Modernistic Properties complaints

Complaint Experience

N/A

BCA's Summary and Analysis:

Investors allege unfulfilled contracts. Investors complain they invested $5,000 in an offer to have a home built for the amount of $85,000. The complainants allege the houses were to be completed in 2007, however, they have not been completed, and they have been unable to obtain a refund of the $5,000 investment as agreed.

The company responds to complaints by advising the investors that the company 's principal is 86 years old and in failing health, and delays with the project are attributed to the ecomomy and his health issues. The company's responses do not directly refuse to refund the complainants, but rather, advise complainants that by complaining or initiating court proceedings against them they are ruining their chances of ever having their $5,000 investment returned. The company contends that such actions will "put us out of business and their return of funds would be nothing. I cannot let that happen. If worse comes to worse I shall file a legal action for protection under laws of Bankruptcy Chapter 11 and offer all of the present time unpaid depositors an exchange note for $5,000 all due in 36 months with an interest rate of 3% all due on maturity."

The complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate.

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