And according to the board and the law firm handling things (at least at Glade) there is plenty of money to refund 2026 maint. fees and still cover all ongoing expenses until the sale occurs. The biggest fees don't kick in till there is a sale (the 4% to the realty company for instance).
Had to have the last word didn't you? couldn't stay away after saying goodbye. The irony is thick. I suggest you actually read the lyrics you posted. It looks to me like you are looking in a mirror with that post. And as I know you will claim this me doing that, actually it is me responding to a direct attack. You are the exact opposite of intimidating.
People keep saying that, along with things like Chapter 11 is for restructuring, while failing to recognize the end goal is liquidation.
Do you think the law firm is working on contingency with their payment coming out of proceeds from the sale?
Liquidation is technically a form restructuring, but getting stuck on that wording misses the point. Chapter 11 is most often used for restructuring. However, using it do an orderly liquidation is an accepted and common use. Many retail chains have wound down using chapter 11. Big lots went out that way. Chapter 11 can be converted to chapter 7 liquidation sometimes, but that only happens if creditors are not getting paid. Such a conversion happens at the request of creditors.
Probably not contingency, but it is possible they have a deferred payment agreement. X amount deposit up front, balance of billing on successful closure, whatever they may be (likely sale, but who knows, strange things happen with timeshares)
Hopefully they can setup the CWA accounts more seamlessly for those that take the swap. I would expect anyone doing a CWA swap will still have to go through the Docusign process.
Of course. There has to be at least one stress point.
I've never heard good things about Capital Vacations. I would say that any HOA that is considering teaming up with them are actually HOAs that should consider either the bankruptcy route or taking a vote to collapse the timeshare scheme and sell. I think the problem is that many are hamstrung because they don't have enough engaged owners that can accomplish either thing. The Wyndham properties in scope here all have one thing in common. Wyndham controls a majority of the votes, so they can push these through. Any resort considering Capital should talk with Lemonjuice Solutions first.
Please read my statements prior to posting. I received communications from the HOA as per ballots but no communications from Wyndham and ended saying, " Many folks will make excuses for Wyndham's lack of communications but with Wyndham having full control and knowing the outcome of the vote before it happens it is only courteous common sense to communicate to owners!!!! ". I believe this says it all.
You can call it “making excuses” all you want. The facts are, the HOAs control when the meetings are held, what topics are discussed, what will be voted on, and when those votes will occur. Wyndham will have nothing to say until after the HOA votes are completed. It is a fact that the HOAs and Wyndham are separate entities. Full stop!
If Wyndham has 67% of the voting power at a resort the truth is Wyndham has enough votes to elect anyone they want thus Wyndham controls the HOAs.
Does Wyndham have the same number of votes based on their ownership as every other owner? Yes
You can reply to these posts in the Legal Debate thread even if they are posted in the tracking thread. Use the +Quote button to multi quote. Then create a new post in the Legal Debate thread and insert the quotes. It will move the discussion there. Continually replying in this main thread makes you just as much the problem as the other person that is posting.
We know that they have the votes today. Since you apparently know all, would you like to tell us when they hit that plateau of ownerships? What year did they get to the point where so many owners had just quit paying their mf’s that Wyndham had to take back the deeds and pay the mf’s themselves because they couldn’t sell them? Also, please tell us why and how long you would keep a resort open that is bleeding money?
I agree with you. Wyndham did what they could to keep the resorts open by paying the maintenance fees themselves. They could have put 100% of the points in CWA but that would have hurt CWA. They did try to sell points at these resorts but no one was buying them. This is going to be what happens to every resort eventually. Old resorts need to be replaced and will be either by the cast majority of the resort being owned by the HOA or by the management company. Either was the HOA will eventually vote to sell the resort. The way Wyndham handled this was actually the best for the individual owners.
I've debated this ad nauseum here on this thread. I too would call the HOA's actions, Wyndham's action. Although I admit that I conflated the two when I wrote my posts here and would call the HOA, Wyndham and visa versa, instead of being specific as to who the actor was, and I just merged them together as a single actor - as a lawyer would likely try to do.
The fact remains, unless the actions taken benefit Wyndham, as an owner more than other owners, ( something we have no reports of) there is nothing remotely illegal about what is happening.Just because Wyndham owns more than everyone else does not make it illegal for them to vote their best interest, as long as all owners receive the same proportional benefit. When you as an owner vote, you vote for what you think is best for you. Wyndham gate the same right. So without proof of special treatment, no court is going to consider Wyndham and the HOA as one and the same. Wyndham has zero obligation to consider the effects of its proposals on other owners The HOA is obligated to do whatever the membership legally votes it to do. As I have stated before just because you don't like the current actions does not a legitimate cause for a lawsuit create. That said I am none to pleased with the closing of a bunch of East Coast resorts, but I don't have the votes to stop it legally.