Amongst the myriad of reports now surfacing on the recently foreclosed project, investors remain skeptical that they will ever seen their money again.
AG Abogados is a legal firm that specializes in intellectual property law, real estate law, corporate law and criminal high profile cases. Over the past few months this legal firm has organized a group of disgruntled investors in order to evaluate their legal options moving forward.
The team at AG Abogados -- spearheaded by affluent civil attorney Gonzalo Gutierrez -- has begun to review the case of Hacienda Matapalo including a recently released new set of agreements for investors by UTA Capital.
One investor who'd like to remain anonymous told us, "How can I trust anything coming from these people after they squander over $21 million of our (collectively as investors) money? For that I trust Mr.Gutierrez and his team to represent my best interests and make sure that I am protected in any further negotiations."
In late 2011 the recently foreclosed property became the focus of attention when investors of the project began to receive bizarre emails and web postings from former CEO of Pegasus Star Limited (holding company for Hacienda Matapalo) David Matluck.
“We are happy to have closed a financing exchange with UTA and other personal investors,” said Hacienda Matapalo CEO David Matluck. “We appreciate the confidence Udi Toledano and his associates have shown in our business. We have a professional and well qualified crew working full time on the framework and we are delighted with the progress they have made in such a relatively short period of time.”
In hindsight this was a very vague statement by Mr.Matluck given it is now clear that this "financing exchange" was more of a transfer of assets based on the fact that UTA were about to foreclose and ultimately repossess the property where Hacienda Matapalo was to be built.
This statement and many others would climatically reveal a grand scheme of smoke and mirrors statements and missed deadlines by the former directors of Hacienda Matapalo to disheartened investors.
CBS Miami would then bust the lid off the Hacienda Matapalo fiasco with their exposé on July 23, 2012 aptly named Costa Rica: Paradise Lost. Fore more details on this story visit: http://miami.cbslocal.com/
It was during this TV spot that it would finally be revealed just how far down the rabbit hole this went when investors - one by one - came to the surface expressing their experiences with investment in the now bankrupt project.
New Jersey physician Joseph Cervone who'd invested more than $200,000 with Matluck, had this to say...
“Is this mismanagement or is there something fraudulent going on?” he asked.
While a handful of investors have moved ahead with organizing themselves with the assistance of AG Abogados and Gonzalo Gutierrez, there are many more out there that remain in the dark as to what their legal options are.
With recent events unfolding with regards to investor rights and newly issued contracts, it is highly advisable to seek the professional opinion of an attorney familiar with the case.
Phone: +506 2257-0006 (Costa Rica)
Fax: +506 2258-1535
USA/Canada: (305) 671-3768