Sunterra

[bobcat]

There is a lawfirm preparing a class action lawsuit for the investors of Sunterra Stock. If you own this stock and purchased your shares between April 15, 2003 through 2006 you can join in. I wonder if a class action will also be done for Sunterra Timeshare owners who purchased in that time frame. Maybe even all owners. I would like to hear other Tug Members on this . Bobcat

 

[Spence]

There may be some substance to an investor suit but that has nothing to do with any run of the mill US TS owners problems. TS buyers should read their contracts before signing!

 

[bobcat]

There may be some substance to an investor suit but that has nothing to do with any run of the mill US TS owners problems. TS buyers should read their contracts before signing!

If you purchased your points and was told you can trade into 100 resorts and now Europe might be gone, Sunterra points are not giving you the value for the money Sunterra said they would. If Sunterra had these problems and you were told it was a great Timeshare Co. and doing very well we were duped. Right now the S. E. C. is also checking them out. If Sunterra has to sell the Europe T S did not your value go down. Bobcat

 

[Carolinian]

There is one in the works in England for Sunterra points members (not weeks-based members), in conjunction with the Timeshare Consumers Association. See www.vogas.org Also see www.sunterrified.co.uk

 

[fnewman]

All this reminds me, once again, why I am glad I purchased deeded weeks. Yes, I am a Club Sunterra members as well, but I will continue to own my underlying property no matter what happens to Club Sunterra or the Trust

 

[BocaBum99]

All this reminds me, once again, why I am glad I purchased deeded weeks. Yes, I am a Club Sunterra members as well, but I will continue to own my underlying property no matter what happens to Club Sunterra or the Trust

A deeded week can be a bad asset as well. If the HOA runs your resort into the ground and your week achieves a negative value, you can't give it away and you are still liable for the MF and Taxes.

 

[Spence]

If you purchased your points and was told you can trade into 100 resorts and now Europe might be gone, Sunterra points are not giving you the value for the money Sunterra said they would. Bobcat

Contract signed probably covers change in resort list! Read the voluminous print!

 

[timeos2]

A deeded week can be a bad asset as well. If the HOA runs your resort into the ground and your week achieves a negative value, you can't give it away and you are still liable for the MF and Taxes.

It's a far bigger committment than most buyers would ever think of doing but if you pick your resort(s) carefully and pay attention to how they are being run owning a deeded week is the safest, though not foolproof, way to own. I agree with the first post that having a underlying deed in hand is the way I feel most comfortable owning. When I hear "turn in your deed for the wonderful group of XX resorts" or "this is a RTU that ends in XXXX" I know I won't be buying into those plans.

 

[Carolinian]

The Sunterra stockholders class action has been filed in Nevada in federal court. There is more info at www.rosenlegal.com

Many of the large shareholders now seem to be calling for selling off the company piecemeal, but this lawsuit will likely put the brakes on that, which will at least preserve the status quo for timesharers for a while . . .

 

[fnewman]

It's a far bigger committment than most buyers would ever think of doing but if you pick your resort(s) carefully and pay attention to how they are being run owning a deeded week is the safest, though not foolproof, way to own. I agree with the first post that having a underlying deed in hand is the way I feel most comfortable owning. When I hear "turn in your deed for the wonderful group of XX resorts" or "this is a RTU that ends in XXXX" I know I won't be buying into those plans.

Yes, I definitely agree. Sure, any real estate deal can go bad regardless of whether you buy a timeshare, condo, or shopping center. In all cases you are depending on it's management to help protect your interest. However, with deeded property, having a management group go bankrupt and eventually ceasing to exist doesn't automatically make your ownership vanish. For example, as a Cypress Pointe owner, I have great faith that my ownership will continue and that the resort will continue to be a major player in Orlando regardless of what happens to Sunterra.

 

[bobcat]

The Sunterra stockholders class action has been filed in Nevada in federal court. There is more info at www.rosenlegal.com

Many of the large shareholders now seem to be calling for selling off the company piecemeal, but this lawsuit will likely put the brakes on that, which will at least preserve the status quo for timesharers for a while . . .

Sunterra Today Sunterra has hired the firm of Chanin capital to maybe sell its Europe and U. S . Timeshare interests.There are three Cos. looking to buy Europe. Maybe this also will lead to a class action from T s owners who purchased in the time frame of the stock class action. Bobcat