Rolltydr
TUG Member
- Joined
- Jul 30, 2019
- Messages
- 5,319
- Reaction score
- 8,931
- Location
- St. Augustine
- Resorts Owned
- CWA, Ocean Blvd, Fairfield Glade
Exactly! Some people seem to be surprised and/or upset that Wyndham will probably be the major decision maker in voting to close, sell or file chapter 11 bankruptcy for properties all bearing the Wyndham name, mostly purchased directly through Wyndham, and mostly managed by Wyndham. I’m surprised anyone is surprised.Exactly the opposite. From the Notice of Special Meeting:
The Special Meeting is for the purpose of voting on whether to authorize the Board of Directors to file a Chapter 11 case for the purpose of pursuing the sale of the entire resort.
Interval owners would receive a pro rata share from the sale of the Resort after payment of priority liens and claims and costs of sale.
As noted before, 20% of the membership must be present in person or by proxy and 66.67% of the votes shall decide any questions raised at the Special Meeting. Those thresholds are from the By-Laws.
Now, maybe Wyndham has sufficient votes to make the decision and cram down that decision on the other owners. If that is the case, then Wyndham gets its way.
How else would you do it? Do you really think that a small minority of non-corporate owners (i.e., natural persons) should make decisions like this?