November 22, 2012
Advantage Vacation recently received the following information regarding the settlement of the Point of Poipu Class Action Settlement. It has been posted on the Point of Poipu Angry Owners Facebook page. As part of our commitment in keeping owners at Point of Poipu up to date on the Class Action Lawsuit, we are reprinting the post in its entirety.
Our class action lawsuit has resulted in a settlement reached through mediation between the attorneys for the plaintiffs and the attorneys for DRI and the rest of the defendants. There have been financial concessions.
They are now willing to take the remaining two years of payments and make them into FOUR years of payments. This will reduce the amount due in each of the next two years.
If the escalation/contingency is not needed (or is lower than originally anticipated) years 3 and 4 will see reduced amounts billed, conceivably with NO funds due at all, rather than collect the contingency fees up front.
They are also going to assume the expense of the defaults ($4M) as they are also collecting the deeds on those intervals.
Further, they have agreed to drop $1M of the $1.7M management fees.
There were also Governance issues addressed:
For all future elections, FULL DISCLOSURE must be made of ANY affiliation with DRI and all of its subsidiaries as well as familial connections.
All non-DRI board members will be educated about “fiduciary responsibility” and “conflict of interest” so as to assure that all is above board. Additionally, the board members will have an “independent” attorney available for consultation with regard to board activities.
Although we will NOT be receiving the owner list, there is a new wrinkle which will address the issue. A “neutral third party” will be given the owner’s contact info. The owners will be able to submit letters to be disseminated to the owners. The only editing permitted is to remove threats or obscenity.
This “third party” will also oversee the statements submitted by board candidates, again with editing only for the removal of threat or obscenity.”
Advantage Vacation is a member of the American Resort Development Association (ARDA) and offers the best buys on the timeshare re sales market today. We never charge an upfront fee for clients who want to sell a timeshare and only receive a commission, paid from escrow, when the transaction is closed.
We are leaders in the timeshare resale secondary market, have been in the timeshare industry for over 30 years and are Accredited Members of the BBB with an A+ Rating.
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At Advantage Vacation you can be assured you are working with professionals who believe that honesty and integrity are the most important aspects of the business they are in – timeshare resales. Our business has been built on relationships and we pride ourselves on providing excellent service to our clients.
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