Decisions on Club Vacances Magog

[Lester]

We are owners in Magog and we were following the thread about the $2500.00 that we were asked to pay but then went on holidays and have not seen anything lately. We were wondering what owners were deciding to do about this. We are still undecided. Suggestions would help. Thanks.

 

[rubin]

We sent them a letter outlining our concerns with their proposed scheme. Namely, they are asking for $2500 and not providing us with a new contract, the now infamous letter stated some proposed projects, but there are no guarantees anything will be done.
We have not received an answer. I believe they are waiting to see how many members will pay. If the majority pays (which would be absolutely the wrong thing to do), I doubt they will reply. If very few people take them up on their scheme, they will have to respond.

 

[spoon]

I have sent Denis Foisy whorks at the resort an e-mail with a bunch of questions. He responded back by indicating that he had turned the note over to Nicole (the owner) and further indicated she would get back to me.

Under the original thread Dave (one of TUG's moderators) hit the nail on the head by stating that this proposal was a "special assessment with ownership thrown in as a reward". I understand the rationale for special assessment. Other resorts have done it in an effort to upgrade their old and outdated resort. This is hardly the case for Club Vacances Magog. The resort is no more than 7/8 years old.

There are two things that primarily trouble me with this proposal. I think it hurts those members who (I'm one of then) own multiple weeks. If I sell one of my weeks for whatever reason, I have to discount the selling price by $2500 CDN because the new owner will have to pay this amount to join the partnership. When you consider the market price of the weeks, you will almost have to pay the potential buyer money. In essence, my extra weeks are worthless on the open market except to myself and presumably to my heirs.

Secondly, the special assessment will be used to pay off the current debt that the resort has incurred. Let's say I and a fewl others pay the $2500 CDN assessment fee. Now the owner says I accept your (really our) offer. We now own the buildings and any left over liability. This could be a HUGE headache.

 

[myip]

We decided not to send the money. We will "wait and see" what happen. I rather pay "extra fees" as a non-deeded owner than pay upfront $2500. Paying $2500 may not guarantee the resort will still be around. I was told that I will not loose my usage if we decide not to joint the deeded membership.

 

[rubin]

Heard From Another Owner That Management Of Resort Has Been Changed And Manager (nicole) Was Fired. No Longer Need To Pay For Shares. I Am Not Sure If This New Turn Of Events Is Good Or Bad.

 

[myip]

Confirmed with the resort that the old administration staffs are gone including Denis and Nicole. The new staffs confirmed that the letter is no longer valid. Owners do not have to pay to join deeded membership. All the current memberships RTU are still valid. No changes anticipated.

 

[KenK]

What might happen if some did send in the $$$? Will they get it back, or will some units be deeded, others RTU (What a mess that might cause)

 

[rubin]

We called up, and confirmed what Myip was saying. Everybody was fired, they have a temporary person working the office. The old contracts stand. There may or may not be further construction, there may or may not be a pool. We will be there Presidents' week and get more info.

 

[aptiva]

Thanks to Maria & Rubin for hanging in there & finding some info for us others.
Have my own idea on what may be happening at Magog.
Had banked our 2006 week so will not be going there this year.
Will be interested in knowing what you find out Rubin.
As you wrote "Is this turn of events good or bad?"
Marie

 

[Lester]

We also have banked our 2006 week and were wondering if the state of the resort will affect getting a decent trade.

Thanks for all of your comments.

 

[TechnicalBard]

I called CVM in December 2005 after receiving the letter. Was told they were busy and would call me back.

I called again in mid January 2006, and was told again they were busy and were still getting around to calling the RTU contract holders.

I am still waiting for a call back. This new information is interesting. I guess I will have to call the resort AGAIN to find out more information.

 

[DianeG]

FEB.15 - Important Update

This morning, I had a fairly long conversation with one of the guys at CVM. I'm in a rush to leave for Montreal today, so I will not post more detailed info until Sunday. But, in a few words:

Club Vacances Magog is NOT bankrupt.
First building (deeded owners w/ 4-digit units numbers) no longer under services contract with CVM.
RCI exchanges suspended ONLY for units in this building.
CVM now under Textron management.
Dec. "offer" withdrawn.

Please feel free to e-mail me or send me a message.

Regards,
Diane

 

[Ottawans]

Hello anyone with timeshare @ Club Vacances Magog. Has any one heard what is happening?? Last I heard they were in foreclosure. Where does that leave all of the members? Should they not be responsible for sending us all letters of notice of what is going on???
As a group, can we not sue them? How do we find out who other members are?
We would appreciate any feed back. We must be able to do something to recoup monies lost.

Colleen & Rick

 

[Broddie]

Hello anyone with timeshare @ Club Vacances Magog. Has any one heard what is happening?? Last I heard they were in foreclosure. Where does that leave all of the members? Should they not be responsible for sending us all letters of notice of what is going on???
As a group, can we not sue them? How do we find out who other members are?
We would appreciate any feed back. We must be able to do something to recoup monies lost.

Colleen & Rick

Hi Colleen & Rick.The last I heard was the posting from Val who gave some clarification of the situation and was going to consult a lawyer .I was wondering about the group action idea.I am an Ottawan too and think there must be several moreowners from this area.