• Report: #554373

Complaint Review: SUNSET POINT BOCAS

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  • Submitted: Thu, January 14, 2010
  • Updated: Thu, December 09, 2010

  • Reported By: Sunset Point Bocas Investor — Axminster Other United Kingdom
SUNSET POINT BOCAS
Internet United States of America

SUNSET POINT BOCAS Sunset Point Incorporated, Sunset point Inc, John McKeon, Sunset Point Panama, sunsetpointbocas.com sunsetpointbocas.com Sunset Point Bocas Del Toro, John Ross Hagen Invest in Sunset Point Bocas - then say goodbye to your money? Internet

*Consumer Comment: bad investment due to mang.

*General Comment: The reason why the Sunset Point has not been updated since around May 2009? Mathew Whant.

*Author of original report: DISPUTE NOW RESOLVED

*Author of original report: Still awaiting a response from Sunset Point or John McKeon

*General Comment: Escrow account

*Author of original report: Interesting response... But poorly thought out.

*General Comment: There is much more to the story.

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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]....

..... I contacted Sunset Point and spoke to John McKeon, who called himself the President and Chief Executive Officer of Sunset Point Incorporated. He was full of apologies and platitudes but said that the company was going through another severe, but temporary, cash-flow crisis. He gave me his word, (worthless as it turns out), that if I could give him another 30 days I would definitely be paid in that time. I asked him to put it in writing and this is what he wrote:


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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REBUTTALS & REPLIES:
3Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

bad investment due to mang.

AUTHOR: shareholder - (United States of America)

 I would STAY AWAY from anything to do with Ross Hagen, Phil Hagen, Walter Michael Stephenson with ANY investments.  They have cooked the books, lied to shareholders, moved money around from company to company with out repaying it back.  Forged signatures, hide assets with shell companies, got loans to cover up them using other companies assets, but they got caught, we have to Docs to prove all of it.
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#2 General Comment

The reason why the Sunset Point has not been updated since around May 2009? Mathew Whant.

AUTHOR: Richard - (United Kingdom)

The reason the Sunset Point website has not been updated is that the former CEO, Mathew Whant (picture attached), has ownership of the domain name (in his own name) - and took control of the Sunset Point website from the independently-contracted webmaster (without asking for permission) and then changed the passwords, thus allowing no one access to the website other than through himself. As a direct result of this there have been no updates to the website whatsoever since around May 2009, nor are there likely to be until Mathew Whant gives the domains back (or is forced through the courts to do so) to the Sunset Point company and the new CEO, John Mckeon.

Mathew Whant is currently living in Paso Ancho, near Volcan, but the domains are currently registered under his name in the UK:

Here are the domain name details:

Registrant:
Mathew Whant

8 Belsize Crescent
London, London NW3 5QU
United Kingdom

Registered through: GoDaddy.com, Inc. (http://www.godaddy.com)
Domain Name: SUNSETPOINTBOCAS.COM
Created on: 14-Feb-05
Expires on: 14-Feb-18
Last Updated on: 09-Oct-08

Administrative Contact:
Whant, Mathew mathew@whant.net
8 Belsize Crescent
London, London NW3 5QU
United Kingdom
64034050

Technical Contact:
Whant, Mathew mathew@whant.net
8 Belsize Crescent
London, London NW3 5QU
United Kingdom

I too am owed many thousands of dollars by Sunset Point Bocas; it was my misfortune to trust Mathew Whant. I can confirm that Sunset Point Bocas is in serious financial trouble; this is something that I have been made aware of by both Mathew Whant (last year) and John McKeon.

I am in the process of  preparing a detailed account of my unfortunate experiences regarding Mathew Whant and Sunset Point over 2008 and 2009 - and my hopes surrounding the new CEO (John McKeon) for pulling the company back from the brink and putting it back on its feet: It will not be easy, it is possible.

I second the call for the creditors to be kept (much) more informed (John, this means you). What is desperately needed now is clarity, honesty and respect towards creditors (and future investors/customers). I would therefore hope to see detailed weekly updates going out to all creditors, not simply as a matter of respect, but as good business practice.

I hope to put my account and analysis up on this site shortly.


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#3 Author of original report

DISPUTE NOW RESOLVED

AUTHOR: Sunset Point Bocas Investor - (United Kingdom)

"I am the original author of this report.

Any dispute I may have had with any individual or company named in this report is now settled.
 
Any statements made by me in this report may not be truthful or factually correct and are hereby withdrawn."

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#4 Author of original report

Still awaiting a response from Sunset Point or John McKeon

AUTHOR: Sunset Point Bocas Investor - (United Kingdom)

Im pleased to hear that you wont be wasting any more of my time on this issue.

 

If you think that Ive instigated this action for the benefit of Mat Whant then youre very much mistaken. I neither know nor care what internal disagreements there are within the board of directors at Sunset Point. My ONLY interest is the recovery of the money owed to me by Sunset Point. I made this abundantly clear to John McKeon in my emails and telephone conversation. I dont have a hidden agenda, I just dont like being lied to and absolutely will not sit idly by whilst someone attempts to steal from me.

 

Perhaps things are different in the USA but as an Englishman I regard my word as my bond. If I make a commitment or a promise to do something then I will do it. Without honesty, trust and honour all business becomes impossible. When I spoke to John McKeon he gave me his word that I would be repaid within 30 days. In my opinion his failure to keep his word lowers his status from that of a serious businessman to something more akin to a lying drug dealer.

 

Although its none of your business I will explain why my deposit was refundable when others werent. At the time of making the deposit I had concerns that the land occupied by Sunset Point might be classed as rural land. If this were to be the case then it would be almost impossible to obtain a mortgage on my plot. For this reason I agreed with Sunset Point that an additional clause be inserted in my reservation contract stipulating that any and all monies paid were to be fully refunded in the event of a mortgage being denied on the plot. When this agreement was made, Mat Whant, Ross Hagen and Phil Hagen were all in Bocas del Toro so I imagine all three were aware of this addition to the contract. This may seem a strange concern to have had but having developed several properties in southern Spain in the past I am acutely aware of the problems that can arise if there is any question mark over the status of a piece of land, whether that be to do with land classification, building permits or even ownership of the land.

 

As for paying the funds into an escrow account, Ive never heard of such a thing before. In Europe that would be a highly unusual move and the potential source of enormous dispute at a later date. I dont know of any European developer, myself included, who would accept such an arrangement.

 

As I said before my ONLY goal is the return of the money owed to me. I dont care who is in charge of the project, it wouldnt matter who it was, if they were refusing to repay my money I would be instigating an identical campaign to expose them. I will not stop until they do what they are morally and legally obliged to do.

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#5 General Comment

Escrow account

AUTHOR: Fir - (United States of America)

If your friend, the old director was such a good, honest business person then why wasn't your deposit protected legally by putting it into an escrow account?  Also, how is it that you are demanding the return of a non refundable deposit on a valuable lot that was taken off the market at a time that the market was still active?  Did you have some kind of special deal with your director who obviously was not fulfilling his fiduciary duty to the corporation (which is one of the reasons he was terminated)?  If you did, then why didn't your guy refund your money immediately?  I have seen the Sunset Point bank registries for Dec. 08, Mat Whant found plenty of money to pay himself a hefty salary.   

Our deposits on our two lots were placed in escrow accounts, of course that was before Mat started working for Sunset Point.  Seems very disingenuous for you to now have a campaign of slander against the current board and CEO who are trying to clean up the mess left by Mat.  No doubt, he has put you to it.  Are you a shill or another person manipulated for Mat Whant's personal gain?  I won't be wasting more of my time on this issue with you. 

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#6 Author of original report

Interesting response... But poorly thought out.

AUTHOR: Sunset Point Bocas Investor - (United Kingdom)

Thats an interesting response which raises as many questions as it answers.

If, as you say, there is much more to the story then lets hear it. The people who are owed money by Sunset Point Panama have a right to know exactly what is going on. Perhaps John McKeon would like to post a full explanation that might go some way towards explaining his current shameful behaviour.

If there has been a complete change to the board of directors and the CEO why is this not shown in the Official Panama Company Registry? Failure to notify such changes not only constitutes a criminal offence under Panamanian law but also gives the impression that the current administration has something to hide.

On the subject of hiding; why is it that the new CEO John McKeon doesnt appear anywhere on the company website? The internet allows instantaneous updates so the very least I would expect is to see his picture and profile on the About Us page of the company website along with the rest of the team? Again it makes me wonder if Mr. McKeon perhaps has something to hide?

My experience with the old board of directors was that they kept me informed, kept their promises, and repaid what they had agreed. Depressingly my experience with the new administration is that theyve LIED TO ME, BROKEN THEIR PROMISES, FAILED TO CONTACT ME WITH AN EXPLANATION and NOT REPAID A CENT I know which team Id rather deal with!!!

If you feel that John McKeon, (the alleged CEO of the company), has brought realism and professionalism back to the project and has issues much bigger than keeping his word, doing what he is legally and contractually obliged to do, and repaying the investors he owes money to then I can only conclude that you have a very poor grasp of what is required for a business to survive, let alone thrive.

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#7 General Comment

There is much more to the story.

AUTHOR: Fir - (United States of America)

I have been involved with Sunset Point and know the developers for several years as a lot purchaser.  Yes, there has been some big problems with mismanagement and the global economic recession has impacted Sunset Point, like a lot of real estate developements, in a big way.  I am very sorry about your experience.  The past 4 months has seen a total change in the board of directors and the CEO.   Your information on John Ross Hagen being on the board is thus outdated.  The problems left behind are multiple and the person who made you those promises, if my guess is correct as to who that was, is a man who lacks integrity and worked to undermine the project for his own purposes.  Records are missing, for instance.  He has been terminated from the company but that was a difficult task. 

 John McKeon, has been instrumental in bringing realism and professionalism back to the project and I hate to hear anyone defame him.  He just started, with full legal authority, in mid Dec. as CEO (he was president of the board on an interim basis also).  Assessing the current status of the developement, financially, legally and physically, such as the infrastructure is currently being done.   Mr. McKeon and the new board of directors are working hard to do the right thing by you and everyone else involved.  They need more time.  I don't blame you for your warning.  I just want you to know that those who you should really curse and blame are not the ones who are currently in control.  They may be working on issues much bigger than your deposit right now, but they do intend to fix it.

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