This is the latest info on CVM
Before I go into what we learnt from our stay last week; a little background is necessary: CVM consisted of three condo buildings: 48, 50 and 54, and the reception bldg. Nicole Carron owned these buildings and was the entity called CVM. She ran the timeshare company, sold to members and exchanged into the RCI system. CVM also managed two other buildings in the property, in these two buildings, the weeks are owned, not RTU. It is also important to know that bldgs 50, 54 and the reception bldg. were financed by Textron; while bldg. 48 was financed by another financial institution,
It appears that Mme. Carron has had substantial debt that she could no longer cover. To this extent, bldg. 48 was repossessed and sold through an auction by order of the court (it was sold by the Sheriff). After this was done, Mme. Carron moved to sell bldg. 50. According to the staff that now works in the reception bldg., there were for sale signs in Nov. on each of the condos. They were being sold separately, and the building was not being sold as a whole. When Textron got wind of this, they moved to protect their interests. Textron obtained a court order barring Mme. Carron from the property. Therefore, Carron et al were not fired by Textron as they were not employed by Textron.
Bldgs 50 and 54 are now being managed by Textron while the court figures out who the rightful owner is. Remember Carron owned the bldgs. which were financed by Textron, but she could not meet her paymnets.
According to the Textron people, most of CVM members are in Bldg. 54. According to one worker, when Carron put 50 for sale, she transferred any membership deeds from 50 to 54. But another believes she did not transfer the bldg. 50 members at all, they simply lost their membership! Bldg. 50 is no longer a time share entity, and Textron is simply renting out the condos. No RCI exchanges are going through 48 (it is sold), and none through 50 either as it is no longer a timeshare property. In fact as of March 1st, CVM will no longer accept RCI exchanges. Actually the place cannot even be called CVM while Textron is managing it, as Carron claims the name CVM. The place is now called Club Magog.
This explains the letter that “Spoon” received and was discussed at another thread. The owners of the two older bldgs now have to manage the building (cleaning, maintenance, water, electricity . . . etc.). Remember, these weeks are owned outright, these are not RTU weeks.
The reception area is being managed by a very friendly couple, but they are not there all the time, most afternoons the place is locked and there is a number to call in case of an emergency (450-512-0183). This explains why the phone does not get answered all the time.
What does this mean for CVM members? I believe the outcome is rather bleak. There are two options and one hope. 1) The court will rule in favor of Carron, or she will work a payment plan with Textron and hold on. Even if this does happen, I don’t know who is going to finance her or who will trust her. 2) Textron gets hold of the buildings. This is NOT good either as Textron is NOT interested in timeshares. They will simply sell to the highest bidder.
The hope is that another timeshare company will buy from Textron and restart the business.
By the way, all this was obtained from people who work for Textron. As for Mme. Carron, she is somewhere in Magog, does not answer her phone. The only contact I have is a lawyer who may still be working for her: Benoit Massicotte ph. 819-868-0714, fax 819-868-0746.
Any suggestions ?. Apparently CVM has 1000 members, but only Carron has the list.
