TTAS Review of the Year (January – March)
By admin | December 31st, 2011 | Category: Past Articles | 13 comments
As the year draws to a close, we thought it would be an ideal opportunity to take a look back on some of the events that TTAS reported on in 2011.
It was a very up and down year for everyone, with stock markets crashing, the Euro zone almost going ** POP **, but for Peverel / OM it would be a year that they’d probably like to forget about, as they went into administration, primary investor Vincent Tchenguiz would be arrested and have to forfeit hundreds of millions of pounds worth of companies.
There’s lots to look back on and that’s why we’ve chosen to break our Review of the Year down into four parts that we’ll be publishing over the coming days.
So, let’s get started looking back on 2011….
January
Insiders come forward
Our first Peverel “insider” contacted us with concerns of how the company was being ran and were disgusted by the lack of compassion shown towards leaseholders.
They told us that 30-50% of developments were likely to have been incorrectly charged for their service charges due to poor accounting practices, and/or due to management decisions being made to intentionally divert or lower “void unit” charges that should be charged to Developers.
This was soon to be the beginning of more “insiders” having the courage to contact us and tell all.
Rebranding by Peverel
In an attempt to suppress Peverel’s ever growing poor reputation, they went upon a rebranding exercise and consolidated Solitaire Property Management, Peverel OM and other trading aliases into one… namely OM Property Management.
They wrote to residents and advised us of a change of management company, with many people being under the impression that the agent had changed – without realising that it was still the same company.
TTAS anticipated that this name change was possibly to suppress the popularity of the TTAS community, but unfortunately for them – our own reputation was growing stronger by the day and a name change didn’t really do much to stop TTAS.
Peverel / OM in the News
The Sunday Independent ran an article that highlighted an increasing number of residents who were starting to challenge their managing agents.
They highlighted how flat-owners up and down the country had had enough of paying excessive service charges and were setting up their own management companies, thanks to right to manage actions, etc.
It was reported that seven out of ten leaseholders are unaware of their legal rights and that this ignorance was costing residents dearly.
As the year went on, TTAS also started to hear about developments that were “escaping” Peverel related companies and we anticipate that in 2012 – this number will increase further.
TTAS Admin Revealed?
On a light hearted note, OM Property Management thought they’d identified TTAS’ “Admin” as being TTAS contributor “Michael Epstein”.
It was very strange how “Michael Epstein’s” complaints were always ignored (like Admins) and that neither Michael or Admin were ever seen online at the same time?
Unfortunately for OM Property Management, they were well wide of the mark on that one and even to this day – they haven’t a clue who we are, although our sources tell us they “think” they know, but can’t be certain… maybe in 2012 we’ll give OM / Peverel a little gift a reveal who we are?
February
Appreciation of TTAS
As TTAS grew in popularity, many residents were starting to contact us to ask for their stories to be published.
It had been proven that when TTAS published a case study on developments being mis-managed by Peverel/OM Property Management, that miraculously Peverel would at least appear to do something about the complaints.
Primarily to prevent further negativity being published online, at a time when the new “OM Property Management” had been launched.
We also received lots of positive “thank you’s” from residents that were discovering TTAS for the first time and realising that they weren’t alone in their plight.
These type of messages continue to arrive in our inbox on a daily basis and it’s pleasing to know that our endeavours are helping others and that our hard work is appreciated.
However, for TTAS to be a success – we need YOU and our thanks go out to the many thousands that read and contribute to TTAS each year.
Guardian Report on Peverel
A few weeks after the Sunday Independent report on residents fighting back, The Guardian newspaper then also ran a report on the issues Peverel were soon to be faced with, with tenants rebelling against the services provided by Peverel.
Once again, excessive fees and poor service were mentioned and numerous members of the TTAS community were featured in the article.
In the event that you missed this report, click here to read it
Tchenguiz in the News
In hindsight, February was a time when things started to really change for Peverel and their primary investor “Vincent Tchenguiz” and would be the foundations of what would soon take place in later months.
The Guardian newspaper once again were reporting on Peverel related news and this time it focused on how a complex offshore corporate structure created by Vincent Tchenguiz – was forced to forfeit over £200million of offshore companies, had been surrendered to lending banks.
The offices of Vincent Tchenguiz were also later in the year to be raided by the Serious Fraud Office and Mr Tchenguiz held in custody in light of their involvement with the insolvent Icelandic bank Kaupthing – whom had loans to Tchenguiz companies.
If you can’t remember this story, click here for details
The Daily Mail were also to run a story on Vincent Tchenguiz a few days later, suggesting that the “Party was over” for him.
Once again, click here for the report
Underhand tactics by Peverel
Peverel / OM Property Management would go to any lengths to discover what TTAS were up to and this was demonstrated by the fact that they’d sneakily obtained a copy of our “Media Pack” that informs sponsors of TTAS of our sponsorship opportunies.
They’d managed to get a third party to request a copy of the pack, which was later to fall into their hands. We knew this was the case, because each of our media packs is unique and includes a specific piece of information so that we can trace whether the media pack falls into the wrong hands.
This was proved to be the case in February, when we also discovered that Peverel had registered the web domain “thetruthaboutom” and “thetruthaboutomproperty”.
Which ever way you look at it, this action demonstrates that Peverel were starting to worry more about the impact of TTAS, which worked only to encourage us to continue our fight.
March
March 2011 would go on to be the busiest month ever on TTAS with the site attracting over 40,000 unique hits alone, in addition to the most reports we’d ever written being published.
Peverel in Administration
Peverel’s primary investor Vincent Tchenguiz was arrested as part of the investigation into the collapse of Icelandic bank Kaupthing and Peverel were soon to issue a statement saying that this arrest would have no impact on the day to day running of Peverel.
However, five days after the realise of this statement – we were contacted to Zolfo Cooper to advise that they had been appointed as Administrator for Peverel Group Limited, Peverel Limited, Aztec Opco developments Ltd and Aztech Acquisitions Limited.
The statement can be read here
We were then told that the companies in administration were merely “holding companies” and that residents had nothing to worry about and that it was “Business as Usual”.
However, even to this day – we haven’t been reassured by the fact that Peverel Limited went into Administration, yet all invoices state that OM Property Management is part of Peverel Group and that cheques should be made out to Peverel Limited.
How could we not be affected by this? Almost a year on, there are rumours of Peverel being bought – but there are concerns as to the negativity of social media sites, in addition to figures not quite adding up.
More underhand tactics by Peverel/OM
Peverel were up to no good once again and this time they were producing information for residents, in the knowledge that it would be supplied to TTAS and therefore they were tweaking it so that they looked a lot better than they were.
TTAS v Peverel/OM was a game that would continue throughout 2011. Unfortunately for them, we had an answer to every obstacle and tactic they threw at us.
More Residents Get in Touch
The publicity of Peverel going into Administration did wonders for TTAS, as it resulted in residents turning to the Internet to find out what was going on – which lead them to TTAS.
This resulted in many new developments asking for our help and TTAS ran reports on
Concerns towards the safety of our funds
When a company enters Administration, there is always an immediate concern as to the safety of products we’ve possibly ordered or have bought.
However, when a Property Management Company enters Administration – the initial concerns were How Safe Are Our Funds?.
With thousands of residents service charges allegedly paid into trust accounts that can only be used by that development. Rumours started to spread amongst the TTAS community as to whether this was true.
Despite many statements from Peverel telling us that this was the case, many residents (including ourselves) have doubts in regards to this and deep down, we are of the opinion that Peverel/OM are using our funds to ensure they continue to trade.
This would be denied by Peverel / OM and as mentioned this is our view and we do not at any point suggest that this is the case, however it is a view that is shared by others.
Conclusion
We hope you enjoyed looking back on the events from January to March 2011 and that concludes our Part One of our Review of the Year.
Tomorrow we’ll be looking back on April to June highlights.
Admin @ TTAS,
Not sure if you beat Sydney Australia with your reflections back over 2011, but well done none the less!
I wonder how many leaseholders owning properties in the UK are actually out in Sydney or Australia just now?
Fooled me Admin,
Even I was starting to think I was Admin!
I take your word that I am not! Still, it must mean that I am a total pain to Peverel, hopefully, a very expensive total pain, hopefully a total pain that will not let go until Peverel is finished, hopefully the total pain, that will never forget the suffering of Peverel’s greed, and hopefully the total pain, that underneath my sometimes sarcastic posts, I have a firm and unshakeable determination that the likes of Peverel can never operate again, that leaseholders are treated fairly, and above all, the elderly and the frail who for lack of strength cannot fight the Peverel bullies, will never again be robbed of their savings and their right to a happy, stress free retirement.
However in the spirit of new year, and Peverel knowing how I like to leave clues and also knowing Peverel would like to identify Admin, I will now give the initials of who you are looking for.
1st initial A, 2nd initial D 3rd initial M 4th initial I 5th initial N. Good luck Peverel!
Admin,
I wish you and all on this site a wonderful new year, and my thanks for all that you and they have done.
I have just found out that 2012 is going to be even tougher for Peverel than even I thought.
2012 is a leap year! So we have an extra day to expose and put a stop to their scams!
Admin,
I am glad you think Hindsight is a wonderful thing.
I have lost count of the number of times travelling down to Portsmouth on the A3, I got caught in huge traffic jams going through Hindsight! I know they now have a tunnel, but that is such a bore!
I do apologise to all on this site. I do not normally leave it so long into a new year before resuming my attack on Peverel.
It is my “Gut Feeling” that in 2012, the most significant month will be June.This is when I have reason to believe the remains of Peverel will collapse.
Yes it is an option that crooked vultures maybe circling, to buy up parts of Peverel, which is something we need to be aware of. However, before they do, I would caution them.
The greatest problem residents have had is in fighting Peverel is because of their size.
Any genuine complaints or any wish to leave them via RTM, or challenge them in a LVT was met with huge resistance and large legal teams.
A smaller company, simply will not have those resources, so any residents will find it much easier to rid themselves of any new company.
Another massive problem that any company buying parts of Peverel is sorting out their mess.
If we remember Peverel blamed all their problems on the chaos they inherited from the Solitaire takeover.
Now imagine the absolute disaster trying to amalgamate all the invoices, all the contracts, all the service charge trust accounts, what money is in which account etc?
Especially if a new company realises money has been allocated to another part of Peverel, which they did not buy, but has been bought by a shark. how do they get it back?
What happens to our “Trust accounts?” If they are as safe as we have been told, though without any proof,
how can they be transferred? Those funds belong to us do they not?
For any company buying parts of Peverel in the hope of making a “killing” how long do you think it will be before a your name appears on this site and you are subjected to the TTAS treatment?
How long do you think it will take for your existing estates, who may be unaware they are being ripped off, to find out what is happening, and cause you problems?
It would be my view, that no genuine company would touch any part of Peverel. Any company that went ahead with buying any part of Peverel, would be subject to multi RTM’s. So you would be paying for a diminishing asset.
To me the most sensible course, would be to offer the leaseholders the freeholds, let them appoint property managers of their choice and let Peverel sink below the waves.
They cannot pay their short term debts, they certainly will not be able to pay the loans due in 2017.
If anyone wants any money back at all in this sorry mess, time is running out FAST!
Your comment gave us all renewed hope of finally seeing the back of Peverel during the coming year.
And I was further heartened yesterday when I read an article in the Daily Express listing the Nationwide’s house prices in the UK. It reported that properties in a certain town on the south coast (well known to me!) have increased at a higher rate than even in London!! Phew – hard to believe – but that’s what it said!
So hopefully with Peverel gone too the value of these homes could rise significantly again… No transfer fees either? Keeping my fingers crossed.
Michael [ ! aka admin ]
Love the punch bowl … its through there in the old days that smugglers took their merchandise to frensham … the boss man lived in pierre pont house. name was a give away !
however, there are a number of skeletons in the peverel cupboard which still need to be investigated
FIRST is the mess which holiday retirement inc left behind when vt bought the shambles. this is where the peverel managers started using residents funds to buy leases etc etc. an analysis of peverel group companies accounts then – i had a free trial of “risk disc” for a week end once .. a busy one. basically the loans between the two streams of companies [property management [lending] and property owning [borrowing]] balanced. admin do you want that spreadsheet ?
SECOND is the evidence for this. all you have to do is plot the “other debtors” amounts against time. admin i sent you the graphs. one thing was clear: when we [me, don h. et al] assaulted barclays [the then peverel bankers] the year before peverel [holiday retirement] went bust as they tried to pull down these borrowings.
THIRD is to unscramble the current mess … it is my view that peverel may well have squirrelled away large sums of money INTO the accounts of “suitable” estates. again admin see the graphs i have sent you. it is of course why they REFUSE to supply copies of the bank statements.
LAST but not LEAST – is there any way in the world that we can find out just how many people are currently being sued ? my view is that there is almost ALWAYS at least one person on every estate in order to terrorise the rest into paying.
meanwhile may i wish ttas admin, and all of you who read and support ttas a prosperous and peverel free year … and may mole slaying become a national sport.
happy days
ps ! == .NOT. in software programming …
A Reviewer,
How are you paying your latest service charge? Direct debit?
We have no moles in our block and expect to assume management in Q2. We’re keen to ensure that we don’t find the piggy bank emptier than it should be.
Surely the moles that must be of interest in 2012 are those on the other side — double agents hah hah.
I am a bit skeptical about the existence of OM moles, certainly in the sense of any planted fifth column. I could see a few odd cranks cutting under the table deals for service charge discounts but anything more organized would cost money that OM doesn’t have to spare. Ensuring, where they can, that 25% of the space is commercially let would be more useful (to frustrate RTM claims).
Nevertheless, I would enjoy some mole anecdotes (countermeasures etc.). On my first visit to my wife’s parents house I was awoken in the morning by a shotgun blast and my sleeping girlfriend, as she then was, groaned “oh dear, Dad’s after the mole again.”
Cracker joke:
What would you call a mole without an OM?
A mole without an OL.
Ok, shoot me.
I was just musing regarding concerns raised here about parts of Pererel being sold off, and then the lessees finding that their service charge sinking fund had disappeared.
Now, if that ever does happen, I wonder if the lessees could go to the LVT, and get the sale of their particular block reversed, and transferred to themselves instead? (If the sinking fund amount is anywhere similar to the fraction of the sale price relevant to their block, haven’t they already paid for the freehold?)
The freehold is owned by a separate company and in the event of, just for the sake of argument , a giant Enron-style accounting fraud and hole in the books of your managing agent, the freeholder has no obligation toward you.
You’d have to go up the food chain, and get in line. Yes, the freeholds are valuable, but to whom?
My guess is that we might see freeholds of sites that have achieved RTM offered for sale first. In the meantime, it seems that the industry is missing a trick by not offering insurance on OM collapsing (or maybe it is and I haven’t come across it). It would certainly be interesting to see some bets on intrade.com on a few specific outcomes, such as the SFO successfully prosecuting Vincent Tchenguiz.
This is where it gets complicated Another Reviewer,
As far as I am aware, freeholds have to be offered in the first instance to leaseholders, unless it is the freeholding company that is being sold, which means it is the company that has been bought, the freeholds are still with the original company. There also is a proviso that a transfer to a “connected company” that means that company must have been connected for two years.
So if Peverel Group was sold as a whole entity, which is what the Administrator wanted, but failed, the freehold situation would remain as is. If, however, Peverel Group is sold a piece at a time, then, it could be argued that Peverel Group has ceased to exist. Since the whole company has not been sold, that in my opinion would give leaseholders the right of first refusal.
I agree with you Another Reviewer, the first sales would be those developments that have rid themselves of OM. It is reasonable to speculate(just to cover me for the next bit)
The real value to Peverel in owning the freeholds, was not as it should have been the value of the freeholds, but the fact they used the ownership of the freeholds to borrow against to actually buy the freeholds, and then appoint themselves to manage the developments and use that income to pay the loans taken out to buy the freeholds.
Clearly, having their own company managing a development adds asset value to the Peverel Group.
That noted, not only have property values fallen in general, Peverel properties in particular, but each estate that Peverel loses to RTM, diminishes the value of the freehold to Peverel.
I believe it is the RICS code 3.22 that requires those holding client money to ” Take out and maintain sufficient indemnity insurance cover or equivalent and fidelity insurance cover to protect client money”
Of course I have posed the question to Peverel if they have done this. As per usual I await the answer.
With regard to finding a company to insure against the collapse of OM, what are you waiting for Kingsborough?
Thanks. I didn’t know about the two year connection requirement and wonder if it was met in our case when the freehold was transferred without an offer to leaseholders. We were not organized then, not in touch with every single one, so probably we’d have failed to take advantage. Soon we will have RTM and can consider RTB at our leisure.
Meanwhile, the term we need to get into the media is “Leaseholder Spring.” The effect of social media were surely never part of the Tchenguiz Empire’s calculations. I wonder how many RTM claims are going to be filed PER WEEK in 2012?
Another Reviewer and Michael
The spreadsheet i sent to admin tends rather strongly to suggest that under the holiday retirement inc regime it was residents funds – leasehold or not – that were used to purchase the leases.
this was determined by looking at the accounts of ALL peverel group companies and seeing which ones weres lending money [assets on the balance sheet] and which were borrowing money [liabilities on the balance sheet]. the surprise [not unexpected] was that these matched.
then we looked at the op cos and found that there were liabilities to the residents funds … so op cos were borrowing money from residents funds.
anyway holiday retirement inc went down – and barclays took their substantial north american property port folio.
all vt did as far as i can see was just expand the scam by acquiring om, solitaire and several others.
however he did actually raise money on he basis of the roll on exit fees – it is in the prospectus. and this is all repayable in 2014 – may be a new sport for the commonwealth games … who can hurl a banker furthest. book your space in court NOW for a good view.
seems to me that it all got totally out of hand. and bagley for example moved on and appears to have bought into care homes … using what for cash ???? so may be actually vt will be getting let off the hook.
question i ask is was vt beneficiary of the affinity agreements with scottish power or was this a senior staff ” pension system ” ????. because at the time vt took over scottish power were dumped very fast in favour of another supplier.
happy days
ps to kill a mole, just report it to the polis for bullying … mind you get something in writing by someone else first…
Bullying? Heaven forfend! I took a mole to be an undisclosed ally and clandestine conveyor of intelligence. My own approach if we had an infestation would be misinformation.
I’m not aware if our fund is owed money. I wonder if what’s been raided is pooled reserve funds?