Today saw the cross examination of the SC Chairman, and one minority witness.
The en bloc lawyer has apparently engaged his third Senior Counsel, Mr. Yeoh. One has to wonder what the cost of this is going to be and who is going to pay. We are only at the STB and already the SC has;
.
a) Made 2 applications (one for Beta sum amendment, the other to change the date)
b) Been to High Court
c) Engaged 3 Senior Counsels
.
The lawyer for the majority gave his oral submission today.
The lawyer for the minority will give his oral submission tomorrow at 2.30pm.
.
My previous questions:
.
How many days will they give for written submissions?
Until Wednesday 3pm
Will allowance be made for the independent minority?
No
How many days will the panel deliberate?
Change that to how many hours
Will they rush to a decision before the 25th, midnight?
Decision out by Friday 25th
.
The en bloc lawyer has apparently engaged his third Senior Counsel, Mr. Yeoh. One has to wonder what the cost of this is going to be and who is going to pay. We are only at the STB and already the SC has;
.
a) Made 2 applications (one for Beta sum amendment, the other to change the date)
b) Been to High Court
c) Engaged 3 Senior Counsels
.
The lawyer for the majority gave his oral submission today.
The lawyer for the minority will give his oral submission tomorrow at 2.30pm.
.
My previous questions:
.
How many days will they give for written submissions?
Until Wednesday 3pm
Will allowance be made for the independent minority?
No
How many days will the panel deliberate?
Change that to how many hours
Will they rush to a decision before the 25th, midnight?
Decision out by Friday 25th
.
Upset
ReplyDeleteSo far only we are only getting feedback from your blog, What happens if you had not created this blog, we will be in the dark. Sales committee should update all majority concern what is happening. What will happen?
I can sympathize with you.
ReplyDeleteThe Sales Committee is not interested in letting even the Majority SP know what is happening.
The Sales Committee is acting as if they are the King of the Estate.
They should be actually working for the Majority SP and keeping them informed. They should also seek the Majority SP's mandate before they employ EXPENSIVE Legal Services. The Majority SP has to foot the bill.
The Sales Committee is getting out-of-hand. Majority SP should voice out their displeasure of how the Sales Committee had handled the Sale Process, urgently, before 25 July 2008
The property agent Mr. Jimmy Teng said 'No sale, No fee'. There is no payment if STB rejects the sale on 25 Jul.
ReplyDeleteHi,
ReplyDeleteWhat is your assessment of the odds in favour of minority?
If STB rejects the sale on 25 Jul, then there is no way that the majority could appeal to High Court since the S&P also expires on 25 Jul? Is this correct?
Thank you in advance for your comments?
Regards
Can the developers still pull out from the en bloc sale on 25 July, should STB announce their decision on 25 july?
ReplyDeleteI am confident that the case put forward by the minority lawyers was more than enough to sink any enbloc ship.
ReplyDeleteI cannot know nor will I even guess how the STB panel members will rule.
I believe the SC would have run out of time to appeal as the S&P expires at midnight Friday.
RE: Can the developer pull out....
ReplyDeleteIf the STB throws out the sale then the S&P lapses at midnight. The developer has said it would not seek an extension , so the sale would be off. The deposit goes back to the developer and the enbloc lawyer keeps the interest.
If the STB grants the sale, then the developer has said in the newspaper that it would honour the sale.
Another developer (Bravo) backed out of a sale after STB approva;l and forfeited the deposit, which went to the owners. I don't see that happening to TC - but you never know, there have been so many surprises up to now, you never can say for sure.
Let's hope that the sale will fall through on Friday.
ReplyDeleteThe SC employed Senior Counsels without consulting majority owners. I think all TC residents (Majority and Minority) must pay the bills if the enbloc is successful.
I always believe that TC unit can sell at about $700K at open market now. It will be better than enbloc sale after considering the expenses of Senior Counsels.
Regards
Hi
ReplyDeletewas just going thru the 16day hearing regarding who's going to pay for valuation $36 K divide amoung 560 units," are you you going to pass the hat around". Now regarding appointing a senior councel without consulting us the majority. Are you going to pass the hat around? definately no right?
If the enbloc is successful, the expenses like Property Agent's commission, Senior Lawyers/Lawyers's fee, Admin charges etc) will be deducted from the sale proceed of individual units for both majority and minority. This is the practice for Enbloc sale.
ReplyDeleteHi
ReplyDeleteIf we talk about practice, it is also a practice to involve all majority when decision making.
Hi,
ReplyDeleteWhat time is the STB decision on Friday 25th? Is it open to TC residents? Thanks.
Regards
Hope the en-bloc failed….even a private build HDB worth more at $500 psf, TC enbloc only $450…..what a joke....
ReplyDelete