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People Talk >> Caravanserai Now Alegria

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Christopher56
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Joined: 01/01/12
Posts: 10
Re: Does Anyone have the full text of the email? [Re: jmbcomms]
      #1608138 - 10/05/14 04:16 PM (24.151.23.170)

Just got my letter today - as I read this; I paid over $13,000 back in 2006 for what is now use of a hotel room if and when it's available but I must pay $800.00 a year if I want to use the hotel and I have no use of any other RCI property for trade. I'd be happy to sell my timeshare back to them for what I paid for it but to get this letter is unacceptable to me.

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kim
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Joined: 09/14/00
Posts: 3702
Loc: Newtown, CT
Re: Does Anyone have the full text of the email? [Re: Christopher56]
      #1608140 - 10/05/14 04:30 PM (24.151.71.114)

Directed to no one in particular. But if a timeshare goes out of business/bankrupt/etc aren't owners basically out? I look at it like if I own stock in a company and it goes belly up. I'm out? That's how I have always looked at my "investment" at the Towers. If they fold tomorrow what recourse do I have? SXM government is not set up to protect timeshare interval owners. There is no guarantee they stay affiliated with RCI or II. The legalities of this should be very interesting.

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wilsonck
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Joined: 07/22/13
Posts: 587
Loc: Florida
Re: Does Anyone have the full text of the email? [Re: mechtech43]
      #1608141 - 10/05/14 04:31 PM (50.159.242.74)

You could try Ted Richardson, the Minister of Tourism, Economic Affairs, Traffic and Telecommunication at Ted.Richardson@sintmaartengov.org to start.

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SXMScubaman
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Joined: 03/21/09
Posts: 6857
Loc: Auburn, WA
Re: Does Anyone have the full text of the email? [Re: kim]
      #1608145 - 10/05/14 04:54 PM (174.31.141.128)

Kim, you are right on the money. A bankruptcy or closing of a business cancelled your RTU. Might be why the name change as it was a bank foreclosure sale to a new enterprise under a new ownership. Hence the RTU is done.

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EdB
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Joined: 12/23/08
Posts: 2551
Loc: Boynton Beach, FL
Re: Does Anyone have the full text of the email? [Re: SXMScubaman]
      #1608149 - 10/05/14 05:31 PM (99.71.168.63)

i kinda agree with Scuba on this one. Since the resort was purchased from the Bank.....and the Caravanserai was totally bust and millions in debt, legally i believe that the corporation does no longer exist, and the monies paid into it are probably long gone.(or in this case in Mr. Manek's personal off shore bank account somewhere) I don't beleive the new owners of the property have to live up to any type of agreement made by the previous owner UNLESS the individual units purchased are actually recorded in some land bank (ie a SXM registry of deeds), but I do not beleive that Timeshares in Saint Maarten get recorded into something like this. I bet that the new owners are trying to ''appease'' the current individual timeshare owners by offering them a weekly rate for a hotel room the ''special rate'' of whatever the maintenance fee would've been on one's individual unit. of course, it sounds like people that owned a higher floor, or a larger unit (ie 2-3 bedroom or penthouse) could be subject to paying higher room rates for a lower standard size hotel room. Honestly, I can't see how the government will be able to help in this case...they sure aren't going to miraculously give millions of dollars to ''tourists'' that got swindled over the years. It's going to take years and years for this new named venture to remove the stink of it' previous ownership. Seems like since its early inception this particular property has been doomed. Someone walked away with millions....and the new venture starts off ''clean''. SMH

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SharonfromSXM
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Joined: 06/15/04
Posts: 1100
Loc: St. Maarten/Long Island
Re: Caravanserai now Alegria [Re: Todd]
      #1608150 - 10/05/14 05:43 PM (173.2.192.44)

Todd & others the way I read the loan agreement from the bank is that it pertains to the actual property on which they had their liens. That would mean that the buildings in whole could not be sold & that parcels of the land could not be sold. The court ruled in the banks favor about the sale of some parcels of the actual land to the casino & two others. The court voided those sales because Manek did not have the banks permission to sell off pieces of the property to which they held a lien on. I had followed the court case involving Manek & the bank & the sale of timeshares was never brought up. The loan was given for the building of additional units for timeshare & condos. Additionally there are people who have had timeshare there way before Scotia Bank got involved.

I think this is a ploy by the new owner to try to get people to give up their units so they can sell them over again. He way overpaid for the property & figured this is how he will make his money back.

Anyone who wants to put a group together to speak with an attorney I can recommend the firm & lawyer that has been handling our case at RP. We are whole owners as opposed to TS owners but the TS group at RP that lost the first time around has also now gone to our attorney. PM me if you would like the names & contact info. Todd when I get to the island I can take you to see if him if you would like but I think action is needed before then.

I know that our leases at Pelican & RP have a guarantee of continued use by the government of The Netherlands regardless of who owns the property but I do not know if the ones from Caravanserai have that in them.

Good luck to everyone who owns there & anything I can do to help I am there for you.....

--------------------
www.queenofsxm.com


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pat
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Joined: 04/18/01
Posts: 11268
Loc: Brookfield, CT.
Re: Caravanserai now Alegria [Re: SharonfromSXM]
      #1608152 - 10/05/14 05:47 PM (32.216.64.42)



--------------------
Respectfully,

pat



"Always keep your words soft and sweet, just in case you have to eat
them."


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Eric_HillAdministrator
Administrator


Joined: 08/01/00
Posts: 11143
Re: Does Anyone have the full text of the email? [Re: EdB]
      #1608154 - 10/05/14 06:03 PM (72.60.106.124)

Yes, there are a whole lot of things going on here. You have the foreclosure, not sure there was actaully a bankruptcy. But the bank owned the property for sure at some point. You have the sale.... are/was there any conditions to that sale?? Probably not, but we do not know.

Are ther ramifications to the curretn t/s owners, that is a given. Are there reasons that the new owner will do anything, again who knows. Is there a difference between owners that bought before the foreclosure and those that bought after the foreclosure... no clue and don't think anybody has a clue at this point in time.

Was there actually a deed, was there actually .............. whatever. Seems that everybody is speculating and what I find is strange (but not unrealistic at all) is that anybody so far that bought before the "foreclosure" has not received anything. Has anybody that bought before the foreclose recieve anything?? So far from the responses so far, that does not appear to be the case, but maybe I have missed some??? Previous owners, have you as of NOW recieved an email or letter? Not that it makes any difference, but maybe it does?

That does not mean your investment is not "toast", just curious. What does that mean? Don't have a clue, but jumping to conclusions might be correct but they also maybe incorrect. This just broke on basically this weekend, correct??

This could easily be a really bad thing. But .... not going there.

--------------------
Eric Hill
TTOL Shop


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panman
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Joined: 06/02/05
Posts: 113
Re: Does Anyone have the full text of the email? [Re: Eric_Hill]
      #1608155 - 10/05/14 06:06 PM (50.188.213.86)

Yep. We have "owned" since pre-construction. Received the letter LAST Wednesday by email...

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Eric_HillAdministrator
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Joined: 08/01/00
Posts: 11143
Re: Does Anyone have the full text of the email? [Re: panman]
      #1608157 - 10/05/14 06:09 PM (72.60.106.124)

Thanks for the reply, at least now people know that "previous" owners (meaning before the bank ownership) are getting letters. Think you are the first to confirm that. Thanks for posting.

--------------------
Eric Hill
TTOL Shop


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