[ 2012 ] Fairmont / Sunchaser / Northwynd official thread with lawsuit info!

[Beaverjfw]

Escalating Cancellation Fee

When the May extortion notices came out demanding $3100 to "leave" I was rightfully peeved. I had no intention of forking over this money without a legal opinion. The literature even suggested getting legal advice. Once Justice Loo ruled in November I was ready to make the decision to pay and be done with Northmont but the new demands for interest at 26% and to pay 2014 maintenance fee, then have no access to a unit were too much.
If the cancellation agreement is a entirely separate legal document, by what basis does Northmont feel its entitled to 26% when interest rates are currently the lowest most people have seen in their lifetimes. . (Don`t give me the BS about it being in our original leases. This agreement has nothing to do with that). On that note I assume Northmont intends to pocket the interest, which may be millions, for their own benefit
Why would anyone pay for a further year of maintenance when they relinquish their rights to the resort. Maintenance fees are paid in advance, not arrears.
Now instead of leaving for $3100, the price is now more than $4700.
My decision is to not pay and fight it out unless Northmont wants to revise their offer. They can have my unit back but it will require a cancellation agreement that is not entirely on their own egregious terms.
Northmont CC, make me a better offer or take me to court. Warning, you cant get blood from a stone.

 

[Late2Game]

in for the fight . . .

Beaverjfw, great to see people like you coming around and digging in for the fight like hundreds of other TS leaseholders.

But how many other TS leaseholders haven't considered this because they are simply unaware of the option? How many will be bullied into either option "A" or "B"?

Until less than a month ago I was not even aware of the TUG bulletin board and ongoing dialogue on this site.

HOW CAN WE ENSURE OTHERS ARE EQUALLY INFORMED OF THEIR RIGHTS AND OPTIONS?

.

 

[ClanMac]

Almost unblievable

Ignore what was here overnight

 

[ClanMac]

I may have gone off on you prematurely no_more and I apologize. If you are who you present in this forum, then some scum used your handle and I was stupid enough to think it was you and opened up a personal message. My computer was attacked.

Looks like there are more than spies operating.

Again, sorry for going off on you, I was out of my mind angry for being attacked and having to clean out the scum and re-wire my security system.

Be careful what you take out of this forum.

 

[Spark1]

well said late2game - to remind people and keep the legal firms names up front and centre for new readers - they are geldert law in Vancouver, and cox taylor in Victoria. both have websites with their contact information.

Geldert law continues to take clients from both Canada and the US.

don't pay these people another cent, as Joan says - your cancellation fees are used to fight the rest of us, and your future is even worse if you pay to stay - as you have a minimum of 17 years more misery with these people - assuming they don't force you out of the resort earlier as they get free title to more and more of the lands.

Hello no_more
Did you send me a message pertaining about Jim Belfry. Northwynd would of just loved to have only yes people as timeshare owners. They know now that there are a lot of owners that know a awful lot about these people.

 

[no_more]

private messages

clanmac and spark1 - yes I did send both of you private messages.

 

[LarcenyWhipsneed]

Fed up with Northmont/Fairmont/Sunchasers

we have been following this thread for a while and wanted to thank everyone for adding their opinions and facts to shed some light on these crooks. This really helped us make the decision to sign up with one of the lawyers and fight these shysters to the end. We have over 20 years left on our annual gold time and they can have it...for nothing. enough is enough.

 

[RandyCDK]

Northwynd helped us out big time!!

When the May extortion notices came out demanding $3100 to "leave" I was rightfully peeved. I had no intention of forking over this money without a legal opinion. The literature even suggested getting legal advice. Once Justice Loo ruled in November I was ready to make the decision to pay and be done with Northmont but the new demands for interest at 26% and to pay 2014 maintenance fee

We too had considered briefly paying the extortion $$ to leave and just be done with it and out of the fight once the court ruling came down. In our case the cost would have been approximately $5000 but thankfully Northwynd came to the rescue and cleared our heads by sending us an additional must pay invoice for approximately $2500 (interest accumulated on the reno/leave options plus two weeks of 2014 maintenance fees) on top of the cost to leave. Note we have never been in arrears or paid any interest just enjoyed the resort as we all should have done (or should be doing) so I do not view myself as a delinquent now as I am just exercising my right to choose the option that suites me best not one that is mandated by someone else who has no right to force their (Northwynd) issues on me.

We know Northwynd has offered to let us use the resort for 2 weeks this year if we pay up everything they believe they are entitled to extort but unfortunately for the local Fairmount businesses we have no intention of returning to Fairmount anytime soon and believe the resort will never recover but good luck to you (Northwynd) in liquidating all the assets off once you get rid of all the timeshare people.

I took the time to read over your misconceptions and considering we paid an initial investment in excess of $30,000 for a 40 year lease (not to own anything like the people who paid to invest into the REIT or the screwed over lease holders who were tricked into the Legacy of Life ownership) so I have a very clear conscience that I am not personally going to cause the demise of the resort when I exercise my rites personally by seeking legal advise and following the advise provided as you (Northwynd) have made the cost to high now to leave and unfortunately I would never consider staying anymore now that you feel entitled to extort as much $$ as you (Northwynd) can.

If you want to make a reasonable offer to take my lease I am listening and welcome a reasonable mutual solution otherwise we can let the courts decide (in the end it would be cheaper for me so I am prepared to be patient and let the legal system run its coarse).

 

[Hotpink]

Actual Cost of the 7000 Building

I am trying to find out about the actual costs of the 7000 Hillside building

Here is part of the decision made by Justice Romaine on the 2010 CCAA ruling

"(c) Timeshare operations and the management and administration of
the Fairmont, Lake Okanagan, Belize and Mexico resorts operated
by Fairmont would also continue without interruption; and
(d) Northwynd would take the responsibility for the repair of a key
facility which required foundation and structural repairs expected
to cost more than 2.5 million in excess of funds currently held in a
trust account on behalf of timeshare owners. The repair was
essential for the continued use of that facility."

This is the only building that I can figure is the one she is referring to in her ruling and if this is factual we need to ascertain the actual costs of this repair. I believe I remember that it was around 4 mil.
If that is the case it would appear to the delinquent lessees ( us) that there must have been 1.5 Mil in the trust account and yet they told Madame Loo there never was a trust account and she noted that there never was a reserve account in her ruling. Again who is lying??? Both Justices can't be wrong can they???

I need some help with this as I need to determine the actual or as close as possible the costs of the 7000 building.

I know the anatomical reason that certain reptiles have split tongues; but did not know it may also apply to some of the Biped variety as well.

Asking for your help with these numbers as I'm sure on of you will have that information. Thank you fellow tugers

 

[Hotpink]

If you believe in Northwynd

Beaverjfw and Psvenson posts 1091 and 1092

P/Svenson here. We are legit timeshare owners at Fairmont since 1999. We also own a timeshare in Okanagan that was purchased through Fairmont Vacations. Northmont says none of this impacts Okanagan but we don't want to to deal with Northmont ever again. Does anyone know if this would impact Okanagan in any way? ty!

The ruling by Justice Loo may have a major impact on time share owners in any resort, although it will take some time to filter down. For now, no immediate impact on Lake Okanogan. the best news is that the project is for sale, now at 10 .5 million dollars. If Northmont sells it you will be done with them and will have a new management company.
See......
http://www.specializedassets.com/properties/lake-okanagan-resort-price-reduced[/QUOTE]

We Have tried to decipher the listing and this is our synopsis of what Northwynd is selling

Lake Okanagan Resort

Reply to post 1091 - psvenson & 1092 beaverjfw

The link to the sale is contained in post 1092. Read the posting carefully, the Time Share units are not for sale.

Each building stated what is included in the offering and what is not.

Condo Bldg 1/2/3 - have a total of 6 units in each building for a total of 18 units. 3 are privately owned and 15 are TS and NOT included.

Lakeside 1 & 2 - only 3 of 36 are included. The 23/36 TS units are NOT included

Terrace 3 & 4 - only 8/48 units are included. The 26/48 TS units are not included.
SO WHAT IS REALLY FOR SALE
We do not believe that this resort will be without the usual Northwynd actions on resorts. The fat cat leopard is not going to change its spots. Nor will any other predator change its striping , coloring or habits . Best beware

We are not qualified buyers so we can't get any better information. You can bet there is something amiss here as it has now dropped again in price 10.15 mil.( 2 price decreases since August 2013)
And yes we have received our Maintenance fee invoice for a biennial at just a shade under 500.00.

So if the time shares are not for sale who will be the management company and I'll give you three guesses and we trust most of you will not need to make all three.

They want us to pay and pay but there is also an out in the lease agreement which we signed with then regarding non payment of funds. Yes sport fans they get it back and we will not attach any strings.

There was a statement in Justice Romaine's ruling of what they were to do to carry on Lake Okanagan and from what I saw last year that has not happened.

No one can clearly believe that these folks are interested in running a resort for the benefit of the lessees.

 

[ClanMac]

Essentials of and unfair contracts 101!

When you consider all the information that has been generated in this forum regarding the unjust, negligent and almost certainly illegal activities of Northwynd, I would feel very confident putting a case before a good judge.

Here are some basic principles that are often overlooked but are at the core of what is considered essential, just and fair in contractual obligations/liability:

First and foremost, as I noted earlier; a contract between two parties historically implies that an agreement has occurred that is based on fairness and consideration of the best interests of the parties involved. It doesn't require signed documentation; it can be an oral agreement, and traditionally closed with a smile and a handshake.

More formally, according to Consumer Contracts Regulations:

Terms of the contract must be written in plain language that is easy to understand, and the seller of the contract cannot tell you something prior to your signing that later turns out to be untrue or misleading.

In deciding if a contract is unfair the court has to look at whether it is unfairly weighted against you, whether there was unequal bargaining strength and whether the company/business behaved properly in getting you to agree to the terms of the contract.

Examples include:

- no liability by the company/business for breaches of contract
- excluding liability for poor work or management
- binding you to a contract when the business/company is at fault
- unequal cancellation rights
- making termination subject to unreasonable conditions
- binding you to hidden terms or variation clauses
- allowing the company/business to impose undue financial burden
- forcing payment for a service that is not carried out with reasonable care
and skill in a reasonable time and for a reasonable price (grounds for breach)

I don't think it takes a Supreme Court Justice to determine much if not all of the above has been shove down our throats.

While the appeal is in progress, and knowing that it is ultimately aimed at enabling those who wish to do so to walk away from that which has been so unfair in a contractual/civil law sense. I thought it would be useful to start blowing some smoke up the trust chimney to generate a little heat on those most directly responsible to the major unit holders; so perhaps their little narcissistic fantasies of climbing up that corporate ladder into the folds of the multinationals will really be threatened. Business fact is that if you do a lousy job of taking care of our assets and can't keep the peasants in line we don't want you around.

 

[pdoff]

On this site - for the past year there have been many inspiring contributions by Time-share owners in the arguments against Northwynd's management of their resort/s.
I have been trying to summarize what has happened from the point of being one of the original lease holders (owners of a certain amount of time in a resort - nothing more).
OK - we faithfully paid maintenance fees for over 20 years as we experienced the fees rise over 150% and the integrity of the resort rapidly decline. This ended last year with Northwynd's pay to stay or pay to go fiasco!
Now Northwynd calls us dissident owners or delinquent owners (I think that I like dissident better - it can be interpreted as disagreeing with this mess. Delinquent owners has more of a negligent implication for not drinking the Sunchaser cool-aid)
It seems somewhere along the line that the last owners, Fairmont, went bankrupt - but, just before that, they offered a bunch of people 13% interest on their dollar (wow - hard to believe) to invest in their resorts? I guess these folks invested in this wonderful opportunity and it didn't work out so they took on the resort/s themselves?
The new owners want us time share investors (many on Senior Pensions now) to pay for this mess and also to lose whatever is left of their initial investment.
I have lost track of which of these Owners devastated Vacationers who bought into Mexico, Costa Rica, Belize, Arizona and Hawaii? The iconic Rafter 6 was also left in the dust.
It sounds like Lake Okanagan is also on shaky grounds?
The only resort left - is whatever is left of Fairmont...a good investment - I don't think so!
It is 'just a fact' that we are questioning Northwynd's integrity for their part in this crazy situation and that we are hiring lawyers to sort it out.

 

[no_more]

check sunchaser website for building 7000 info

I am trying to find out about the actual costs of the 7000 Hillside building

Here is part of the decision made by Justice Romaine on the 2010 CCAA ruling

"(c) Timeshare operations and the management and administration of
the Fairmont, Lake Okanagan, Belize and Mexico resorts operated
by Fairmont would also continue without interruption; and
(d) Northwynd would take the responsibility for the repair of a key
facility which required foundation and structural repairs expected
to cost more than 2.5 million in excess of funds currently held in a
trust account on behalf of timeshare owners. The repair was
essential for the continued use of that facility."

This is the only building that I can figure is the one she is referring to in her ruling and if this is factual we need to ascertain the actual costs of this repair. I believe I remember that it was around 4 mil.
If that is the case it would appear to the delinquent lessees ( us) that there must have been 1.5 Mil in the trust account and yet they told Madame Loo there never was a trust account and she noted that there never was a reserve account in her ruling. Again who is lying??? Both Justices can't be wrong can they???

I need some help with this as I need to determine the actual or as close as possible the costs of the 7000 building.

I know the anatomical reason that certain reptiles have split tongues; but did not know it may also apply to some of the Biped variety as well.

Asking for your help with these numbers as I'm sure on of you will have that information. Thank you fellow tugers

Hotpink, I found it on the sunchaser vacation villas website, check the owners section, financial reports and look at the 2011 management's discussion and analysis - there is a whole section at the end of the report about it. the number quoted is 4,540,000

make sure to save a copy, because with these people, they can remove it from the website at any time. for example, no sign of the audit reports prior to 2011 and I know they used to be there.

I checked my paper correspondence file and didn't see anything from them about building 7000.

Those are "just the facts".

 

[TimesharesBlow]

Northwynd can suck it. 'Nuff said. We are going with the lawyers.

 

[GypsyOne]

Its been a good day with some informative posts. Northwynd CC has been strangely quiet!

 

[ClanMac]

Good on you TS'sB

Don't dismiss S1's statement that the lawyers need as much help as we can provide them with. The likes of N_M, S1, G1, HP, L2G and many others are about as good a legal assistant team as you can get!!! There's a lot of digging going on, and the spadework on the actual numbers related to the costs, expenses for maintenance and repairs, and the overall financial status and accountability is huge. Kudos to N_M and HP!!!

I live in the Okanagan and have made a point of visiting the resort (Lorwynd); it's a mess and a reclaimation project at best.

Dwindling decay best describes Northwyd Properties in general.

 

[no_more]

northwynd has a permanently damaged reputation

nobody will lend these folks money anymore - certainly not a financial institution, and I seriously doubt any private offerings offering 12% or more will attract any further investors.

they have to try to manage their only cashflow available - the lessees (I refuse to call anybody owners) through an attempted legal mugging administered by their lawyers - and they aren't going to get $10 million for Lake Okanagan Resort - its a beautiful location, I've dropped in there on the way back from an Okanagan vacation a few years ago, but most of the resort you should just tear down and start over. apologies for those who own there. You could say the same thing for their former Rancho Banderas property, taken over by Marival not long ago - check it out on TripAdvisor - stunning location north of PV, but the resort needs a refresh.

over time this becomes more and more a liquidation operation - a group of trust unit holders were close to suing almost a year ago, and backed off apparently since we haven't heard anything about them recently.

and then there's our wonderful trustee - if we could get a hold of the timeshare registry of lessees we could organize and throw both the managers and trustee out. its in the contract - we need 51% of the vote but you need the names and contact information for the timeshare holders and we don't have that (yet).

I could have paid these people $1600 last year and said goodbye, but after what I've read about and heard from these people over the past 9 months , well my handle here says it NO-MORE.

 

[Spark1]

nobody will lend these folks money anymore - certainly not a financial institution, and I seriously doubt any private offerings offering 12% or more will attract any further investors.

they have to try to manage their only cashflow available - the lessees (I refuse to call anybody owners) through an attempted legal mugging administered by their lawyers - and they aren't going to get $10 million for Lake Okanagan Resort - its a beautiful location, I've dropped in there on the way back from an Okanagan vacation a few years ago, but most of the resort you should just tear down and start over. apologies for those who own there. You could say the same thing for their former Rancho Banderas property, taken over by Marival not long ago - check it out on TripAdvisor - stunning location north of PV, but the resort needs a refresh.

over time this becomes more and more a liquidation operation - a group of trust unit holders were close to suing almost a year ago, and backed off apparently since we haven't heard anything about them recently.

and then there's our wonderful trustee - if we could get a hold of the timeshare registry of lessees we could organize and throw both the managers and trustee out. its in the contract - we need 51% of the vote but you need the names and contact information for the timeshare holders and we don't have that (yet).

I could have paid these people $1600 last year and said goodbye, but after what I've read about and heard from these people over the past 9 months , well my handle here says it NO-MORE.

Northwynd has been really quite lately. I have a question for them. There has been over 600 timeshare lease owners that have converted over to SPOA which Is Sunchaser Premier Owners Association and they did not receive the freedom to choose package. We have good friends that did this. They owned two gold weeks and one prime week. They just pay a membership fee each year. With over 600 owners converting, who is paying the one time renovation costs and the maintenance fees for the condos that they were responsible for before they joined this association? Us time owners have enough to pay for.

 

[no_more]

Some quick math

If i do some math on spark1s question - 600 plus owners each with a week equals about 12 2 bedroom units - assuming 200K per unit to renovate by northwynds numbers that is $4.8 million dollars.

Great question - given the lack of transparency by our "elected official" Northwynd ( their term ) I can only think the worst. At least with an elected official they have to run for re-election and these people don't.

 

[no_more]

This is a prime challenge - getting the word out

Beaverjfw, great to see people like you coming around and digging in for the fight like hundreds of other TS leaseholders.

But how many other TS leaseholders haven't considered this because they are simply unaware of the option? How many will be bullied into either option "A" or "B"?

Until less than a month ago I was not even aware of the TUG bulletin board and ongoing dialogue on this site.

HOW CAN WE ENSURE OTHERS ARE EQUALLY INFORMED OF THEIR RIGHTS AND OPTIONS?

.

It is difficult to get the word out - because northwynd has the registry of all lessees with their contact info and we don't. That is their primary advantage. I started looking on the web in late 2012 and got connected in to various discussions. People who don't use the internet to get info are isolated because the only voice they hear is northwynd's. There is no homeowners association to provide a counterbalancing voice.

 

[Late2Game]

Getting the word out . . .

Yes no_more. . . .obtaining THE LIST (timeshare registry of leases) is key to getting the word out to the many poor souls who have yet to discover this forum. But don’t expect to get that anytime soon as transparency and a balanced discussion are simply not in Northwynd’s best interest.

It’s a real shame many people will be coerced into one of two bad options over the coming days.

Like many things in life, the world has far more observers than participants. And this specific bulletin board topic is no different. A quick scan across the TUGBBS reveals that this particular subject ([2012] New program coming for fairmont, BC 2013?) has received substantially more views than others on the BBS. We’re talking ORDERS OF MAGNITUDE more views!!!

This leads to two simple conclusions: (1) this is an issue affecting a tremendous number of people; and (2) a lot of folks are still sitting on the sidelines and have NOT made a decision on this matter yet.

As human beings are notorious for leaving things to the last minute, many are reviewing these very pages now to help inform their decision. That’s fine, but I’d also suggest a quick phone call to one of two law firms appealing Justice Loo’s decision. For a small nominal fee you can join the growing list of fellow-TS leaseholders who will ultimately get justice and a much more cost-effective option for disposal for their leases.

There is a far better option than paying the extortion fee being demanded by Northwynd!!

.

 

[Hotpink]

Split tongue speaks again

Here is a quote from the 2011 financial statement on the Sunchaser website
"REPLACEMENT RESERVE
Under the terms of the Vacation Interval Agreement, the Property Manager is authorized( my contract says SHALL article 10 (g))[/) to set up a replacement reserve to enable furnishing and fixture replacements to be made when required. Historically, the Resort has not had a replacement reserve( see the audited statement from 2003), . In addition, to the best of our knowledge the Resort has never had a replacement reserve study completed.When the resort was initiated it was not a condo or a strata project and would not require a RFS . Has the resort now been reclassified to require such an exercise?
Leaseholders and owners should be cautioned that the financial statements of a property manager only present the receipts and disbursements related to capital replacement. As a result, they are not sufficient for the analysis of the health of a resort.(Does this mean we should not be believing what they are telling us?) The critical piece of information on resort health is the level of deferred maintenance in comparison to the size of the replacement reserve.(Was this information not in the disclosure docs when they took over in 2010?
For years, maintenance fees were not at a level appropriate for the long-term sustainability of the resort. The resort maintained operations by avoiding deferred maintenance requirements and allowing the Resort to degrade. As a result, past financial statements that showed minor replacement reserve surpluses or deficits were not indicative of the Resort’s true health.
As at December 31, 2011, the years of avoiding deferred maintenance had reached unsustainable levels. Subsequent to year-end, we engaged a third party general contractor to assess the state of the Resort and prepare a renovation plan to remediate it.Does this not constitute Northwynd getting a less than complete Reserve Fund Study done for the near future? In late 2012, the renovation project was announced with an expected renovation start sometime in 2013.
Additional information on the renovation project is available on the Resort’s website at http://www.sunchaservillas.ca/owners/renovations.asp.
Once the renovation project is complete, we intend to perform a complete replacement reserve study to enable a more effective forecasting and billing of refurbishment costs to sustain the resort into the future".(Really!! this last sentence tells you point blank that they are going to conduct a comprehensive reserve fund study at our cost AFTER the renovation is complete and subsequently bill you to fund the reserve fund probably in addition to maintenance fees)

Bold and underlined are my comments

If I owned a condo this is how it is but I thought I was a lessee in a time share. How silly of me to think they just want to do the right thing.

Am looking forward to our appeal

 

[ClanMac]

Couple of things

When I complained a few years back that that they were supposed to organize an owners association, develop and maintain an open and transparent communication network with us as was stated in the CCAA agreement, I was told by Northwynd that they had sent a letter to everyone and there was little interest. That was BS; so when I asked for a list of the lessees/owners so I could start something, they told me they would not release that information due to privacy requirements. All we had then was their lousy website. Communicating with us and doing their best to ensure their activities were also in our best interests was a major requirement that led to the judicial decision at Queen's Bench in 2010.

Hey No_More: with respect to those unit holders (original first mortgage bond holders) who had formed an action group with the intent to sue Northwynd; they represented Olympia Trust RRSP investors, and Jim Aitken (Chairman) and Chris Bryant (Ass't Chairman) spearheaded the claim that a significant amount of investments had been lost and they had not received any financial statements for six years. They specifically stated that they had targeted a number of individuals with Northwynd (May 26, 2013). I was all over this but had trouble reaching them, and not all that long ago (Dec. 12, 2013) I read that Olympia Trust had sold it's transfer agency and corporate trust assets to Computershare Trust Company of Canada for 43 million. Isn't it interesting that this amount has been circulating for the past four years and is pretty damn close to the amount of the original debt associated with the first mortgage on the Fairmont properties; and Computershare is by far the largest holder of units in the Northwynd Properties Real Estate Investment Trust. And guess w what? The law suit suddenly disappeared.

I threw this at Northwynd CC in this forum some time back, and their response was that Northwynd is not dealing in securities or investments in and out of the trust; and no senior executive of Northwynd is being sued. Well of course not, trustees acting on behalf of the unit holders suck investments in and pay the likes of Computershare; and the law suit disappeared because the claimants from Olympia RRSP were bought out. I just hope the money went back to the poor people whose retirement dreams had gone up in smoke.

All I get from Northwynd when I ask questions or ask for explanations relating to activities of the trust is that all I need to know is in the financial statements, they did nothing wrong or illegal, and it is none of our business as TS holders what their unit holders are doing. You see these are the big nationals and multi-nationals, and Fairmont resort properties is nothing but a spit to them. Yeah they still don't want to lose more than 40 million, but as Northwynd admitted to us, these corporations bought into the reorganization plan given that they were told they would make their money back and more; and now they are so pissed off at Northwynd for ditching the original plan from 2010 and mismanaging and acting negligently with all the crap they have frantically dug up since, it can't be anything more than get the most money you can because we are about to foreclose on all this mess once again.

 

[no_more]

Late2game, I like your game. Exactly, it would take probably a court order to pry the registry of lessees out of northwynds's hands and that isn't happening before Jan 15.

The law firms representing us "dissidents" are Geldert law in Vancouver and cox Taylor in Victoria - they both have websites and are working together on this.

 

[no_more]

When I complained a few years back that that they were supposed to organize an owners association, develop and maintain an open and transparent communication network with us as was stated in the CCAA agreement, I was told by Northwynd that they had sent a letter to everyone and there was little interest. That was BS; so when I asked for a list of the lessees/owners so I could start something, they told me they would not release that information due to privacy requirements. All we had then was their lousy website. Communicating with us and doing their best to ensure their activities were also in our best interests was a major requirement that led to the judicial decision at Queen's Bench in 2010.

Hey No_More: with respect to those unit holders (original first mortgage bond holders) who had formed an action group with the intent to sue Northwynd; they represented Olympia Trust RRSP investors, and Jim Aitken (Chairman) and Chris Bryant (Ass't Chairman) spearheaded the claim that a significant amount of investments had been lost and they had not received any financial statements for six years. They specifically stated that they had targeted a number of individuals with Northwynd (May 26, 2013). I was all over this but had trouble reaching them, and not all that long ago (Dec. 12, 2013) I read that Olympia Trust had sold it's transfer agency and corporate trust assets to Computershare Trust Company of Canada for 43 million. Isn't it interesting that this amount has been circulating for the past four years and is pretty damn close to the amount of the original debt associated with the first mortgage on the Fairmont properties; and Computershare is by far the largest holder of units in the Northwynd Properties Real Estate Investment Trust. And guess w what? The law suit suddenly disappeared.

I threw this at Northwynd CC in this forum some time back, and their response was that Northwynd is not dealing in securities or investments in and out of the trust; and no senior executive of Northwynd is being sued. Well of course not, trustees acting on behalf of the unit holders suck investments in and pay the likes of Computershare; and the law suit disappeared because the claimants from Olympia RRSP were bought out. I just hope the money went back to the poor people whose retirement dreams had gone up in smoke.

All I get from Northwynd when I ask questions or ask for explanations relating to activities of the trust is that all I need to know is in the financial statements, they did nothing wrong or illegal, and it is none of our business as TS holders what their unit holders are doing. You see these are the big nationals and multi-nationals, and Fairmont resort properties is nothing but a spit to them. Yeah they still don't want to lose more than 40 million, but as Northwynd admitted to us, these corporations bought into the reorganization plan given that they were told they would make their money back and more; and now they are so pissed off at Northwynd for ditching the original plan from 2010 and mismanaging and acting negligently with all the crap they have frantically dug up since, it can't be anything more than get the most money you can because we are about to foreclose on all this mess once again.

thanks Clan Mac - that connects some more dots in this. there was a website set up early last year related to this issue , since shut down, it is mentioned in the early pages of this thread. Chris Bryant was posting on the site - it is also mentioned on this thread that he was co-opted by Northwynd to support the renovation project, and he is quoted in a CBC news article last year on this story saying he supported the renovation, it was hard to write the cheque but he did it. they didn't mention in the story that he was also an investor in the Olympia Trust RRSP related to the property under "renovation".

Now, a couple of other questions ... there is an FRPL Finance blog out in the web dated Feb 24,2010 that talks about 3 year term 12% bonds they were issuing. how does this fit into the mix ? maturity would have been last year I suppose.

and ... during the bankruptcy some of the major debtors included Dunvegan Petroleum (one of the Knight brothers) and Colin Knight himself with several million dollars "owing" to them. are they now part owners of the resort through bankruptcy and directing operations behind the scenes ?