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KBV AOAO Special Meeting / Vote scheduled for July 24, 2024

jacknsara

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Aloha
The next KBV board meeting is May 2. A number of us have received a meeting notice for virtual attendance. The following day is the IOA annual meeting. Log in instructions for that were included in the ballot letter (post card)
That May 2nd meeting notice includes an attachment. Within that attachment is the following:

NEW BUSINESS:
Appoint IOA Representative for July 24, 2024 AOAO Special Owners Meeting: Treasurer Kolstad moved to appoint President Warner to carry the IOA’s vote at the AOAO Special Owners Meeting for the purpose of voting against rebuilding, restoring and repairing the project to be held on July 24, 2024. The motion was seconded by Secretary Colombo and carried unanimously.
Jack
 

DeniseM

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Thanks, Jack - Explain it to me like I'm 10, please.
 
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pafuson

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I usually attend all the zoom meetings but I will be flying across country during this meeting. I hope someone would be willing to post any news gathered from the meeting. Thank You again in advance !!!
 

schreff

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Did anyone either attend or have direct knowledge of what occurred during the latest meeting on May 2, 2024? If so, please reflect the results. I had an appointment and missed it.
 

sforgues

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I listened in and took the following notes:

-George and Larry, both incumbents won the votes...George with 2373 votes and Larry with 2398.5 votes. The three other candidates got 139.5 votes combined

-There are approximately 4800-5000 owners...there are 105 units X 51 weeks = 5,355 weeks total, but several owners own multiple shares, so there are less owners than shares

-They did not get enough funds from the special assessment to fund the work. Initially the president declined to reveal whether Wyndham paid for their shares, but it was revealed by someone else who was in a different meeting the night before that it was revealed that Wyndham had not paid. The president said those who did not pay will get delinquency letters regardless of who they are.

-For those who did pay, the funds are being held in escrow and would be refunded if the project does not occur.

-The vote regarding whether to partition or do the remediation was stopped last year due to a lawsuit by 17 of the whole unit owners. It seems that they are now in the clear do the re-vote and it is scheduled for July because the previous vote is expired.

-The board president said issue with the damage in buildings G & H was due to a construction defect done in the 80's when the resort was built. Due to poor recordkeeping, it is not known who the builder is. The damage that occured was under the siding and in the foundation (or something like that) and was not visible to the eye or with normal inspections until the storm damage revealed the problem.

-It was also mentioned that the board doesn't tend to foreclose on delinquent accounts because it is very costly and the board does not want to take over additional units. There was no dicussion about whether they report delinquent accounts to credit agencies.

-There were quite a few people on the call...perhaps more than 50. The board president made the effort to call on everyone for questions or comments. Many asked or said something. The sentiment was that the board needs to communicate more. The response was the lawsuit prevented them saying much for all these months. Personally, I felt like I learned more in about 30 minutes of questions and discussion than has been said for months. I hope they do more Zoom calls.

-They gave the email kbvownership@gmail.com as the contact point for the board. Some said they emailed and didn't get responses. The response to that was that they do read the emails and that informs the newsletters when they publish them. It seems like the board president was saying that due to the high number of owners, they don't respond to indivdual emails. It was not clear whether or not that approach will be continuing.
 
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jacknsara

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Sforgues posted while I was still in draft. Some of the following is additional info.
Our prior vote passed its use by date.
Prior to the AOAO July 24 2024 partition vs remediation vote, we timeshare IOA folks will be receiving a new ballot with essentially the same question (partition yes/no) along with some background info. It is in process now and will be delivered to us via USPS (snail mail).
The previous vote was postponed / cancelled because the whole owners were planning to pursue an injunction from the judge in their lawsuit and the AOA & IOA lawyers were of opinion that the judge would issue that injunction. Based on undisclosed (at the IOA annual meeting) details of developments between then and now, the AOAO & IOA lawyers believe a request for an injunction would fail.
 

jacknsara

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In response to a direct question I asked about how long we owners should expect KBV to continue operating if the vote is to partition, Larry Warner suggested it might be in the range of 9 – 18 months. KBV continues to accept reservations through 2025.
 

DeniseM

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I am NOT PLEASED that Wyndham hasn't paid their maintenance fees! (Is that maintenance fees AND special assessments?) Yet they expect owners too! They are simply not trustworthy IMNSHO!
 
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magmue

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the board doesn't tend to foreclose on delinquent accounts because it is very costly and the board does not want to take over additional units.
IIRC one of the reasons we were supposed to be grateful that Wyndham was back in the driver's seat re: managing KBV was because they had committed to adding any and all relinquished units to their portfolio to use for rentals and future sales. Of course it also allowed them to take over the board and the decision making. I guess they have decided their portfolio is plenty full.

Letting delinquent accounts linger as zombies is not sustainable. But of course neither is declaring a smallish special assessment for urgent repairs and having the largest owner, who also happens to manage the property, blow you off.

If I had any doubts about where this was headed, they have been dispelled.
 

jacknsara

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Aloha,
During the Q&A there was a question about the percentage of units owned by Wyndham. IIRC the answer given was 11.x% (I don’t remember x).
There are 5,355 units in the KBV IOA. There were two board positions up for election. Based on memory since the online form is closed, each annual unit is awarded 2 votes (every other year units get 1). So, there were 10,710 potential votes. 4,911 votes were cast representing 45.9% of the voting power. Incorporating an optimistic assumption that 10% of the 4,711.5 votes for incumbents were cast by owners with no connection to Wyndham, then Wyndham controlled entities plus the KBV IOA board which determines the votes for defaulted and foreclosed units cast 40% of the total voting power. Most owners don't bother to vote. There ares more than one Wyndham controlled entities that own units; this is disclosed in some or all annual audits. All KBV IOA BOD members are there by the vote of Wyndham.
Jack
 

tango

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It was very obvious that there was block voting with the incumbents receiving 2370+ votes each vs 50 votes of the others. It is clear the direction this whole thing is heading. With Wyndham controlling the IOA board, and the board signaling that they are against remediation, and apparently Wyndham not funding their share of the latest assessment.
 

pafuson

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Question ??? If Wyndham is not paying MF or assessment why should they be allowed to vote. Aren't they delinquent ??
 

DeniseM

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Because they control the board, and the board is allowing it.


Sent from my iPhone using Tapatalk
 

bnoble

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There is no claim (that I've seen) that they are not paying MF. There is a claim (second-hand and unsubstantiated) that they did not pay the small special assessment this year. And I don't particularly care if they did or didn't. The funds are in escrow, I will get mine back if it doesn't happen, and I am pretty sure it is not going to happen, because:
It is clear the direction this whole thing is heading.
From where I'm sitting, this has been clear for a very long time. Remediation costs are a substantial fraction of the total value of the units as whole owner condos--and that's for the oceanfront ones. The garden views might well be upside down at this point. In light of that, terminating the resort is a no-brainer. These buildings are tear-downs and it would be practically negligent for the board to do anything else in light of their fiduciary duty.

I paid this year's special assessment because I want to get the last year or two's use out of the weeks we own, and not paying ran the risk of locking us out. I've always assumed I'd get it back.
 
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ecwinch

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I thought the partition vote (I.e. vote against rebuilding) required a supermajority of AOAO votes to pass.
 

DeniseM

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There is no claim (that I've seen) that they are not paying MF.
Yes there was - in a email from someone who was at the zoom BOD meeting, it was reported that a member of the board said that Wyndham has not paid their maintenance fees. (There is an email group for KBV owner that is sharing their notes about the zoom meetings and is currently discussing the issues. This is outside of TUG.)
 

ecwinch

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Sforgues posted while I was still in draft. Some of the following is additional info.
Our prior vote passed its use by date.
Prior to the AOAO July 24 2024 partition vs remediation vote, we timeshare IOA folks will be receiving a new ballot with essentially the same question (partition yes/no) along with some background info. It is in process now and will be delivered to us via USPS (snail mail).
The previous vote was postponed / cancelled because the whole owners were planning to pursue an injunction from the judge in their lawsuit and the AOA & IOA lawyers were of opinion that the judge would issue that injunction. Based on undisclosed (at the IOA annual meeting) details of developments between then and now, the AOAO & IOA lawyers believe a request for an injunction would fail.

This makes sense from the perspective that there was a third course of action (ie limited remediation) that the AOAO could pursue and did not. Having done so, they can now say in good faith that they explored all available options. And given the shortfall on the IOA special assessment, the IOA board is justified in voting for partitioning.
 

ecwinch

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Yes there was - in a email from someone who was at the zoom BOD meeting, it was reported that a member of the board said that Wyndham has not paid their maintenance fees. (There is an email group for KBV owner that is sharing their notes about the zoom meetings and is currently discussing the issues. This is outside of TUG.)
Somewhat dubious….. vague secret group,,,,,.unnamed BoD member… and if Wyndham was not paying their maintenance fees they would be in violation of the terms of the points trust.
 

bnoble

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it was reported that a member of the board said that Wyndham has not paid their maintenance fees.
I recall that in the context of discussing the special assessment, not the recurring annual MFs. It's still second (and, really, at this point third) hand.

I know there isn't much trust of Wyndham around here, but taking that statement as factually correct is farther than I personally would be willing to go.
 

DeniseM

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It's not a secret group at all - it's just an email group, and some Tuggers participate in it. The board president was actually the one who said it when asked by a member of the Zoom call.

Feel free to investigate on your own, before you contradict something you know nothing about!
 

ecwinch

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Yes there was - in a email from someone who was at the zoom BOD meeting, it was reported that a member of the board said that Wyndham has not paid their maintenance fees. (There is an email group for KBV owner that is sharing their notes about the zoom meetings and is currently discussing the issues. This is outside of TUG.)
Somewhat dubious….. vague secret group,,,,,.unnamed BoD member… and if Wyndham was not paying their maintenance fees they would be in violation of the terms of the points trust
It's not a secret group at all - it's just an email group, and some Tuggers participate in it. The board president was actually the one who said it when asked by a member of the Zoom call.

Feel free to investigate on your own, before you contradict something you know nothing about!
We have already had one report that it was in regard to the special assessment and not maintainence fees, and now it’s the BoD President. Accuracy is important in this group where we have had so many inaccuracies in the past.
 

bnoble

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Denise, let me understand. You are saying that the current IOA Board president stated during the zoom meeting that Wyndham was not paying their annual fees. Is that what you are saying?

I ask because you went from asking whether or not it was the assessment or the assessment + fees in your post on Saturday to today stating, definitively, that it is annual fees.
 

DeniseM

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Yes: Quoting the person who was at the zoom meeting and posted their notes: They board President said "maintenance fees."

On TUG, I asked if they had paid their special assessment.
 
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