POLARIS WORLD - THINGS LOOKING BLEAK - ANNOUNCEMENT FRIDAY.

I have just received the following from Simply Networking which confirms earlier reports of asset stripping at Mar Menor. It is all looking a bit sad and we appear to be facing a very uncertain future. We can only hope that whoever has bought the various resorts have a better idea of running them than our dear friends at PW.

Polaris World - Anything saleable has been carted away.

2010-04-22
Well, it looks as though the unthinkable has happened.
Silence from Polaris world on the last day of bankruptcy protection.
The promised announcement didn't come, and no details have emerged from anywhere about what's happened.
Everything has been kept behind closed doors.
Several reports have come in today that the Community Centre and Town Centre on the Mar Menor Resort have been stripped of anything which can be moved, including desks, Gym equipment, catering equipment and even the potted plants, anything that may have even a residual value has been removed.
An unusually large number of suited people have been in evidence around the hotel on the resort, fuelling expectations that the golf courses which have hotels have been sold off as had previously been anticipated.
A meeting for residents is being held at 10am in the Irish Bar, by the company who have been running the gym and paddle courts,  although whether the premises is large enough to accommodate all those who will no doubt be wanting to attend is unlikely.

Residents Committee members have been told that a full statement will be made to the press tomorrow morning to disclose the details in full of what is actually happening.
It's being said that it's a fairly complex situation, hence the fact that nothing has leaked out about whatever the deal is and the Spanish press have been absolutely mute all day.
So at the moment, that's it. The press release will come out tomorrow morning and we'll have it online as quickly as we can.