Wyndham is closing a handful of legacy resorts - dedicated chart/tracker located in the first post for this unfolding set of events

[shawnee83]

The bankruptcy docket for OIRC has been posted, you can find it here if you want to read all the filings.

https://cases.omniagentsolutions.com/docket/list?clientId=3752&utm_source=substack&utm_medium=email

At the Special Meeting for River Village Phase IIIB Owner's Association (Club Wyndham Shawnee) they mentioned a website would be set up where we can track the bankruptcy. I guess we will get a website like that when we get to the same point in the process as OIRC.

 

[schreff]

I am wondering how many years of planning this took on Wyndham's part. Wyndham had to research a law firm, contact a real estate expert and then coordinate timing/modus operandi with the HOAs involved.

I am confused as to the exact content that can be posted on this thread. Sorry if this violates the rules but I would think that a discussion on the history of the closures is okay when it has a relationship to each and every present and future resort closure especially considering the original list of resorts has changed.

 

[Greg G]

So I asked Star Island Owner Services if they knew of any detailed breakdown of the $6M in improvements that someone on the Wyndham Timeshare Owners Facebook group had mentioned (supposedly covered in the proxy meeting) that was part of the reason for the bankruptcy. Start Island Owners Services did not have any info on that. They suggested I contact Wyndham or the Wyndham HOA for this detail. Every one on the Facebook page that has posted saying they got material documents from Star Island on the bankruptcy has not responded to my posts or private messages asking them for this material or a detailed breakdown of the improvements (or a rough 2026 budget if one was presented in the meetings showing this).
I didn't think it would be this hard to get the info.

Interestingly, Start Island Owners Services did say Milestone/Structural Integrity Reserve Study for Star Island Resort was successfully completed. This inspection brought the resort in compliance with Florida regulations designed to ensure the safety and integrity of developments across the state. All of Star Island’s buildings were found to be structurally sound. This positive outcome indicates that the resort has maintained its facilities, and that there are no significant deficiencies that need to be addressed.

 

[bizaro86]

So the Top Notch Law Firm retained by Wyndham can not file a simple Bankruptcy Petition without errors. I wonder if they used AI?

I have no idea whether they used AI, but I agree that isn't a good look for the attorney to be missing a bunch of items that are procedurally required. The docket item in question is here: https://casedocs.omniagentsolutions...2/91f8e9ee-df79-4c64-84c7-60ddf4cf5507_14.pdf

There's actually a number of things missing. Quoted from the link above:

All Schedules A through J and the Summary of Your Assets and Liabilities (forms 106 for individuals or 206 for non−individuals) were not filed. Pursuant to Fed. R. Bankr. P. 1007(b) and (c),Debtor must file the missing items with proper declaration of Debtor no later than 14 days from the date the petition was filed.

The Statement of Financial Affairs was not filed. Debtor must file a signed Statement of Financial Affairs using the form B107 for an individual or B207 for non−individuals within 14 days from the date the case was filed.

Bankr. P. 7007.1 or was filed without an original signature or proper electronic signature incompliance with Fed. R. Bankr. P. 9011(a) and/or Local Rule 1001−2. Debtor must file a signed Corporate Ownership Statement within 14 days.

The attorney for Debtor did not file an Attorney's Disclosure of Compensation required by 11 U.S.C.§ 329 and Fed. R. Bankr. P. 2016(b). The attorney for Debtor must file an Attorney's Disclosure of Compensation (Form B2030) within 14 days from the date the petition was filed. Failure of attorney for Debtor to cure this deficiency may result in sanctions or the issuance of a show cause order.

The Case Management Summary has not been filed or was filed without an original signature or proper electronic signature in compliance with Fed. R. Bankr. P. 9011(a) and/or Local Rule 1001−2.Pursuant to Local Rule 2081−1(b), the chapter 11 Debtor must file a signed Case Management Summary within the earlier of three business days following the petition date or the date Debtor−in−Possession filed a motion requesting affirmative relief.

 

[chapjim]

Yes, from a legal standpoint this is true. However, most of us know that this has been a total coordinated effort by Wyndham/TNL. It wasn't a coincidence that the K&L Gates law firm and HilCO Real Estate is handling all or most of the resorts. This doesn't even consider the fact that Wyndham had enough votes thus knowing that the bankruptcy vote would succeed prior to the actual vote.

If you are implying that something is amiss or that something sinister is going on, I'm not buying it.

 

[bizaro86]

If you are implying that something is amiss or that something sinister is going on, I'm not buying it.

Yeah, it's a coordinated plan but that doesn't make it sinister. I think this is almost certainly a net benefit for owners on average, and doing it in a more organized fashion should save money and make the process more efficient/faster.

 

[HitchHiker71]

I am confused as to the exact content that can be posted on this thread. Sorry if this violates the rules but I would think that a discussion on the history of the closures is okay when it has a relationship to each and every present and future resort closure especially considering the original list of resorts has changed.

Discussing any historical factual basis as it relates to the current actions is fine. Prognosticating about whether certain resorts may or may not be included in future actions - which exactly no one has any good factual information on - please use the debate thread or start another thread. This thread is intended ONLY to track facts related to the current actions. It was not nor ever was intended to debate ideas around what may or may not happen for future events - or to debate legal issues surrounding what is transpiring. This is already among the largest threads ever created on TUG - we don’t need various rabbit holes occurring on this thread that the vast majority of people aren’t interested in reading about - they simply want the facts. We are already seeing the same topics rehashed in this thread multiple times because of how large it has grown in a short period of time.

FYI, the original list from Wyndham of the resorts has not changed - I know this because Wyndham directly told me - we simply weren’t privy to the original list. The TUG list has been added to over time because new information became available.


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[HitchHiker71]

Maybe @HitchHiker71 could add "and speculation" after "legal debate" and that would cover it.

Once I return from PTO this weekend. I don’t have a PC with me while on PTO and moderating from a phone has a lot of limitations.


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[shawnee83]

So I asked Star Island Owner Services if they knew of any detailed breakdown of the $6M in improvements...

This made me curious so I started looking around at my Shawnee River Village II owner's site. I found a budget, but it did not break down any specific projects. The proxy materials we received also referred to a long list of necessary improvements but I don't see a detailed breakdown.

Interestingly, Start Island Owners Services did say Milestone/Structural Integrity Reserve Study for Star Island Resort was successfully completed.

The "reserve study" was mentioned at our Special Meeting but it is not posted on our owner website. I presume this "study" helps define how big the reserve fund needs to be.

 

[Greg G]

The "reserve study" was mentioned at our Special Meeting but it is not posted on our owner website. I presume this "study" helps define how big the reserve fund needs to be.

This was the Structural Integrity reserve study now required by Florida law.

 

[shawnee83]

I've been looking at some of the materials posted to that OIRC Bankruptcy site. One item I found interesting is that the owners include OIRC (the primary "Debtor" in the filing), Wyndham, the interval owners, and something called PTVO which may be the legal name for Club Wyndham Access. OIRC, PTVO, and Wyndham (or Wyndham Vacation Resorts) own about 60% and the individual timeshare owners the remaining 40% or so. I wonder if a similar situation exists at Shawnee.

Another interesting point (and this has come up previously) is that they have to get unanimous consent, even with Chapter 11 bankruptcy. The filings refer to taking legal action against any owners who do not agree to the sale. They say they don't want to do this and hope it can be avoided.

Since this is in federal bankruptcy court I have to believe that the same rules would apply to all of the proceedings.