Instead of creating more fear in people who have been put in horribly desperate situations, how about the spin of remaining in the resort? Take the remaining years you have on your lease, and multiply it by approximately $1,000 (maintenance fees for those years). If that number is close to what the 20% charge would be to be free, then why not remain? If you don’t want to go to Fairmont because of the bad taste it leaves, you can exchange for another resort. You will not have a gag order and you perhaps can continue to fight the injustices that are being served to us. The resort should be in GREAT shape after all this money is collected and some of us will ensure the money is used properly. Or perhaps Fairmont will suffer the same fate as all the other timeshares this company has owned, and they will close down. At which point our contracts will be cancelled, with no additional fees.
For those option 1 people, I don't think there is an option to stay anymore, a negotiated release was made by MG with an "excellent settlement". If not paid on time, there will be a consent judgement against you for a higher amount and new charges may continue to accrue. Someone correct me if this is incorrect. Those option 2 people and those who did not go with MG still have this option, but it is risky.
As far as the $1,000 maintenance fee, that is a big assumption as the court has given NM the right to charge whatever they want. The resort is NOT in great shape because all the release money for those that are leaving (the majority) is NOT going to the resort, look at the resort villa management financial reports. The math indicates that the only money collected for the resort, other than maintenance fees, was from those that originally payed the renovation fee with some additional collected from some overdue fees. Someone correct me if you see otherwise. The money is going to NM which then goes to ??? Those that paid to stay may have many more surprises to come.
You can hope that the resort will close down and go bankrupt, but the leases will likely continue with the new (or same) owners, and this mess will again repeat. The hope would be the bad court decisions are overturned, criminal charges would be brought, or some government agency would finally get involved to protect the consumer. I think something will eventually happen as this mess is likely to continue and even get worse as there are still many thousands that have stayed or can not pay. I think many in government are now becoming aware of just how bad the injustice is due to our efforts over the last couple months. Thanks to the many who started the fight much sooner.
Sorry if this seems negative, but this is a sad, sad, situation, just trying to be honest. It is totally unbelievable it could be allowed to happen. This really hurts personally and hope that some help will come before thousands of more lives are ruined. I have not given in yet, still fighting and hopeful for a miracle, but time is quickly running out for me.
And the one the judge is referring to is dated September 30, 2017.
