Pressure Scotia Bank

Dont underestimate the power of social media, if Scotia Bank has anything to do with it, go all out. Go to SXM tourism pages. Go to RCI on fb, go to every portal you can have your voice be heard.

When Sandy hit travel insurance in OBX refused to pay the travelers, but once enough of them got together they somehow decided to pay the travelers.

Algeria seems to be basing their entire "legal position" around the statement that The Bank of Nova Scotia did not know the units were being sold as timeshares so our contracts/deeds/agreements...whatever.... are not valid. I know for a fact, bank officials were on the property numerous times where huge signs trumpeted that timeshare units were for sale. Building C was ALWAYS known as "the timeshare building". Scotia Bank may be Canadian but the institution has a large presence on the island and was not some offshore entity that had no idea what Manek was doing. Everyone knew Caravanserai was a timeshare property and units were being sold that way.

Alegria's stance that the bank didn't know is bogus and that is the bottom line.

Scotia has a presence in bahamas and grand cayman, barabados as well, they will not want to tarnish their reputation for one deal.

They may very well be on most of the islands

The Bank of Nova Scotia has had a presence in the Caribbean since the late 1800's albeit mostly on British governed Islands......Canadian Banks are also governed by The Bank of Canada.....totally different concept than the USA banks....

The BNS only held the mortgage on a bankrupt property....as we all know a bankrupt company owes investment holders nothing......
kate <img src="http://www.traveltalkonline.com/forums/images/graemlins/canada.gif" alt="" />

If BNS would locked the place up and hung a for sale sign on the place after the bankruptcy I would agree with this. If they continued to operate as a TS either directly or through a management company, without voiding previous contract before continuing operations, selling units and accepting AMFs, they should be viewed as having purchased the bankrupt mortgage from themselves operating as an owner until sold to Aligrea meaning owner's contracts should be intact. Just my opinion which unfortunately means nothing...

That "seems" to be the case, it is Alegeria that is stating about the t/s sales, has anybody been able to confirm that this is "actually" the bank position, or just that Alegeria is making this claim?

In a foreclosure, not sure why Scotia would care to some extent. They foreclosed and then sold the property to the highest bidder, would think with the understanding in this case that it was a t/s property so stuff was still being sold.

Now, the tricky part.... were there terms on the auction that nobody really knows about? Messy to say the least.

It depends of the Liability and encumbrances in the sales agreement to Allegro.

Question... did anyone finance their TS purchase through Scotia Bank?

If anyone on this forum bought T/S from the Caravanserai "after" it went bankrupt......I will try and get a phone # and contact person next for BNS (scotia) week.....kate <img src="http://www.traveltalkonline.com/forums/images/graemlins/canada.gif" alt="" />

Does anyone know the date on which Caravanserai went bankrupt?

Being a Canadian citizen, I dropped into the local Bank of Nova Scotia and talked with the manager. He indicated that there is not much that they could do as the Bank on St. Maarten is a separate division of their bank. He could not find any information in regards to this auction conducted by the Bank and its rules of the sale. It looks as he stated, you have to deal with the local govt. for any help in this matter. <img src="http://www.traveltalkonline.com/forums/images/graemlins/duh.gif" alt="" />

No I have a loan from scotia in Nassau, every loan has to be okay'd by the head office in Canada.

No decisions are made by local branches.

http://www.todaysxm.com/2013/08/12/financial-problems-drive-sale-caravanserai-resort/

I found an article from 8/12/2013, stating Caravanserai fell into financial trouble and was unable to repay its debts... does anyone know if they were formally bankrupt by this time? My wife and I bought our T/S at Caravanserai on 8/6/2013 and it was actually financed by a U.S. company. So we were wondering if we could dispute the charges and possibly recoup our money?

I guess my point was that if Scotia Bank was financing Timeshares, how can they claim they didn't know?

Or, as possibly in my case, already have taken over Caravanserai (since they were wanting to go to auction over a year ago) but were still selling T/S.

OK Guys,
If we are serious about getting anything back for our investment we need to band together. Alegria has stated their position clearly. As far as they are concerned we own nothing and we are owed nothing by them.
First I would like us to get together a list of owners. How? Manek should have one.
Next Scotia lent money to a company and held the LAND as the mortgage security.
What about the value of the buildings? In my limited knowledge of these matters the mortgage holder has some responsibility to sell the property at fair market value. If this value exceeds the loan amount the extra should go to the mortgagee. This depends on the laws of the land. If the mortgagee (Manek) is getting money back he should reimburse the timeshare purchasers in proportion to their original investment.

There is a FaceBook page called Caravanserai Timeshare Owners you might find some people their