Lake Austin Properties I, Ltd. – Tenth Update
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
In early March 2011, John L. Urban traveled to the United Kingdom and, in cooperation with the UK law firm of Chinnery & Co Solicitors, which works with The Affinity Partnership, attended meetings with Lake Austin Reserve purchasers in London, Birmingham, Darlington and Swindon. At the meetings purchasers were informed of the status of the Lake Austin Reserve development, their legal rights and options, and were able to ask questions both in a group setting and on a one-on-one basis.
Unless they have already retained another law firm to represent them in this matter, Lake Austin Reserve purchasers in the Grande Palisades, Avalon or Magnolia Woods phases should feel free to contact this law firm and speak with Mr. Urban directly with any questions or concerns. We can also forward you written information about your legal rights and options upon request.
Urban Thier & Federer, P.A., has learned from current clients and other sources that Lake Austin has posted “Developer Updates” on its website which include false information. Unlike Lake Austin Properties I, Ltd. (“Lake Austin”), Paul Oxley, David James, and others acting on Lake Austin’s behalf, Urban Thier & Federer, P.A. and its attorneys are regulated by the Florida Bar and subject to disciplinary proceedings should anything we post or share with purchasers be false or inaccurate. Addressing just some of the false information being circulated by Lake Austin:
– As of the date of this article, neither John L. Urban nor Urban Thier & Federer, P.A., are being investigated by the Florida Bar, or any other regulatory authority, in relation to the Lake Austin Reserve or any other development or matter whatsoever. Purchasers can contact the Florida Bar directly at www.floridabar.org to verify.
– Lake Austin Reserve purchasers are free to retain Urban Thier & Federer, P.A., directly or in conjunction with Chinnery & Co Solicitors, regardless of whether or not they attended a The Affinity Partnership, Ltd., meeting. For Lake Austin Reserve purchasers who wish to pursue legal action to enforce their rights, Urban Thier & Federer, P.A., believes strongly that they should hire whichever attorney or legal team they believe will ensure that they 1) are legally and bindingly released from the Agreement for Sale/legal obligation to purchase a Lake Austin Reserve unit and 2) will recover as much money as possible.
– It should be obvious to purchasers that Lake Austin, Paul Oxley, the bank(s), the hedge fund(s), and others associated with the Lake Austin Reserve wish to profit by having purchasers complete on their Agreement for Sale/contract. Their motives are their own self-interest, which are the same motives that should guide purchasers.
– The “Historical Terminations” were not, as implied by Lake Austin, a result of Lake Austin’s charity or goodwill. The proof is in the facts. This law firm alone has filed over 350 separate federal court lawsuits on behalf of its Lake Austin Reserve purchaser clients against Lake Austin. It is only via direct legal pressure that Lake Austin has settled cases.
Lake Austin Reserve purchasers should be aware that Paul Oxley and David James appear to be calling all purchasers who have retained Urban Thier & Federer, P.A. Apparently they are asking purchasers not to continue with legal action and to trust them that Lake Austin will release them from their Agreement for Sale and return a portion of the 10 percent of their purchase price that is still in escrow. Tellingly, it appears that Lake Austin will essentially do, say or try anything to stop purchasers from pursuing their legal rights via Urban Thier & Federer, P.A. In an apparent effort to further delay or stall purchasers from taking any formal legal action, Lake Austin is now encouraging purchasers to deal directly with Lake Austin and its attorneys to address their claims. Again, tellingly, Lake Austin insists that Lake Austin Reserve purchasers should not retain their own attorneys to represent them.
Other information that may be of interest to Lake Austin Reserve purchasers:
– As of the date of this article, Urban Thier & Federer, P.A., has represented well over 400 Lake Austin Reserve units. Over 75 percent of those units are fully concluded and the rest are in active litigation. In contrast, less than 25 percent of the units represented by the other approximately 10 (mostly 1 and 2 attorney) law firms representing Lake Austin Reserve purchasers have been concluded and the vast majority continue to languish in state court.
– As of the date of this article, over half of all Lake Austin Reserve purchasers have already terminated, or are in the legal process of terminating, their Agreement for Sale/contractual obligation to purchase a Lake Austin Reserve unit. This is based upon a total of 1,588 Lake Austin Reserve units (890 Grande Palisades and 349 each Avalon and Magnolia Woods) with 400+ units represented by Urban Thier & Federer, P.A., 200+ units terminated via The Affinity Partnership, Ltd., (while it was still working with Lake Austin), and nearly 200 units represented by the other approximately 10 law firms representing purchasers.
– As of the date of this article, Lake Austin is still a party to foreclosure lawsuits that have been filed against it in relation to the Lake Austin Reserve. More specifically, on October 9, 2009, the main mortgage holder filed a foreclosure lawsuit (Case No. 2009-CA-031936) in relation to the Lake Austin Reserve naming as defendants Lake Austin Properties I, Ltd., Maesbury Homes, Inc., Paul Oxley, and others, and seeking $151,712,218.79.
– On September 21, 2009, a Final Judgment (in Case No. 09-CA-001316) was entered against Paul Oxley, Lindsay Oxley, Maesbury Homes, Inc., and others, jointly and severally, in the amount of $10,943,376.22.
Rather than providing facts to counter the factual information provided by this law firm, The Affinity Partnership, Ltd., and others, Lake Austin has resorted to petty name calling and appears to have engaged in a deliberate campaign to downplay the dire status of the Lake Austin Reserve and the Central Florida condominium-hotel market in general. It appears that Lake Austin cannot or will not provide factual responses to Lake Austin Reserve unit valuation and cash flow concerns. Rather, Lake Austin appears to be stalling for even more time in desperate hopes of securing funding to complete the Grande Palisades phase of the Lake Austin Reserve and then force purchasers to complete on their Agreement for Sale/contractual obligations.
Lake Austin Reserve purchasers are encouraged to do their own due diligence by researching the current status of other “West of Disney,” Paul Oxley developments, such as Caleb’s Club, Caribe Cove, Bahama Bay I, and Bahama Bay II, which is the latest Maesbury Homes, Inc./Paul Oxley development, is in foreclosure, has been taken over by a Court appointed receiver, and will never be completed.
As set forth in previous articles, Urban Thier & Federer, P.A., strongly believes that continuing with the purchase of a Lake Austin Reserve unit cannot be economically justified and that the priority for purchasers is to ensure that:
1) they are legally and bindingly released from their Agreement for Sale/terminate their contractual obligation to purchase a Lake Austin Reserve unit in their own Florida Bar licensed attorney’s opinion (not Lake Austin’s attorneys’ opinion),
2) are competently represented regardless of whether the case is contested or settled and
3) they recover as much money as possible.
In addition to performing their own due diligence, purchasers can also learn more about Lake Austin’s Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles and updates:
- Lake Austin Properties I, Ltd. Ninth Update – 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.
- 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. and Urban Thier & Federer, Rechtsanwälte continue 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 websites – www.urbanthier.com (United States office) and www.urbanthier.de (German office) to learn more about Urban Thier & Federer, P.A., Urban Thier & Federer, Rechtsanwälte, and their 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