# TENBURY Special Assessment & conversion



## philemer (Mar 23, 2011)

Well, no surprise I guess. The last letter said they were planning to convert the resort to apartments or charge a SA to update the place. I own a 1BR and the amount is R1482, or about $214. 

Bad news: the letter goes on to say, *After an in-depth discussion regarding the pro's & con's of these proposals [refurbish or convert to apts.] an overwhelming majority of Shareholders voting in favour of closing down the Timeshare scheme and authorized the Board to rent out the units to permanent tenants.* Hey, I never got a ballot. 

But they still want us to pay this SA!! Of course. We are still "owners". The letter goes on to say, *Shareholders would still own the same shareholding as previously in the company called Corrumdale Shareblock Limited.*

We might also get a *small dividend* if the rents are higher than expenses. Ya, I'm beleiving that. Time to get rid of this puppy. It's been a great ride.


----------



## Carolinian (Mar 23, 2011)

My guess is that the ballots went to Froggy's points clubs to vote their weeks, but not necessarily to individual members.  After all, it would have been Froggy's management company, First Resorts, sending out the ballots.




philemer said:


> Well, no surprise I guess. The last letter said they were planning to convert the resort to apartments or charge a SA to update the place. I own a 1BR and the amount is R1482, or about $214.
> 
> Bad news: the letter goes on to say, *After an in-depth discussion regarding the pro's & con's of these proposals [refurbish or convert to apts.] an overwhelming majority of Shareholders voting in favour of closing down the Timeshare scheme and authorized the Board to rent out the units to permanent tenants.* Hey, I never got a ballot.
> 
> ...


----------



## philemer (Mar 23, 2011)

Carolinian said:


> My guess is that the ballots went to Froggy's points clubs to vote their weeks, but not necessarily to individual members.  After all, it would have been Froggy's management company, First Resorts, sending out the ballots.



Since the SA is fairly small (this time) would you recommend hanging on to the resort for another year or two? I paid the 2011 Levy last year & have already used the week. 

They did send me the paperwork a few months back to relinquish my week. Hmmm....


----------



## Carolinian (Mar 24, 2011)

philemer said:


> Since the SA is fairly small (this time) would you recommend hanging on to the resort for another year or two? I paid the 2011 Levy last year & have already used the week.
> 
> They did send me the paperwork a few months back to relinquish my week. Hmmm....



Tough choice.  I would not want to just hand over my property to these sharks, which is what they want, but then I do not know that I would want to be a minor owner in a business controlled by them either.


----------



## Joe P (Mar 24, 2011)

*Tenbury*

Phil, you seem like a pretty smart guy (Agree Vikings suck-Go Pack).  We prepaid the 2011 levy also, but have not used the week through RCI yet.  The point value for a 2 bedroom has little use (8 points and would gladly give back to RCI).  In addition, we pre-paid more than what the levy had been running in the past (we paid around R4500 and I think 2010 was R2800).

I have two questions: How can First Resorts charge a levy for 2011 if the Resort is not available for exchange because of the conversion to apartments?  Does anyone know of anyone that oversee's SA complaints that I might work with in registering a complaint?
It is interesting that in the past, First Resorts would send us a statement of account balance, but I have not seen one in the past year. I think they like the prepayments and want to put it in their pockets. 

Our plan is not to get involved with Club Leisure points that they have been pushing.  Thanks.


----------



## philemer (Mar 24, 2011)

Joe P said:


> Phil, you seem like a pretty smart guy (Agree Vikings suck-Go Pack).  We prepaid the 2011 levy also, but have not used the week through RCI yet.  The point value for a 2 bedroom has little use (8 points and would gladly give back to RCI).  In addition, we pre-paid more than what the levy had been running in the past (we paid around R4500 and I think 2010 was R2800).
> 
> I have two questions: How can First Resorts charge a levy for 2011 if the Resort is not available for exchange because of the conversion to apartments?  Does anyone know of anyone that oversee's SA complaints that I might work with in registering a complaint?
> It is interesting that in the past, First Resorts would send us a statement of account balance, but I have not seen one in the past year. I think they like the prepayments and want to put it in their pockets.
> ...



In answer to your 1st question: They accepted our 2011 Levy payment before they knew the resort was going to be converted to apartments. I paid mine early in 2010. I was thinking of prepaying my 2012 until I got the "letter". Did you get the "letter" too?

Second question: I don't know. I'll bet that RCI will not be accepting deposits from Tenbury in short order. Won't make sense to prepay 2012 Levy now. No one will be accepting deposits from them. 

I won't send them any more $$ at this point. I don't think we'll ever see a penny of the excess "rental" income. 

What a mess. I'm glad I only paid $125 for my peak week.


----------



## Joe P (Mar 24, 2011)

*Tenbury*

We sent in our prepayment levy for year 2011 in early 2010 also.  I remember in the past, when the requested prepayment did not cover the actual levy for the year, First Resorts requested additional dollars from us. So in my mind, it was truly a prepayment until First Resorts calculated the actual levy.  First Resorts did not calculate a levy for 2011 because they have no weeks.  I already called RCI and told them that the week in 2011 will truly not be available for an exchange.  They said they would not take the week away from my deposit bank (but gave us a biggie of 8 points that is almost useless).

I still do not think it is right to take our prepaid levy (that was estimated too high) and not provide a week to exchange.  In my mind, we are out the overestimated levy, RCI is out a week to exchange (but gave us little value anyway), and First Resorts has our money without providing a week to another RCI exchanger.


----------



## philemer (Mar 25, 2011)

Joe P said:


> We sent in our prepayment levy for year 2011 in early 2010 also.  I remember in the past, when the requested prepayment did not cover the actual levy for the year, First Resorts requested additional dollars from us. So in my mind, it was truly a prepayment until First Resorts calculated the actual levy.  First Resorts did not calculate a levy for 2011 because they have no weeks.  I already called RCI and told them that the week in 2011 will truly not be available for an exchange.  They said they would not take the week away from my deposit bank (but gave us a biggie of 8 points that is almost useless).
> 
> I still do not think it is right to take our prepaid levy (that was estimated too high) and not provide a week to exchange.  In my mind, we are out the overestimated levy, RCI is out a week to exchange (but gave us little value anyway), and First Resorts has our money without providing a week to another RCI exchanger.



I deposited my 2011 week with one of the independent exchange companies.
I better hurry up and exchange it.   If you email the resort they will mail you the paperwork for deeding your week back.  Crooks, crooks, crooks. Blame the "Bullfrog". See Steve's post above. All good things finally come to an end.

Hey, I lost the use of my Texas Gulf coast week for two straight years, because of hurricane Ike, and that cost me almost $1000 in lost MF!


----------



## pearl372 (Mar 31, 2011)

*Ternbury conversion*

I just got an email (after receiving the initial letter).  Email said:

"Kindly provide us with decision if you will be converting to Flexi Club, Abandon your week or remain a Shareholder of the Tenbury Share Block Ltd, and pay the outstanding Special Levy that was raised for 2011 and please be advised that should you decide to become a Shareholder, you may not rent out your unit, spacebank nor occupy your unit.

Kindly provide us with decision by no later then 1 April 2011, in order for us to update our records and kindly provide us with contact details as all the contact numbers are invalid."

Upon advising them to take it back, they sent me forms requesting R500 in admin fees, forwarding share certificate, signing an abondanment document and them power of attorney to deal with paperwork to transfer my unit back to developer.   I'm not confortable providing this foreign company with power of attorney to do anything on my behalf.  I'm also not sure why I should pay $75 when they are gaining the value of the unit for free.  Anyone else get this email?  Confort level??


----------



## MuranoJo (Mar 31, 2011)

Pearl,

Try:  hendrik@arrowwoodint.co.za. to see if Hendrik is interested in Tenbury.
It's shameful they back you into a corner with basically no realistic options and force you to pay to transfer.

I think the PoA for the unit processing is typical in transferring to an agent who then transfers to the resort or to other owners--at least long distance.  Just did this myself.


----------



## pearl372 (Apr 1, 2011)

Thanks muranojo.  Who is Hendrik and why might he be interested?


----------



## MuranoJo (Apr 1, 2011)

Pearl,

He's with a SA reseller, Arrowwood--the same organization many of us purchased from way back when ('03 for me).

Again, doesn't hurt to ask him--not sure what he's currently looking for.


----------



## pearl372 (Apr 2, 2011)

OK, Thanks.  I'll send him an email.


----------



## guitarlars (May 16, 2011)

Same thing as the Seapointer.  Froggie has figured out a way to steal your weeks - first he becomes management company, then he runs down the timeshare while acquiring units into his flexiclub, then he votes all the units he controls to shut down the timeshare.

You have two choices, walk away or pay some money and hope you get something someday in the future. Joining his club has no value if you don't live in SA, so forget that option.  Given what you've seen so far would you really expect to get anything from Froggie in the future?

Personally I walked from the Seapointer rather than throw good money after bad.


----------

