The money has been used to fund expenses such as administration costs, development approval extensions, valuations etc.
We are still talking about a vacant block of land with a fence around it. Not a cubic centimetre of concrete has been poured.
44 people have put in $30 000 to fund this development.
I should hope that there is some money left.
You would be surprised how much money is needed for engineering, council, architects etc which the money could possible be used for if allowed out of the Trust.
The situation really sucks for you. That contract is very in favour of the Developer and not all OTP are that screwy. I'd be very upset but if the contract allows it, then it does. Find a good solicitor to advise.