Recorded Trust Documents

[mpizza]

The new weeks conveyed at Fairway Villas were done in document 20130595883.

I am finding some strange things with this conveyance. There were 150 weeks conveyed, 95 gold and 55 platinum. In my research of trust filings, MVCI values a gold week at 1250 points and a platinum week at 2000. That means that they should have only conveyed 228,750 points to the trust for Fairway Villas this time around. Though they conveyed 254,250.

I am 99% confident in my numbers, so I can't explain the difference.

I'm confident in your numbers as well!

I'm wondering where the 150 weeks are coming from. Presumably all unsold weeks were conveyed in 2010. Hard to believe Marriott re-acquired that many weeks to put in the trust in the last 6 months.

Thanks for investigating, I'll let you know if I learn any info from the GM at the resort.

Maria

 

[dioxide45]

I'm confident in your numbers as well!

I'm wondering where the 150 weeks are coming from. Presumably all unsold weeks were conveyed in 2010. Hard to believe Marriott re-acquired that many weeks to put in the trust in the last 6 months.

Thanks for investigating, I'll let you know if I learn any info from the GM at the resort.

Maria

The conveyance does indicate they were required weeks, not developer. So they either came from ROFR, buybacks, and/or foreclosures. My guess is that it is some of each. Since they got in to the buyback game pretty heavily recently, I can see where the weeks would add up fast.

 

[dioxide45]

A couple of odd conveyance notices.

20140080241
20140080242

MVCI didn't convey any points with these two notices, which I don't find odd necessarily as they may be correction notices. Though they don't spell that out.

However, I can't seem to figure out what they are conveying here. The legal descriptions indicate that these are EOY weeks being conveyed, I see the 1/104th in the legal. However, there is no X or E following the unit numbers/weeks in the charts on the last page. Though there is a G. Looking at some other Shadow Ridge conveyances, there are some units that have an M following them. Does anyone know what the M and G mean, one must mean Odd and the other Even, but which is which?

I have seen other Shadow Ridge notices that use the X and E designation. Here is an example: 20120410213. Any ideas why the X and E vs. the M and G?

 

[GregT]

A couple of odd conveyance notices.

20140080241
20140080242

MVCI didn't convey any points with these two notices, which I don't find odd necessarily as they may be correction notices. Though they don't spell that out.

However, I can't seem to figure out what they are conveying here. The legal descriptions indicate that these are EOY weeks being conveyed, I see the 1/104th in the legal. However, there is no X or E following the unit numbers/weeks in the charts on the last page. Though there is a G. Looking at some other Shadow Ridge conveyances, there are some units that have an M following them. Does anyone know what the M and G mean, one must mean Odd and the other Even, but which is which?

I have seen other Shadow Ridge notices that use the X and E designation. Here is an example: 20120410213. Any ideas why the X and E vs. the M and G?

That is peculiar. I don't know what that code is either

Thx for continuing to track this!

 

[GregT]

All,

Marriott just loaded another 29M points into the Trust, the largest of which was units at Shadow Ridge for a little above 10M points. These were developer units, versus most of the others which were re-acquired units.

I scanned a few of of the others and didn't see any individual properties that were high contributors, many 300K - 500K point additions. MFC added 120K points (including two Presidents Day weeks), MOC added 470K points and MM1 added 143K points (but no other Week 26 3BR's -- I really need a second one added to the Trust someday).

Interesting stuff.

Best,

Greg

 

[GregT]

All,

Mostly these are re-acquired weeks (in quantity), but there are three entire units deposited at Kauai Lagoons (1301 Building A, 1302 Building A, and 1304 Building A), and then many whole units at Shadow Ridge.

They are also loading EOY weeks. Interesting to watch the Trust mature. Here is the link to the raw data. The Filing # below refers to the last 3 digits of the Notice document.

Best,

Greg


Filing.....Property............Points added to Trust


732 Barony............................527,500
733 Beachplace........................329,500
734 Birch-Streamside...................29,750
735 Canyon villas.....................291,500
736 Crystal Shores.....................36,500
737 Cypress Harbor..................1,003,500
738 DSV I............................ 359,900
739 DSV II........................... 734,500
740 Douglas-Streamside................ 36,750
741 Evergreen - Streamside............ 54,250
742 Fairway Villas................... 438,250
743 Frenchman's Cove................. 120,500
744 Grand Chateau.....................662,500
745 Grand Ocean...................... 544,000
746 Grande Vista................... 1,668,750
747 GRC Lake Tahoe ................... 50,750
748 Harbour Club...................... 35,500
749 Harbor Pointe.................... 111,500
750 Heritage Club..................... 27,500
751 Willow Ridge..................... 161,250
752 Harbour Lake..................... 638,500
753 Imperial Palms.....................75,500
754 Kauai Beach Club................. 342,000
755 Ko Olina...........................34,000
756 Lakeshore Reserve................ 139,500
757 Legends Edge......................280,000
758 Manor Club........................220,500
759 Manor Club Sequel.................189,500
760 Maui Ocean Club...................470,000
761 Maui Ocean Club -- L/N............143,000
762 Monarch........................... 96,250
763 Mountainside......................340,750
764 Mountain Valley....................56,750
765 Newport Coast...................1,128,250
766 Ocean Pointe....................2,045,000
767 Ocean Watch...................... 203,500
768 Oceana Palms.......................55,500
769 Royal Palms.......................437,500
770 Sabal Palms.......................307,500
771 Shadow Ridge......................667,000
772 Shadow Ridge II....................42,000
773 Summit Watch......................301,250
774 Sunset Pointe.......................7,750
775 Surfwatch.........................399,000
776 TimberLodge.......................307,250
777 Villas at Doral...................262,500
778 Waiohai...........................667,000

All EOY Units following:

779 Beachplace .........................3,250
780 Canyon Villas ......................7,000
781 Crystal Shores .....................2,750
782 DSV II ............................14,000
783 Grand Chateau ....................157,500
784 Grande Vista .....................126,500
785 Willow Ridge ......................16,750
786 Harbour Lake......................111,500
787 Kauai Beach Club...................32,750
788 Legends Edge ......................14,000
789 Maui Ocean Club ...................38,750
790 Mountainside .......................4,000
791 Newport coast......................25,500
792 Ocean Pointe.......................10,250
793 Shadow Ridge.......................20,000
794 Shadow Ridge II ....................2,250
795 Timber Lodge....................... 4,250
796 Villas at Doral.....................5,500
797 Waiohai............................37,000

Developer whole units following:

798 Kauai Lagoons.................... 978,250
799 Shadow Ridge II................10,319,250

Total Points Added.................29,012,400

 

[GregT]

All,

Marriott has disclosed on page 12 of their Annual Report that they have the ability (but not the obligation) to build more units at the following properties:

Property...........Units

Canyon Villas........39
Crystal Shares......152
Fairway Villas.......90
Frenchman's Cove.....66
Grand Chateau.......447
Harbor Lake.........588
Ko Olina............190
Lakeshore Reserve...245
Shadow Ridge........487
Willow Ridge........282

From the filing just made for Shadow Ridge, it appears that they are building out 72 units at Shadow Ridge (of the 487 Planned), and those 72 units are worth approx 10M points. The total of all possible units is just below 2,600.

If 10M points for 72 units is a reasonable approximation of what a planned whole unit is worth (and I know that is very very rough approximation, some are lower and some are higher than SR), this suggests that there are approx 360M on Trust Points in these un-constructed properties.

That's interesting -- that's alot of points, considering in the last four years Marriott has put about 260M into the Trust.

It will be interesting to see if a pattern develops of them selectively building out the unconstructed portfolio and depositing them to the Trust, providing 33%-50% of the Trust load which seems to occur every 4-6 months. In this most recent load, with 29M points going in and 10M coming from new development, that does suggest lots of ROFR/buy-backs, coupled with some new development.

Clearly, some properties may be determined to not be worth the development cost, if there are too many Bronze/Silver weeks that would dilute the Gold/Platinums that would be put into the Trust, but interesting to think about.

Best,

Greg

 

[GregT]

That is peculiar. I don't know what that code is either

Thx for continuing to track this!

That quote is from February 15, 2014.

I just wanted to point out that I have been dominating this thread since February.

That has to be some type of record..... ...........

 

[dioxide45]

I will break your string of dominance here Greg. I wonder if Marriott perhaps bought back those three residential units at Kauai Lagoons? I haven't had a chance to check out the conveyances yet but the number three strangely matches up to the number of whole ownership condos sold at Kauai Lagoons. We will have to see if the listing on page 24 shows the number of residential units change at Kauai Lagoons in the next annual report.

If this is indeed the case, it means the resort gets much closer to a pure trust resort.

 

[GregT]

I will break your string of dominance here Greg. I wonder if Marriott perhaps bought back those three residential units at Kauai Lagoons? I haven't had a chance to check out the conveyances yet but the number three strangely matches up to the number of whole ownership condos sold at Kauai Lagoons. We will have to see if the listing on page 24 shows the number of residential units change at Kauai Lagoons in the next annual report.

If this is indeed the case, it means the resort gets much closer to a pure trust resort.

Dioxide, that makes sense -- will be interesting to see if this becomes a pure trust resort. Did they ever sell weeks at this property?

I look forward to your comments on the other filings.

Best,

Greg

 

[TheTimeTraveler]

Dioxide, that makes sense -- will be interesting to see if this becomes a pure trust resort. Did they ever sell weeks at this property?

I look forward to your comments on the other filings.

Best,

Greg

Greg; Yes they did sell some weeks at K. Lagoons. I remember a guy was trying to unload his developer week for about $60K sometime around 2010.

I was interested; but not at that price.






.

 

[dioxide45]

Dioxide, that makes sense -- will be interesting to see if this becomes a pure trust resort. Did they ever sell weeks at this property?

I look forward to your comments on the other filings.

Best,

Greg

According to my records, 30 weeks from 1101 and 41 weeks from unit 1102 were sold as weeks. One unit was reacquired in unit 1102. I find this rather odd since Kauai Lagoons was apparently sold as fixed week. I would have expected to see the units much more fragmented as many people would have wanted to buy prime weeks?

 

[n777lt]

Greg, thank you for all this! Do you think (can you tell) that the MOC units added were from the auction earlier this year, and if so whether all have gone to the trust, or whether they are reselling any?

 

[GregT]

Greg, thank you for all this! Do you think (can you tell) that the MOC units added were from the auction earlier this year, and if so whether all have gone to the trust, or whether they are reselling any?

I went back to the foreclosure list and picked 5 from the list -- none of them were in this Trust filing, so we should see another load of weeks in approx 4-6 months hit the Trust, that I expect will include those foreclosed weeks.

Best,

Greg

 

[dioxide45]

I went back to the foreclosure list and picked 5 from the list -- none of them were in this Trust filing, so we should see another load of weeks in approx 4-6 months hit the Trust, that I expect will include those foreclosed weeks.

Best,

Greg

My guess is that the foreclosure sale was pretty close to the date of the latest conveyance. Probably didn't have enough time to get all the accounting work done to add them to the trust for this conveyance. They may not even have the foreclosure deeds signed and recorded yet.

 

[dioxide45]

All,

Marriott has disclosed on page 12 of their Annual Report that they have the ability (but not the obligation) to build more units at the following properties:

Property...........Units

Canyon Villas........39
Crystal Shares......152
Fairway Villas.......90
Frenchman's Cove.....66
Grand Chateau.......447
Harbor Lake.........588
Ko Olina............190
Lakeshore Reserve...245
Shadow Ridge........487
Willow Ridge........282

From the filing just made for Shadow Ridge, it appears that they are building out 72 units at Shadow Ridge (of the 487 Planned), and those 72 units are worth approx 10M points. The total of all possible units is just below 2,600.

If 10M points for 72 units is a reasonable approximation of what a planned whole unit is worth (and I know that is very very rough approximation, some are lower and some are higher than SR), this suggests that there are approx 360M on Trust Points in these un-constructed properties.

That's interesting -- that's alot of points, considering in the last four years Marriott has put about 260M into the Trust.

It will be interesting to see if a pattern develops of them selectively building out the unconstructed portfolio and depositing them to the Trust, providing 33%-50% of the Trust load which seems to occur every 4-6 months. In this most recent load, with 29M points going in and 10M coming from new development, that does suggest lots of ROFR/buy-backs, coupled with some new development.

Clearly, some properties may be determined to not be worth the development cost, if there are too many Bronze/Silver weeks that would dilute the Gold/Platinums that would be put into the Trust, but interesting to think about.

Best,

Greg

Actually, comparing this information to the past data I have, it shows that they perhaps actually built out three additional units at Kauai Lagoons. My past data had 72 Vacation Ownership Units and 3 Residences. The new information shows 75 Vacation Ownership Units and still 3 Residences. So it doesn't look like they converted those 3 residences to vacation ownership in the trust. Strangely, on the past information it does not show that they still had 3 additional planned units.

While this explains the three units, it doesn't explain where they came from. Perhaps an error in past investor information? Was there a former sales gallery that the converted to units but didn't account as additional planned units?

 

[dioxide45]

Total Points Per Resort

Resort...........................Total..
Ko'Olina......................29,613,750
Newport Coast.................27,063,750
Oceana Palms..................23,046,250
Kalanipu'u....................18,293,500
Timber Lodge..................16,614,500
Shadow Ridge II...............13,148,500
Grand Chateau.................12,701,750
Grande Vista..................11,891,750
Ritz Carlton Club - Vail......10,631,000
Crystal Shores.................9,436,500
Maui Ocean Club................8,442,250
Maui Ocean Club Sequel.........7,845,250
Harbour Lake...................5,359,750
Ocean Pointe...................5,334,750
Canyon Villas..................5,035,250
Cypress Harbour................4,685,750
Shadow Ridge...................4,630,500
Desert Springs II..............4,481,750
Grand Residence Lake Tahoe.....3,857,250
Willow Ridge Lodge.............3,677,750
Ocean Watch....................3,468,000
Kauai Beach Club...............2,856,500
Desert Springs I...............2,524,750
Waiohai........................2,371,500
BeachPlace Towers..............1,928,500
Fairway Villas.................1,729,500
Barony Beach Club..............1,686,250
Grande Ocean...................1,510,750
Frenchman's Cove...............1,483,000
Surfwatch......................1,377,000
Villas at Doral................1,350,250
Mountain Side..................1,323,750
Lakeshore Reserve..............1,251,250
Royal Palms....................1,157,750
Legends Edge...................1,002,500
Sabal Palms......................942,250
Summit Watch.....................933,250
Streamside.......................894,500
Manor Club.......................877,500
Mountain Valley Lodge............728,000
Manor Club Sequel................603,000
Monarch at Sea Pines.............485,500
Harbour Point....................436,250
Imperial Palms...................363,750
Harbour Club.....................140,500
Heritage Club....................118,750
Sunset Pointe.....................92,250
Grand Total..................259,428,250

 

[GregT]

Resort...........................Total..
Ko'Olina......................29,613,750
Newport Coast.................27,063,750
Oceana Palms..................23,046,250
Kalanipu'u....................18,293,500
Timber Lodge..................16,614,500
Shadow Ridge II...............13,148,500
Grand Chateau.................12,701,750
Grande Vista..................11,891,750
Ritz Carlton Club - Vail......10,631,000
Crystal Shores.................9,436,500
Maui Ocean Club................8,442,250
Maui Ocean Club Sequel.........7,845,250
Harbour Lake...................5,359,750
Ocean Pointe...................5,334,750
Canyon Villas..................5,035,250
Cypress Harbour................4,685,750
Shadow Ridge...................4,630,500
Desert Springs II..............4,481,750
Grand Residence Lake Tahoe.....3,857,250
Willow Ridge Lodge.............3,677,750
Ocean Watch....................3,468,000
Kauai Beach Club...............2,856,500
Desert Springs I...............2,524,750
Waiohai........................2,371,500
BeachPlace Towers..............1,928,500
Fairway Villas.................1,729,500
Barony Beach Club..............1,686,250
Grande Ocean...................1,510,750
Frenchman's Cove...............1,483,000
Surfwatch......................1,377,000
Villas at Doral................1,350,250
Mountain Side..................1,323,750
Lakeshore Reserve..............1,251,250
Royal Palms....................1,157,750
Legends Edge...................1,002,500
Sabal Palms......................942,250
Summit Watch.....................933,250
Streamside.......................894,500
Manor Club.......................877,500
Mountain Valley Lodge............728,000
Manor Club Sequel................603,000
Monarch at Sea Pines.............485,500
Harbour Point....................436,250
Imperial Palms...................363,750
Harbour Club.....................140,500
Heritage Club....................118,750
Sunset Pointe.....................92,250
Grand Total..................259,428,250

Dioxide, thanks for this, it is a great resource. Interesting about the three units at Kauai Lagoons, that is indeed surprising.

Best,

Greg

 

[Chad0128]

A couple of odd conveyance notices.

20140080241
20140080242

MVCI didn't convey any points with these two notices, which I don't find odd necessarily as they may be correction notices. Though they don't spell that out. ...

You are correct. They are correction notices but it is clear that they did not want it to be highlighted that it is a correction notice. The first document you attached was to correct NOA 88 which was recorded in 5/3/2011. Document Number 20110231219 I located the document from your forum. However, the NOA 111, the second correction is missing. I cannot locate it anywhere - here or in Orange County website.

It is mysterious what the corrective document was intended to do. 88A purports to correct A-1 but it is actually exhibit M that is being corrected. Why is the effective date different than the recorded date of 5/3/2011?

It is really difficult to get the variable that you need to understand the real situation. There are apparently 54,000 trust owners as of August, 2013. I estimate 30-40 percent of them are Legacy owners. In 2013, 60% trust purchasers are Legacy owners.

The estimated weeks deposited into the trust are 42,000-46,000. However, that is quite a discrepancy from what is being reported to the Florida Timeshare agency:

https://www.myfloridalicense.com/AdditionalInfo.asp?SID=&licid=4103046

Weeks in State Filed : 9815
Weeks Out Of State : 8894

Even if the state agency's website overlooked some filings-you know government, that is a huge gap.

I do not understand the point of recording NOAs when the probative information is lacking. Specifically what are the point/week being allotted to a particular unit? Are they annual or biannual? What was the total number of weeks before these inventories are added?

I am confused also why the inventories in the exhibits are out of order. I have worked for many corporations. You always sort data in a sequence. Also NOAs are recorded in a batch out of sequence. on the same date/ (NOAs have numbers) What is the point of making it so hard to trace?

 

[SueDonJ]

... https://www.myfloridalicense.com/AdditionalInfo.asp?SID=&licid=4103046 ...

Unrelated to the Weeks conveyances topic of this thread, but is there a way to see that last filing on 6/17/14? It might mean nothing but the "minor changes to ... component site charts ..." looks interesting? I'm wondering if it's the 2016 version of the DC Points Chart ...

 

[dioxide45]

You are correct. They are correction notices but it is clear that they did not want it to be highlighted that it is a correction notice. The first document you attached was to correct NOA 88 which was recorded in 5/3/2011. Document Number 20110231219 I located the document from your forum. However, the NOA 111, the second correction is missing. I cannot locate it anywhere - here or in Orange County website.

It is mysterious what the corrective document was intended to do. 88A purports to correct A-1 but it is actually exhibit M that is being corrected. Why is the effective date different than the recorded date of 5/3/2011?

It is really difficult to get the variable that you need to understand the real situation. There are apparently 54,000 trust owners as of August, 2013. I estimate 30-40 percent of them are Legacy owners. In 2013, 60% trust purchasers are Legacy owners.

The estimated weeks deposited into the trust are 42,000-46,000. However, that is quite a discrepancy from what is being reported to the Florida Timeshare agency:

https://www.myfloridalicense.com/AdditionalInfo.asp?SID=&licid=4103046

Weeks in State Filed : 9815
Weeks Out Of State : 8894

Even if the state agency's website overlooked some filings-you know government, that is a huge gap.

I do not understand the point of recording NOAs when the probative information is lacking. Specifically what are the point/week being allotted to a particular unit? Are they annual or biannual? What was the total number of weeks before these inventories are added?

I am confused also why the inventories in the exhibits are out of order. I have worked for many corporations. You always sort data in a sequence. Also NOAs are recorded in a batch out of sequence. on the same date/ (NOAs have numbers) What is the point of making it so hard to trace?

Thanks, this is helpful information. I believe instrument 20140080242 corrected instrument 20110231260. The same unit numbers appear in both, but the earlier instrument has additional unit numbers. It appears perhaps that the every other year designator was incorrect. The correction has "G" where the old one has "M".

Also, my estimates show over 70,000 weeks conveyed to the trust. Not sure why such a difference between what is in the trust and what they have reported?

 

[Chad0128]

All,

Mostly these are re-acquired weeks (in quantity), but there are three entire units deposited at Kauai Lagoons (1301 Building A, 1302 Building A, and 1304 Building A), and then many whole units at Shadow Ridge.

They are also loading EOY weeks. Interesting to watch the Trust mature. Here is the link to the raw data. The Filing # below refers to the last 3 digits of the Notice document.

Best,

Greg


Filing.....Property............Points added to Trust


732 Barony............................527,500
733 Beachplace........................329,500
734 Birch-Streamside...................29,750
735 Canyon villas.....................291,500
736 Crystal Shores.....................36,500
737 Cypress Harbor..................1,003,500
738 DSV I............................ 359,900
739 DSV II........................... 734,500
740 Douglas-Streamside................ 36,750
741 Evergreen - Streamside............ 54,250
742 Fairway Villas................... 438,250
743 Frenchman's Cove................. 120,500
744 Grand Chateau.....................662,500
745 Grand Ocean...................... 544,000
746 Grande Vista................... 1,668,750
747 GRC Lake Tahoe ................... 50,750
748 Harbour Club...................... 35,500
749 Harbor Pointe.................... 111,500
750 Heritage Club..................... 27,500
751 Willow Ridge..................... 161,250
752 Harbour Lake..................... 638,500
753 Imperial Palms.....................75,500
754 Kauai Beach Club................. 342,000
755 Ko Olina...........................34,000
756 Lakeshore Reserve................ 139,500
757 Legends Edge......................280,000
758 Manor Club........................220,500
759 Manor Club Sequel.................189,500
760 Maui Ocean Club...................470,000
761 Maui Ocean Club -- L/N............143,000
762 Monarch........................... 96,250
763 Mountainside......................340,750
764 Mountain Valley....................56,750
765 Newport Coast...................1,128,250
766 Ocean Pointe....................2,045,000
767 Ocean Watch...................... 203,500
768 Oceana Palms.......................55,500
769 Royal Palms.......................437,500
770 Sabal Palms.......................307,500
771 Shadow Ridge......................667,000
772 Shadow Ridge II....................42,000
773 Summit Watch......................301,250
774 Sunset Pointe.......................7,750
775 Surfwatch.........................399,000
776 TimberLodge.......................307,250
777 Villas at Doral...................262,500
778 Waiohai...........................667,000

All EOY Units following:

779 Beachplace .........................3,250
780 Canyon Villas ......................7,000
781 Crystal Shores .....................2,750
782 DSV II ............................14,000
783 Grand Chateau ....................157,500
784 Grande Vista .....................126,500
785 Willow Ridge ......................16,750
786 Harbour Lake......................111,500
787 Kauai Beach Club...................32,750
788 Legends Edge ......................14,000
789 Maui Ocean Club ...................38,750
790 Mountainside .......................4,000
791 Newport coast......................25,500
792 Ocean Pointe.......................10,250
793 Shadow Ridge.......................20,000
794 Shadow Ridge II ....................2,250
795 Timber Lodge....................... 4,250
796 Villas at Doral.....................5,500
797 Waiohai............................37,000

Developer whole units following:

798 Kauai Lagoons.................... 978,250
799 Shadow Ridge II................10,319,250

Total Points Added.................29,012,400

Greg:

Thank you so much for posting the information. I tried locating the NOA for Oceana Palms but I could not do locate it. Were you able to find it sifting through the NOAs recorded for this date? Thank you.

 

[puckmanfl]

good morning...

interesting factoid... 70,000 weeks in the trust. There are over 700,000 weeks in the MVCD system. So the Trust is about 10% of inventory. Legacy players control the other 90%... and probably 95% of the primo stuff...

curious indeed...

 

[taffy19]

good morning...

interesting factoid... 70,000 weeks in the trust. There are over 700,000 weeks in the MVCD system. So the Trust is about 10% of inventory. Legacy players control the other 90%... and probably 95% of the primo stuff...

curious indeed...

The salesman, at the Kauai Lagoons, told us that there were 750,000 deeds system wide from 1984 to June 20, 2010.

He also told us that 35% approximately is in the trust already! I was surprised to hear that but I wrote it down.

I remember the Sales Manager, in Lake Tahoe, telling us that Marriott had held back many units and they were not sold out at some of the resorts that we assumed were sold out completely so it may be true.

The rest of my update will follow in the thread I started of the Kauai Lagoons.

 

[jimf41]

good morning...

interesting factoid... 70,000 weeks in the trust. There are over 700,000 weeks in the MVCD system. So the Trust is about 10% of inventory. Legacy players control the other 90%... and probably 95% of the primo stuff...

curious indeed...

So if the total points in the trust is 259,428,250 and it's estimated that translates into 70,000 weeks then each week in the trust averages 3700 points. That seems to be a very high estimate to me. I think it would be around the 2500 to 3000 point range. I have absolutely no math to back up my estimate, just a gut feeling and the fact that not many weeks get 3700 points making it difficult for that to be the average.

If you accept the 70,000 figure you can't leave out the weeks that are converted to points every year. Marriott controls those also. They might not be in the trust but MVCI has almost total control over them. In any case I think MVCI controls a lot more than 10% of the total inventory.