ParkFirst Early Redemption - Thread for any reports of successful redemptions

Malthusian

Katiewhy2 wrote: »

They told me Park First.
Park First deny this.

MRDA

JohnRim

Why 51% of the Leaseholds? Could hold all the parking space leaseholds, Park First would still own the land??

Malthusian

JohnRim wrote: »

Why 51% of the Leaseholds?

Because scammers like to talk nonsense.

The historical reason is that this is a variant on a scam where you ring up people who own shares in a company that has long collapsed, and claim that some dude from China wants to buy 51% of the company. This creates FOMO because the story is that if you don't hand over your hundreds or thousands of pounds of "legal fees" or "escrow", someone else will sell him their shares instead and you'll lose out.

The fact that if the dude from China acquired 51% of shares, he would likely be obliged to buy your shares as well, and if he didn't your shares would still have the same value per share as his, is of course not dwelt on. And in relation to a scheme like this, where the worthless asset is not a share but a lease, it makes even less sense. But it's not supposed to.

Reed_Richards

Malthusian wrote: »

And in relation to a scheme like this, where the worthless asset is not a share but a lease, it makes even less sense. But it's not supposed to.

I understand your point but it is supposed to make sense. If you really could pay some money but then get a lot more back that would be a sensible cause of action. What doesn't make sense are the underlying premises that somebody wants to pay a lot of money for a worthless asset and that this requires you to pay some more money up-front. But you're not supposed to think about that if the scam is to work.

Malthusian

Reed_Richards wrote: »

If you really could pay some money but then get a lot more back that would be a sensible cause of action.

Except that never happens. There is no scenario in which you hand over £5,000 and then someone hands over £50,000 in return guaranteed. If they wanted to do that they would just hand you £45,000 and not waste everyone's time. If you own an asset and someone wants to buy it off you, it is them that has to put money in a bank account, not you.

A fraud recovery fraud can be instantly dismissed without deconstructing the story, although it never hurts to ladle on the reasons why it is obvious BS to shake potential victims out of their "but what if" confirmation bias mentality. The danger is that if you disbelieve a recovery fraud on the grounds that "there is no reason why anyone would want 51% of leaseholds" instead of "nobody is going to pay me £50,000 for my worthless investment", someone with a more plausible story might come along and scam you.

Both parts in italics are true but the second part is the fundamental reason it's a scam. The first is just window-dressing.

atkin12

There are solicitors who want to take them to the high court to put them into liquidation . The case against Store First some of the properties were liquidated and those in profit are allowed to continue . I have a space at Mac Dowall street in Glasgow . I called them and was told it was closed due to the spaces not being filled . They stated previously that it was closed for upgrade .I did receive the 2% dividend recently to keep me quiet .

Letitah

sadly I opted for the lifetime lease( the biggest mistake of my life). I own a space at Glasgow airport.

Never got any dividend as each time I call I am being told that the space is not generating any profit.

Honestly guys, if there are many people out there in my situation, what do you think the future holds for our investments? Following on what's happened with wind up of Store first, is this going to be the future of Park First? I am so anxious

Katiewhy2

Someone I have been in touch with got their dividends from Park First through the small claims court- She said it was really easy to do-

there is a Facebook page been set up called 'Investors in Park First' Its a private group - Why don't you join that?
There's a link on the other thread on this forum titled Parking spaces- is it a scam- or something like that!
I'm hopeful- although I have signed the early buy back option- and there are a couple of group actions going on.

Malthusian

Katiewhy2 wrote: »

Someone I have been in touch with got their dividends from Park First through the small claims court- She said it was really easy to do-

Their 2% dividend? Did it even cover the small claims court fee?

If there's no profit then paying dividends is illegal, but I doubt that concerns Park First much if it gets an investor to shut up for a year or so.

If someone manages to get 2% plus their small claims fee back from the company then I suppose that's better than nothing, but I question whether it's worth their mental energy.

Katiewhy2

There's quite a bit of momentum being generated in various group actions.
As you all know, I signed the early buy back option and my long stop date is August- so I don't have long to wait to know 100% what is happening - If they don't fulfil the contract that has been signed by their solicitors and my solicitor etc etc then I will join one of these group actions.