KBV Board meeting

[RNF]

Aloha,
Next KBV IOA BOD is scheduled for Tuesday, October 8th, 2024 at 1 p.m. (HST)
If you don't get a notice with the zoon link, contact Liane Henderson liane.henderson@wyn.com
Jack

Hi Jack,
Thanks for the post.
I'm curious about the special assessments from 01/25/2024. This assessment was for the $4.1 million renovation project. If I understood correctly, the escrow agreement was to hold funds for six months. If funding was not secured (4.1 million) and I'm sure it wasn't .... assessment funds were to be returned.

I was not able to attend the BOD meeting and wondered if the 'escrow agreement' was discussed? And if yes, what was discussed.
Bob

 

[tango]

Well, it was announced that a second special assessment would be levied soon to raise the remaining funds not received in the first round. Probably at the first of the new year.

 

[RNF]

Well, it was announced that a second special assessment would be levied soon to raise the remaining funds not received in the first round. Probably at the first of the new year.

Questions:
a) How much of the $4.1 Million needed to refurbish Buildings G & H has been funded? On April 11, 2024 the amount was 1.6 million.
b) It sounds like Wyndham did not pay their portion of the Special Assessment on the first go around. Is that the case?
c) And please confirm. The second assessment would be to cover the shortfall that was not paid owners in the first go around?
d) Lastly, the 4.1 million is still their 'best guess' as to the cost. I ask since I have not heard they went out to bid.
Thanks
Bob

 

[bianchicycle]

Questions:
a) How much of the $4.1 Million needed to refurbish Buildings G & H has been funded? On April 11, 2024 the amount was 1.6 million.
b) It sounds like Wyndham did not pay their portion of the Special Assessment on the first go around. Is that the case?
c) And please confirm. The second assessment would be to cover the shortfall that was not paid owners in the first go around?
d) Lastly, the 4.1 million is still their 'best guess' as to the cost. I ask since I have not heard they went out to bid.
Thanks
Bob

Why would the owners who paid ever pay more because some did not? What happened to the owners who did not pay their share. Has action been taken against them? This is important information for those who will not pay any more assessments...

Does anyone have any answers or re we spitting into the wind?

 

[DeniseM]

Spitting into the wind - this is a no win situation.


Sent from my iPhone using Tapatalk

 

[tango]

I believe that the amount that was received in the first round assessment was 80% of the 4 million. I also believe that Wyndham did finally come up with their portion. So they are going for the remaining 20% in the second assessment. For those that did not pay the first assessment, they are delinquent, and probably can’t use their timeshares until they do pay. Otherwise, it was said somewhere that accounts less than $5000 in arrears would not be chased.

 

[DeniseM]

After personally seeing the condition of Bldgs. G & H recently, it's clear to me that they have no intention of doing any repairs. There is no maintenance of any kind being done on the buildings, and the landscaping has been cut down to the ground. YMMV

 

[bnoble]

It is possible that the AOAO is not doing anything with those buildings until and unless they collect enough in the SA to fund the necessary repairs to make them habitable. That's arguably within their fiduciary duty. Why paint something that may never re-open?

Edited to add: however, it is a giant mess, with no great options. I'm not sure what I would do differently if I were in their shoes, because everyone's hands are tied by the whole owners' lawsuit.

 

[DeniseM]

Why cut down all of the landscaping to the ground? Why stop watering? Why stop cleaning the beach? Why let the drainage canal back up? Why take out the BBQ's? Why stop picking up trash? It doesn't add up - to me.

 

[bnoble]

I don't know. I went to go look at the case documents to see if anything new has happened. And this is now in the case summary (highlighting added).

If that's accurate, we may be reaching a conclusion quickly.

 

[DeniseM]

Please explain this to me like I'm 10.

 

[bnoble]

I'm not a lawyer, and can't figure out why the case is terminated, but "terminated" to me seems pretty clear---again, assuming that's correct. Maybe it is just that this case is terminated and they filed a new class action one. I have no idea.

But, it sure looks like something happened.

 

[DeniseM]

Rod just asked me: I wonder if Wyndham settled with the full-time owners out of court? Good question.