I am reading this with much interest. Over the past few years, the Waves, an Ocean City Maryland based timeshare-also fell upon hard times. Non-paying owners, lots of debt etc.,. Lemonjuice CEO Alex Krakovsky, bought quite a few of the delinquent timeshare units and joined the board. I personally am glad he did as he spearheaded the bankruptucy and eventual auction of the units that the hoa and the association had in their possession. There had been little maintenance or upgrades to the units for years and the property was rejected by RCI and we could no longer deposit our weeks, we could use them, but only the weeks we owned, which took away the little flexability we had in usage. The owners were originally given the option of turning their weeks back in to the HOA. For those that held out and kept paying their maintenance fees they were in line to receive a portion of the proceeds, when the units finally made it to the auction block. And the hoa did get 100% of the owners to agree to the sale even if a few holdouts did eventually get strongarmed to do so. The auction took place back in the fall, and as of now, two distribution checks have been doled out. From my understanding there is one more small one to come, when the remaining four or five units are sold. I no longer have to worry about rising maintenance fees and special assessments.
I think this guy might be liquidating properties as a business. I still have almost a box of paperwork that went through the process, it wasn't simple but it did eventually work.