Developer Bankruptcy: What a mess at French Quarter in Branson

[Beefnot]

Doug, how were you able to work things out with the photos? Had they paid some other company(ies) for your photos? Was there a gentleman's agreement or formal contract on the use of your photos?

 

[Beefnot]

Man is this a nasty bag of snakes or what? I suppose I'm glad I own in building 2 and don't have quite as much to worry about. I'll be glad when it's settled and done. At this point, I believe I'd just as soon have SWM continue to manage both properties vs starting anew with someone else. It's scary to think of a company like Westgate, Celebrity, Festiva et....taking over.

Did you ever try to give away your unit? Or do they have that $1,500 prepaid maintenance thing like Palace View also?

 

[ace2000]

I guess it's time to step up to a higher level of membership with Smugmug to prevent the theft of my photo's for commercial use.

How would the higher membership protect you?

 

[Beefnot]

On the smugmug home page, they say they have "Watermarking for piracy prevention".

 

[dougp26364]

How would the higher membership protect you?

On the smugmug home page, they say they have "Watermarking for piracy prevention".

After an online discussion with Smugmug, there's really no way to completely stop someone from using an image. There are way to make if inconvenient and less practicle. Watermarking is one of those methods. I guess I'll have to put those to use.

 

[dougp26364]

Doug, how were you able to work things out with the photos? Had they paid some other company(ies) for your photos? Was there a gentleman's agreement or formal contract on the use of your photos?

The images they obtained were posted on other sites. Sites which are also using my photo's for commercial use without my permision (more work for me to do). I'll send them a count of my photo's and we'll go from there. It was not their intention to borrow without premission and once I was able to direct him to my site, it became obvious I was the owner of the photo's.

No, they had not paid for the photo's nor had they obtained permission to use them. Yes it's a gentlemans agreement at this time. I tend to be trusting of people until given a reason not too.

 

[glypnirsgirl]

Is it possible then that this bankruptcy is for the benefit of owners?

George

Probably not the owners. My guess that the benefit is to the shareholders.


elaine

 

[dougp26364]

Is it possible then that this bankruptcy is for the benefit of owners?

George

Probably not the owners. My guess that the benefit is to the shareholders.


elaine

In this case the bankruptcy definately was not for the benefit of the owners. Brian Taylor ran it into the ground, borrowed money anywhere he could, was bailed out twice by his father and has now declared Chapter 7 bankruptcy which is for liquidation not reorganization.

Those in the 800 building and those who purchased preconstruction in the 900 building (building's 8 and 9) are left owning nothing. Building 9 was never started and building 8 owners were never issued deeds or titles.

Since this was an LLC I don't believe there were any shareholders so to speak.

The majority of owners should be safe, depending on who comes out as the management company for the resort. I can think of a few management companies I'd just as soon not have running one of my resorts.

 

[BigRedOne]

I see people talking about title insurance in this post and I think some may be miss-led. Title insurance will not protect anyone that purchased a timeshare; it will only protect the bank that loaned money. When you purchase title insurance it pays the lender any amount still owed and expires when the loan is paid off. There are other types of insurance that protects the buyer but I don't think it is customarily sold. I am also a bit surprised anyone has title insurance as it is not usually sold on timeshare purchases, but then again with the price the newer resorts are charging the banks may be requiring it.

 

[SJR]

Do have an new info Doug?

Doug, Did you get any more info after your stay in Sept? Just curious. We own a tri-annual @ French Quarter and this is our year, so I called FQ to make sure we still own our timeshare there before I pay the maintenance fee. Left a message for them to call me. Was on hold for awhile and it kept saying I was 1st in line. maybe they are not there on Saturdays.

I'm not even sure what building we own in. The warranty deed refers to our unit being in French Quarter Condominium IV. But then in the fine print of our contact agreement, there is a section #4 Interstate Land Sales Full Disclosure Act that says ".......if the unit that is the subject of this contract is in Bldg one in French Quarter Condominium IV, containing units........" (and our unit is one that is listed) "and that construction has yet to occur" So that doesn't make sense to me because when we were there in 2007 there were quite a few bldgs already constructed. Why would bldg one not be constructed yet? So are we in bldg 5 (IV) or one? Too confusing. And all the bankruptcy stuff we got would always say that if you were receiving this that you supposedly owned in bldgs 8 or 9. I think that's what it said.

Let me know if you have any new info. Oh and what does HOA stand for? I'm new to this Forum.

 

[BigRedOne]

Has anyone made any progress on this dilemma?

 

[Miss Marty]

HOA


Homeowners' associations, or HOAs,

are formal legal entities created to maintain common areas; they have the authority to enforce deed restrictions. Most condominium and townhome developments, and many newer single-family subdivisions have HOAs, which are usually created when the development is built. Covenants, Conditions & Restrictions (CC&R's) are issued to each homeowner, and HOAs are established to ensure that they are adhered to in order to maintain the quality and value of the properties involved.

 

[CO skier]

I see people talking about title insurance in this post and I think some may be miss-led. Title insurance will not protect anyone that purchased a timeshare; it will only protect the bank that loaned money. When you purchase title insurance it pays the lender any amount still owed and expires when the loan is paid off.

It is "Title Insurance" not "Bank Loan Insurance." Anyone can buy a title insurance policy on a timeshare and have it issued in their name -- even if paying cash. The title insurance remains in effect for as long as you hold an estate or interest in the property and will typically cover:

1. Title to the estate or interest described in the policy

2. Any defect in or lien or encumbrance on such title.

3. Lack of a right of access to and from the land.

4. Unmarketability of such title.


Title insurance is cheap. If you are paying more than a few thousand dollars cash for a timeshare, it is well worth the peace of mind. If you are financing the purchase, the lender will likely require title insurance, and you as an individual can "piggy-back" on the policy for a nominal charge.

It seems as though more than a few "owners" at the resort in this thread wished they had title insurance (Items 1 and 4 above), depending on how much they paid for the timeshare.

 

[dougp26364]

Doug, Did you get any more info after your stay in Sept? Just curious. We own a tri-annual @ French Quarter and this is our year, so I called FQ to make sure we still own our timeshare there before I pay the maintenance fee. Left a message for them to call me. Was on hold for awhile and it kept saying I was 1st in line. maybe they are not there on Saturdays.

I'm not even sure what building we own in. The warranty deed refers to our unit being in French Quarter Condominium IV. But then in the fine print of our contact agreement, there is a section #4 Interstate Land Sales Full Disclosure Act that says ".......if the unit that is the subject of this contract is in Bldg one in French Quarter Condominium IV, containing units........" (and our unit is one that is listed) "and that construction has yet to occur" So that doesn't make sense to me because when we were there in 2007 there were quite a few bldgs already constructed. Why would bldg one not be constructed yet? So are we in bldg 5 (IV) or one? Too confusing. And all the bankruptcy stuff we got would always say that if you were receiving this that you supposedly owned in bldgs 8 or 9. I think that's what it said.

Let me know if you have any new info. Oh and what does HOA stand for? I'm new to this Forum.

We did not make it to FQ in Sept. secondary to illness. If your unit was in one of the effected buildings, you likely would have been notified by the bankruptcy court. There was no issues for owners in buildings 1 thru 5.

HOA, Home Owners Association.

Southwind Management is now the permanent management company for FQ.

Grand Regency at Thousand Hills Resort is now managed by the same ownership group that manages the Colonade Resort.

 

[dougp26364]

Has anyone made any progress on this dilemma?

The bankruptcy is closed. Southwind is the management company for FQ. I have not idea what the situation is for owners in the one affected building and the building that was sold pre-construction but never built.

 

[mcgregorlass]

Reservations...

We have reservations to stay at the French Quarter for a week the end of April....will those reservations be secure?

Pat

 

[dougp26364]

We have reservations to stay at the French Quarter for a week the end of April....will those reservations be secure?

Pat

Yes, your reservations are fine.

The bankruptcy has been settled. The resort never closed it's door or, as far as I know, refused a guest or exchanger. The main thing affected was who managed the resort and of the buildings, one never built but had pre-construction contracts and another that was built and used as collateral for a loan.

When the original developer deafaulted on the loan, the bank foreclosed on that one building and locked the doors. The owners of that building had never received titles or deeds for their weeks as I understand it. The last word I had directly from SWM was that they were allowing owners who wanted to maintain their ownership to pay MF's and were given a week from unsold/unused inventory in one of the other buildings, either for personal usage or exchange, with the promise they'd work with them should they be named the management company after the bankruptcy was closed.

Since I was not in the affected building or involved in the pre-construction sale for the building that was never built, I haven't recieved any information about what SWM has offered those owners. It's not something that concerns me and isn't something I've looked into or questioned. I've seen nothing posted by any of those owners.

As an owner with a deeded week in building two, my ownership has continued as if nothing has ever happened. SWM was managing the resort during the bankruptcy but they weren't making improvements to the resort. They were essentially maintaining status quo. There are maintenance issues that should be addressed and, IMHO, a few upgrades that probably need to happen. The resort was still in very good shape the last time we were there but I noticed some railings around the pool/hot tubs that were in need or replacement and some of the furnishings in the units were getting a little worn and in need of replacement. I can't blame SWM or th HOA for not putting a lot into a resort that's in bankruptcy until they knew the outcome. What scares me is they weren't putting a lot of money into the cash reserve fund, probably over worries that fun may have been considered an asset that may have been attached in bankrupcy court.

If you have reservations or an exchange at this resort, you don't have anything to worry about. The bankruptcy proceedings went on for maybe three years and there wasn't any issues reported with reservations or exchanges in all that time. I don't see why there would be an issue now.

 

[mcgregorlass]

Thanks Doug for your reply. We have never stayed there and are looking forward to it. We are Wyndham owners, so it will be a change for us. We have driven by the resort many times and it looks very nice. Thanks again for your reply and thorough explanation. Your help is appreciated.

Pat

 

[SJR]

We did not make it to FQ in Sept. secondary to illness. If your unit was in one of the effected buildings, you likely would have been notified by the bankruptcy court. There was no issues for owners in buildings 1 thru 5.

HOA, Home Owners Association.

Southwind Management is now the permanent management company for FQ.

Grand Regency at Thousand Hills Resort is now managed by the same ownership group that manages the Colonade Resort.

Well, I never heard back from FQ when I left a message last time, so I called again today and was told that we bought into Bldg 9 and that the courts determined that people who bought into Bldg 9 no longer own anything. He said that Spinnaker Resorts was offering some kind of special to help compensate those owners if we wanted to come down for a visit. So I was thinking oh no, we're not paying any more money. But he did not push the subject he immediately went on to ask me if I had the contact info for the Trustee Kevin Campbell. He's the one that was listed on all the bankruptcy papers we received. I really should have contacted him sooner to get more details. But I seriously didn't think we were in Bldg 8 or 9. None of our paperwork says that. All I keep seeing is "French Quarter Condominium IV" and then there was another section that mentioned Bldg 1 and our unit# was listed, so I thought, well maybe we are in Bldg 1 then. I sent an email to Mr Campbell to see if anything can be done. My husband wants proof that we did buy into Bldg 9 since none of our paperwork says that. So just curious does anyone else's Warranty Deed or Sales Contract specifically say what Bldg you bought into? Ours just mentions Unit# and Week # and French Quarter Condominium IV.

 

[dwd53]

We made a reservation at FQ June1-8, 2013 with no problems. The front desk set us up for an "Owners update" meeting with Spinnaker. We have a 2 BR unit. Bottom line: they offered us $11,500 "equity" towards their units at Palace View ($45,000). I only had to come up with $33,500 . They told us that after the judge rules in this case the owners could get nothing or possibly a small settlement of less than $2000. I passed on the deal.

 

[tug1873]

We made a reservation at FQ June1-8, 2013 with no problems. The front desk set us up for an "Owners update" meeting with Spinnaker. We have a 2 BR unit. Bottom line: they offered us $11,500 "equity" towards their units at Palace View ($45,000). I only had to come up with $33,500 . They told us that after the judge rules in this case the owners could get nothing or possibly a small settlement of less than $2000. I passed on the deal.

Wow is that how much they charge? Palace View is easy to get someone to pay you to take it off their hands. Someone paid me 4 years of maintenance fees to get rid of theirs to me. I plan on using it for a while but thought I needed to pay $1500 to get rid of it. I guess I could just hang around the sales office offer it to them if their willing to prepay fees

 

[dougp26364]

We made a reservation at FQ June1-8, 2013 with no problems. The front desk set us up for an "Owners update" meeting with Spinnaker. We have a 2 BR unit. Bottom line: they offered us $11,500 "equity" towards their units at Palace View ($45,000). I only had to come up with $33,500 . They told us that after the judge rules in this case the owners could get nothing or possibly a small settlement of less than $2000. I passed on the deal.

I really didn't expect great things from Spinnaker but to expect someone to plunk down another $33,500 for something that can be purchased for next to nothing is crazy. Since I ususally have my iPhone with me, I'm afraid I'd have had to have pulled up Place View resales and shown them the amount of money I could save by NOT taking their deal.

 

[timeos2]

We made a reservation at FQ June1-8, 2013 with no problems. The front desk set us up for an "Owners update" meeting with Spinnaker. We have a 2 BR unit. Bottom line: they offered us $11,500 "equity" towards their units at Palace View ($45,000). I only had to come up with $33,500 . They told us that after the judge rules in this case the owners could get nothing or possibly a small settlement of less than $2000. I passed on the deal.

It is so sad that people fall for these "great offers". They make it sound so good when they know you could have it for free if you looked around. And it's almost every resort / sales group. No wonder timeshare has such a bad reputation.

 

[dougp26364]

It is so sad that people fall for these "great offers". They make it sound so good when they know you could have it for free if you looked around. And it's almost every resort / sales group. No wonder timeshare has such a bad reputation.

The really sad part is that these owners often paid developer pricing originally, now Spinnaker wants to hit them for another unit at developer prices.

I haven't toured any resorts in Branson but it's hard to believe they're getting $45,000 for a unit. I guess if I want a good laugh maybe we should go to one next time we're in town.

 

[kim.gr]

French Quarter and Spinnaker

Spinnaker recently offered us a 1br bi annual for a good price. According to them, this will combine with our French Quarter, giving us a 2 br on odd years and the 1 br on even years with them.
They used scare tactics about FQ possibly comming after us for any other debts owed. Supposably this is the only way out of the FQ mess.
Is this another scam to throw good money after bad, or legit?