MROP ORE/VRI Special Assessment!

[brg Junior Member Find all posts View Profile Close brg]

== The thread originally started from the MROP ORE/VRI exchange thread regarding the MROP special assessment bill received earlier this week.==

I actually called the Utah office twice (800 number) and spoke to two vacation reps. They did not have answers to the special assessment. The project manager "Terry" is out on vacation.

I went to "MROP memebers" only web site to download the newsletters, bylaws and audit reports. There is also a new forum there, so I also signed up a account there and created a new topic on their own site.

I am going through these docs. The new St. George project was briefly mentioned in the appendix of the audit reports, but when I looked at the approved 2007 budget, neither the project nor the special assessment were there. So where can they put or use the money?

When was the last vote for the $5K rejected? Based on the bylaws, they can not pass any major special assessment without the owner's approval. They also created ownership class S and T for the 3 bedroom St George resort. Is your ownership class M, S or T? Your probably also want to look at the bylaws just to be sure. Let me know if you have problems getting to it.

I will try to put more details together later on over this weekend.

brg

[brg Junior Member Find all posts View Profile Close brg]

Here's what I found out according to the paragraph from the bylaws, that the special assessment we received is not valid!

In Vacation Handbook page 26, or MROP Bylaws page 18,

Article VII Assessements And Enforcement.

Section 7.04. Special Assessments.

"However, Special Assessments shall not, in the aggregate, exceed 25% of the Maintenance Assessment for the applicable fiscal year, without a vote of the majority of a of a quorum of the members to approve such Special Assessment beyond 25%"

I do not think this special assessment was approved by the members in the regular membership meeting or any special membership meetings at all.

So take a look at the bylaws yourself and call the MROP office. The current president Noel S. Hyde (Utah) and past president Chris Fonnesbeck (Utah), their phone numbers are on the internet white pages and zabasearch.

I have also left a message for the MROP/VRI "manager" Terry Bicco at 800-400-9950 ext 112 regarding the artificial special assessment without the members approval.

brg

[basham Senior Member Find all posts View Profile Close basham]

I've trouble locating the bylaws.

Could you post a link please. Also perhaps the Vacation handbook.

[brg Junior Member Find all posts View Profile Close brg]

MROP Bylaws

I've trouble locating the bylaws.

Could you post a link please. Also perhaps the Vacation handbook.

It's a little bit tricky the way they set it up. These documents are actually located in the public area. But to get to the association document page, you have to login in to the member only area (password in the newsletter).

Here's the link to these documents:

Bylaws http://www.multi-resorts.com/documents/MROP_ByLaws.pdf
Handbook http://www.multi-resorts.com/documen...n_Handbook.pdf
2006_audit http://www.multi-resorts.com/documen...ance_audit.pdf
2005_audit http://www.multi-resorts.com/documen...ance_audit.pdf

Link to the newsletters:

spring_2007 http://www.multi-resorts.com/documen...newsletter.pdf
fall_2007 http://www.multi-resorts.com/documen...newsletter.pdf

In the newsletter it says "Sound Financial Footing, Exciting Possibilities". Is this a joke?

brg

[gravityrules Member Find all posts View Profile Close gravityrules]

Here's a link to a letter explaining the Special Assessment. I don't think 'the sky is falling' nor does this indicate something financially unsound. The better question is why the details were not known in advance and fully explained to owners.

http://www.multi-resorts.com/documen...ent_letter.pdf

[brg Junior Member Find all posts View Profile Close brg]

Special Assessment Letter

These are some questions I have after reading the special assessment letter. I called the MROP office a few times, but still did not get any straight answers.

Why did they need to build the 3-bedroom luxury condos near the board members backyard? When did the members approve this project?

If they collect 10,000 MROP member intervals with $250 per interval in special assessment, that is $2,500,000 in special assessment total!

With 12 condo units each has 50-week intervals per year, that totals 600 new intervals available for sale. Based on the letter this will provide $750,000 funding back to the Capital Reserve account. Does that mean they can only sell and recover around $1,250 per interval? What is the investment/return ratio here? Where does the rest of the money go?

In the letter, it says the interest accruals on which would equate to approximately $250 per member week. This totals $2,500,000 again! What kind of financial terms did MROP get?

It also says MROP will hold free and clear title to its properties as required by the laws of the State of Utah. Needless to say that the members who purchase these intervals will have first priority to use the new condos of course.

But does it say anything about any benefits to the existing members providing the special assessment funding and maybe sharing the coming maintenance fees?

brg

[bear2bare Junior Member Find all posts View Profile Close bear2bare]

When I called the VRI office and asked about receiving information about the assessment, I was told that everything was going to be worked out and it would be sent out with a call for a special membership meeting which would be held in January. I was told that the announcement of the meeting would be sent out at least ten days before the called meeting. It looks to me that they are doing what they are gonna do even after getting caught violating the by-laws. Anyone have any idea when the meeting will be held, would like to know as soon as possible since I will be in the west during the middle of the month.

[brg Junior Member Find all posts View Profile Close brg]

MROP Special Assessment Updates!

I just talked to Mr. Noel Hyde himself over the phone this evening.

He has instructed the VRI/MROP office NOT to collect the Special Assessment for now!

They also plan to send out the letter by the end of this month and hold the special meeting earlier February.

Please do call the board members and give them inputs. Your vote counts!

brg

[RLBCASTRO Junior Member Find all posts View Profile Close RLBCASTRO]

Proxy request

BRG, today I received a letter requesting I designate a proxy for the special membership meeting to be held on Feb. 6, 2008. I will not be able to attend that meeting in person. I certainly don't want to just give my proxy to the Board of Trustees since they already seem to have decided to proceed with this plan.

I'm not saying its a bad plan, but it certainly seems to need some scrutiny before it is approved. Are you going to the meeting? If not, do you have a recommendation on who to give my proxy to? Thanks

[brg Junior Member Find all posts View Profile Close brg]

I have not received it myself yet. Since I live near L.A. so we have to see who live near Salt Lake will be willing to be the proxy.

I am opposing the SA unless MROP can come up with the "plan B" to address the issues.

Let's also call the board members to see if any of them is against the SA.

brg

[brg Junior Member Find all posts View Profile Close brg]

Poroxy / Ballot

I just received the proxy/ballot for the special assessment today.

The form itself is rather misleading and not well instructed as where/how you put in your vote regarding the special assessment instead of just putting in the board of trustees as the proxy holder. There is no yes/no check boxes for you to vote for the assessment neither.

The proper way to fill out the proxy/ballot:

1. Select a Proxy holder. If you can not go to the meeting,

1a. If you do not know any owner going to the meeting. Circle "A" to chose board of trustees to cast your voting instruction.

1b. You know any owner that is going to the meeting in Salt Lake, you can put the person's name in "SPACE B". Make sure the proxy holder will be at the meeting.

1c. As an alternative, you can put Mr. Noel Hyde in "SPACE B", since he will be at the meeting for sure, and he is okay to cast your voting instruction.


2. Make sure to put in your voting instruction in the space right below it (No or yes on the special Assessment).

Even if the Board of Trustees is the chosen proxy, if you write down the voting instruction and return it. They will have to vote based on your instruction.

Please do not just sign and return it without the voting instruction, then the board can do whatever they want to do with it. This is the worst case.

I have talked to both of them to confirm this.

Noel Hyde (president)
White page listing - Noel Hyde

David Racker (treasurer)
Whitepage listing - David Racker

You can also call them or call MROP office to ask for more clear instructions or to challenge this questionable proxy/ballot.

So please do put in your voting instruction and return the proxy ballot.

brg

[Ronc Junior Member Find all posts View Profile Close Ronc]

Proxy vote

I received a letter today that says Vote this proxy card today and then goes on to give options of 7 different things to vote for none of which is labelled special assessment. I am assuming that this is covered under 3) which is "Approval of a Revised Investment Policy Regarding: then 8 choices including borrowing money. I'm certain others must have recieved this "proxy card" and I would like feedback on how you are voting and for what reasons. There are also options to vote at www.2voteproxy.com or by phone at 1-800-830-3542. Since I am a new member, I would appreciate any and all feedback. Thanks Ron

[mtrottier Junior Member Find all posts View Profile Close mtrottier]

I will be proxy vote in the negative for anyone.

I live in North Salt Lake and will be happy to cast a Proxy vote for anyone against ANY Assessment in person at the meeting on Feb 6th.

Please feel free to contact me by email or phone.
mrtrott@yahoo.com
801 557-8368

[brg Junior Member Find all posts View Profile Close brg]

I received a letter today that says Vote this proxy card today and then goes on to give options of 7 different things to vote for none of which is labelled special assessment. I am assuming that this is covered under 3) which is "Approval of a Revised Investment Policy Regarding: then 8 choices including borrowing money. I'm certain others must have recieved this "proxy card" and I would like feedback on how you are voting and for what reasons. There are also options to vote at www.2voteproxy.com or by phone at 1-800-830-3542. Since I am a new member, I would appreciate any and all feedback. Thanks Ron

Ron

Looks like the proxy card you received is for the Eaton Vance Mutual Funds rather than the VRI/MROP timeshare. You might want to double check on this

[mtrottier Junior Member Find all posts View Profile Close mtrottier]

Special Assessment Meeting Results

I attended the Special Assessment Meeting last night and the “Official” results are that the Assessment was approved!

The entire meeting was a sham! The president began the meeting saying that the board had the power to change the by-laws at anytime to remove provisions like the 25% limitations. Ultimately he was saying that regardless of the outcome of this vote members will be assessed whatever amount the board felt necessary. He also stated that the board had already evaluated all options and there were no other options so they are moving forward with the strategy as presented irregardless any objects by the members.

I personally feel that the “Official results” are not valid. Of the total membership of over 10,000 members there were a little over 2000 votes. I do not believe anyone in attendance voted in favor of the assessment so I believe what happened was that the proxy ballets that were mailed to MROP without a clear indication of voting preferences were counted as “Yes” votes. I feel the proxies were misleading and did not provide clear instructions on how to indicate a vote. I feel there needs to be a full accounting of the vote to determine the actual intent of those who mailed their proxy votes to MROP!

I don’t know what legal recourse we have at this point. One thing that did become very clear was that this situation has occurred because of the gross mismanagement of the association by the board and its’ officers. It also has become very clear that the board and officers have not acted in good faith and with full discloser.