# Seapointer Closing Down



## drguy (May 31, 2010)

Please see the sticky above for details.
Thanks.
Guy


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## Carolinian (Jun 1, 2010)

If you own at resort in which the Club Leisure Group of Stuart ''The Bullfrog'' Lamont has its tenacles into (the involvement of their management company, First Resorts, is the most obvious sign), then you really need to read the Crimeshare material on that crowd which I have posted a link to in the sticky above.  That is who deliberately crashed The Seapointer.


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## mustapicht (Jun 6, 2010)

What happens to already spacebanked weeks with RCI?  Will we lose those?


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## Carolinian (Jun 7, 2010)

mustapicht said:


> What happens to already spacebanked weeks with RCI?  Will we lose those?



I would trade against those soon, before the credit gets cancelled.


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## bamasteve (Jun 29, 2010)

*So what's the final ruling on Seapointer*

Very confused here. 

Any future timeshare would be worthless to me if I can't trade through RCI.  This is a shame.

I can't imagine paying extra for something I cannot use.

Steve


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## bamasteve (Jul 7, 2010)

*Here's the Letter*

Dear Shareholder,

The AGM of Le Petit Salon Share Block Ltd (The Seapointer) was held on 21 May 2010.  Immediately after this Annual General Meeting a Special General Meeting was held to discuss the future of the resort called La Petit Salon Share Block Ltd (The Seapointer). Two options were presented to shareholders.

a. To raise a special levy which will allow the Board to completely
resort.  Cost of Refurbishment The Managing Agent advised the Boardthat after conducting a detailed costing on the proposed refurbishment the estimate to effect the required refurbishment without escalation and a
provision for bad debt will amount to just over R2S0,000 per apartment and approximately RS million for external building renovations and provisions for Reserve Funds. This meant that in order to proceed with this project a Special Levy of between R7,000 and R8,000 per week would have had to be levied on every Shareholder of a limeshare week.
From the Board's experience the estimated Special Levy per week might still not have been sufficient as many Shareholders when receiving a Special Levy of this magnitude, simply do not pay the levy, and abandon their weeks or shares. This non payment of levies will result in the remaining Shareholders who have paid their levies, having then to cover the defaulting owners
unp~id levies resulting in yet a further Special Levybeing raised.
The refurbishment of the Apartments may assist in increasing Sh~reholders occupation however,' I your Directorscannot guarantee that the refurbishmentwillimprove RCIexchange values Qf make a material impact on increasing rental revenues.
.
b. To raise
a smaller special levy allowing the Board to do the necessary rel1J~ial! '
works and to rent out the units to permanent tenants.
Alternate Option Shouldit be decided.that a SpecialLevyshould not be raised and the refurbishme~(go ahead it is the view of your Directorsthat the only alternative then left ~ ~h~r~holders wouldbe to resolveto terminatethe limesharing Scheme.In the event of the gh~(e~\>rders -
deciding to terminate the Timesharing Scheme the company could rent the unfurnished apartments to permanent tenants. This rental income could providethe required income to continue coveringthe costs of running the building.It was your Directors view that should
Shareholders decide to terminate the Timesharing Scheme a small Special Levy of
approximately R2000per week wouldstillhave to be raised to make the resort acceptableto
permanenttenants. It was envisagedthat this optionmightpossiblyreduce the burden of levies
to Shareholdersand be a solutionto many Shareholderswho have over past months indicated that they couldno longeraffordeven the normallevy.
Result After an in-depth discussion regarding the pro's and con's of these proposals an overwhelming majority of Shareholders voted in favour of closing down the Timeshare scheme and authorized the Board to rent out the units to permanent tenants. The result of this action will be that owners wUlnot be able to make use or occupy the week that they own. Owners however will not be required to pay levies should the amount received from the permanent tenants be sufficient to cover all running costs. By renting out the units to
permanent tenants he Board is of the opinion that the income from permanent tenants will be sufficient to cover all costs and might even allow a small dividend to shareholders. Shareholders would still own the same shareholding as previously in the company ~lIed La Petit Salon Share
BlockLtd. Shareholders will be allowed to occupy and use their weeks during the current financial year ending 28 February2011.
A N Ridl
Director


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## Carolinian (Jul 7, 2010)

If this is a typical Froggy Lamont scheme, the special levies are so high because he plans not to pay his share, and it is only the other owners who will pay the freight.  Since Froggy controls every seat on the board, the board will eventually write off what Froggy owes, like they have at other Froggy-controlled resorts.

After this new assessment and whatever renovations get done, look for Froggy to pull another move to sell the property.  Again, a common scheme of his.


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## bamasteve (Jul 7, 2010)

Thanks for the heads up.  I don't see any reason to stay in. Even before hearing about Froggy, I don't imagine I would ever see any income from this thing as I paid so little for it.  I only had it for trading and that is now gone.  Guess I'm going to walk away.

Steve


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## mustapicht (Jul 10, 2010)

I'm planning on walking away but I am not going to sign away my rights.  They can come after me for a while first and I'll see what happens from there.  I have my May 2011 banked from last year but that may be worthless now.  I don't want to exchange it and have RCI cancel it on me moments before I use it.


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## drguy (Jul 18, 2010)

mustapicht said:


> I'm planning on walking away but I am not going to sign away my rights.  They can come after me for a while first and I'll see what happens from there.  I have my May 2011 banked from last year but that may be worthless now.  I don't want to exchange it and have RCI cancel it on me moments before I use it.


A letter I received yesterday stated that units could be used pr deposited through February 2011.
Still not sure why I am still being contacted.  They have not requested MFs.
Guy


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## Born2Travel (Jul 19, 2010)

I'm still getting letters and they bought mine back about a year ago -


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## drguy (Aug 6, 2010)

*Today's Update*

The latest email:

Dear Owners, 

I trust you have received this letter by now.

As I have been tasked with assisting you to make a decision for the future, please would you advise me soonest as to whether you intend staying on as owners with the resultant costs, whether you would like to relinquish your weeks, or finally whether you would like to convert to Select Club.

Please advise if you need more informationj on any of these options.

Best regards,

Carol Barnett
Executive Consultant

021-4332134
0829640434


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## Skatduder (Aug 16, 2010)

They could buy my week back.. ya sure..


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