Loretana
Senior Nomad
Posts: 825
Registered: 5-19-2006
Location: Oregon/Loreto
Member Is Offline
Mood: alegre
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Loreto Bay takes another hit as Homex struggles with debt
The word is that Homex employees working in Loreto Bay have not been paid for several pay cycles....
Homex bought up the remaining Loreto Bay lots from Fonatur a few years ago, after the Loreto Bay Corporation bankrupted.
MEXICO CITY | Tue May 7, 2013 6:05pm EDT
May 7 (Reuters) - The family that holds a large stake in struggling Mexican homebuilder Homex has been selling shares to meet margin calls on loans,
according to a U.S. regulatory filing.
Homex has been struggling amid slowing sales of its out-of-town homes, after it took on heavy debt to build large suburban developments that have
fallen out of favor with Mexican homebuyers.
The De Nicolas family's stake in the company shrank to 22.57 percent on May 3 from 27.53 percent last month, according to a filing with the U.S.
Securities and Exchange Commission.
Five members of the De Nicolas family, including the chief executive and president of Homex, have sold 16,631,300 shares since April 26 via a trust,
according to the filing.
The family sold the shares on five separate days "due to a margin call related to loans disposed initially during October 2007 and 2008," the filing
said.
The first sale of shares came on April 26, according to the filing. That was the day after the company reported a sharp drop in first-quarter results
after the market closed on April 25.
A spokeswoman for Homex said the company had no information or comment about the family's share sale.
The company's U.S.-listed shares have fallen 23 percent since April 25.
At the end of 2011, the De Nicolas family owned 34.1 percent of Homex shares. Since then, Homex's U.S.-listed shares have lost 68 percent.
Last month, the company said it would delay filing its annual report with regulators this year because it is restating results for 2011 and 2012 under
international accounting standards.
Homex's larger rival, Geo, is seeking to reach an agreement with its local debt holders after failing to make a payment due in April.
"If you want to find the secrets of the universe, think in terms of energy, frequency and vibration."
-Nikola Tesla
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ligui
Senior Nomad
Posts: 837
Registered: 2-9-2008
Location: Fraser co.
Member Is Offline
Mood: love Baja !
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Time to make on offer ! Lets buy this company and resell the property for more .
Remember Boston Chicken ....
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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| Quote: | Originally posted by ligui
Time to make on offer ! Lets buy this company and resell the property for more .
Remember Boston Chicken .... |
http://en.wikipedia.org/wiki/Boston_Market
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jimwalker
Newbie
Posts: 2
Registered: 5-24-2013
Member Is Offline
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Homex
| Quote: | Originally posted by Loretana
I can confirm that Homes has not issued any employee pay, not just Loreto, since the beginning of March. Going on 3 months now without pay!
The word is that Homex employees working in Loreto Bay have not been paid for several pay cycles....
Homex bought up the remaining Loreto Bay lots from Fonatur a few years ago, after the Loreto Bay Corporation bankrupted.
MEXICO CITY | Tue May 7, 2013 6:05pm EDT
May 7 (Reuters) - The family that holds a large stake in struggling Mexican homebuilder Homex has been selling shares to meet margin calls on loans,
according to a U.S. regulatory filing.
Homex has been struggling amid slowing sales of its out-of-town homes, after it took on heavy debt to build large suburban developments that have
fallen out of favor with Mexican homebuyers.
The De Nicolas family's stake in the company shrank to 22.57 percent on May 3 from 27.53 percent last month, according to a filing with the U.S.
Securities and Exchange Commission.
Five members of the De Nicolas family, including the chief executive and president of Homex, have sold 16,631,300 shares since April 26 via a trust,
according to the filing.
The family sold the shares on five separate days "due to a margin call related to loans disposed initially during October 2007 and 2008," the filing
said.
The first sale of shares came on April 26, according to the filing. That was the day after the company reported a sharp drop in first-quarter results
after the market closed on April 25.
A spokeswoman for Homex said the company had no information or comment about the family's share sale.
The company's U.S.-listed shares have fallen 23 percent since April 25.
At the end of 2011, the De Nicolas family owned 34.1 percent of Homex shares. Since then, Homex's U.S.-listed shares have lost 68 percent.
Last month, the company said it would delay filing its annual report with regulators this year because it is restating results for 2011 and 2012 under
international accounting standards.
Homex's larger rival, Geo, is seeking to reach an agreement with its local debt holders after failing to make a payment due in April.
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
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Ok
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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No matter what the Nomads think...
The way that the Mexican economy works in paying their employees, is they (the Mexican workers) don't get paid until after the job is
done...regardless of what the work is. Anywhere from construction to fishing co-ops. That is why credit is king (off the bank records, i.e. credit
cards). Everyone has a marker no matter where they buy their items. Once the workers get paid, so does everyone else down the road.
Many times, however, when the workers get stiffed...so do the markets, grocery stores, etc.
Udo
Youth is wasted on the young!
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chippy
Super Nomad
Posts: 1722
Registered: 2-2-2010
Member Is Offline
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| Quote: | Originally posted by Udo
No matter what the Nomads think...
The way that the Mexican economy works in paying their employees, is they (the Mexican workers) don't get paid until after the job is
done...regardless of what the work is. Anywhere from construction to fishing co-ops. That is why credit is king (off the bank records, i.e. credit
cards). Everyone has a marker no matter where they buy their items. Once the workers get paid, so does everyone else down the road.
This must be a seperate reality from my Mexico. Oh well carry on udo. Its good to hear from a foreign economist. |
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
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Sure dont work that way here....But what do Iknow?
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Terry28
Senior Nomad
Posts: 825
Registered: 8-25-2007
Location: S.Calif mtns.
Member Is Offline
Mood: Thirsty
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Time to drug test Udo....I have been doing business in Mexico for a long time and I have never run across this....
Mexico!! Where two can live as cheaply as one.....but it costs twice as much.....
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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I'll be in Ensenada this coming Sunday...
Bring on the drug test!
Udo
Youth is wasted on the young!
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acadist
Super Nomad
Posts: 1125
Registered: 3-31-2007
Location: Spanaway,WA
Member Is Offline
Mood: Waiting for the Sun
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Is Tecate a drug?
Dave
I moved to CO and they made me buy a little rod to make it feel like a real fish
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Terry28
Senior Nomad
Posts: 825
Registered: 8-25-2007
Location: S.Calif mtns.
Member Is Offline
Mood: Thirsty
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Udo, We can make it an oral or written test...your choice..................
Mexico!! Where two can live as cheaply as one.....but it costs twice as much.....
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Bruce R Leech
Elite Nomad
Posts: 6796
Registered: 9-20-2004
Location: Ensenada formerly Mulege
Member Is Offline
Mood: A lot cooler than Mulege
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I have been doing business in Mexico for almost 30 years and I know exactly where udo is coming from, he is spot on.
Bruce R Leech
Ensenada
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BajaRat
Super Nomad
Posts: 1303
Registered: 3-2-2010
Location: SW Four Corners / Bahia Asuncion BCS
Member Is Offline
Mood: Ready for some salt water with my Tecate
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| Quote: | Originally posted by Terry28
Udo, We can make it an oral or written test...your choice.................. |
Oh, and welcome Jim.
[Edited on 5-25-2013 by BajaRat]
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neilm81301
Nomad
Posts: 134
Registered: 3-21-2012
Member Is Offline
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so these projects are financed on...
..the worker's salaries? Not exactly the 'worker's paradise' I was told of. So the owners/developers just push the debt downstream to the ones least
able to fight it? Sounds like 1st rule of sewer design - *stuff* flows downhill.
I bet the guys on the top aren't missing any checks.
When a client of mine wants to string out the bill, I tell'em I have a deal with the bank - they don't survey property, and I don't lend money.
Neil
| Quote: | Originally posted by Udo
No matter what the Nomads think...
The way that the Mexican economy works in paying their employees, is they (the Mexican workers) don't get paid until after the job is
done...regardless of what the work is. |
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jimwalker
Newbie
Posts: 2
Registered: 5-24-2013
Member Is Offline
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Well I don't know about the workers that don't get paid until the job is done because what they owe me is commissions for houses that I sold, and the
money has already been collected...so as far as I can tell the job was done...still no pay!
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