Again, you're making certain base assumptions here that I think over drastically oversimplifying things, to reinforce your own narrative.
The only assumption I'm making is that "we might vote on bankruptcy" doesn't change the legalities of deed transfers, or else someone would have to let everyone know so they don't try and sell their TSs right?
While I can understand the desire to do so, it's really not that simple. For example, all deedbacks go back to the Association, not to Wyndham.
I am pretty certain that while uncommon, companies can purchase a timeshare deed just like any other property. I'm not talking about deedbacks, I'm saying imagine I was unaware of all this and decided to purchase a deed from an existing owner like any other resale - for cash. We could also do an exchange in kind (there's a part of the TUG marketplace for this) where I trade one TS for another TS. Slot in Wyndham.
Wyndham currently has an agreement to acquire deedbacks from the Associations for the certain agreed upon purposes. However, a bankruptcy vote is looming, which likely means any/all contracts that exist between Wyndham and the Association regarding deedbacks are now in question, and any actions taken could be subject to clawbacks during the bankruptcy proceeding.
This is IMHO nothing to do with a legal restriction, it's Wyndham strategy which yes, is because of contracts they have sure. But those contracts are Wyndham's doing. With reasonable planning this could have been managed better.
That means that, by definition, Wyndham would potentially be giving away CWA points to owners now, for nothing in return after the fact.
What is Wyndham getting doing it this way? Why couldn't they do a contract with the owners that Wyndham gets the residuals of the traded week/UDI in trade for the CWA points. If everything works like I'm suggesting, owner does nothing. If for some reason the deed is clawed back (to the owner, not the HOA right - cause I really don't see how both the seller and buyer of a deed can end up with it going to a third party / nothing), the check amount is known publicly based on unit or UDI. Wyndham asks for that dollar amount or removes the CWA points. Make this VERY CLEAR in the large print and the vast majority of people who want to stay with Wyndham for the points are IMO unlikely to try and pull a fast one here. Worst case for Wyndham is they have a few years of CWA points that they couldn't sell, but still got MFs paid on so . . .
That's a big risk to take really. I'm no lawyer either, but I've had a few conversations with people who are knowledgeable about this type of thing, and with a bankruptcy proceeding looming in the very near future, nothing is normal at present. Add to that the fact that Wyndham has never taken this approach before, I'm fairly certain the lawyers involved representing Wyndham aren't going to green light anything until the process plays out. Lawyers are generally a very risk averse bunch, there's likely no way they will approve any outlays until the path forward is clear.
IDK, IMHO thinking about this like it's a legal decision is just the wrong framing. It's a strategic mistake for Wyndham. The framing is Public Relations. If they wanted to do this as a entirely legal framing, I think they just drop the resorts from Club Wyndham, which they can do for any reason or none at all from the docs I've seen. The resorts then do whatever. No trades needed, and again, legally I don't see any problem for Wyndham if they cut it off etc etc. That's completely separate from shutting down a resort, from bankruptcy, etc.
I assume the reason they're trying to give other options like the CWA Swap, and why they're being so vague and not communicating is basically a bad PR plan. Or just a bad plan overall.
I keep coming back to - what is happening with sales of these deeds on the resale market? Are they stopped by... someone? Who even has that authority? Not a bankruptcy court - they're not in court yet. Wyndham can ROFR, but that's basically the same as what I've suggested above, just on a smaller scale. The HOA?
And if Wyndham is ROFR or the like, what even is the difference there vs just being the buyer themselves directly? Again, I'm left with a bunch of Wydham "invented" legal issues that are actually - we didn't want to bother planning this out or communicating it and we're worried that if we do anything it might cost us money in some convoluted way that we also are barred from explaining. It smells like a doge and a self inflicted wound that could stop
at any time.
(Though probably they just copied it from Jimmy Cassidy’s screenshot of it on Facebook.)