# Glenmore Sands, Can Anyone Decipher What's Going On?



## husslers4 (Aug 1, 2009)

I just received annual report and agenda for upcoming meeting and am trying to figure out if our timeshare is going "belly up" or what.  Can anyone shed light on what's happening?  Thanks in advance.


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## magiroux (Aug 1, 2009)

OK, I read and re-read this and this is what I get out of it.

There is a "GS Shareholder Trust" (why, I'm not sure) that owns 40 unsold weeks along with some common property that they are responsible for paying levies on. They have been running in the red for years so they want to disolve the trust and rid themselves of the debt by proposing to transfer all these assets to the "Share Block Company/Glenmore Properties ShareBlock LTD" and consider the debts paid in full. 

I have no idea why there is a trust holding these unsold units/property and I don't know who the "Share Block Company" is (perhaps this is who I pay my levies to?) that the assets are being transferred to. Add to that the fact that the letter is alot of lawyer/legal speak so I am totally in the dark and have no idea if this is a good or bad thing. Do my interests lie with GS Shareholders Trust or this Share Block Company?? What does it all mean? 

Like hussler4, I would appreciate any help. Proxies need to be sent back by August 5th.


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## Carolinian (Aug 1, 2009)

The shareblock company is what all timeshare owners at the resort own a piece of.

40 weeks is not a signicant number unless the resort is tiny.  Now 40 units would be another matter.

It does not appear to be anything that would make the resort financially unsound from what is presented.


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## magiroux (Aug 2, 2009)

Thanks Carolinian! So, basically the ShareBlock Co is the equvilant to a HOA, and they are now picking up some unsold weeks? 

It is a fairly small resort - 22 units.


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## LisaH (Aug 6, 2009)

I never received this email. but I received an email about getting rid of the restaurant today...


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## magiroux (Aug 6, 2009)

Ther restaurant is part of the "common property" that the trust owns....


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## Born2Travel (Aug 7, 2009)

I got the one about the restaurant too, but didn't get the other one - did they come from different senders?


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## bailey (Aug 22, 2009)

I just got the request for proxy email today.  Anyone else?


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## Karen G (Aug 23, 2009)

bailey said:


> I just got the request for proxy email today.  Anyone else?


Yes, I got one. I printed it, signed it, scanned it and emailed it back.


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