Lake Austin Properties I, Ltd., Raises Bankruptcy and Other Issues to Encourage Grande Palisades, Avalon and Magnolia Woods Purchasers to Continue with an Economically Unjustifiable Purchase
Urban Thier & Federer, P.A., has learned from current and former clients that via the February 11-13, 2011, in person meetings and the “Presenters Notes” sent out on February 22, 2011, Lake Austin Properties I, Ltd., and Paul Oxley are suggesting that if purchasers do not agree to continue with their Grande Palisades C1 and C2 unit purchase or, for those with a Grande Palisades C3, Avalon or Magnolia Woods unit, switch to a Grande Palisades C1 or C2 unit, that they could lose their entire deposit. More specifically, they are suggesting that if Lake Austin Properties I, Ltd., is forced into bankruptcy, then the mortgage holder and/or others will take purchasers’ deposits.
Just as Lake Austin has multiple attorneys working for its best interest, more than ever, it is important that purchasers who signed an Agreement for Sale for a Lake Austin Reserve unit not sign any other contract, amendments or other documents until they have consulted with an independent Florida licensed attorney of their own choosing. The fact is that purchasers do have legal rights, even in bankruptcy. Urban Thier & Federer, P.A. has represented many purchasers in other developments that have gone into bankruptcy. It is by signing new documents giving up those rights that purchasers may be deemed by a bankruptcy court, or other court, to have knowingly waived or otherwise forfeited those rights.
Purchasers should not allow misplaced loyalty to Lake Austin Properties I, Ltd., to cloud their own business analysis as to whether it is in their own best interest to continue with the purchase of a Lake Austin Reserve unit. It is the purchasers who actually close on the purchase of a unit, not Lake Austin Properties I, Ltd., Paul Oxley, or their lawyers, who will be left to address the economic realities of a unit purchase and will lose significant legal rights once they take ownership of a unit. Purchasers can also learn more via this law firm’s previous articles addressing various aspects of the Lake Austin Reserve.
Urban Thier & Federer, P.A., believes that proceeding with the purchase of a Lake Austin Reserve unit cannot be economically justified. This is based upon the valuation of the Lake Austin Reserve units based on comparable units in the same condominium-hotel market and other Paul Oxley developments as well as the prospective net revenue a unit can generate versus the carrying costs. See previous article for more details Lake Austin Properties I, Ltd. Fourth Update – The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels). Again, we encourage you to read this law firm’s Lake Austin Reserve articles, consult with an independent Florida Bar licensed attorney, and, most importantly, do your own independent research and due diligence. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles and updates:
Lake Austin Properties I, Ltd. Tenth Update – Urban Thier & Federer, P.A. Answers Lake Austin reserve Purchasers’ Questions in Person in the United Kingdom and Provides Factual Information.
Also see Previous Articles:
- Lake Austin Properties I, Ltd. Eighth Update – Lake Austin Reserve Developer Visits United Kingdom to Propose REIT Concept
- Lake Austin Properties I, Ltd. Seventh Update – The Importance of Understanding Your Chosen Law Firm’s Litigation Strategy and Your Own Litigation Priorities
- Lake Austin Properties I, Ltd. Sixth Update – Lake Austin Joins Forces with IAP/IAP Global Veteran to Replace The Affinity Partnership, Ltd.
- Lake Austin Properties I, Ltd. Fifth Update – The Grande Palisades and Lake Austin Properties I, Ltd. High Pressure Tactics
- Lake Austin Properties I, Ltd. Fourth Update – The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels)
- Lake Austin Properties I, Ltd. Third Update – Fuel USA and Affiliated Attorneys and Solicitors
- Lake Austin Properties I, Ltd. Second Update – The Affinity Partnership, Ltd. and Related Entities
- Lake Austin Properties I, Ltd. Update – Status of Buyers’ Deposits
- Lake Austin Properties I, Ltd. Grande Palisades, Avalon and Magnolia Woods – Status and Rights
We encourage all purchasers to interview any attorney that they may be contemplating to retain and to ask that attorney for their experience, record in this area of the law, number of cases taken to final judgment, number of cases affirmed on appeal, number of attorneys in the firm, firm staff, resources, etc. We sincerely believe that purchasers should not retain an attorney or law firm until they are confident that 1) the law firm has the experience and resources to represent their best interest and 2) they fully understand the law firm’s litigation strategy.
The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from referring to past successes or results obtained for other purchasers in this or other developments. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page and we will promptly respond with additional information.
With attorneys in Orlando, Florida, and Munich, Germany, Urban Thier & Federer, P.A. continues to assist buyers throughout the United States and European Union countries who are seeking to terminate their pre-construction purchase agreements. Most cases can be handled on a contingency fee basis (client is responsible for costs).
We encourage you to explore our website – www.urbanthier.com to learn more about Urban Thier & Federer, P.A., its attorneys and practice areas. Urban Thier & Federer, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.
Please note that Urban Thier & Federer, P.A. does not represent you and cannot take any action on your behalf unless and until you enter into a formal written Legal Representation Agreement.
John L. Urban, Shareholder