Consolidated Resorts announces bankruptcy

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

I would have to agree with timesos2 who posted their msg on 6/24/09! My husband & I experienced the terrible customer service & decit from Westgate. Main reason why we didn't purchase with them @ beg. of June. Tahiti Village attracted us as they were complete opposite. We worked with a great manager & received a great deal! Manager no longer works for the company - no wonder! I would also have to comment on MustangMadi's comment (posted 7/1/09) - we are in the same boat as we discussed the same points about the financial standings etc. I belive because it is chapter 7 - they don't have to disclose anything. So frustrating!!!!!!!!!!!!!

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

All indications are that owners will not be impacted (except to be free from the update and upgrade salespitches until another developer buys their way in!)..

My worry is that I may have money invested in that Goldman Sachs fund! That fund manager should have come here and learned that "timeshare is not an investment!".. Guess it pays to read those portfolios!

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Get the Board to represent you and then anything is possible

How in the world are the owners supposed to do that? We are all over the Country, if not the world... and I am sure no one is willing to put out thousands for an attorney to handle that. I really dont know much about the workings of a timeshare myself and not in any position to put out money on this. I would love to find a good attorney in Vegas and sue them for false misrepresentation on a Real Estate transaction for failure to disclose their financial status!

It's not easy and it takes a few leaders from within the widely spread out owners group to do it but getting owner control of the Board and resort can be done. A lawsuit is an exercise in futility as they are broke. The best bet is to salvage what you bought and make it the best it can be. The fact that timeshare owners do find it hard to get together as an effective group is another reason Developers ride roughshod over most resorts. If you can beat them at the Board level the whole picture can change for the good of owners which is all that should really matter. Good luck to all of you.

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

Our timeshare filed for chapter #7 back in 1991 and the Owners organized and hired an attorney and won and received all assets free and clear. The FDIC had been the owner for a number of years and was persuaded by the trustee that not fighting the Owners was the best for the FDIC. There was some co-mingleing of funds going on. Maintenance fees and mortgage payments. The trustee wanted the court to give the TS to the manager but the Judge thought the Owners should have it. Major factor, this was a RTU property. There was also a non-disturbance prevision that guaranteed us occupancy.

We organized from about 1800 owners and a willing attorney to fight the bankruptcy. About 600 owners contributed $50.00 each to fund the effort, the others went along for the ride. The attorney was almost free-bono.

The key was buying a list of creditors from the bankruptcy court, $.50 per page. All the addresses for the owners was listed. We mailed a meeting notice to all owners located in a area with a large number of owners. Over 100 turned out for the meeting and the fight was on. That 100 represented over 50% turnout from the mailout. They reimbursed me for the postage and printing.

Step one is to find out where it was filed. Then go there and look at the file and see what information is in the file. If owners are listed, you are in business.

The Trustee and his attorney were well paid by the normal maintenance fees plus note payments for over a year.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Update on Consolidated bankruptcy..

Lost credit line said to spur company's closure - Business - ReviewJournal.com


Article gives info presented to the bankruptcy judge. Again states that timeshare owners should not be affected by the proceeding. Interesting statement regarding the actual property valuations and sale price inflation due to marketing costs and overhead.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Email from Soleil Mgmt to timeshare owners

July 24, 2009

Dear Tahiti Owner:

There has been much news and commentary regarding the recent bankruptcy filing of Consolidated Resorts, Inc. and its related companies. Some has been correct and much has been wildly inaccurate and potentially dangerous for you.

First and foremost – Neither the Tahiti nor Soleil Management is included in the bankruptcy. Your Vacation Club is financially and operationally sound and every timeshare owner will receive the full benefit of usage and exchangeability of their timeshare. The resorts, reservations department and customer service department are fully up and running to serve your vacation needs. As always, timeshare owners are invited to call 800-775-8463 with any questions.

Also – for those of you that have outstanding balances on your purchase contracts, the payment address remains the same and all owner payment processing is continuing without interruption.

Perhaps the best way to understand the situation is to envision that you bought a car and later learned that the car dealer closed its doors. You still own your car and will have full use and enjoyment of it (assuming that you make your payments!). The notion that the dealer discontinued its business has nothing to do with your use of your car.

Unfortunately, some owners have received telephone calls or emails from various individuals attempting to buy the owner’s week with stories of how the projects are going to be closed or that they will lose their rights to the project. This is entirely false. We advise all owners to be very careful when talking to people soliciting the purchase of their week based on the bankruptcy of the developers. These individuals are not associated with the developers, the management companies or the bankruptcy court in any way. They may be using scare tactics to obtain your credit card information.

As always, your management company and customer service departments are here to serve you. Please feel free to call 800-775-8463 if you need us.

Very Truly Yours,

Soleil Management

________________________________


Soleil Management
Direct: 702-367-4010
Fax: 702-252-0518
Mailing Address & Maintenance Fee Payments:
250 Pilot Road, Suite 280
Las Vegas, NV 89119

Central Reservations Center
Toll Free: 1-800-775-8463
Mon - Fri 8:00am - 8:00pm Pacific Time
Sat 8:00am - 4:00pm Pacific Time


Soleil Management - Website
Consolidated Resorts Management/Soleil Management

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

New Wall Street Journal article...

Time-Share Tussle for Goldman - WSJ.com

......A battle is brewing over the remains of an ill-fated time-share investment made in 2007 by a Goldman Sachs Group Inc. real-estate fund.Earlier this year, Goldman's Whitehall Street Global Real Estate Limited Partnership 2007 walked away from its $372 million investment in Consolidated Resorts Inc.........

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

Sure it's a misrepresentation of the facts. For that matter, everything the salesman told you about buying a timeshare was a misrepresentation of the facts.

I suspect you're line of thinking is this would be a way to get out from under this purchase. Unless the salesman put that in writing, and they never do, you're still most likely stuck with your purchase.

Fortunately it's not the resort but the developer that's filing BK. The resort, as far as anyone knows, remains solvent. What will most likely happen is someone else will come in and purchase Consolidated's assets at fire sale prices, then continue to develope and sell the resorts.

Arthur Spector wants to buy all of Consolidated Resorts using his real estate company, ASNY Corp. The problem is, he was the major share holder of Consolidated Resorts. ASNY stands for Arthur Spector New York. In May, he received $750,000,000 (Yes, millions) from Goldman Sacks, then he decided he wanted to get away from them and GMAC.

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

Safe to buy???

Hi
Just wondering what your thoughts are on buying at Tahiti Village. Are there money problems all set? Good family resort, How does it trade? Appreciate your opinions


tom

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

The resorts and their individual associations and management continue to operate as usual. The bankruptcy impacted the sales organizations.

If you feel that you will routinely use the Tahiti Village ownership, then by all means purchase. Prices are low right now, so it may be a good time to acquire.

As always, the standard advice is buy a resort that you are likely to use often.

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

Hi
Just wondering what your thoughts are on buying at Tahiti Village. Are there money problems all set? Good family resort, How does it trade? Appreciate your opinions


tom

My guess is it will trade just like any other resort in an overbuilt destination that doesn't have a primo location.

The Vegas resorts we own have traded well for us over the last several years but, we always pay attention to the travel demand index with Interval International and we alway reserve one of the stronger weeks according to the TDI.

I'll qualify this by saying, in the past our requests have been either modest or within a particular system, such as Marriott to Marriott or HGVC internal points. We recently converted our Polo Towers units to DRI's internal points based exchange system over concerns about falling exchange power for that resort.

As mentioned, buy what you're more inclined to use but want to trade on occasion. I've found what's worked for us in the past is to reserve a week we can use and make a request first exchange request through Interval. By doing that, if our exchange doesn't come through we still have a week we'll enjoy in Vegas.

TV is a nice resort with a decent off strip location. It's a resort that, if I was going to want to go to Vegas and relax a bit, I wouldn't mind owning. It's also a resort that's not so difficult to exchange into so, if I didn't plan on going to Vegas more often than not, I'd be tempted to buy something somewhere else that I'd be more likely to use on a regular basis.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Update on the Consolidated acquisition...

Arthur Spector Companies Complete Acquisition of Timeshare Assets | Timeshares Daily



............The Arthur Spector Companies, headquartered in Las Vegas, completed the acquisition of all of the remaining timeshare inventory and operating assets comprising the Tahiti Village, Tahiti and Club de Soleil vacation ownership resorts in Las Vegas and other resorts in Hawaii.

The Arthur Spector Companies were the successful bidder in U.S. bankruptcy court Judge Linda Riegle's courtroom on July 20, 2010...............

[Charles76 Junior Member Find all posts View Profile Close Charles76]

Vegas timeshare company to close sales operations - Las Vegas Sun

Consolidated Resorts Inc., which owns Tahiti, Tahiti Village and Club de Soleil in Las Vegas, announced that it has shut down its sales and marketing operations and is planning to seek bankruptcy.

With regards to that situation, I suggest that you seek a bankruptcy attorney. It is best if you do it as soon as possible so you can be able to deal with it and for you to avoid future problems about your business resort.

[Charles76 Junior Member Find all posts View Profile Close Charles76]

Consolidated Resorts announces bankruptcy

hello to rikkis playren

With regards to that situation, I suggest that you seek a bankruptcy attorney. It is best if you do it as soon as possible so you can be able to deal with it and for you to avoid future problems about your business resort

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

Spam. Go away Charles...