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2017 proxy sweepstakes and drop in ownership value

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 PostPosted: Mon 26 Jun 2017 1:35 am   

Joined: Thu 01 Dec 2016 2:47 pm
Posts: 10
Do we know who the accepted vetted BoD candidates are? I don`t remember seeing any announcement yet, but that hasn`t stopped Wyndham from soliciting proxies through sweepstakes again!

Has anyone tried entering sweepstakes by assigning their proxy to WMowners?
Last election it seemed it was geared to automatically assign proxy to BoD (controlled by Wyndham) and didn`t easily accept assignment to WMowners.
They used the cover story that it was an incentive to get quorum for "necessary" Bylaws Revisions that had already been proposed and disseminated, except they collected proxies before further Bylaws revisions adding Independent and Developer BoD seats to proposed changes (which did nothing to change Wyndham`s strangle hold on our BoD).

Legally, how can they collect proxies before announcing candidates and their platform statements that might shed light on this situation where the "tail is wagging the dog". We own the properties, Wyndham should be working for us not us working for Wyndham, but until the owners regain control of our BoD we can`t threaten to fire them and secure a different developer if they don`t change policies to maintain our credit (share) value.

Here is what I know, in summer of 2010 there was an active resale market on ebay and craigs list ranging from $1.20/ cred (dreaming or many banked credits) to as low as $.80/cred for low credit balance or motivated seller (fire sale). I don`t know specifics but something(s) changed by our Wyndham controlled BoD or Wyndham`s policies in dealing with Worldmark that resulted in resale market drying up and value of ownership dropping to $.29-$.31/credit. Has Wyndham`s share value dropped by 60-70% during same period or has our Wyndham controlled BoD failed in their fiduciary responsibility to maintain our credit (share) value in favor of maintaining Wyndham`s share value, a clear conflict of interest?

In our collection of owners are there any prosecutors, or does someone know one, that could look at this situation in regards to a RICO case or at least failure to perform fiduciary responsibility?
What attorney handled the last case against Wyndham that resulted in a settlement?

While Sales Presentations were pitching purchase of ownership credits at $2-$2.50/cred, the Ovation program was only offering ~$.29/ credit buyout regardless of banked credit balance and when I referred to it as a buyback or transfer of ownership, they quickly corrected me saying "this is an incentive for you to walk away from your ownership". Something stinks here! What happens to ownerships "collected" by Ovation program? Do they disappear? Are they held by Wyndham to rent (and vote)? Or does Wyndham resell them at a higher profit than actually buying or building units to add to inventory for reservations? Profits without hassle of adding any new inventory!

I have many questions, does anybody have some answers?

Thanks,
Mike

Bought my first 6000 credits from Trendwest sales presentation then followed up a year or two later buying additional 6000 credits from Cendant phone solicitation selling credits from unfulfilled purchase contracts.
Have stayed at Clear Lake, Windsor, Angels Camp and Oceanside, Ca and Reno, Nv.


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 PostPosted: Mon 26 Jun 2017 2:19 am   
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Joined: Tue 11 Nov 2008 1:20 pm
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Is the question: Can someone solicit proxies prior to the announcement of the candidates and/or issues?

The short answer is yes. A proxy can be revoked at any time. So if you don't feel the proxy holder will vote in your best interest, you can easily revoke your proxy.

And obviously the BoD is not the only party soliciting proxies right now.

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 PostPosted: Mon 26 Jun 2017 4:36 am   

Joined: Thu 01 Dec 2016 2:47 pm
Posts: 10
They are the only one soliciting proxies through official club wide communication while a dissenting owner group must pay for access to that channel. Also seems disingenuous to start proxy campaign before announcing the candidates while offering chance at prize (buying votes). BTW who is paying for sweepstakes prize? Wyndham or the Club? If the Club is providing prize for election participation, it should be just as easy to assign proxy to WMOwners as to Wyndham controlled WM BoD to get entry for prize. If Wyndham is providing prize "out of the goodness of their hearts"(ya, right) and contest entry only directs proxy assignment to BoD (Wyndham controlled) this is a "naked" power play by Wyndham without the "cover" of needing quorum for Bylaws change like last time. It might be legal but it's not right.


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 PostPosted: Mon 26 Jun 2017 11:54 am   
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Location: San Antonio, TX
Of course it is an unlevel playing field, and incumbent BoD's have all the advantages you mention - access, funds, etc.

But that is the way the system is designed to work - as are most political processes. You may believe it is subjectively unfair, but it is legal. Corporations are generally always controlled by the party with the most invested and the most at risk.

For some context on why incumbent BoD's have that power, research the proxy battle between going on at Tahoe Beach and Ski Club with Diamond Resorts International. Following the logic that a BoD should be neutral in the election process, that BoD could not have worked to fight a takeover by the developer.... soliciting proxies, communicating via official channels, expending funds to campaign, etc, etc

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Last edited by ecwinch on Mon 26 Jun 2017 12:04 pm, edited 1 time in total.

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 PostPosted: Mon 26 Jun 2017 12:02 pm   

Joined: Thu 03 Apr 2008 3:51 pm
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ecwinch wrote:
Of course it is an unlevel playing field, and incumbent BoD's have all the advantages you mention - access, funds, etc.

But that is the way the system is designed to work - as are most political processes. You may believe it is subjectively unfair, but it is legal. Corporations are generally always controlled by the party with the most invested and the most at risk.


Indeed. I was loosely involves with an activist campaign to change the board of a small public company. The activists one, but only after putting in time and personal funds. The incumbent board (which was both corrupt and incompetent) fought tooth and nail with corporate funds, including hiring a proxy solicitor to call shareholders.


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 PostPosted: Mon 26 Jun 2017 6:19 pm   
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mvandagens wrote:
Here is what I know, in summer of 2010 there was an active resale market on ebay and craigs list ranging from $1.20/ cred (dreaming or many banked credits) to as low as $.80/cred for low credit balance or motivated seller (fire sale).

You are mis-remembering. I purchased more than one account on EBay during this timeframe for about $0.40/credit including some active (in addition to "To Borrow") credits. There were posts on wmowners at that time referencing sales at $0.20-0.25 per credit.

Here is one example at the time for $0.40/credit with 6,000 credits available viewtopic.php?f=71&t=28388

WorldMark EBay sales have been much more stable the last 7 years at about $0.30/credit than the previous 7 years, when they followed the economy down. The price decline 7 years ago had nothing to do with WorldMark and everything to do with the economy.

Timeshare resales price declines are a one-way street.

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 PostPosted: Mon 26 Jun 2017 7:31 pm   

Joined: Tue 06 May 2014 2:12 pm
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Location: Salem, Oregon
I am not sure what purpose the WM BOD serves. But I can assure you it is not maintaining the value of your Points. That is determined by the open market. Look at some of the other Timeshare Systems where people care paying the Developer to take back fully paid off Accounts; or, on the secondary market where accounts are being given away for free with the seller paying all closing and transfer fees.

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 PostPosted: Mon 26 Jun 2017 10:12 pm   
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1nceBurned2wiceShy wrote:
mvandagens wrote:
Here is what I know, in summer of 2010 there was an active resale market on ebay and craigs list ranging from $1.20/ cred (dreaming or many banked credits) to as low as $.80/cred for low credit balance or motivated seller (fire sale).

You are mis-remembering. I purchased more than one account on EBay during this timeframe for about $0.40/credit including some active (in addition to "To Borrow") credits. There were posts on wmowners at that time referencing sales at $0.20-0.25 per credit.

Here is one example at the time for $0.40/credit with 6,000 credits available https://www.wmowners.com/forum/viewtopi ... 71&t=28388

WorldMark EBay sales have been much more stable the last 7 years at about $0.30/credit than the previous 7 years, when they followed the economy down. The price decline 7 years ago had nothing to do with WorldMark and everything to do with the economy.

Timeshare resales price declines are a one-way street.


The resale price through trusted brokers during 2003-2005 was around .80 cents per credit. It now runs closer to .30 cents per credit.

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Forgiveness is the gift you give your self.

Have stayed at too many to list. As of 11/14/14 we have had the opportunity to stay 233 times in our Worldmark units. We feel blessed!


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 PostPosted: Tue 27 Jun 2017 12:40 am   

Joined: Thu 01 Dec 2016 2:47 pm
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1nceBurned2wiceShy wrote:
said:

You are mis-remembering. I purchased more than one account on EBay during this timeframe for about $0.40/credit including some active (in addition to "To Borrow") credits. There were posts on wmowners at that time referencing sales at $0.20-0.25 per credit.

Here is one example at the time for $0.40/credit with 6,000 credits available viewtopic.php?f=71&t=28388


(sorry I don`t know how to do quote thing yet, I`m an old owner but new poster)

I didn`t know about WMowners at the time I was researching the market value of my ownership while preparing my bankruptcy paperwork in August 2010 for filing in Sept 2010, but I assure you I`m not mis-remembering as my circumstances at the time burned the details into my memory, I wish I had kept a copy of printouts of Craig`s List and EBay listings (and sales) of resale ownerships to the public (non owners="fish") that I supplied to my attorney to substantiate the value I was protecting with part of "wildcard" exclusion allowance.

I notice the WMowners post example you gave was dated 3 Nov 2010, about 3mo after my research and on a site of owners who were more aware of what was going on than general public non-owners that could have been taken advantage of by owners trying to get out before share value decline became common knowledge. You said last 7 years were more stable than 7 yrs before 2010 leading me to think that policy changes that helped precipitous decline in value occurred before summer of 2010. Thanks, now I know most of decline occurred before my bankruptcy, not after. Everything happens for a reason, just not necessarily the reason people give for public consumption. I don`t believe the economy was the only cause of drop in ownership value because Wyndham was still selling new ownerships and batches of new credits to existing owners at 5 to 7 times the market value of existing shares.

When did Wyndham impose policy(s) that reciprocal access reservations in other Wyndham vacation group Properties (South Pacific?) could only be made with credits sold by developer and, according to Wyndham Sales Presentation people, private party resale owners are relegated to accessing only the original WorldMark properties before Wyndham became our Developer? Or were sales people BSing me to buy from them?

Market value is what someone is willing to pay for shares, but Book value is total net asset value of all Worldmark properties divided by total number of shares (ownership credits). I don`t believe our book value has actually fallen to $.30/credit and if Wyndham didn`t control our BoD we could elect to liquidate the club holdings and recoup more of our original investment than $.30 /credit. Just the threat of such action would bring our relationship with Wyndham back in balance, but first the owners must regain control of the BoD.

The Club owns the properties but right now Wyndham is running the show because the Developer already seized control of our Club and is using our resources and structure to maintain control for their best interests not ours, essentially the very definition of "conflict of interest" and "failure to fulfill their fiduciary duty" to act in the best interest of our Club not Wyndham.

The Owners have the most invested and the most to lose (or have already lost) so we should have control of our board and Wyndham, as the entity we essentially subcontract with to develop and manage our properties, should have only 1 or 2 advisory seats on a 5 or 7 member BoD so they would have to convince at least 1 or 2 independent (owner) Board members to go along with Wyndham proposals instead of being able to push something through without any independent director votes.

Our 2 allegedly independent directors have essentially been relegated to advisory seats because Wyndham doesn`t need their votes as things stand now. Wyndham tells them a good "story" and they go along because it`s going to happen with or without their votes. How many times have our "independent" directors voted against proposals from the "Wyndham 3 block" of directors at least showing some resistance? I have read their candidate statements and answers to owners questions on this forum and in my opinion, one of our independent directors is clueless and the other seems to be "on the fence" trying to appear supportive of owners issues without taking a stand against Wyndham.

Mike


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 PostPosted: Tue 27 Jun 2017 12:54 pm   
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I purchased in Dec 2008 and paid about .35 cents a credit. Resale was not anything near .80 cents at that time or since.

While it is perfectly understandable how you feel, keep in mind that if the rhetoric of "conflict of interest" and "fiduciary responsibility" was as cut and dry as you seem to believe, the class action lawsuit could have gone much differently. But it did not, because the issue is more rhetoric than substance.

The Club has existed for 29+ years under the current operating model, with the single largest shareholder controlling multiple seats on the BoD. That is how corporations operate. It would be pretty easy to organize an equally sized voting block if things were as bad as the rhetoric suggests.

And the BoD does not have the authority to liquidate the Club.

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 PostPosted: Tue 27 Jun 2017 4:51 pm   

Joined: Tue 06 May 2014 2:12 pm
Posts: 2148
Location: Salem, Oregon
Prior to Wyndham there was Trendwest as the Developer and who contolled the WM BOD. Wyndham bought out Trendwest. Those who owned Trendwest made a fortune. An Owner in WM has only a "Right" to stay in WM owned Resorts, with certain exceptions. When we purchased our original Points (6,000) in August 2002 our ability to use WMSP was written into our purchase Contract. But that only applied to those 6,000 Points. The ability to use certain affiliated Resorts was a Developer granted privilege and was not guaranteed. When Travelshare came into being the Developer granted privileges changed. Access to WMSP was restricted to Points purchased (from whatever source) prior to Travelshare being established and to Travelshare Points. There is a difference from your right of usage found in the WM Founding Documents, your Purchase Contract, and those granted by Wyndham.

Good luck trying to prove the value of your investment has decreased due to actions by the WM BOD. You have not been denied the ability to use your Points within the Booking Guidelines. The number of Points needed to Book a Condo that existed at the time of your original purchase has not changed. It cost 12,000 Points to Book a 2 Bedroom at Kihei in 2002 and it cost 12,000 Points to Book a 2 Bedroom at Kihei today.

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Tom and Patti
Joined Worldmark August 2002
Las Vegas-Boulevard, Victoria, Seaside, Windsor, Clear Lake, Running Y, Coral Baja, Kona, Kihei, Tropicana, Oceanside, Sydney, Daytona Beach, Coffs Harbour, Gleneden, Canadian, Fiji, Rotorua, Kapa'a Shore, Mission Valley, Camlin, Arrow Point, West Yellowstone, New Orleans, Park City, St. George, Seven Mile Beach, Long Beach, Reno, Discovery Bay. Spencer Street, Leavenworth, Melbourne.
Residence Club - Seaside. Royal Solaris. DRI. Formerly RVC.
II - Newport Coast.
RCI - Fitzpatrick Family Castle, Bali Hai, Dyserth Falls Resort, Haven Court, DVC Old Key West, DVC Saratoga, Sea Mist Resort Cape Cod, Point at Poipu, Kilconquhar Estate and Country Club Fife, Club Paihia, Grand Mayan Cabo, Ka'Eo Kai.
RVC - Cabo, Cancun.
DRI - Le Manoir Des Deux Amants France, Royal Regency France, Paniolo Greens, Sea Mountain, Point at Poipu, KBC, Hono Koa, Orleans at 519 Frenchmen Street, Cabo Azul, Modern Honolulu.
Newly planned and Reserved:


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 PostPosted: Wed 28 Jun 2017 10:11 am   
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mvandagens wrote:
I wish I had kept a copy of printouts of Craig`s List and EBay listings (and sales) of resale ownerships to the public

This is an EBay sale from February, 2010. It was a fully loaded account with 12,000 credits available and the anniversary month with another 6,000 credits was two months after the account had transferred.

I valued the 12,000 available credits at $720, so including closing costs and the $150 transfer fee at that time, the total cost was less than $0.40/credit.

Attachment:
2010 EBay purchase.jpg
2010 EBay purchase.jpg [ 92.62 KiB | Viewed 1685 times ]

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 PostPosted: Tue 11 Jul 2017 3:44 pm   

Joined: Thu 01 Dec 2016 2:47 pm
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geist1223 wrote:
Prior to Wyndham there was Trendwest as the Developer and who contolled the WM BOD. Wyndham bought out Trendwest. Those who owned Trendwest made a fortune. An Owner in WM has only a "Right" to stay in WM owned Resorts, with certain exceptions. When we purchased our original Points (6,000) in August 2002 our ability to use WMSP was written into our purchase Contract. But that only applied to those 6,000 Points. The ability to use certain affiliated Resorts was a Developer granted privilege and was not guaranteed. When Travelshare came into being the Developer granted privileges changed. Access to WMSP was restricted to Points purchased (from whatever source) prior to Travelshare being established and to Travelshare Points. There is a difference from your right of usage found in the WM Founding Documents, your Purchase Contract, and those granted by Wyndham.

Good luck trying to prove the value of your investment has decreased due to actions by the WM BOD. You have not been denied the ability to use your Points within the Booking Guidelines. The number of Points needed to Book a Condo that existed at the time of your original purchase has not changed. It cost 12,000 Points to Book a 2 Bedroom at Kihei in 2002 and it cost 12,000 Points to Book a 2 Bedroom at Kihei today.


(correction to purchase dates I gave in earlier posts)

Trendwest was the original Developer who I bought first batch of 6000 credits from in June 2004. Next came Cendant who I bought second batch of 6000 credits from in July 2006 (unfulfilled contract with banked and bonus credits) and finally came Wyndham who changed name to WorldMark by Wyndham in April 2007.

Have you purchased additional Developer sold credits since original 6000 in August 2002? If so when and at what price/credit?

Reservation access to WMSP by WM the Club owners is now limited to only credits purchased from Developer with no mention of time frame. So I have access but whoever I sell my ownership to does not.

When did Travelshare come into being and what were the changes to the Developer granted privileges at that time?

What I`m saying is if the Owners had control of our own BoD when Wyndham took over as Developer (and since), in return for giving affiliate owners access to WM properties, the Developer granted privileges to use other Wyndham affiliate resorts should be available to any WM ownership regardless of how it was purchased. That would have maintained the value of the ownership position after resale instead of it becoming a second class position of lesser value thereby evaporating significant equity.

When Wyndham affiliate ownerships are resold do they lose access to our WM resorts?

Even if they do, it is still a power play by Wyndham to suppress the secondary market and drive purchasers to buy from Wyndham. It just means Wyndham is taking advantage of all owners, WM and Wyndham affiliates.

If not and Wyndham affiliate resale owners still have access to WM resorts, we are really being screwed.

You are right, a little luck and a lot of data will be required to prove the case but if nobody tries, nothing will change. I have not lost "use" value to me but I have lost resale value of my ownership since Wyndham took over. Under Trendwest control, resale value was more than 50% of original purchase price, so while they may have controlled our BoD, they did a better job of maintaining the Owners equity by operating the Club in our best interests not just theirs.

Thanks,
Mike


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 PostPosted: Tue 11 Jul 2017 5:18 pm   

Joined: Fri 27 May 2005 6:15 am
Posts: 3777
mvandagens wrote:
Trendwest was the original Developer who I bought first batch of 6000 credits from in June 2004. Next came Cendant who I bought second batch of 6000 credits from in July 2006 (unfulfilled contract with banked and bonus credits) and finally came Wyndham who changed name to WorldMark by Wyndham in April 2007.


When did Travelshare come into being and what were the changes to the Developer granted privileges at that time?

What I`m saying is if the Owners had control of our own BoD when Wyndham took over as Developer (and since), in return for giving affiliate owners access to WM properties, the Developer granted privileges to use other Wyndham affiliate resorts should be available to any WM ownership regardless of how it was purchased. That would have maintained the value of the ownership position after resale instead of it becoming a second class position of lesser value thereby evaporating significant equity.

When Wyndham affiliate ownerships are resold do they lose access to our WM resorts?

Even if they do, it is still a power play by Wyndham to suppress the secondary market and drive purchasers to buy from Wyndham. It just means Wyndham is taking advantage of all owners, WM and Wyndham affiliates.

If not and Wyndham affiliate resale owners still have access to WM resorts, we are really being screwed.


Thanks,
Mike


A couple of comments. First of all, I basically agree with most of what you are saying, but not all the details. Boiled down, I don't trust Wyndham in any way shape or form. They have proven by their actions over and over again that they are dishonest and incompetent in too many areas. They could sell WM and make a good profit without lies, but they choose not to.
However, it's what is in the contract that matters. The affiliate access is and always has been an extra. With Trendwest, we had access to a few VI resorts and the South Pacific ones. The loss of access to the SP resorts is, I agree, a loss in value. However, only those who bought under Trendwest had that access and still do with those original credits. Travelshare came into being at that 2006 date after Wyndham/Cendant split off the old accounts into a different category than those going forward; this is where the WM+A vs WM vs WMTS came from. At the time, it was called the TEN (or something similar) network for exchanging into the affiliates and all existing owners were grandfathered in. All new contracts were then sold without that access. Many probably assumed they had the same access with the newer credits as the old, but that wasn't true.
Cendant and Wyndham are the same company. Cendant bigwig's unethical and illegal behavior (was it the CEO who ended up in jail?) trashed the brand of Cendant so much that they needed a new name. They bought the Wyndham company for the name and put the new 'untarnished' name on the same old unethical sleazy behavior; i.e. lipstick on a pig.
While Trendwest had enough proxies to control the BOD, they chose not to. They voted those proxies in the same proportion as the owner vote so all those elected under Trendwest were essentially the choice of the owners. When Wyndham took over, that ended. They assign their proxies to make sure their choices are selected. The current so-called independent members were selected by Wyndham. Under Trendwest, they would not have won. Other, truly independent, candidates received far more owner votes. Wyndham selected the candidates they felt they could control. As you mentioned, their voting record speaks volumes.
I believe that access to Club Pass requires developer points both on the WM and Wyndham side.
And, from your earlier post, yes the salesperson lied to you about only having access to the older WM resorts. Assume 99.9% of what they say is a lie and you won't be disappointed.
And yes, Wyndham will take advantage of as many people as possible to make sure they take as much money out of any of their customers as they possibly can.

Sue

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Non-WM:II (All blue deposits; studio-2BR) Grand Monarch Cancun, Newport Coast Villas, Pollard Brook, Harbor Ridge, FSA, Sedona Summit, Starr Pass Golf Suites, Lawrence Welk Resort villas, Stoneridge at Blanchard, Hyatt High Sierra, Ridge Tahoe, Marriott Desert Springs, Wyndham Oceanside on trade with owner. Manteo Club, Sunchaser Riverside, Suites at Fisherman's Wharf,Mountainside Fairmont Hot Springs, Welk Northstar. Getaways/AC: Ridge Tahoe, The Pines at Sunriver, Eagle Crest, Sedona Summit, Crestwood, Surfside, Marriotts Summit Watch.
RCI:Lagoon Shores at Roche Harbor, Stoneridge (Sunriver), San Luis Bay Inn, GEVC at Lighthouse Point.


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 PostPosted: Tue 11 Jul 2017 7:40 pm   

Joined: Thu 01 Dec 2016 2:47 pm
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ecwinch wrote:
I purchased in Dec 2008 and paid about .35 cents a credit. Resale was not anything near .80 cents at that time or since.

While it is perfectly understandable how you feel, keep in mind that if the rhetoric of "conflict of interest" and "fiduciary responsibility" was as cut and dry as you seem to believe, the class action lawsuit could have gone much differently. But it did not, because the issue is more rhetoric than substance.

The Club has existed for 29+ years under the current operating model, with the single largest shareholder controlling multiple seats on the BoD. That is how corporations operate. It would be pretty easy to organize an equally sized voting block if things were as bad as the rhetoric suggests.

And the BoD does not have the authority to liquidate the Club.


In my opinion, the rhetoric has "covered" the substance. A plausible story taken at face value without investigating the details deflects attention from data showing the results of Wyndham`s manipulations.

Maybe the lawsuit didn`t go better because the case made against Wyndham was not as strong as it could have been if more and better data had been presented? I don`t know the details but it was at least good enough to get some sort of settlement from Wyndham. A stronger case presentation might have resulted in a better settlement.

Wyndham changed the operating model when they started "selling" resorts to WM at 8000/10000/12000 credits or more for studio/1br/2br units per week instead of original 6000/8000/10000 credits per week for all resorts in the Club developed by Trendwest. This effectively started a credit "dilution" that wasn`t noticed because at first the "extra" 20-33% credits per week were a small percentage of total Owner credits. But as more resorts were added at higher credit structure (even as RE bubble burst and cost of construction dropped), those "extra" credits became a more significant portion of total Owner credits and put more pressure on availability of original resorts. While Wyndham was adding one unit week to inventory the new owners were entering the reservation system with 1.2 to 1.33 times the credits needed for one week at the original resorts and soon long time owners started noticing it was more difficult to get reservations at resorts they had easily stayed at every year.

I didn`t say the BoD could liquidate the Club, I said if Wyndham wasn`t controlling our BoD an initiative could be started to have the membership elect to liquidate the Club by vote if Wyndham isn`t willing to treat WM more equitably. Just the threat of such action or changing developers could change the dynamic. As it stands now, the Owners have no leverage and no way to create leverage in our dealings with Wyndham while they control our BoD.

We the Owners, as a group, are the "single" largest shareholder and therefore should hold the majority of seats on the Board. Wyndham can`t vote unsold credits but they can vote Developer held credits and by control of WM BoD acquire proxies to vote those credits in favor of Wyndham interests. BTW who holds the credits acquired by the Ovation program? Are they sold by Wyndham at sales presentations at a much higher profit margin than actually adding units to inventory available for reservation? Or are they acquiring them to increase their holdings at a price much lower than unreimbursed construction cost of new units (because they are holding credits instead of selling them) to increase their voting power?

Any answers to the questions I posed above would be greatly appreciated.

Thanks,
Mike


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