Point Values

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

Good point. You can lose your points if the resort is destroyed and can't be rebuilt, or by eminent domain, or if the owners decide not to continue the having the timeshares. (I find the last one hard to believe unless maintenance at that resort becomes excessively expensive.)

Charles

Are you sure about that?

Having the deeds in a trust confuses that for me. While the points might go away, I would think that whatever is left would be split among those owning deeds there. In this case that would be the trust, so the owners get nada?

I confess to having never read the big ole document that spells every last detail out.

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

Are you sure about that?

Having the deeds in a trust confuses that for me. While the points might go away, I would think that whatever is left would be split among those owning deeds there. In this case that would be the trust, so the owners get nada?

I confess to having never read the big ole document that spells every last detail out.

You lose the points since your unit/week has to be taken out of the trust. Then, you do, in fact, own your unit/week and you would get whatever your share of the purchase price or insurance settlement would be. If you want, I will dig out the reference in the big book but right now I don't want to go to sleep and that's what often happens when I start reading it.

Charles

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

noooooo, I would never ask someone to dig out and read the big book of snooooze!

this sounds like what I thought would be the deal. Trust gone, you own what you own, see ya-bye.

thanks!

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

From the "Multi-Site"

I will dig out the reference in the big book. Charles

I have before me the December, 2002 Edition of the BVC "Multi-Site Public Offering Statement". I am looking at pages 8 and 9 of the "BGVC Amended and Restated Trust Agreement". (Caution: there are many different documents in the "Multi-Site" and therefore many different pages 8 and 9. Since the agreement does get amended, the page numbers and section numbers may vary in your edition of the "Multi-Site".)

Section 7.02 relates to Deletions.

Paragraph (a) relates to Deletions by Casualty.

Paragraph (b) relates to Deletions by Eminent Domain.

Paragraph (c) relates to Automatic Deletion. (Some timeshares have a time limit associated with them. At the end of the time limit, the owners can vote to continue or vote to disband and divide up the sale revenues (if any). If the owners vote to disband, the units are deleted from the BGVC.)

Paragraph (d) further states that upon deletion from the Trust Estate, the Trust will issue a deed to the current Owner Beneficiaries and/or split up the monies received from insurance, Eminent Domain, or sale.

Paragraph (d) further states that if your unit/week is deleted from the Trust Estate, you will lose those points so as to maintain the "One-to-One Owner Beneficiary to Accommodation Ratio".

Obviously there is a lot more in all of those paragraphs and if you want the real nitty-gritty, I will refer you to your copy of the "Multi-Site" which you received from whomever you purchased your points from.

Charles