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

ecwinch · Dec 31, 2017

Moderator Note: Let's keep it civil when replying to posts. Obviously this is a contentious issue with more backstory than most of us can follow, but TUG rules still apply.

Be Courteous

As we read and respond to others, disagreements are inevitable. Differing points of view are welcomed, and indeed the bbs would be a dull place without them. All users are expected and required to express their disagreements civilly. Refrain from name calling and behavior lectures. Personal attacks will not be tolerated and repeated offenses could get you banned from the bbs. Lively discussion is what the board is all about, but that is no excuse for boorish behavior or bad manners. We are assumed to all be adults. If you don't like a particular thread, stop reading it!

Punter · Dec 31, 2017

Anyone familiar with the PANAMA PAPERS? It’s information about wealthy people with offshore accounts that are sometimes used for illegal purposes including fraud and tax evasion.

I'm posting two links. If you can't click on them, copy and paste into your browser. The first shows Sunchaser and people associated with them, listed as having money in the Barbados.

https://offshoreleaks.icij.org/nodes/101722595

This link is a frighteningly familiar account of the “questionable” activities that went on at Rancho Banderas. It's fairly long - the good part is under "Breach of Contract". Read where the GM boasts that if they were sued, they're safe because their assets are hidden in the Barbados.

Resorts West, Fairmont / Northmont / Northwynd, Fairwynd, … it is all incestuous. The same people and interests reconfigured. It’s a continuous shell game. All these properties, all eventually or essentially bankrupt and the same people always profit.

Is this not the root of all of our problems?

https://www.redweek.com/forums/messages?thread_id=17251

I would think the CRA or the RCMP would be interested in this story.

Ultimate_Betrayal · Dec 31, 2017

Hey Everyone

This whole thing is very raw and let’s see what we can accomplish together – I don’t want to see anyone banished as we all need to express our anger and try to work collaboratively.

Unfortunately we cannot ask for a do over when it comes to the trials but we can make sure our collective voices are heard loud and clear as the settlement is NOT ACCEPTABLE!!!

There is many things to be done but right now we need to focus on our voices being heard – don’t direct frustration at each other and lets try to focus on the problem at hand.

I want to share something with you related to retainer agreement we all hopefully signed to be represented by Geldert as a group:

The negotiation is not a hum drum day to day legal service to be done without client consultation

Geldert Law shall consult with the Client with respect to major decisions or choices, pertaining to significant alternatives or financial impacts, but Geldert Law shall be expected to process the Client’s legal affairs in accordance with efficient standardized procedures without consultation, recognizing that legal services must often be performed as an art rather than a science.

I think the majority of the goals below are a FAIL or will soon be

Our involvement on behalf of the Litigation Group, at least initially, will include the provision of the following services:
1) We will negotiate for a group or standard cancellation of your Vacation Interval Agreement(s) (the “Agreement(s)”).
2) We will represent you in connection with the hearing of the Petition to the Court commenced by Philip K. Matkin Professional Corporation (the “Trustee”). For clarity, we will be opposing the relief sought by the Trustee:
a. To prevent Northmont from “making certain unilateral changes to your Agreement”
b. To prevent the Trustee from changing the registrar to protect Owners’ interests; and,
c. To prevent the transferring title of certain property currently part of the Resort to Northmont.

I am not feeling the Love

The rules of the Code of Professional Conduct for British Columbia require that, before we represent you jointly, we must raise certain issues with you and obtain your consent as to the course to be followed in the future if a conflict arises. The following will apply to our joint representation of you:
a) We owe each and every Client in the Litigation Group a duty of undivided loyalty. This means that we must act in each of your best interests at all times and must not favour the interests of one of you over the interests of another, or allow anything to interfere with our loyalty to each of you or our judgment on your behalf. If we are unable to fulfill this duty of undivided loyalty to each of you, we will have to withdraw.
b) No information we receive from one of you or from any other source with respect to this matter can be treated as confidential from either of you. This means that, as long as the joint retainer continues, we must disclose relevant information to both of you. However, should we receive information from any source that makes it clear we are in a conflict by acting for you jointly, or if a contentious issue arises between you, we must cease acting for all of you in the matter unless the conflict/contentious issue is resolved or the circumstances of a permitted continuing relationship apply.

Bewildered · Dec 31, 2017

GypsyOne said:
Can you give us in point form what "all of the facts" are, or at least the top ten.

The fact is, this is a nightmare and will go down as the biggest 25 million dollar scam in the history of Alberta/BC. What we (all timeshare owners) need to do is phone your MLAs immediately and if we were smart there would 100s of us marching on legislature demanding that the Alberta Justice Minister take some immediate action based on us all being held ransom by THE lawyer and Northmont with this short timeframe on a life altering decision. I personally believe The lawyer no longer has his clients best interests in mind and is now really bailing on all of us. Discussed with him and he no longer seems interested. I still cannot fathom how this is all legal. People work all their lives to save their money to basically get stolen from them through a timeshare scam?
Is there no one out there with a legal background to actually let us know what would actually happen if we didn’t pay this ransom?

Bewildered · Dec 31, 2017

Ultimate_Betrayal said:
Hey Everyone

This whole thing is very raw and let’s see what we can accomplish together – I don’t want to see anyone banished as we all need to express our anger and try to work collaboratively.

Unfortunately we cannot ask for a do over when it comes to the trials but we can make sure our collective voices are heard loud and clear as the settlement is NOT ACCEPTABLE!!!

There is many things to be done but right now we need to focus on our voices being heard – don’t direct frustration at each other and lets try to focus on the problem at hand.

I want to share something with you related to retainer agreement we all hopefully signed to be represented by Geldert as a group:

The negotiation is not a hum drum day to day legal service to be done without client consultation

Geldert Law shall consult with the Client with respect to major decisions or choices, pertaining to significant alternatives or financial impacts, but Geldert Law shall be expected to process the Client’s legal affairs in accordance with efficient standardized procedures without consultation, recognizing that legal services must often be performed as an art rather than a science.

I think the majority of the goals below are a FAIL or will soon be

Our involvement on behalf of the Litigation Group, at least initially, will include the provision of the following services:
1) We will negotiate for a group or standard cancellation of your Vacation Interval Agreement(s) (the “Agreement(s)”).
2) We will represent you in connection with the hearing of the Petition to the Court commenced by Philip K. Matkin Professional Corporation (the “Trustee”). For clarity, we will be opposing the relief sought by the Trustee:
a. To prevent Northmont from “making certain unilateral changes to your Agreement”
b. To prevent the Trustee from changing the registrar to protect Owners’ interests; and,
c. To prevent the transferring title of certain property currently part of the Resort to Northmont.

I am not feeling the Love

The rules of the Code of Professional Conduct for British Columbia require that, before we represent you jointly, we must raise certain issues with you and obtain your consent as to the course to be followed in the future if a conflict arises. The following will apply to our joint representation of you:
a) We owe each and every Client in the Litigation Group a duty of undivided loyalty. This means that we must act in each of your best interests at all times and must not favour the interests of one of you over the interests of another, or allow anything to interfere with our loyalty to each of you or our judgment on your behalf. If we are unable to fulfill this duty of undivided loyalty to each of you, we will have to withdraw.
b) No information we receive from one of you or from any other source with respect to this matter can be treated as confidential from either of you. This means that, as long as the joint retainer continues, we must disclose relevant information to both of you. However, should we receive information from any source that makes it clear we are in a conflict by acting for you jointly, or if a contentious issue arises between you, we must cease acting for all of you in the matter unless the conflict/contentious issue is resolved or the circumstances of a permitted continuing relationship apply.

This is all great info but dealing with Geldert may not be a priority with the deadline coming. Involving your elected officials and or the media (what Geldert promised to do) ASAP is the only way this train wreck is not happening. I don’t have all the answers but a thousand phone calls to your individual MLAs and to the legal societies of Alberta/BC would be a start. I don’t understand the Judge Young angle on this board but I guess it wouldnt hurt

Tanny13 · Dec 31, 2017

For those FAIRMONT owners who still own and have paid the RPF and maintenance fees to date, have any of you questioned the management fee that is charged? The contracts state that the management fee is 15% of expenses. In the 2013 financials (all financial reports are available on Sunchaser.ca), the management fee is over $2.4 million, which is 31% of expenses! In 2014, the management fee was over $1.6 million, which is 20% of expenses! All of us, no matter whether you’re in the fight or not, are being robbed...

Bewildered · Dec 31, 2017

Scammed! said:
I've sent the same letter to 7 different officials now, and I won't stop until I'm heard from someone that will help us. I will continue sending to everyone and everybody until their sick of me. We all need to step it up its our last chance. I can't do this without you. We've been wronged and this is the worst of abuse I have ever been a part of.... not in my country.....Don't stop, don't look back, keep fighting, and send send send. Hon, L.D YOUNG might not receive the letters but everyone else will, and maybe she will get it. How will we know if we don't try. Talk is cheap make a difference at least for yourself and your family, and I also wrote on behalf of all of us. God Bless us all. I did nothing wrong nor do I have anything to be ashamed of. Like the pin said that I wore in court "NEVER GIVE UP!" I swear I never will.........

Tanny13 said:
For those FAIRMONT owners who still own and have paid the RPF and maintenance fees to date, have any of you questioned the management fee that is charged? The contracts state that the management fee is 15% of expenses. In the 2013 financials (all financial reports are available on Sunchaser.ca), the management fee is over $2.4 million, which is 31% of expenses! In 2014, the management fee was over $1.6 million, which is 20% of expenses! All of us, no matter whether you’re in the fight or not, are being robbed...

Thats what Geldert was hired for, again were way past the point of questioning mgmt fees. Contact your MLA, legal societies, Judge Young, etc ASAP and hopefully the media gets wind of this, we are talking over a $25 million dollar ransom thrown at over a thousand of us by Northmont and Geldert. Let’s get off our butts and do something. Get on the phone, email, etc Tuesday and get going. Sitting on this site bemoaning our situation will do zip, Geldert has kept us silent for too long based on his hollow promises. He has washed his hands of us so we are on our own. If someone from Edmonton would organize a March in front of the legislature demanding the Justice Minister do something, I’m there in a heartbeat even though I’m not from Edmonton. Let’s everyone step up or I guess we all like giving away $25,000 hard earned dollars. Most of you say your seniors so if your retired use your valuable time to bend a few ears.

Scammed! · Dec 31, 2017

Bewildered said:
Thats what Geldert was hired for, again were way past the point of questioning mgmt fees. Contact your MLA, legal societies, Judge Young, etc ASAP and hopefully the media gets wind of this, Let’s get off our butts and do something. Get on the phone, email, etc Tuesday and get going. Sitting on this site bemoaning our situation will do zip, Geldert has kept us silent for too long based on his hollow promises. He has washed his hands of us so we are on our own. If someone from Edmonton would organize a March in front of the legislature demanding the Justice Minister do something, I’m there in a heartbeat even though I’m not from Edmonton. Let’s everyone step up or I guess we all like giving away $25,000 hard earned dollars. Most of you say your seniors so if your retired use your valuable time to bend a few ears.

You know what got me......QUOTE "We are talking over a $25 million dollar ransom thrown at over a thousand of us by Northmont and Geldert." Painful to see those names together.......................

Tanny13 · Dec 31, 2017

Bewildered said:
Thats what Geldert was hired for, again were way past the point of questioning mgmt fees. Contact your MLA, legal societies, Judge Young, etc ASAP and hopefully the media gets wind of this, we are talking over a $25 million dollar ransom thrown at over a thousand of us by Northmont and Geldert. Let’s get off our butts and do something. Get on the phone, email, etc Tuesday and get going. Sitting on this site bemoaning our situation will do zip, Geldert has kept us silent for too long based on his hollow promises. He has washed his hands of us so we are on our own. If someone from Edmonton would organize a March in front of the legislature demanding the Justice Minister do something, I’m there in a heartbeat even though I’m not from Edmonton. Let’s everyone step up or I guess we all like giving away $25,000 hard earned dollars. Most of you say your seniors so if your retired use your valuable time to bend a few ears.

I don’t believe management fees were ever brought up by Geldert. For those of us who are staying and fighting, we are not even CLOSE to past the point of questioning...

Bewildered · Dec 31, 2017

Tanny13 said:
I don’t believe management fees were ever brought up by Geldert. For those of us who are staying and fighting, we are not even CLOSE to past the point of questioning...

When you say those of us who are staying and fighting, please explain what your plans are? This is obviously happening outside the Geldert group as that seems to be a dead end. I’d be interested to know how questioning the mgmt fees matters at this point when Northmont according to Geldert can unilaterally charge 26% interest and no limit (presently 20%) to get out as they are presently doing with the threat of 160% if we don’t pay? I guess if you paid all the way along and don’t plan on getting out of this nightmare that might make sense?

Petus@18 · Dec 31, 2017

heydynagirl said:
It was in the email the lawyer sent Dec 28 at approx. 21:00 PST

It wasn't clear by MG's message if the opting out' deadline was 12 pm or am? We sent ours at 3 pm. Does anyone knows if they can proceed with collections/seizing assets right away? How much time do we have? We need legal advice but will have to wait until Jan 2 when many firms are back from holidays. Will you be fighting on your own or are you contemplating hiring someone else? Does anyone know of any good lawyer in AB? I know, we are so sick and tired of lawyers but what else is there? Wishing for all of us a better year, we hope to wake up someone with power that could help us get justice.

Spark1 · Dec 31, 2017

Punter said:
Anyone familiar with the PANAMA PAPERS? It’s information about wealthy people with offshore accounts that are sometimes used for illegal purposes including fraud and tax evasion.

I'm posting two links. If you can't click on them, copy and paste into your browser. The first shows Sunchaser and people associated with them, listed as having money in the Barbados.

https://offshoreleaks.icij.org/nodes/101722595

This link is a frighteningly familiar account of the “questionable” activities that went on at Rancho Banderas. It's fairly long - the good part is under "Breach of Contract". Read where the GM boasts that if they were sued, they're safe because their assets are hidden in the Barbados.

Resorts West, Fairmont / Northmont / Northwynd, Fairwynd, … it is all incestuous. The same people and interests reconfigured. It’s a continuous shell game. All these properties, all eventually or essentially bankrupt and the same people always profit.

Is this not the root of all of our problems?

https://www.redweek.com/forums/messages?thread_id=17251

I would think the CRA or the RCMP would be interested in this story.

Punter said:
Anyone familiar with the PANAMA PAPERS? It’s information about wealthy people with offshore accounts that are sometimes used for illegal purposes including fraud and

I'm posting two links. If you can't click on them, copy and paste into your browser. The first shows Sunchaser and people associated with them, listed as having money in the Barbados.

https://offshoreleaks.icij.org/nodes/101722595

This link is a frighteningly familiar account of the “questionable” activities that went on at Rancho Banderas. It's fairly long - the good part is under "Breach of Contract". Read where the GM boasts that if they were sued, they're safe because their assets are hidden in the Barbados.

Resorts West, Fairmont / Northmont / Northwynd, Fairwynd, … it is all incestuous. The same people and interests reconfigured. It’s a continuous shell game. All these properties, all eventually or essentially bankrupt and the same people always profit.

Is this not the root of all of our problems?

https://www.redweek.com/forums/messages?thread_id=17251

I would think the CRA or the RCMP would be interested in this story.

Thanks Petus@18. Yes I can help you with this. I am working with the RCMP and love to help you with this. I have joined the Canadian anti-fraud centre. Phone 1-888-495-8501. They will set you up with a email address to send your documents. They will also give you a file number. Any one can do this. If you have any information that could pertain to to anti fraud and extortion join the RCMP . This could put more pressure on getting this Forensic Audit done. I will be meeting with the RCMP next week. Keep in contact.

Petus@18 · Dec 31, 2017

Thank you very much

TimesharesBlow · Jan 1, 2018

I can appreciate the amount of “Seniors” here as expressed. I am hoping some of the folks that are retired(ie. have time during the day) and have lots of life/career experience can do the appropriate leg work with research and provide guidance, as the hardest part in all of this for us younger people in the thick of life with careers and kids and all of their activities, is not having any time during the day or evenings to pursue the phone calls and letters to whoever and wherever they need to go. I reiterate, I will never pay a dime to the folks that have already robbed me and my family of years of vacations that i already paid for. It’s like your house being robbed and then getting a bill from the thieves to please pay them for providing you a “robbery” experience. They already got the money the first time we bought the timeshare. I stopped paying my maintenance fees, they get to keep their timeshare. That’s my loss. That’s it. No going back to the well and asking for more cash. Anyone who pays another dime to Northmont/Northwynd(whatever their name is) is just sending good money after bad. We need someone to break through and succeed with a process that works and then the rest of us can follow suit. This should be looked at as a criminal investigation. Please keep us posted.

Bewildered · Jan 1, 2018

Spark1 said:
Thanks Petus@18. Yes I can help you with this. I am working with the RCMP and love to help you with this. I have joined the Canadian anti-fraud centre. Phone 1-888-495-8501. They will set you up with a email address to send your documents. They will also give you a file number. Any one can do this. If you have any information that could pertain to to anti fraud and extortion join the RCMP . This could put more pressure on getting this Forensic Audit done. I will be meeting with the RCMP next week. Keep in contact.

I already registered a complaint with anti-fraud years ago, nothing happened so I think this is not going to help for anyone who has been given this upcoming deadline. Better off calling your local MLA. If i’m mistaken please explain what the RCMP are telling you Spark 1??

Bewildered · Jan 1, 2018

TimesharesBlow said:
I can appreciate the amount of “Seniors” here as expressed. I am hoping some of the folks that are retired(ie. have time during the day) and have lots of life/career experience can do the appropriate leg work with research and provide guidance, as the hardest part in all of this for us younger people in the thick of life with careers and kids and all of their activities, is not having any time during the day or evenings to pursue the phone calls and letters to whoever and wherever they need to go. I reiterate, I will never pay a dime to the folks that have already robbed me and my family of years of vacations that i already paid for. It’s like your house being robbed and then getting a bill from the thieves to please pay them for providing you a “robbery” experience. They already got the money the first time we bought the timeshare. I stopped paying my maintenance fees, they get to keep their timeshare. That’s my loss. That’s it. No going back to the well and asking for more cash. Anyone who pays another dime to Northmont/Northwynd(whatever their name is) is just sending good money after bad. We need someone to break through and succeed with a process that works and then the rest of us can follow suit. This should be looked at as a criminal investigation. Please keep us posted.

It is worth your time to invest a little in phoning your elected officials, or sending emails to the legal societies society contacts on this site and anybody else that will listen. People have/will post letters you can utilize as our story is all the same. People in Edmonton should be banding together and marching on the legislature until the Justice Minister looks into this. Anybody who was involved with Geldert only has a couple weeks

Punter · Jan 1, 2018

Spark - are you dealing with your local RCMP? This is a complicated case and it's in our best interest to consolidate our efforts rather than approach various branches with the same issue. I'm in the Edmonton area and it looks like you're in Ponoka. Also, do you have a file number with Anti-fraud that we can cite? You can always send me a private message too.

Spark1 · Jan 1, 2018

Punter said:
Spark - are you dealing with your local RCMP? This is a complicated case and it's in our best interest to consolidate our efforts rather than approach various branches with the same issue. I'm in the Edmonton area and it looks like you're in Ponoka. Also, do you have a file number with Anti-fraud that we can cite? You can always send me a private message too.

No when you deal with the Canadian anti-fraud centre. 1-888-495-8501. We deal with both. Every tug file will be moved to the head office in Ontario and that will be very easy for me to do . It is time consuming but worth it,I feel this has been very hard on Seniors and young adults who were lied to about how much cheaper timeshare vacations would be. When I deal with any Branch all I need to do is show the Local RCMP my file number. I will never just leave a file with the local police they both will get these files.

aden2 · Jan 1, 2018

TimesharesBlow said:
I can appreciate the amount of “Seniors” here as expressed. I am hoping some of the folks that are retired(ie. have time during the day) and have lots of life/career experience can do the appropriate leg work with research and provide guidance, as the hardest part in all of this for us younger people in the thick of life with careers and kids and all of their activities, is not having any time during the day or evenings to pursue the phone calls and letters to whoever and wherever they need to go. I reiterate, I will never pay a dime to the folks that have already robbed me and my family of years of vacations that i already paid for. It’s like your house being robbed and then getting a bill from the thieves to please pay them for providing you a “robbery” experience. They already got the money the first time we bought the timeshare. I stopped paying my maintenance fees, they get to keep their timeshare. That’s my loss. That’s it. No going back to the well and asking for more cash. Anyone who pays another dime to Northmont/Northwynd(whatever their name is) is just sending good money after bad. We need someone to break through and succeed with a process that works and then the rest of us can follow suit. This should be looked at as a criminal investigation. Please keep us posted.

The New Consumer Protection Act protects consumers from contract changes that are done unilaterally, that a contract can be cancelled as a result.

Spark1 · Jan 1, 2018

Punter said:
Spark - are you dealing with your local RCMP? This is a complicated case and it's in our best interest to consolidate our efforts rather than approach various branches with the same issue. I'm in the Edmonton area and it looks like you're in Ponoka. Also, do you have a file number with Anti-fraud that we can cite? You can always send me a private message too.

I no Edmonton quite well we lived there for over 30 years. Let come up with a date and a time and we will do this. When you join the Candian anti-fraud centre they will give you a email address: where you will mail your documents and you will get a file no. That file number can also be used with the Local RCMP. I will watch for you on Tug and we will compare notes in Edmonton or Ponoka. Happy New Year to you.

Spark1 · Jan 1, 2018

Tanny13 said:
For those FAIRMONT owners who still own and have paid the RPF and maintenance fees to date, have any of you questioned the management fee that is charged? The contracts state that the management fee is 15% of expenses. In the 2013 financials (all financial reports are available on Sunchaser.ca), the management fee is over $2.4 million, which is 31% of expenses! In 2014, the management fee was over $1.6 million, which is 20% of expenses! All of us, no matter whether you’re in the fight or not, are being robbed...

What you need to do is show this to your Local RCMP and diffently contact Canadian anti-fraud centre PH. 1-888-495-8501. They are great to deal with and they will set up what you need to do.

Scammed! · Jan 1, 2018

aden2 said:
The New Consumer Protection Act protects consumers from contract changes that are done unilaterally, that a contract can be cancelled as a result.

consumers@gov.mb.ca Sent mine already.

Spark1 · Jan 1, 2018

I received our bill from Northmont It showed the Principal being 1997.59 and the interest being 4043.45 and the tax was 99.88 and the total bill was 6140.92. Our maintenance fee in 2012 was 943.00 which we paid. I well ask Northmont how they came up with that number for 2013. I will also remind them that I own a Vacation Villa Lease. When you have a Lease type Contract you have the right to use that timeshare in our case 40 years. That right was taken away from us because we did not agree with what the Trustee did being The Cancellation Agreement and the Special Assessment. That was not part of our Lease before the freedom to choose. After the 40 years we have no claim to ownership of any of the property whatsoever. We feel they owe us because we lost the use of the timeshare for 5years because signing that cancellation Agreement did not mean you were cancelled and Special Assessments are not part of Lease Agreements. This using the Fair Trading ACT was explained by Justice J.T. McCarthy in the Citation:Lydiatt.Banff Rocky Mountain Resort, 2008 ABPC. 333. Timeshare owners that have Lease agreements do not let Northmont try change this because they feel that is part of modifying the Resort. I feel every one of us are being scammed and extorted because of this we all have a responsibility to report this to the RCMP at the Canadian anti-fraud centre 1-888-495-8501. The RCMP said what they watch for if there is several files and documents involved in this case they will investigate. What I will never understand when, Justice Loo ruled on this case why did she not have any consideration for the contracts that we all signed. Since Dec13 when I wrote a post there has been 13435 hits on Tug let’s do the same with the Canadian anti-fraud centre. 1-888-495-8501. I can not tell you not to pay but when you talk to the RCMP and explain this fraud and extortion and let them know we want the forensic audit completed on this resort so we know where all our Maintenance money went before Collin Knight went bankrupted then ask them should you pay the extortion?

easy prey · Jan 1, 2018

Unfortunately, geldert has ensured we have functionally no time to react. Within weeks the settlement will be literally signed, sealed and delivered (except for those who either cannot or will not pay). As much as it sickens me, these are the facts.

I am hopeful some last minute intervention happens through mla's, rcmp, prime minister etc.

A lot of roads to go down with no time.

Gelderts option 1 and option 2 strike me as similar to options northmont gave us when this all started.

I will be contacting the media with our situation at the following email addresses :
1) gopublic@cbc.ca
2) marketplace@cbc.ca
3) fifthtips@cbc.ca

If global news and ctv news have similar news type investigators I will be contacting them as well.

I encourage you to do the same as it's easy for them to ignore 1 person.

This gross miscarriage of justice needs to be exposed.

I will also be contacting the Canadian Anti Fraud Center.

Tanny13 · Jan 1, 2018

Bewildered said:
When you say those of us who are staying and fighting, please explain what your plans are? This is obviously happening outside the Geldert group as that seems to be a dead end. I’d be interested to know how questioning the mgmt fees matters at this point when Northmont according to Geldert can unilaterally charge 26% interest and no limit (presently 20%) to get out as they are presently doing with the threat of 160% if we don’t pay? I guess if you paid all the way along and don’t plan on getting out of this nightmare that might make sense?

Will be speaking to new legal counsel this week, but the plan is to pay what’s owed - RPF and outstanding maintenance fees and the legal maximum interest allowed (4 or 5%). Costs are included in our maintenance fees so I will fight to not pay any additional costs. This total will be substantially less than what we have been invoiced. The difference is yes, we are still in, but how can Northmont ever charge any additional fees when they’ve just collected over $30 million. Then we will focus our efforts on Northmont...