therealstory2012

** This letter has been translated from Spanish to English, as it has originally been signed both by the administrator of Terra Sana Alejando Zugasti, and a public notary to  validate the document. 

Dear Sirs

The reason for this letter is none other than to clarify an unfortunate misunderstanding, which has taken place a few weeks ago, regarding statements made referring to Mr. Ned Latif, to which the management of Terra Sana would like to immediately refute.

Having made enquiries into the matter and following conversations with those responsible for “Stradane, S.L”, and Mr. Ned Latif, we wish to make clear that our franchiser in Marbella (Stradane, S.L.) has not sold the Terra Sana restaurants of Nueva Andalucia, Milla de Oro, and Marina Banus to Mr. Ned Latif. Instead, they were transferred over to mercantile “Market Soul Food, S.L.” under a resolutory condition in a precipitated negotiation, due to the economic situation both establishments found themselves in.

Furthermore, we can confirm the fact that the running costs for the months of September and October 2010 were never left unsettled by “Market Soul Food, S.L.”. A great effort was made on their part, since August 31^st 2010, to clear any outstanding debt agreed upon following the turning over of the three restaurants, as well as in rearranging and restructuring previous debt that was already in arrears, and was undoubtedly undermining the operation of these businesses.

Prior to the expiry of the arranged date of 15^th of November 2010, cited in the purchase agreement, and facing difficulties in formally amending the contractual obligations set out by Stradane, S.L., a re-evaluation over the cited contract took place. Following negotiations proceeding this review period, in which a postponement of the contract resolution was sought, it was not possible to come to a consensus on new terms due to considerable differences between both parties.

Finally, we would like to announce that an agreement has been reached between the vested parties. It leaves the cited contract settled and the control of the three restaurants handed over on to the insolvency administrator of “Stradane, S.L.”, a solution that has been proposed for several months and on a number of occasions by Mr. Ned Latif.

Having cleared up any possible controversy or misinformation that has been circulating, we would like to offer our sincere apologies to Mr. Latif if at any moment his image could have been tarnished by this tortuous and complex process for all those involved.

In Marbella, 4^th of April 2011

Attentively

Terra Sana Management