Breaking news from KBV board

[geist1223]

Hopefully the same that happened to Wyndham for not paying.

 

[DeniseM]

I paid it - if your fees are not up-to-date, you are not eligible for any proceeds from the sale of the property

 

[tango]

I paid it - if your fees are not up-to-date, you are not eligible for any proceeds from the sale of the property

Do we know this for a fact? Not that it would bother me either way as I bought in resale for nothing.

 

[DeniseM]

Yes - It was in a published letter from the BOD - it's common knowledge.

 

[dioxide45]

Do we know this for a fact? Not that it would bother me either way as I bought in resale for nothing.

Even if it wasn't, best case would be that past due fees would be withheld from residuals.

 

[tango]

For my own interest, I went back to look at the info provided by the BOD about the former upcoming meeting and this is what I found:

The association's billing and collection policy is being followed for the SPA the same as for maintenance fee billings: If payment is not received 60 days from the due date and the account is delinquent by at least one‐thousand dollars ($1,000.00), the account may be referred to the Association’s attorney for legal action. All legal fees and costs incurred in the collection of a delinquent account shall be assessed against the delinquent unit and shall be collectable as provided in the Governing Documents. In order to be removed from legal action, the account must be brought current.

To me this says that it “may” be referred for legal action if the account is delinquent by at least $1000, which includes the possibility that it may not also. And it doesn’t say anything about not being eligible for proceeds from the sale. I would accept the understanding that any proceeds from a sale would be subject to a lien for the owed amount.

 

[DeniseM]

It’s a different letter and it’s been discussed at length here in this forum. Look for the threads discussing the special assessment, which was months ago.


Sent from my iPhone using Tapatalk

 

[bnoble]

It was in the letter for the first (aborted) partition vote, dated March 17, 2023. It's as @dioxide suggested--deducted from any proceeds. We paid ours, because we expect to continue using the weeks as long as we can. We believed there was a chance that anyone with an unpaid SA would not be able to book. We did not get too worked up about it--the SA funds are in escrow, and will be returned if the work is not performed. Yes, I'm missing out on my 4% interest, but on $600-ish who cares? It's barely a pizza.

 

[tango]

This is what I expect. Since my ownership is every other year, even years, it’s at least another 1 1/2 years till my next use. A calculated decision that spending even $325 more will not bring me future benefit.

 

[benoma88]

As you stated, " Presumably ". Why didn't the BOD mention the reason for the indefinite postponement to we the owners?


I agree with Schreff post. A motion to enjoin is not an injunction. The BOD could have proceeded with vote for remediation. A resulting vote of IOA owners give credence to the argument (in favor of partition) which should be used at the hearing. There was no need to cancel vote. Timeshare owners do not have a voice in this debacle now going on years. Expensive games are being played.

 

[jacknsara]

Aloha,
I just opened an email from Liane Henderson sent 8/5/24 with the log in info the telephonic KBV IOA BOD meeting tomorrow 8/724 at 9AM HST.
I plan to dial in if nothing more interesting pops up.
Jack

 

[jacknsara]

Aloha,
There may be a few errors in what I captured in the KBV IOA BOD meeting today, but here it is:
A recent amendment to the individual owners lawsuit attempted to add the IOA as a defendant. The IOA request to be dismissed was granted by the judge.
KBV timeshare occupancy for all 2024 through June was 91.6% Financial performance is a bit better than budgeted.
Maintenance fee delinquencies rate is 15%
The IOA owns forty some (I didn’t catch the actual number) equivalent annual units (63 actual ownership units).
Regarding special assessment from earlier this year: 75% is currently in hand. Per standard collection policy, 1st & 2nd delinquency notices have been mailed. Owners with over $5K outstanding are being referred into a collections process.
Over 50% of IOA ownership actually voted with the overwhelming majority (no number given) in favor of NOT remediating.
Jack

 

[tango]

And correct me if I’m wrong, the percent of the resort represented by interval owners is 69% with the other 31% the whole owners. And 75% is the threshold for the not remediating to pass. Which seems to mean that 6% of votes from the whole ownership would need to vote against remediation for KBV to be liquidated. Also, I didn’t hear whether or not Wyndham was part of the 75% paid for the special assessment.

 

[jacknsara]

. . . . Also, I didn’t hear whether or not Wyndham was part of the 75% paid for the special assessment.

Aloha,
The survey results attached to https://tugbbs.com/forums/threads/k...y-results-initial-release.286527/post-2252217 indicate that very few IOA owners own enough units to to exceed the $5K threshold now heading for a collection process. Statistically speaking, that survey was not a random sample so there is no basis to extend the percentage to the whole population. Based on memory from my BOD days, there was a very small number entities holding a large number of units. I do not know the current situation, but MROP comes to mind along with Wyndham.
Just guessing now, but if Wyndham were delinquent on the special assessment, then just about everyone not delinquent on MFs (the 15%) would be current on the special assessment.
Jack

 

[CO skier]

Regarding special assessment from earlier this year: 75% is currently in hand.

April 2024 Vote

Got the proxy for the April 2024 vote for directors just now. None of the candidates mention any association with Wyndham in their statements...seems like a first unless that just has not been disclosed. Does anyone know if any of these candidates are Wyndham affiliated? Roger Cederholm John...

tugbbs.com

If there is any truth to the " Wyndham owns a controlling interest at KBV" then, mathematically, Wyndham must have paid the special assessment to reach the "Regarding special assessment from earlier this year: 75% is currently in hand."

 

[RNF]

What happened at the KBV IOA Regular Telephonic Board of Directors Meeting scheduled for Wednesday, August 7th, 2024 at 9 a.m?
I was traveling and could not participate and don't see any posts regaring same.
Thanks

 

[DeniseM]

Scroll up a bit - it is in this thread where you posted your question.

 

[Uchwki7]

Does anybody know anything new since this last post on Aug 13, 2024?

 

[dioxide45]

Does anybody know anything new since this last post on Aug 13, 2024?

Perhaps you should look at some of the other threads in the forum.

Todays board meeting, big news.

So at today's IOA board meeting. This was revealed. A new special assessment is expected at the beginning of 2025. This special assessment is to the tune of $68,000,000, which is the anticipated cost of the entire remediation. It looks like the issue of whether or not we get to vote on...

tugbbs.com

 

[rmarywendy1]

What @bnoble said.

An ethical seller would have made full disclosure of the serious issues at Kauai Beach Villas. If you read other threads in this forum, you will see that owners have known for more than a year that keeping the resort up and running long term would require a special assessment in the thousands of dollars per week owned. Your seller wants out from under, and is hoping you will not find out that KBV is circling the drain until you have signed and taken over their obligation.

Rescind.

Question: Did any of you decide NOT to pay the special assessment into the $4.1 million remediation project of buildings G & H due 04/01/2024? If you choose not to pay, what happened?

Question: Did any of you decide NOT to pay the special assessment into the $4.1 million remediation project of buildings G & H due 04/01/2024? If you choose not to pay, what happened?

 

[rmarywendy1]

We paid the assessment for building H and G.

 

[rmarywendy1]

We still own a 2bdrm every other year in building H and a 1bdrm 2bth every other year in building F. Have them for rent but not takers at this point and we paid the maintanence fees already.