By Karen Levins
Posted in the Facebook group this morning:
Much of the information in this post, will already be known based on other comments I have provided over the past few days and in the blog posted on our matching website at https://www.chcrowners.org/post/application-to-have-bdo-installed-as-administrator.
The blog has garnered over 5000 views (wow!), and we have had over 150 new people join this facebook group. Because of the number of new people, I thought I would post this latest-and-greatest "thoughts update" here.
Several of us have been working with our legal advisors at Blaney McMurtry, (whose fees have been funded exclusively by a successful, and completely voluntary, GoFundMe campaign) to get the April 30th Proposed Order revised to be clearer and more committed to:
Owner Communication & Engagement (fewer secrets, more information, better updating, removal of the s.33 owner-muzzling provisions; development of a reliable Owners contact list);
Prioritization of Exit Strategy (enable those who wish to exit to do so, before any restructing- or renovation-related money is demanded).
There were already plenty of provisions in the CH and CR Proposed Orders regarding the request for BDO's consideration of marketing, redevelopment, restructuring, of the property and the timeshare ownership program etc. so Lori Faber-Smith, Bruce Fleming and I (ie the 'three amigos' who have officially retained Blaney McMurtry to help us) focused more of our efforts on getting the equally important need for an Exit Strategy better highlighted in the Revised Orders. We will see if our proposed changes will be adopted by the author of the CH and CR Proposed Orders, namely the law firm retained by the CH and CR Boards of Directors, Grout Finnigan (TGF). Our position is that Owners who wish to stay, shouldn't be forced out by a draconian all-or-nothing obsolescence tool. ...and at the same time... Owners who want out of their timeshare shouldn't have to pay to restructure, refurbish and renovation the timeshare before exit is permitted. We also believe that if the resort is currently in the financial dumpster, and the property is not viable (either now or after the exit of owners who want out), then the owners who wish to stay in their timeshare program, can sell off as much of the resort is necessary (eg for residential condos, traditional hotel, etc.), and assign a much smaller portion of the property to a timeshare model (again, as long as there are enough owners who want this vacation product). eg sell Carriage Hills and keep Carriage Ridge as a timeshare with a new set of terms and conditions that eliminate the in perpetuity clause, which may trigger greater interest, including those who frequent the Vetta Spa. But these are all just preliminary ideas. IMHO, here are the steps that I envision: 1....The first step is to get BDO installed as the Court-appointed Officer. 2....Then get BDO to get a reliable Owners Contact List. 3....Then prepare a Exit Strategy Plan that has a psuedo-obsolescence vote (eg doesn't necessarily require that all owners have to get out or all owners have to stay in, but rather has a vote that allows for a thoughtfully designed "Exit and Subsequent Restructuring Plan" to be taken to Court for approval. 4....Then execute the Exit plan and set the Owners free who want out. 5....Then those who want to stay, can execute the restructuring strategy and enjoy the resort as they wish. That's my suggested plan.....
Are you in agreement with our proposed plan? What say you?
Join the conversation in our Facebook Group at: https://facebook.com/groups/chcrowners