Going Forward As An Owner

[Jeff From Salem]

So, from the Annual Meeting, Larry Warner gave a strong impression that the attempt to remediate is going forward (and they're close to making buildings G and H, at the very least, safe to use). They've engaged a contractor. But Warner gave little in the way of specifics as to how, where the rubber meets the road, it will get paid for.

With the ultimate cost of tens of millions of dollars to do it, with dwindling numbers of active timeshare owners (and I don't know how many full owners there are), the fewer there are of us, the more each of us will have to eventually pay. How much that financially and effectively makes sense for each of us individually is a huge question.

Warner indicated that the board has no interest in facilitating to help owners who want to sell. He said that this option was up to Wyndham and that the board has nothing to do with it. But we know that the board can be advocates, especially with current and former Wyndham employees on the board. Warner was very dismissive, as he generally was throughout the entire meeting, and not unusual for him.

I thought it was also interesting that none of the three candidates for the board (and outsider Brian Peters, while not winning, was awfully close to doing so, so good for him) talked about a future vision for the resort.

My wife and I are on an every other year ownership. While we enjoy coming back (We were last there in 2018), we often use it to trade and we've gotten some tremendous trades out of it.

Anyway, I haven't seen much in the way of posts from those who attended the meeting. I did virtually. I know Jack Goldstein (@jacknsara) had to miss it, so this is partly for him.

Aloha,

Jeff Bellin

 

[schreff]

Thanks for the update. Unfortunately, I have had doc appointments, etc. during the last few meetings so I do appreciate your post along with Jack Goldstein's updates. The thing that bothers me most is that Warner who like Wyndham has refused to answer my many specific questions about KBV. There has to be specific reasons why we, the owners, are not be told the whole story. Warner's breach of fiduciary duty is obvious. If any other Board member fails to act on behalf of all owners they too are in breach.

Perhaps it is time, for those who are interested in fairness, protection of their finances and truthful awareness. to file complaints with the Hawii AG, DCAA and the FTC?