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Latest From Club Vacances Magog

rubin

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:mad: :( :eek:
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.
 

aptiva

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;) So how was the skiing Rubin??

Thanks so much for the lengthy enlightment That was great of you to get all that information.
What to do??
Our papers say we own J54E. I think in perpetuity.. LOL
 

Lester

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Thanks so much for the info Rubin, bad as it is!

Wow, it's at a time like this that I wish there was a lawyer in the family. We own/did own in building 48. You wonder how much a lawyer would cost to even look into this? We've had some great exchanges it certainly would be sad to end up with nothing! We are sure looking for what to do next.
 

DianeG

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Building 48 members - nada???

Thanks Rubin!

The new management seems to be just as cagey and dishonest as Mme Caron...

I never received the information I had been promised over two weeks ago. I can longer reach anyone over the phone either. I guess they noticed that my now-worthless contract was for a unit in bldg 48.

Soooo, IS it really as easy as that to lose a RTU timeshare unit fully paid for??? :mad:
 

JudyS

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I don't own at CVM, but I have been trying to follow this situation. It's scary to think that timeshare owners could lose their units like this! :eek:

Do I understand correctly -- those owners with deeded units still own those units, and the battle is over the RTU units?

Is there any way that the RTU owners could get together and cut a deal to acquire ownership from the financiers of the buildings? Perhaps Nicole Carron could be persuaded to contact the RTU owners about this, or perhaps the court could arrange for this, since it would be in the financiers interest as well as in the RTU owners' interests.
 

rubin

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Diane G: try calling the emergency number I gave above.

According to the Textron people, RTU is similar to joining a health club. If the health club goes under, the members are out of luck !
RTU members do not own, hence do not have a lien on the property.
But even if you did own, how much can you claim ? A 2 bedroom condo in Magog will go for $80,000 (that may even be too high especially given that Textron might want to sell quickly). So, $80,000 divided by 52 weeks, gives the owner a grand total of about $1600, and what makes you think that either the seller or the buyer want to give you the money, you will have to go to court prior to the selling of the condo to claim your rights. Also, I bet each unit has several “owners” for the same week.
My sister is a lawyer in Toronto, she is out of town, and I will call her when she is back. Problem is that Quebec follows Napoleonic law codes rather than English codes that the rest of the country follows. I frankly do not know if my sister can help out in a Quebec problem. Also who does the lawyer sue ? It would have to be Carron, but does she even have the finances to pay the members even if we win the suite ? Should we put pressure on Textron ?
If we are going to use a lawyer, several (preferably all) members should take part. There is definitely strength in numbers. Textron may be a heartless corporation, but heartless corporations do NOT want bad publicity.
 

myip

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I never got notification that my week in Bld 48 has been SOLD in Nov. Now, I am waiting for my verdict for other week in Bld 54. I am going to miss this resort. It is a great place for skiing.
 

rubin

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The week did not get sold, the building was sold and with it went all the weeks, unless Carron transferred your deed from 48 into 54
 

myip

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2007 Maintenace Fees?

The building 48 is sold and RCI don't allow anymore exchanges to the building. Is this mean we can't deposit the 2007 week into RCI? I can't remember, when do we have to pay 2007 maintenance fees? Are we still responsible for 2007 maintenace fees?
 
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myip

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I am not sure about depositing a week since it has to verify by the resort before usage. I just used up all my 2007 RCI point allocation by ordering 4 Disney World tickets. I didn't want these points to "disappear" in later date.

Also, I am wondering what will happen if an owner at Bld 48 shows up to use their week.
 
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myip

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JudyS said:
Is there any way that the RTU owners could get together and cut a deal to acquire ownership from the financiers of the buildings? Perhaps Nicole Carron could be persuaded to contact the RTU owners about this, or perhaps the court could arrange for this, since it would be in the financiers interest as well as in the RTU owners' interests.

This is the reason why RTU owners are contacted by Nicole Carron with the buy-in opportunity of $2000 ..

If we are going to use a lawyer, several (preferably all) members should take part. There is definitely strength in numbers. Textron may be a heartless corporation, but heartless corporations do NOT want bad publicity..
Is the current resale value of the timeshare worth the trouble to hire a lawyer?
 

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Today, CVM ceased to be affiliated with RCI; At this time it is unavailable for future deposits or exchanges.
 

rubin

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I disagree with Myip, if Carron really had our interests at heart, the sale of shares and conversion to full ownership should have happened a year ago. Certainly, her bad finances did not happen overnight. I think the selling of shares was a last ditch effort to save her business. Remember as she was attempting to sell shares for ownerships, she was simultaneously putting bldg 50 for sale, and she had already lost 48 !!!!

Bootleg confirms what I said in the beginning of this thread, as of March 1, CVM and RCI no longer have a relationship.
 

aptiva

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Bootleg
What happens with the 2006 deposit made already?
Also the exchanges that have been given for the deposit made, which have not yet been used?

To the Magog (Owners)??
Do you think we will get some kind of notice about the closing??
Or people would be arriving, thinking they are in for a fun week of skiing. What a disappointment.
Guess we have the jump on it. Many owners do not read TUG.
 

DianeG

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Bldg 48 & Textron

If I read the situation correctly, there is absolutely no reason for Textron to talk with anyone whose unit was in bldg 48 - they didn't finance it & had nothing to do with it. As for the buildings in their control, it'll sure be interesting to see where this will go.

Mme Caron owned bldg 48 outright; it was seized & then sold by auction. Our paper contracts for RTU simply evaporated - I very much doubt our contracts survived the legal seizure and sale.

I would think that RTU contract holders in bldg. 48 could maybe sue Mme Caron... she clearly bled CVM (and, consequently, *us* dry). But, I'm not sure that this would be a worthwhile effort, given the nature of how she ended up losing its ownership in the first place. She could easily enough hide behind a CVM bankruptcy, which she would probably invoke if sued.

HOWEVER, there is the issue of probable & deliberate fraud, since the letter to invest another $2,000-2,500 per unit was mailed to bldg 48 owners like myself AFTER it had been seized & sold.... which also brings into question the lawyer's actions, since he would clearly have known this fact. I'm sure the Bureau du syndic du Barreau du Québec (disciplinary committee, email: greffe.discipline@barreau.qc.ca) would be interested in this particular aspect of this sorry mess!

Rubin has it right, a RTU timeshare is no more than the equivalent of a membership in an illusory entity... kinda like why I never trusted or bought into points.

Diane
 

Lester

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I called RCI today and asked what would happen to my week that I had deposited. They told me we could still use it and it would still have the exchange value it had before. Saying that, I've been told one thing by RCI and then the next agent will tell me another thing. They originally told me that I only had my 2004 week available as the 2005,2006 weeks we had just used to travel on at Christmas. Sooooooo I really am not sure if I have a week left to travel on at all! I'm so confused.
 

Bootleg

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Lester, I'll check and get back to you on that one.
 

MJMS

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I received a notice from RCI for a "spacebank return". The week we had deposited for 2006 ,and were assured by RCI that even if the resort was in bankruptcy we would still be able to use, was "undeposited". I called RCi today and they told me it was the resort that did this February 14th. Tried to call the resort - only an answering machine. I don't expect a call back. I called the lawyer's office - Massicotte. The secretary told me they are no longer taking care of this matter because the resort is bankrupt. They are supposed to email us information of what is happening.

We owned in building 48. From what I am reading, I guess it's worth nothing to us anymore.
 
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rubin

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This is my understanding:
The matter as to owns 50, 54 and the reception buildings is in court. Once the court rules, a notice will be sent to the members. Most likely, the court will rule in favor of Textron. At this point, Textron will have complete control of the buildings and will likely sell them to someone more reliable.
When building 48 was sold at auction, the buyer made sure there were no claims on the building. The buyer went through the court, and the court did rule that the building was free and clear, again stressing the point that RTU members have no lien on the property.
My feeling is that once the court rules in favor of Textron, the court will force Carron to hand over all accounts of CVM, including the list of owners. At this point, Textron will issue a letter to the members. Textron does not know who the owners are, and Carron isn't telling.
And it is true that Textron had no say, nor do I think care, about 48 as they did not finance it. However, they did become actively involved since they did not want 50 and 54 to be sold in auction.
Interesting that the lawyer who helped issue the sale of shares no longer represents CVM as it is bankrupt, he did not know this in Nov ???
 

myip

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Is this a fraud???

How can Carron send us the letter in Dec, in fact Building 48 is already SOLD? Isn't that a fraud? She is asking owner of the Building 48 to pay another $2000 - knowing that she doesn't own the building.

Owner of Building 48, did you receive the letter? I don't know if I received the letter only because I own 2 unit BLD 48 and 54. No wonder I only received 1 buy-in opportunity.
 

aptiva

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NO Maria, because we own in Bldg. 54 & we got the letter.
They were so floundering that they tried to get $$$ from anyone.
Hope nobody fell for that one.
 

MJMS

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We received a letter in December from Massicotte. When we called, they said they had received quite a number of calls from and they discovered that this was quite a can of worms. At that point, they said they would get back to us. They never did, we had to contact them in January. By then, they no longer took care of this and told us they would fax us info as to whom was taking over. We never received anything from them, and like I said, when I called yesterday, I was told CVM was bankrupt and that they would email me the info. I doubt we'll ever get anything.

Meanwhile, looking for info regarding CVM on the Web, I came across Timeshare resales. Some units at CVM were for sale. I spoke to I guess a person who handles resales, she was not aware of this.

I don't understand how come RCI is not aware of this as well.
 

rubin

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I think Carron got away with it because this is (or was) a small resort in a small town. It also seems to me that most members traded their weeks and did not visit often. Also, the sale of the buildings happened in Sept/Oct which are relatively slow months without too many members checking in.
RCI would have no idea that bldg 48 was sold in auction by the Sherrif, I found out simply because I was in Magog last week
 

myip

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Is there a way to find out exactly when the buidling 48 SOLD? I will be SO upset that I pay them over $1000 to convert my unit to RCI points and now I found out the building is SOLD and they have to rights to convert my unit to RCI points.
 
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