KMS New York Apt Fall out

hi, i'm a dublin journalist trying to write an artice about Irish people having difficulties with overseas properties developments. If anyone is interested in talking to me, please post a reply here and I will pass on my details. thanks, C Murphy.
 
sorry i hadnt checked this in a while, the reason kms said in march that they would pay the fx loss was to buy time. i tried mcginley again this week and no reply, hes obiviously hoping it will just go away.
 
Technically if you gave them USD$100,000 and they gave you back USD$100,000 then they have refunded the deposit. They could argue that as part of your foreign investment you took on the currency risk. You could possibly have arranged the USD$ to be lodged in a dollar account here or reinvested elsewhere in the US.

But if you handed over Euros to transact and the firm doesn't hand you back the same Euro amount then you are in a better position to seek the difference, although surely if this was an investment( ..... one of the 81 investors ) then surely you would have sought some independant legal and financial advice, otherwise its pure speculation. and those 81 Investors become 81 Speculators.
Look on the bright side at least you are getting most of your deposit back. You could have blown it instead on the stock market in the same period and be down to pennies.
But talk to Joe on 1850715815, apparently he can do anything, starting runs on banks, building hospitals wards out of prefabs, he may even get you your money back.
 
Hi,

I hope everyone has been paid in full for this at this stage. I have, thankfully after 6 months of stress and trying to get 50 grand back from KMS.

Mail me if you want to know how I managed to get it back
 
DP Shots said:
Hi,

I hope everyone has been paid in full for this at this stage. I have, thankfully after 6 months of stress and trying to get 50 grand back from KMS.

Mail me if you want to know how I managed to get it back
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Why can't you share this information publicly? You have not entered into the debate before and I note you are a first time poster.
 
Hi,
Again, the point is not that (intelligent) investors expected to be indemnified against the forex loss.
The point is that KMS offered and backed-up that offer with a letter stating they would meet the forex loss (goodwill, blah, blah, blah). The letter pointed out that it was a "legal document" and that investors should take advice before accepting it's terms. After that, they stopped communicating - the assumption being that KMS/ Cathal McGinley simply changed their minds about the forex compensation.
If their letter was a "legal document" can / shouldn't they be forced to follow-through on it's (unsolicited) committment?
Still trying....
 
DP Shots said:
Hi,

I hope everyone has been paid in full for this at this stage. I have, thankfully after 6 months of stress and trying to get 50 grand back from KMS.

Mail me if you want to know how I managed to get it back
Click to expand...
Hi DP Shots,

Interested in hearing how you managed to get all back. Can you let us know.
 
cathmurph said:
hi, i'm a dublin journalist trying to write an artice about Irish people having difficulties with overseas properties developments. If anyone is interested in talking to me, please post a reply here and I will pass on my details. thanks, C Murphy.
Click to expand...

I see you have only ever posted 2 articles to the forum both looking for people to talk down the property market. Why don't you write an article talking about property market successes as well.
 
charliemacck said:
I see you have only ever posted 2 articles to the forum both looking for people to talk down the property market. Why don't you write an article talking about property market successes as well.
Click to expand...
i note that your most recent posts have been about talking up the market why don't you post on something else?
 
Hi,

Look, its like this. I hounded this guy. I hounded & hounded him with phone calls, he eventually answered. I issued him with a court summons and this is when I started to get results. Had this not worked I had planned to camp outside his office and wait for him. You might have to take a day off but for 50 grand surely its worth it??

Best of luck



Cannon said:
Hi DP Shots,

Interested in hearing how you managed to get all back. Can you let us know.
Click to expand...
 
Hi DP Shots,

We too badgered him with phone call after phone call and have issued him with solicitors letters which have all gone unanswered. We were concerned that the money might not be there if we went the whole way to bringing this to court and we would be left with all the legal costs in addition to the outstanding amount which he owes us. Interesting to note your result. Think we will take this further now. Thanks for response.
 
dow jones said:
sorry i should have made that clear! about 2 years ago kms commercial in dublin sold 81 apts in a development in mid town mahattan taking deposits of over $100,000 from some investors. then 18 months later they pull the plug blaming the ny developer giving everyone back their money. not very satisfactory on a number of levels, then add the 20% fall in the dollar and people are down 20k. i'm trying to contact some of the other 80 investors to see how we should handle this.. hope that clears it up
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Dear KMS, I did not invest in that program, but If I thought about it I'd say the best course is to wait it out a bit. The dollar is down and up and down. So why not leave the money in dollars for the moment and let it go back up. With a new President and perhaps some new hope in America, it may go up. Why jump at a 20% loss immediately?
 
*BUMP*

I just happened to be googling McGinley today to get his first name (too lazy to get up and get the file out of the cabinet). I got judgment for a client for the differential a month or so ago. We hope to be getting repaid in September.

PM me if you are still chasing him or if anyone else has actually been repaid.

Cheers
 
I was just wondering did you have any luck tracking him down or getting your money? Still waiting patiently for his call... LOL
 
Thanks for your feedback, it's really decent of you to share. I'm down nearly €20,000 in all and can't even get him to take my calls. Did your solicitor say you had a good case if it went to trial?
 
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