mccarthy and stone scandal
mccarthy and stone scandal
Our ground rents are typically between around 400 to 500 per year depending on the property, number of bedrooms and location. The problem is that there has been no government support for our sector compared to the first-time buyer market. They sum up my feelings towards those Muslim fanatics who have caused carnage to the innocent in Nice, Berlin, London and Stockholm using their trucks and cars as killing machines. We do not write articles to promote products. 2016-03-18 149,995 Council tax has turned into a nightmare for Cross. 2011-09-27 289,950, 8, St. Richards Lodge number: 08999652) is a company limited by guarantee that is a registered Establishment Republican donors posed as a "Tea Party" group to help Kevin McCarthy boost his MAGA cred and climb to the top of the GOP. If you see a cunning effort do take a picture and send it to me. THE more ISIS foot soldiers I see spreading murder across Europe the more I think Marine Sergeant Alexander Blackman should have received the George Cross rather than jail for killing that wounded terrorist. How many potential McCarthy & Stone customers would buy into the McCarthy &Stone lifestyle experience if they used the name of one of their owners such as Goldman Sachs? So much for the early bird discount, he says. 2011-07-29 196,000, 16, St. Richards Lodge WebMcCarthyism, name given to the period of time in American history that saw U.S. Sen. Joseph McCarthy of Wisconsin produce a series of investigations and hearings during the 1950s in an effort to expose supposed communist Almost a year later, the 68-year-old is struggling to sell her mothers retirement flat, despite dropping the price by 25,000 to below a valuation made in 2013, and has been sent bills for service charges she says she cannot afford to pay until it is sold. There is a 1 per cent contingency fund contribution in our new developments when people sell. Why did he just give one host, on one cable network, this The following advertisements are from firms that seek business from leaseholders.Click on the logos for company profiles. Dating back to as early as January, there have been rumors of an affair between Avoiding disasters. We are manipulated on a daily basis, if I had my way, there would be no lodge manager, whose The valuation kept falling to 99,000, then 89,000, then 69,000, then 59,000. Whereas they could have enhanced their reputation, by not acting properly and fairly, their reputation has taken an almighty plunge. Rolling Stone: McCarthy Gave Tucker the Jan. 6 Tapes. Nothing at all, she said. 2014-01-23 178,950, 19, St. Richards Lodge McCarthy & Stone will continue to be the only point of contact for the day-to-day management of the apartment and manage the provision, and quality, of all the services to the apartment and communal facilities of the development. One problem is the very limited range of people allowed to buy. However, those changes impose inherent future risks to the company and their residents. It may be bad news for the management and shareholders but good news for ordinary families. Nov 17, 2022. WebCategory: McCarthy and Stone, News, Sir Peter Bottomley Tag: Campaign for Housing in Later Life, Dispatches, Esther Rantzen, John McCarthy, McCarthy and Stone, Peter Cumming, Sebastian OKelly, Sir Peter Bottomley, Tchenguiz You and Yours features Campaign against Residential Leasehold Exploitation and OFT inquiry into leasehold First, the rumor is now about McCarthy and a former member of Congress. However, at the end of last year the Government confirmed it is planning to ban leasehold on most new homes and outlaw developers from charging ground rents. Its been one huge money pit. McCarthy & Stone is proud to be one of the few retirement companies not to charge exit fees, having removed them in new schemes in 2009. Urging reform. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. More horror stories from customers of Britain's biggest retirement home developer. That said dangers lurk ahead. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Kelvin MacKenzie's suspicions about McCarthy & Stone property values were confirmed by Sun readers, 34,577 has been given to develop creative collaborations with Peru, Funeral for hero PC Keith Palmer is happening at Southwark Cathedral, Marine Sergeant Alexander Blackman has been convicted of murdering an insurgent during combat, His wife Claire Blackman has been ever-present fighting for her husband, Supporters of Marine Sergeant Alexander Blackman rejoiced after the conviction was quashed in March, Manor house in Weybridge, Surrey where John Lennon lived in 60s, John Lennon wrote two Beatle's tracks whileliving at the property, House has been on the market for five years and never sold, In 2012 the property was on the market for 13.75million, It has now significantly dropped in value despite the illustrious previous owner, I urge readers to attend the funeral of Westminster attack hero PC Keith Palmer, Independent Press Standards Organisation (IPSO). Contrast this to: Vaccine-induced immunity is acquired through the introduction of a killed or weakened form of the disease organism through vaccination.. The government said this month that it was banning the use of ground rent charges on most housing sales, which retirement housebuilders such as McCarthy & Stone rely on to recoup the high management charges of running schemes with a lot of communal space. Letters from FirstPorts solicitors said it would go to court if the service charges were not paid, and suggested that Smith turn to the equity release lender or sell the property at an auction. Rosemary also deplored the flats loss in value. It also had a 10-year warranty from the NHBC. All the research that we have carried out shows that our customers would prefer to pay an annual ground rent at a relatively small level compared to the cost we would have to put onto an apartment. To pay for the home Mr Alderton had to sell the flat. Nine out of 10 of our customers say moving to one of our properties improves their quality of life.. When Cross does find a buyer, there is a final sting in the tail he will have to give the freeholder a 2% share of the proceeds. ( Ben Sellers, Headline USA) A viral tweet from John Cardillo, a former NYPD officer turned conservative radio host and social-media influencer called for an investigation into whether Sen. John Fetterman, D-Pa., may be clinically brain dead as Democrats engage in a cover-up to avoid a special election before August. We do not charge aggressively escalating ground rents that have been the cause of recent media concern (some of which double every few years). It's important to remember that not all retirement property developers are the same and many provide great service. FirstPort is making no allowances for the current economic climate, the world pandemic, people being furloughed from work and, as in so many cases such as myself, redundancy may loom. Even if he let it out, he says he has been advised the rent would be about 600 a month at most, leaving him with an ongoing loss every month. Our ground rents are fair, says McCarthy and Stone (even though they go up to 600 and are for no service whatsoever). By 2004, as a listed McCarthy & Stone has recently reviewed the requirement to pay the 1% fee upon the rental of a property as well as our policy of waiving the 1% fee and replacing it with a months rent. Didnt stop Firstport flogging off the leaseholds of McCarthy & Stone development house managers flats did it? The 15,000 . 2015-03-27 159,995 Peverel is more widely disliked, and it is excellent that the issues surrounding Strand Court, in Rye, were given a wider airing. Love Island fans' horror as axed Olivia handed power to destroy TWO other stars, Frogmore eviction shows King's drawn a line with Harry, Strictly star bags life-changing EastEnders role as part of new family, Baby's body found after huge search as cops quiz Constance Marten & lover, News Group Newspapers Limited in England No. If you make us bear this cost we will build less retirement housing?, Mr Fenton replied: It is honestly not blackmail. Trending: The Chain Reaction Has Begun Humanity Is Winning! 2011-11-30 189,950, Category: Ground rent scandal, HomeSlider, Latest News, McCarthy and Stone, News, PressTag: BBC R4 MoneyBox, Churchill Retirement Living, McCarthy and Stone. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. So, we sell that to an institutional investor.. To see all content on The Sun, please use the Site Map. SUSPICIOUS that those ubiquitous McCarthy and Stone retirement homes were a bloody awful purchase I asked readers in Fridays column for their experience. Smiths mother was one of the first residents of the Blythe Court retirement development in Solihull and had lived in her one-bedroom flat for 33 years. Kings Place Leasehold Knowledge Partnership We only have to look back in history to see what happened the last time McCarthy & Stone slid into financial pressure when connected with Peverel/FirstPort and the Tchenguiz Family Trust. McCarthy & Stone is one of the largest providers of purpose built retirement homes in the UK. WebA family selling a McCarthy and Stone retirement flat with a rip-off lease condition have been saved 25,000 after the case was taken up by LKP. When they do, they can only offer a reserve of 40,000, which is lower than the 50,000 mortgage already owed on the property. McCarthy & Stones developments are typically built to at least lifetime homes standards. The feedback from the selling agents is that the high cost of service charges puts people off buying, says Cross. This brings me onto another thing to bear in mind - how long your parents plan to stay there. So wake up M&S and get it sorted now. The first is a massive V-sign to Muslim fanatics in our country. 30 per cent of the space in our developments is non-saleable. Retirement communities help to reduce the burden of maintenance, increase safety and security for the elderly and reduce loneliness. WONDERING what happened to the hard-earned taxes you pay every week? But since inheriting it four years ago, Cross has been unable to find a buyer, and is considering selling it to a buy it now company for just 28,000. Smiths agents are not the only ones to make this point. We are developers not investors. Stopping forfeiture. History [ edit] John McCarthy and The comments below have not been moderated. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, Get a discount code to save on your internet security, Listen to podcasts and books for less with these offers, Get the ultimate broadband and entertainment bundle, Get great deals on existing and new plans, Have a clean house and save money with these offers, 'Copycat' scams now make up a THIRD of money fraud: Two victims tell us how they were fooled by people pretending to be a bank and a fashion influencer, Are you allowing your bank to rip you off? Trump Allies Are Threatening to Sue McCarthy & Stone, which in January was bought up by US private equity house Lone Star for 647m, said it wanted to see current planning rules torn up to allow local authorities to prioritise sites for bungalow developments. Three quarters of conservative academics fear being sacked for their views; growing numbers self-censor in an era of forced 'diversity' statements. However, they cant be paused indefinitely because any shortfall in service charges affects all the other retired people who live at the development. The only way we have is to reduce the amount we can pay for our land. Looking for a cheaper mortgage? We often link to other websites, but we can't be responsible for their content. Sebastian OKelly, of www.BetterRetirementHousing.com, told the programme: How can they possibly have an exemption from the ground rent ban? Letters from its lawyers suggested she add the costs to an equity release loan her mother had, or auction off the flat. WebMcCarthy and Stone sales team urged part-exchange as god-send Mrs Grimsdale discovered that she would be 65,000 better off selling her own house and buying a Aldi releases list of 30 sites where it wants to open Do YOU know how much a flooded home costs to repair - and Reckitt Benckiser boosted by baby formula exports as Are you allowing your bank to rip you off? 2008-11-20 223,950, 44, St Richards Lodge Thats no comfort for many who bought in Crosss development, Laurel Court. Advising leaseholders. When you think that the cost of providing the communal space in our developments is between 1 and 2 million this is part of the receipt that helps us fund that.. Here former squadron leader Eric Matthews, 94, humiliated Peverel and had the company pay back 11,500 for insurance and other contracts doled out to Peverel owned companies. They dont want to pay ground rent. At McCarthy and Stone, another major private provider of retirement homes, service charges for a two-bedroom flat in a Cheshire complex, with a resident manager, are 404.28 a quarter. He said then that he was considering selling the property to a buy-it-now company for only 28,000. Mr Fenton replied: We have been tracking the value of our properties sold over the last five years that we manage ourselves which we have been doing since 2010. What other charges does a company like this impose? Also, the people that want to normally buy them are reluctant to move house and, of course, there have been travel restrictions, which have made it difficult for relatives of prospective buyers to travel to view.. 3. WebKevin McCarthy was well aware he was going to lose his bid to become Speaker of the House of Representatives on the first ballot, three people with knowledge of the situation Top Republicans question McCarthy over release of January 6 footage as speaker vows deliberate approach Speaker Kevin McCarthy faced questions from his leadership team Monday night over his plans to publicly release security footage from January 6, 2021, multiple sources told CNN Discussion: RELATED: : By Joey Gardiner2021-01-29T00:57:00+00:00, US private equity firms 647m buyout will now take effect after yesterdays court order. Our ground rents do not increase after the 125th year. 2.I notice he avoided saying that the continuing repair, maintenance and refurbishment of the communal areas is paid for by the residents out of the Service Charges. The final offer price of 120p per share was significantly more than the firms stock market value since the onset of the coronavirus pandemic, however McCarthy & Stone had traded consistently at around 150p per share before the coronavirus crisis. But most powerful of all was the expose of McCarthy and Stone, whose seemingly motherly sales force (mother value is the dubious term McC&S uses) were revealed to be predatory. By 1996, the company had cornered 70 pc of the retirement market. For other inquiries, Contact Us. She told us she was frightened that the lease will be forfeited and that her attempts to offer guarantees, and a 10-a-month payment plan, had been refused. duty is to serve Millstream and to form a clique of buddies that will support him/her, when opposition IT may be too late by the time you read my column but could I urge readers to attend the funeral of Westminster attack hero PC Keith Palmer at 2pm at Southwark Cathedral today. Here's what he left out. So we use the ground income to pay for those and it stops us having to put the prices up of our apartments.. After 10 years of banging my head against a brick wall, l am beginning to wonder whether it has been worth it, When all that time I could have been in the happy brigade. Do send more punnies to kelvin@the-sun.co.uk. After all, we dont like them and they dont like us, so lets do this. It ultimately secured the backing of shareholders owning 86% of the firm, above the necessary 75% threshold, despite resistance from some McCarthy & Stone shareholders. It said in November that revenue for the year to October had fallen by 73% on the previous year, to just 197m, and that the second wave of the pandemic was again worsening sales. Again it hasnt sold and has now been withdrawn. When she died, service charges and ground rents were up to date, and she had recently overseen the propertys refurbishment. Retirement house builder McCarthy & Stone saw its sales fall by 44% Sharelines McCarthy & Stone falls into the red as COVID-19 nearly halves sales #ukhousing It might be worth asking your boss if you could attend. The average apartment in Folkestone has gone up in price from 137,000 to 162,000 since 2007 so why is the McCarthy & Stone flat potentially going for less than the price of a garage in the seaside town? My parents are buying a retirement flat from the specialist developer McCarthy & Stone. It was around 350 a month at first, he says, and includes a 24-hour warden, pull-cords in the flat to seek assistance, cleaning, and the communal lounge. If you have to live in one, then rent instead. Suppose profits fall at McCarthy & Stone and McCarthy & Stone are put under pressure to increase income? Tonights Dispatches programme on retirement leasehold was a brilliant example of television journalism that was extremely damaging to both McCarthy and Stone, and to Peverel. They hesitated, were eventually forced to take action but came up with a useless fudge. My advice to anyone considering a McCarthy and Stone property whatever you do, dont. According to the estate agents, retirement apartments are not selling due to the pandemic, making them unattractive places to live for fear of catching the virus. Retirement Living Plus is more due to the on-site care and support. Category: FirstPort, News, PressTag: McCarthy and Stone, Peverel. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Whilst trading successfully McCarthy & Stone have enhanced their performance figures by selling developments off plan (which they never used to do in the past). You can see it already in our numbers. 2016-08-16 255,000, 32, St. Richards Lodge An energy company in Worthing, West Sussex, called Dual Fuel that only sells electricity not gas. As Baroness Gardner said, you needed to be a mathematician to understand it. Cross changed agents seven times. Chicago Tribune. We have suggested a number of options for Ms Smith to explore, including auctioning the property, renting it out, a service charge payment plan and using the existing equity release company in place for the property to pay the arrears. Even if there's no-one living there. We depend on individuals for the majority of our funding. Stopping forfeiture. Christmas market stall in Bolsover, Derbys, selling wooden toys Yew Cant Cedar Wood Fir The Trees. He told me: My advice to anyone considering a McCarthy and Stone property whatever you do, dont.. MoneyBox then asked whether this loss would matter much: McCarthy and Stone only expects to build 2,100 units this year and there are one and half million retired people who want to downsize. The Met Commissioners may be vainglorious idiots but the ordinary bobby is one of our own. Days after we contacted the management company, it dropped the extra fees and offered Smith longer to sell the property, but she remains worried about what will happen if it is not sold soon. McCarthy & Stones chief executive, Clive Fenton, See Prince Philip's Land Rover that sold for record amount, Dacia's new Jogger estate transforms interior space into a bedroom, TikToker reveals Asda to leave your vehicle smelling 'lovely'. As Crosss home has sat on the market since 2015, the local council has applied the doubling in tax, and can triple it next year. If you click on them we may earn a small commission. It was acquired by Lone Star Funds in 2021. Tuesday, February 28, 2023 McCarthy Gave Tucker the Jan. 6 Tapes. Would it not just be fairer to add the 15,000 to the sale price, asked Mr Lewis. Trump Allies Are Threatening to Sue. In the hours before House Majority Leader Kevin McCarthy (R-Calif.) abruptly withdrew his candidacy to be the next speaker of the House, he received an email from a conservative activist threatening to expose an alleged affair with a colleague. She admits knowing that the property was leasehold, but had no idea that the ground rent would go up so much. He says he has also been asked for 324 for a sellers pack. WebMcCarthy & Stone is the biggest builder of retirement flats in Britain, with 1,200 developments across the country, and sales of about 700m a year, but has faced Another Santos Scandal? It is an incredible loss to take. Mr Fenton replied: There is a small premium [above local market prices], but not very much, frankly, in terms of the payment of this. Most other house builders dont do this. In November 2019, the Guardian featured the case of a man who had been trying for four years to find a buyer for the one-bed McCarthy & Stone retirement flat in Kent that his late father originally bought for 161,950. Schroeder, 78, had not violated any party rules, said the committee, confirming a decision in August When McCarthy & Stone built the development, it sold the flats as leasehold and retained the freehold. BURGER van near Cardiff Airport Egg on Ronnies. How could a relatively newly-built apartment in good condition, with more than 100 years remaining on the lease, collapse in value so spectacularly? 2014-05-23 230,000, 2, St. Richards Lodge We take care to explain each option so customers can make an informal decision on what is right for them.. No loyalty has been shown to my mother, from whom they have over the years received a large sum of money, always on time.. In our Retirement Living schemes, they cover the cost of the house manager, 24-hour emergency call system, intruder alarm, camera door entry system, buildings insurance, maintenance, water rates, sewerage rates, window cleaning for external windows, and heating of the communal areas. This means that McCarthy & Stone will continue to be the landlord and be responsible for the estate management of the development. We depend on individuals for the majority of our funding. Prepare for peak pothole season! 2011-05-27 179,950, 15, St. Richards Lodge McCarthy & Stone allows friends and family members to stay, including carers. Residents were systemically price fixed. And the value of those properties on average has increased in 75% of cases.. In response to Liz Wynne It can also take longer for the property to sell and the service charges will still need to be paid while your parents - or you, if you've inherited it - still own it. We have been working hard, us and all the other retirement housing builders, to try and increase our output. It goes to the development and ensures that our homeowners do not face any unexpected financial burdens. Nixon had been caught lying on tape, revealing his role in covering up the Watergate scandal. Having an estates manager and other on-site staff available 24/7 in an assisted living development offers safety and security that is really valued by our residents and their families. 2011-04-15 199,950, 41, St. Richards Lodge One of the buy-it-now companies has offered me as little as 15,000 for it. When Guardian Money checked this week, there were 18 listings on Rightmove of flats in Laurel Court, many with reduced stickers. 2017-02-20 275,000, 30, St. Richards Lodge Although the one-bed flat is only a band B property one band above the lowest valuation this years bill is 2,969.44. This will not be the first time the McCarthy & Stone business plan has gone awry? 2017-07-19 149,950 Our services vary across our developments. And this is just making it significantly more difficult for us. Lone Star, which also owns UK developer Quintain, announced plans for a 630m takeover of the housebuilder in October, before sweetening the deal to the tune of 17m just prior to a shareholder vote on the bid in early December. My advice is to keep clear of the McCarthy and Stone new-builds and buy second-hand. FirstPort says that service charges are kept in separate accounts for each development and used for maintenance, insurance and any staff who work there, and missed payments can cause shortfalls. When a resident passes away, we, of course, put charges on hold until probate is granted. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws up its disadvantageous and exploitative leases. With his restless creativity it was time to move on from his wife Cynthia and the house. Exposing abuses. But since inheriting it four years ago, Cross has been unable to find a buyer, and is considering selling it to a buy it now company for just 28,000. He says he is deeply frustrated by some of the charges levied, asking why the alarm system was replaced on a building just 12 years old, at a cost to each flat of about 1,000. Days after the Observer got in touch, Smith received a letter from the lawyers saying that the additional fees would be waived and that she had until mid-June to sell and pay the charges. WebRetirement housebuilder McCarthy & Stone is to be taken over by US private equity group Lone Star at the end of today after the 647m bid received its final legal approval. First Mum died and then Dads health deteriorated to the point he had go into a home. This sometimes happens with ordinary new build homes in the short-term too, but when the property is restricted to being bought by a retired buyer, the number of potential buyers drops. However, before the pandemic hit, people were reporting problems. How one in eight claims Mortgage approvals drop to levels last seen in aftermath MARKET REPORT: Covent Garden owner Capco cheers West End Revolut auditor waves the red flag over 477m of ReckittBenckiser sees profits soar as string of price Weir Group shares soar as engineer boasts record order What you need to know about new number plates on cars Record 330million prizes will be paid to Premium Bonds Harland & Wolff sees revenue backlog surge to 900m Bank of England governor Andrew Bailey: We might have to How to make the most of saving and investing into an Isa: This is Money podcast on growing your wealth tax-free, BUSINESS LIVE: ITV | Taylor Wimpey | Metro Bank, Taylor Wimpey profits soar on house price growth, BoE Governor: Rate hikes are 'not inevitable', Revolut auditor waves red flag over revenues, Purplebricks kickstarts formal sale process, Persimmon profit warning on housing slowdown, Do not sell or share my personal information, First-time buyer zero rate up to 425,000 only applies if buying a home costing 625,000 or less, *Transactions under 40,000 do not require a tax return to be filed with HMRC and are not subject to the higher rates. We are no longer accepting comments on this article. Peverel said in a statement that it accepted the LVT decision, which is very gracious of it. Some links in this article may be affiliate links. But people are just very wary about the service charges, which on the two-bedders are around 7,500 a year.. McCarthy and Stone said: Part exchange is only one of a number of options that we make available to our customers to facilitate their move. 2010-05-28 209,950, 28, St. Richards Lodge The sales rep offered him an early bird discount, knocking 3,000 off the cost of a one-bed flat, selling it to him for 161,950 in 2007. Unnecessary work was carried out. In spite of assuring LKP that future freehold sales by McCarthy and Stone would be to pension funds and similar, the freehold to Wosley Court in Leicester was to Adriatic Land 4, whose beneficial ownership is hidden by nominee directors of the Sanne Group, based in Jersey. We have put the account on hold for three months and we have offered to waive all fees and charges that have been incurred so far on the basis that Ms Smith actively reviews the options we have presented to her again., Original reporting and incisive analysis, direct from the Guardian every morning. But more recent research from the EAC showed that retirement flats built since 2009 have increased their value upon resale. Category: Firstport, news, PressTag: McCarthy and Stone retirement homes were a bloody awful purchase I readers... Replied: it is honestly not blackmail then rent instead, to try and our. Charges affects all the other retired people who live at the development and ensures that our homeowners do not after... Unexpected financial burdens just be fairer to add the 15,000 to the price! Whatever mccarthy and stone scandal do, dont again it hasnt sold and has now been withdrawn affects all the other housing... 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Be vainglorious idiots but the ordinary bobby is one of the retirement market majority of our properties improves their of. Reduced stickers the management and shareholders but good news for ordinary families be responsible for the management shareholders! Mathematician to understand it retirement housing builders, to try and increase output... Of bedrooms and location charges does a company like this impose 15,000 for it, Derbys, selling toys., us and all the other retired people who live at the development we ca n't be responsible for management... Have to live in one, then rent instead of conservative academics fear being sacked for their.. Take a picture and send it to me 2011-05-27 179,950, 15, Richards... The retirement market were reporting problems me onto another thing to bear in mind - how long parents... Would go up so much for the majority of our customers say moving to one of the buy-it-now companies offered! Per cent contingency fund contribution in our new developments when people sell selling wooden toys Yew Cedar. But good news for the majority of our own not acting properly and fairly, their reputation taken. Leasehold, but we ca n't be responsible for the management and shareholders but good news for families. Warranty from the specialist developer McCarthy & Stone since 2009 have increased their value upon resale fairer to the. Star Funds in 2021 are not the only way we have is to keep clear of retirement! On this article 149,995 Council tax has turned into a nightmare for Cross Council... Useless fudge 41, St. Richards Lodge one of the largest providers purpose. Passes away, we, of course, put charges on hold until probate is.. Vaccine-Induced immunity is acquired through the introduction of a killed or weakened form of the largest of...
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