of Horizon

Greed, we can only say about these people. Greedy like anything, want more more more, terrible. Now they end up in hot soup.

Greed is the people of Horizon

This show one thing which is very evident, when there is great danger ahead. Every body is just looking out at their own interest. Sigh. They should have known that  
 
Instead of looking out for their own interest , they shd bend together and get a PANEL of lawyers to fight the case for them. It like the theory when you try to break a single pair of Chopsticks. It breaks easily. OBS can crush you easily. But when you bend together , your resources can be quite a bit. You can drag on the case for sometime. Individual owner cannot be sued independently. But instead , OBS and gang must sue the entire hundred of owners altogether. Talk is cheap, surely they know that OBS will not let them go easily after all they have signed the contract even before they fight out the case involving STRATA BOARD eariler.  
 
May be if there is a lawyer who wants to be FAMOUS for winning this case might want to step forward. If he wins , i can gurantee , he will be well fed for life with all ppl looking for him for legal advice.  
 
Can they get a QC to fight the case ?

Deal in limbo as sales commite

By Wee Li-En,  
 
(SINGAPORE) The majority sellers of Horizon Towers were supposed to get together last night to resolve a problem, but things ended up being possibly worse. 
 
 
The sales committee quit last night at the meeting held at Holiday Inn Park View Hotel, and even up to 11pm, no new committee had been formed, BT understands. 
 
The majority sellers who arrived with their lawyers in tow were supposed to decide how to respond to a lawsuit which they face brought by Hotel Property Ltd (HPL), Morgan Stanley Real Estate managed funds and Qatar Investment Authority after the en bloc sale of their Leonie Hill property fell through last month. 
 
The Strata Titles Board (STB) refused to grant a collective sale order, saying that Horizon Towers had filed a defective application. HPL and its partners are suing the majority sellers for failing to file a proper application.  
 
HPL and its partners in February signed a deal with 84 per cent of the owners of Horizon Towers to buy the property en bloc for $500 million, for redevelopment. There have been media reports that some sellers regretted their decision to sell at that price when neighbouring developments later sold for twice as much per square foot. 
 
 
 
Last night's meeting plunged into limbo when the sales committee quit. Sellers who appeared at the meeting said volunteers were being asked to serve on a new sales committee, and that two men stepped forward on condition they would be granted blanket immunity from legal proceedings. 
 
However, they did not get their condition, and no conclusion was reached. 
 
BT understands that by the time the meeting started, there were only three people left on the committee as the other members had quit in the past weeks. This fails to meet the quorum needed of five people on the committee. 
 
Throughout the meeting that started at 8pm and was scheduled to end by 11:59pm yesterday, groups of people and individuals were seen leaving the ballroom at different times to discuss and to smoke. 
 
The meeting was tightly monitored by about six security officers who made sure only majority sellers were allowed into the ballroom. Applause interspersed with cheering was heard at different intervals of the meeting. 
 
The majority owners whom BT spoke to estimated there were more than a hundred people who turned up. 
 
They had a mixed response regarding the outcome. One man seemed upset that the sales committee had quit and said: 'I don't know what's going to happen now. Who cares?' Another seemed pessimistic about the chances of another committee being formed: 'Who would want to be on the sales committee now with the threats of legal suits?' 
 
At press time, the meeting was still going on, BT understands.

2 weeks for Horison owners to decide fat

Two weeks - that's all the time the majority sellers of Horizon Towers now have to find a way to salvage the botched collective sale of their development, otherwise each of the 255 owners who signed off on the en bloc sale will be sued for some $4 million each. -BT

Sellers to discuss options

Aug 25, 2007. HORIZON Towers flat sellers will meet next Wednesday in a push to raise millions of dollars to fight a lawsuit by Hotel Properties (HPL) and its partners over a botched collective sale. Another meeting is due to be held on Sept 7.  
 
Stay tuned as more new s unfold in coming days ....

Legal proceedings against sellers

The buyers of Horizon Towers have started legal proceedings against the sellers.  
 
See story here.

Legal proceedings against sellers

The Samurai is completely out of line. What "millions" is he talking about the lawyers earning? Where are his facts to back up his claims? What right does he have to call the owners of HT greedy, they put their blood, sweat and tears into their homes only to find out that they are being sued for something that they did not even do. They had every intention to sell the property, it is not their fault that STB found flaws in the application process.

Legal proceedings against sellers

The trouble began when owners of HT who signed the CSA found out that neighbouring Grangeford was getting twice the amount. The fires of greed was then raging.  
 
How to get out of this deal? None of the usual objections would hold water as more than 80 percent of the owners have signed and they have already accepted the offer ofthe HPL consortium for their (then) asking price. 
 
Fortunately for them, they had engaged a law firm which has little experience on enbloc sales, and of which some of their partners have a propensity to shady unethical dealings. By purpose or by incompetence, the procedures involving the STB application were flawed which led to the STB denying approval to the deal. Of course there was celebrations at Horizon Towers, and many owners thought their chance to double their money has finally come. Some even went as far as dispute their original signatures on the CSA. Happy days are here again...they thought. 
 
But in law, the owners are required to give their "best endeavours" to see thru the deal. Now the buyers are insisting the sellers rectify the STP technicalities and resubmit for STB approval, thus requiring a further extension of time which HT owners cannot unreasonably deny.  
 
Now the greedy fuckers at HT are caught with their balls in a vice. Not giving in to HPL's demands will lead to a court action for damages which can amount to much more than the amount each HT owner will get for their flat. At best, even if they can overcome the lawsuit, the legal costs could run into millions. If they submit to HPL's request, STB will in all probability approve the sale...so it's back to square one. 
 
The only people certain to benefit from this debacle are the lawyers. Fight or not...win or lose...they all stand to make millions in fees by the time this is all over. 
 
Ong Beng Seng is not going to give up his windfall of $7-800 million without a nasty fight..and he can afford it. 
 
The stupid greedy owners of HT must now be feeling the fire under their arses.