I assume ecwinch is just pointing out where we no longer have legal standing, not specifically if he agrees with the decision. I hope he does continue to post as it helps me understand this mess from the courts point of view and might make clear where there is still valid legal standing.
As stated in previous posts, the settlement is based on our bill which includes:
1. The renovation fee, which is not being done on our units since we are leaving.
2. Maintenance fees, for services we were denied.
3. Interest at 27% on these amounts, when they did not spend the money.
4. Plus an added amount, presumably an exit fee for our lease agreement.
They are double dipping or worse, and there is no way the damages could be this much. Also, I think the court did rule that they were responsible for their share of the Maintenance fees, which is likely what was being referred to. If their share of maintenance fees had been paid, the bill would have been less (half) for that portion.
It has been said that we are not actually paying for the above items, it is just an amount. My question still remains, does anyone know where this money is legally suppose to go? Does it need to be spent on the resort? From a previous post, it looks like it will not be going to the REIT investors. Shouldn't it show as income on the books and then have to be shown as an expense when the money is spent? Someone please help me understand this from the legal perspective. If the money is spent on the resort, it is in great shape. If not, things are not going to be looking good for the resort going forward or those still involved.
I agree with everything you have said...and in reading your post along with every other post several times again this morning, I just wanted to throw out a few points....I may be incorrect but as this mess is evidence, it wouldn't be the first time.
Regarding your Point #1...
1. The RFP (renovation fee) IS this "term" what has and is causing us all this grief? In going thru things this morning, yet once again...including my 2007 "Vacation Experience Lease" it occurred to me that there was no "EXIT" clause, with the exception that if you were 90 days in arrears (Section 13), they could in essence terminate the Lease. I can't find it, but I also think if they changed things around and kicked anyone out, they would have even been required to pay for that decision.
2. When Fairmont went "broke" and Northmont picked it up, they received our leases in the "purchase". In other words, they bought (very cheaply) upwards of 14000 leases and wanted to get rid of half or more.
3. Had they just announced they were going to downsize the resort, and/or sell off buildings, people would have screamed bloody blue murder.
4. Consequently, they came up with the RFP, and told us our share was $$$. They just wanted people to leave, hence the POS Stay/Go Program. Thinking people weren't going to pay for repairs, the assumption may have been...a lot of people would just pay and go, but they also underestimated the amount that thought it was unfair...aka...us.
5. Perhaps by continually fighting and focusing on the "renovation battle" knowing that they are Not going to renovate and Never intended to renovate" we missed opportunity to fight the "they are kicking us out battle" , so in other words NOT fighting the changes they made to our contracts.
6. My thought in this is that the reno battle can't and will not be won (appears to be obvious at this point). The strategy was poor from the start. In going into the next round, perhaps the strategy has to change significantly.
7. BTW, everyone questions interest which has escalated our invoices to what they are...(Thanks MG)...the original 07 contract (Section 11), it shows that interest rate, which we never read because we were so excited to start making memories. I doubt that is something that can be fought.
To sum it up...we went to a "gunfight" with a "knife". I was so majorly focused on why I was not going to pay for renovations, and so minor focused on my "exit" cost my bill is 84% higher that it was in '13 due to interest and other costs...as I followed MG down the garden path.
I may not have worded this entirely coherently, but think i think the contract battle may be the one to fight. My original one shows it was a "Vacation Experience Lease" and I never received a new one with the "new owners" and being lumped in with JEKE screwed us ALL...also thanks for that MG. In other words, I am being punished based on a piece of paper that I have NEVER seen, signed or have been made aware of.
I am Option 1 and still deciding what to do, but there are a couple of lawyers in Edmonton that are looking at fighting a "new" fight. That fight (in my opinion only) has to take a new direction if it can...just throwing it out there...and lastly...DON't let anyone who is not up to speed on this do ANY interviews. The CTV one which could have major...was an example of a waste of time. Let Truth Renaissance speak for the group.