Nite Nite!
As Northwynd/mont heads into nowhere land, let me tell them a bedtime story:
Once upon at time there was a young student in accounting who found to his joy that he could become accredited as a "Chartered Accountant" without nearly as much as was required at a Graduate and Institutional level from the not too distant past. So he studied and came to realize that accounting as much as any discipline within economics was very broadly defined and the leverage for accountability could be sustained over at least several years. Such leveraging and deferred balancing would be ideal in a speculative market, and lo and behold there was none better than in his home town of Calgary; oil central and home to the elite 'big boys' clubs'.
So he ventured into a company as a chief financial officer and came to realize that there was a huge amount of money being invested based on one producing well, another that had some potential, and at least one that was dry as desert sand. The investors didn't know this because they had been told they could expect at least double digit returns on their investment, and the initial payouts from the producing well had looked like it was heading that way.
Well guess what? The money couldn't come in fast enough to pay off the investors, and the CFO had done a good job of deferring the balance sheets for at least a year and a half; and then it all went bankrupt. It was OK though because it was a company and the executives had already been paying themselves huge salaries and bonuses, and who knows where all the remaining investment money went. Seemed like a good profit with bankruptcy.
Out of a job but still doing well with the cut he had received our more experienced CFO realized how much investment money was coming into a more stable and reliable market with mortgage bonds, and the trends that had arisen in the US. The bundles of house mortgages that were headed for collapse in the states were nothing like what could be achieved by investments into a real estate investment trust; particularly when the bonds had already been exchanged for units so that in essence a mutual fund was set up and a prospectus indicating where all the money was going and who was receiving what did not have to be sent to the unit holders nor revealed to anyone else. Welcome to the time share industry Mr. CFO.
Deferring, leveraging, raising maintenance fees of the tenants for the properties, encouraging further investment, and ignoring what needed not to be addressed to maintain the properties for several years was the way to go... and then everything that had been restructured so you could do this when you signed on collapsed. Your unit holders demanded accountability and a major law suit had begun which you needed a buyer to take care of.
The CEO resigned (i.e. was told to get the hell out, or more likely got what he could and disappeared before the crap hit the fan) and now your the boss. You can do this! You know everything is folding around you however you can sell off everything you can and make sure you and your buddies have ownership and control over assets and time at southern resorts and even that which is offshore in the Bahamas. You already knew this was where to funnel the money because your former CEO had already informed you of this, but he was dumb enough to tell a disgruntled TS owner at the Mexican Resort and some that are more astute have already found out.
Hey wait, get rid of all TS sales, convince the more gullible to pay a whole lot more to own the time for life, hit the TS lessees and owners with a major renovation cost, do some cosmetic work on the Fairmont property, tell the trustee that you are doing a realignment in addition to the renos, and head to the supreme court of BC and jam it down everyone's throat before they know what hits them. And it works! You win!
Now get the scalphunter from Ontario that calls himself a lawyer and scare the hell out of the TS to either pay the reno and be stuck, or pay to get out, and if you don't do one or the other, in addition to paying your maintenance fees up front or ahead of time, we will take you to court and threaten the very foundation of all the assets you have secured for the rest of your life.
Then the worst thing happens to our new CEO, he encounters those who won't take this crap anymore. They band together and become brothers and sisters at arms, with a representative and a lawyer who helps them appeal the gross injustice of all this; most significantly the massive breaches of contract that has been occurring throughout the entire Fairmont/Northwynd history. And the biggest nightmare of all occurs, they win the appeal! With no less than three Madam Appeal Court Justices flushing everything down the 'loo'; and specifically stating that a trial was necessary in order to adjudicate the complaints of the TS lessees/owners about the breaches and miscarriage of justice that had already been occurring.
And now it's time to take what you can and run to where you think it is safe. It is not all that comforting trying to sleep with the walls caving in on you, so it's best I say "good night" little accountant boy!!!!!