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*** New Thread: KBV Vote for Chapter 11 Bankruptcy

Whether someone buys it or not, it still needs more than $67 million dollars worth of renovations. Most likely, someone will buy it, tear it down and build expensive condos or homes.
 
DeniseM said:
Whether someone buys it or not, it still needs more than $67 million dollars worth of renovations. Most likely, someone will buy it, tear it down and build expensive condos or homes.
Click to expand...
I suspect finding a buyer won't be hard but it could then end up like Cocoa Palms, dragging on for an eternity in politics and red tape. Though that won't be the current owner's problem.
 
We have not received our ballot yet. We currently have a reservation for August 2026. We would certainly like to have this resolved
even if it means we won't be able again. If Wyndham leaves December 2025 who would bill maintenance fees?
 
We were away for a few days, so just opened our ballot packet this morning.

After reading the Enclosure #2 Appendix, I think Jack has it right that the second proposal on the ballot is about giving Wyndham’s lawyers more flexibility in dealing with the whole owners between now and the bankruptcy filing. Are the whole owners currently presenting a unified front in their lawsuit against Wyndham? It may be easier to whittle their group down if individual deals can be struck. FOMO and being the last unit standing?
 
Yahoo, how I hope this goes through. I'm voting YES! on Proposal 1, and I assume YES on #2 proposal. I just want to get clarity on what I'm voting on. Proposal 2 allows me to sign over the deed to the AOAO KBV (or whatever process) and walk away? If so, once again, yahoo. What are the pros and cons of this proposal? I don't think I want to wait around to see what happens for any cash from the sale. I want out.
Thanks all for your input.
Bruce
 
Bruce - I suggest that you read back through this thread.
 
I’m quite a bit more pessimistic regarding the future for KBV. Just from my far away observation point, I really don’t think it will be easy to find a purchaser for the property, considering the real costs for redevelopment, the difficulty for new development on Kauai, and the location of the property. Of course we have loved KBV for where it is, and being convenient to all parts of the island. However, when a developer considers from the point of view of a vacationer, what we like about its location, is actually a negative. It does not have a swimmable beach, it is not near Poipu or the North Shore, the major tourist areas. I foresee another Coco Palms situation.
 
I think it will be purchased for homes or condos - which negates those negatives. YMMV
 
jacknsara said:
Aloha,
Enclosure #1 includes the following which I find particularly interesting:
PRI noticed the AOAO of termination of the Management Agreement effective December 31, 2025. It may be difficult fot the AOAO to find a suitable replacement manager in light of: . . .
That action has lots of implications. For now, I'll just leave it as interesting.
Jack
Click to expand...
That sounds like just the mgt contract for AOAO and not the IOA? Jack fact check me here, but trying to understand how significant this really is.

For those who don't follow this closely, in the past KBV has had different mgt contracts for the AOAO (entire complex) and IOA (just the timeshare functions for the units managed by the IOA) in past - back when Grand Pacific held the IOA contract while the AOAO mgt contract remained with Wyndham.

Likewise the IOA contract is the more complicated contract - front desk, check-in, reservations, housekeeping.
 
I did read the past posts. Just wanted to see if there was a list of other pros or cons are out there. I'm not that smart in these things. I bought a time share....doesn't that say enough?
 
booper222 said:
I did read the past posts. Just wanted to see if there was a list of other pros or cons are out there. I'm not that smart in these things. I bought a time share....doesn't that say enough?
Click to expand...
There is no other list. Everyone is speculating here, however, some of the respondents have a long history with this resort, and generally have very well reasoned opinions which are probably as close to what’s happening short of a revelation by the boards.
 
bnoble said:
Even so, what are the odds that PRI would decline to renew the contract with AOAO, but would renew with IOA?
Click to expand...
No information has been introduced that both contracts had the same expiration date. And if true, my advice to PRI would be to renew the IOA contact to minimize the potential for future litigation from the timeshare owners - to which have a different contractual duty to via Club Wyndham.
 
Hello everyone!! My first post. We have owned at KBV for 27 years and have visited many times. Sadly, I have never felt comfortable with the lack of information provided by ANYONE - managing organizations, owners associations, onsite management, etc. This latest phase in the process is definitely included in my lack of comfort. I’ve read through these posts in an attempt to acquire some clarity, and find a little comfort knowing that I am not alone in my confusion. I have to give credit to those that manage this process for doing a great job of continuing to provide the minimum amount of information while executing their agenda. They also are very good at keeping seemingly very smart people confused and forcing everyone to only speculate. After all this, we believe our only choice here is to vote YES on both proposals and hope that this process finishes with a happy ending. While we are both sad that we likely will not visit KBV (and possibly Kauai) again, we realized that this process had to happen, given the state of the property over the past few visits.

Thank you for allowing me to share. As people say in many instances - it was a good run!! Our fingers are crossed that there is a fair and positive outcome, and that it occurs sooner than later. Aloha to all!! 🌴🌴
 
Welcome to TUG, @Sternies . Sorry it's under such painful circumstances. I have found the community here can be invaluable. Hope you stick around, even if you won't be going back to KBV again.
Sternies said:
..... hope that this process finishes with a happy ending..... fingers are crossed that there is a fair and positive outcome, and that it occurs sooner than later.
Click to expand...
I don't know that happy ending is in the cards for anyone. But done would be good at this point.
 
Greetings - have owned well over 20 years, stayed a few times, mostly exchanged. Can anyone explain in simple words what #2 on the ballot actually means? Have paint fee coming up 2026, otherwise PTD, assume we will never see a penny back. Like others, now prefer to spend $$ on other types of vacations. Thanks.
 
If approved, it authorizes the AOAO to take posession of (whole-ownership) units or (individual timeshare) intervals prior to declaring bankruptcy, which would resolve those ownerships and be an exit path for those owners. I suspect that might involve a payment to whole owners, but possibly a cost to interval owners---that last bit is just a wild guess though.
 
So the special meeting is scheduled for today. If anyone is interested in attending via Zoom, this link is circulating in an email group of KBV owners.
https://travelandleisure.zoom.us/s/98757644579?pwd=iStQpdg3vvjH

Registration is at 8:30 a.m. HST (2:30 p.m. EST). The special meeting will be via Zoom at 9:00 a.m. HST and 3 p.m. EST.

Agenda:
“Vote on whether to: (1) authorize the Board to file a Chapter
1 bankruptey case for the Association to, among other
things, pursue a sale of the entire Project, including all
common elements, property interests of the Association, and
unit/interval interests of all members/owners, and take any
and all action necessary and related to that bankruptcy as
stated in the Appendix to Notice of Special Meeting attached
hereto; and (2) authorize the Board to acquire or accept a unit
or interval prior to a bankruptey filing by the Association.”
 
Thanks for the update . Responding from Oregon. Will register at 11:30 PST for a 12: zoom meeting .
 
Special Meeting via Zoom just ended, both proposal passed. Nothing was mentioned about the ballots send via mail... they referred to proxy votes. Whats next?
 
I listened to zoom by phone while out and about. I forget the size of the quorum present but was substantially over 50%.
The first measure passed by ~70% for and ~15% against. I’m not using a keyboard now so whatever comments I might have will have to wait.
During the conversation prior to the second measure it occurred to me that Pahio (Wyndham) might be planning to transfer their entire ownership to the AOAO prior to AOAO filing for bankruptcy. The zoom session ended before the vote on second measure was taken.
 
Lowry said:
Special Meeting via Zoom just ended, both proposal passed. Nothing was mentioned about the ballots send via mail... they referred to proxy votes. Whats next?
Click to expand...
What you got in the mail is not necessarily a ballot, it is to assign a proxy to vote a ballot on your behalf at the meeting. A proxy is someone who votes based on how you asked them to when you assigned your proxy.
 
I keep trying to get back in when Zoom dropped US. After about 10 min I was Successful and they acknowledged that the zoom call had dropped. They continued on with the second vote and the result was the same as the first vote. Once they announced the second vote they closed the meeting without further discussion or questions. Other than knowing the results I don't feel like I know what direction this is going. I guess we wait AGAIN !
 
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