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Update on VCI trust

chicagobob

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General sales??

Well, it's almost JUNE. I am still ready to purchase a time share at Club International. Does anyone have any current information on VCI opening up some general public sales?
Thanks,
Bob:cheer:
 

geoffb

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I am not sure about public sales. Other Royals Members got an offer in the mail about 3-4 weeks ago offering them discounted prices for a limited time.

I can only assume that the intent is to eventually offer the remaining inventory for general sale after that but I don't know when that would begin... it probably depends on the response they are getting from other owners.
 

leonmwilson

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No money for old members Vacation Club International

This is what I received from Gene Magilocco.

The trust expired for VCI after interval 26/2007. The new resort CIC (Club International) opened for new memberships interval 27/2007, a decision was made not to sell the resort but rather keep it open for new memberships.

I thought that the owners were to split the money between to current owners and the old Air Force Colonel's that started ISCO.

I have not received any new information from ISCO, since they tried to sell me a new memberships to VCI for $12000.

Leon
 

leonmwilson

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From Gene Magliocco on residual rights

Mr. Wilson,

By the tone of your e-mail, I believe there is some confusion. You asked about the sale of VCI which an explanation was given. Now you are mentioning assets. All members had the option to either cash out their residual rights (if applicable) and receive 5 checks at 20% of the value over the next two years (Aug 2007, Feb 2008, Aug 2008. Feb 2009. Aug 2009) or apply their residual rights (100%) towards the purchase of unit(s) for the next 30 years.

Per the resort’s financial records, your membership (# 24023) for villa B923 / interval 47 had $ 0.00 residual rights. A dated letter of March 09, 2007 (attached) was mailed informing you of this and was mailed to::mad:
 

KarenLK

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A small percentage of VCI owners did not have residual rights and therefore were not entitled to a share of the pie. You were probably one of those few without residuals. Those were members who bought when the resort did not have residuals; when they changed that, previous owners were offered the opportunity to buy in or not. Or if you bought resale from someone who did not have residuals, the same was true. If your contract states that you HAVE residuals then you need to follow up. Otherwise, you are in fact entitled to what you got --.00.
 

leonmwilson

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Residual Right at VCI in Cancun

Karen

Your are Right, I have no Residual Rights.

My reply.

So this is what you are telling me that when my father bought this unit in 1992; it has no residual Rights.

Member: LEWIS R WILSON JR
& MADELINE M WRIGHT

Villa B923
Membership Investment (U.S . Dollars) $3500.00
Residual Rights Value (U.S. Dollars) $0.00

So this unit sold in 1992 has no residual right. I just wish my father was alive to tell me what the salesman (Lester) told him. He always told me that the sale of VCI was the split between the old Air Force Colonels and the owners. I also believed that my father knew the gentlemen; after all he has been going to Cancun since 1968.

Just wish someone would have explained this to me in 2000 after my father died; I would have given this unit back to ISCO.

Gene I do want to thank you for the information.

Leon
 
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