What I'd Like to See at the AGM
by Karen Hayward Levins
At the upcoming rescheduled CH AGM, I'd rather not spend the precious little AGM microphone time debating whether our timeshare model or property is great or not, or discussing whose fault it is for the financial state we are in now.
IMHO, neither of those topics matter anymore. This operation is past the point of saving. It's now all about deciding whether we are going to have a slow painful journey to bankruptcy, or a rapid rescue through sale of the entire the property.
At 20% (and growing) delinquency, and with no signs that the delinquent deeds (and the greater number of deeds that are fully paid-up but no longer wanted) will be purchased (even for a measly $1.00) by people who support the CH or CR timeshare.
Please....I'd much rather see the limited AGM time spent getting the following information directly from the mouths of the BoD: (1) complete, current, and accurate financial information describing the current health and future picture (ie 2-3 year window) for the operation (thus far, we've only had pieces of information buried in a lot of accounting technical jargon. I would like to get the BoD's feedback on the summary trend charts that one of our owners with financial services experience prepared and posted here and on our matching website www.chcrowners.org); (2) DETAILS about what owners are paying to BDO Dunwoody (ie what was the amount approved in the BDO retainer letter) and what's 'in' and what's 'out' of their scope of service being provided to us and what timeline we've given them to deliver those services; and (3) an explanation why the BoD is "tossing roadblocks in the way of democracy" when it provides incomplete member list information to those specific individuals who followed every meticulous step of the Wyndham-prescribed process for getting a copy of the members list. What is the BoD's response to the Ontario Superior Court of Ontario ruling that says members are entitled to have a full and complete copy of the members list, including emails, as long as the request is for ownership business purposes (and what could be more fitting of 'business purpose' than the sole interest of getting ALL owners aware of the financial crisis, and getting 100% voter response to the Obsolence motion???
Please Please Please....I don't want to discuss or debate blame or the value of the CH/CR timeshare model anymore.
Instead...I want to see us put 70% of our attention and effort into getting financial transparency from the BoD, and getting ALL of the owners/voters aware of the situation and voting on the Obsolence motion.
I want to spend 20% of our attention and time getting rule-makers to change the rules so that CH/CR owners, their heirs, and anyone else who is or may become a timeshare owner anywhere won't have to go through the financial and emotional hell that many of us are going through now.
And I want to spend the remaining 10% of our effort helping owners understand what they own, and how they can use their membership to their benefit while we actively move towards the sale of the property.
Thanks for reading.... K