ED Magedson – Founder
SUNSET POINT BOCASInternet United States of America
If you invest in Sunset Point, Bocas del Toro, will you lose your money?
No one can be sure but it certainly looks that way right now.
Heres my experience:
In 2008 I reserved a plot (# 53) in the development Sunset Point, Bocas del Toro, Panama. At the time of reservation promises were made about the development that subsequently turned out not to be true.
Therefore I decided not to proceed with the purchase in Sunset Point Bocas and requested my deposit be returned. In December 2008 I reached agreement with Sunset Point that due to some cash-flow issues they were having they could return half of the deposit then and the other half 12 months later, (I didnt even ask for any interest on the money that Sunset Point would have use of for the next year).
Well 12 months went by and the date for the repayment of the second half of my deposit was due. [continued below]....
As we also discussed Sunset Point is going through financial difficulty at a substantial level. It is my hope to have your remaining payment sent within 30 days. If any issue arises which may delay payment I will personally contact you to explain.
Guess what? Thirty days went by, no payment sent by Sunset Point and no contact to explain why either.
After several attempts at contacting John McKeon, and the threat of legal action, he did finally respond by email. This is what he wrote:
As you are well aware, due to our conversation 32 days ago, Sunset Point is near insolvency. We are rapidly scaling down basic operations until we are able to raise working capital. allow Sunset Point to regain it's footing and address it's long list of debtors in which you are one.
That was the last contact until now. So who knows if Ill ever see my money returned as promised, but here are some things that I do know for certain:
1.) John McKeon, President and Chief Executive Officer Sunset Point Incorporated is a liar. He does not keep his word and his word is not to be trusted.
2.) Sunset Point Bocas is in deep financial trouble. If youve already invested, or are thinking of investing then be prepared to lose all your money if the company goes bankrupt.
3.) Sunset Point owes money to a long list of people. Think very hard before you give them any money or perhaps you will soon find yourself at the end of that long list.
4.) Sunset Point is not repaying those it owes money to. John McKeon told me that due to the relatively small size of what they owed me, ($6,000), then I would be the first to be repaid. So if Im first and I havent been repaid, then it stands to reason neither has anybody else.
Is John McKeon falsely pretending to be President and Chief Executive Officer of Sunset Point Inc? This is the title he uses in his emails yet suspiciously his name doesnt appear anywhere on the official Panama Company Register - www.registro-publico.gob.pa Instead John Ross Hagen, who appears in many photos on the Sunset Point Bocas website and is clearly involved in this failing project, is the first listed Director.
Perhaps the reason that Sunset Point Bocas is so close to insolvency is due to the dishonesty of directors like John McKeon?
So there you have it, in a nutshell; Sunset Point Incorporated is near insolvency, theyre not repaying those they owe money to, and the President and Chief Executive of the company is a liar. If issues like that dont worry you then why not invest at Sunset Point Bocas
This report was posted on Ripoff Report on 01/14/2010 09:18 AM and is a permanent record located here: http://www.ripoffreport.com/r/SUNSET-POINT-BOCAS/internet/SUNSET-POINT-BOCAS-Sunset-Point-Incorporated-Sunset-point-Inc-John-McKeon-Sunset-Point-554373. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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