November 17, 2023
Timeshare and Resort Developer Accountability (TARDA) Supporters have not heard from us since we posted our last report last November. That’s not because we haven’t been busy. Today we feature timeshare highlights from 2023.
We appreciate all who have contributed time or talent to further our cause. TARDA is an all-volunteer organization committed to change. There is no voice of the consumer in Washington D.C. According to the lobbyist who advised the formation of our 501c4 nonprofit, the cost to lobby at the federal level is $100,000 per year and $10,000 to $12,000 per selected state. Our reserve fund holds proceeds working towards that goal.
Major concerns:
The “oral representation clause” is buried in fine print. The fact that the timeshare consumer cannot rely on statements made by sales agents should be disclosed at or prior to the sales presentation. Existing timeshare members are often told that what they will be attending is not a sales presentation. All presentations are sales orientated.
The contract rescission period is too easy to dodge. Timeshare buyers should be allowed onto the booking site before the contract rescission period ends. Certain claims, like over-promised availability, cannot be verified by reading the contract.
Thank you to 2023 contributors!
January 26, 2023 - The Timeshare Heir Scare - KIRO 7 Seattle New Report
January 13 - Westgate Resorts Owners Protest - The Orlando Sentinel
January 6 - Fair Credit Reporting Act - Holden v. Holiday Inn Club Vacations
February 17 - FantaSea Settlement
February 10 - Club Exploria - Oral Arguments - Eleventh Circuit Court of Appeals
February 3 - Wyndham Whistleblower - Tiffany Birch
March 31 - Former Quality Assurance Manager - Gina Mori v. Diamond Resorts
March 3 - Social Media and Timeshare
April 28 - Go Koala
April 21 - Former Sales Agent Michelle Jabeur v. Diamond Resorts
April 7 - Comedian John Oliver on Timeshare and Jen on Disney Vacation Club
May 26 - Bluegreen Account Suspensions
May 17 - Kirchners v. Wyndham Vacation Resorts
May 12 - Bedgood v. Wyndham, Oral Arguments - Arbitration
May 5 - An Army Veteran, Age 87, up-sold to a $367,000 timeshare loan
June 23 - Florida House Bill 869
July 7 - Nine Reports from Military Timeshare Buyers
August 25 - Military Lending Act - FTC/CFPB other Organizations’ Amici Curiae
August 17 - Dave Ramsey $150 Million Lawsuit
August 4 - Bill Ogburn - ABC News 8 Virginia Reports
September 15 - Archambeault v. Wyndham Vacation Ownership
September 1 - Buxton v. Wyndham Destinations, et. al.
October 27 - McMullers v. Westgate and Experian
November 9 - Hilton Grand Vacations Acquires Bluegreen Vacations for $1.5 Billion
January
January 26, 2023 - The Timeshare Heir Scare
A common concern is that heirs will be responsible for an inherited timeshare. All states have laws that allow heirs to disavow an inheritance. Requirements vary by state. Those who have inherited a timeshare should contact an estate attorney as soon as possible.
Collection agencies retained by Worldmark by Wyndham pursued Mary Gronlund for over four months attempting to collect a $12,809 timeshare debt owed by her deceased son, David Gronlund. Mary only needed a death certificate. Wyndham said it was a system error. KIR0 7, Seattle reporter Mary Gronlund’s interview resolved the dispute:
https://www.kiro7.com/video/archive/woman-charged-dead-sons-timeshare/A3NO4CUWOEGBHRAQD325JGQCUU/
January 13, 2023 - Westgate Owners Protest
A group of protesters held up signs in front of Westgate Lakes Resort on January 5th and 6th, coinciding with Westgate’s Annual Meeting. The protestors, two who resolved their dispute, reported that they had been told it is easy to rent out a timeshare to cover costs, an unfeasible strategy. As reported by the Orlando Sentinel:
https://www.orlandosentinel.com/2023/01/06/westgate-coos-excuse-to-protesters-is-a-copout-letters/
January 6, 2023
Tanethia Holden and Mark Mayer, plaintiffs - Appellants v. Holiday Inn Club Vacations, Inc. (HICV), defendants - Appellee Case 6:19-cv-02373-CEM-EJK, United States District Court for the Middle District of Florida
TARDA attended the Oral Arguments that took place at the Eleventh Circuit Court of Appeals in Jacksonville, Florida on October 3rd. (Volunteers cover their own expenses) Allegations are that HICV is violating the Fair Credit Reporting Act (FCRA) by not adequately investigating disputes. Attorneys representing the Chamber of Commerce and the Consumer Financial Protection Bureau (CFPB), along with plaintiffs and defendant’s attorneys, debated whether timeshare companies (furnishers) should be required to investigate disputes if the dispute concerns a legal matter. The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission filed a Joint Brief of amicus curiae on December 16, 2022 in support of plaintiffs. The Chamber of Commerce weighed in on the side of industry.
FTC File a Complaint
https://www.ftc.gov/media/71268
CFPB “Tell Your Story”
https://www.consumerfinance.gov/your-story/
February
February 17, 2023
Attorneys for FantaSea Plaintiffs are Awarded $772,714 in Attorneys Fees
In October of 2022, the Superior Court of New Jersey jury awarded FantaSea Resort (aka Flagship Resort) timeshare victims $1,069,284. On June 2, 2023 FantaSea was ordered to pay plaintiff’s $1,688,423.88 rather than the previous amount. A Final Judgment was filed on May 19, 2023. The amount included Treble (triple) Damages to be paid to each Plaintiff. The amount awarded for attorneys’ fees and costs increased from $772,714 to $996,013 for taking on a high-risk case.
FantaSea, a participant in the Resort Owners Coalition (ROC) of the American Resort Development Association (ARDA) whose properties include its Flagship, Atlantic Palace and La Sammana resorts, also misled consumer plaintiffs into believing that their purchase was a real estate investment that would increase in value over time.
February 10, 2023
Club Exploria Ordered to Pay the Aaronson Law Firm $175,000 in Attorneys Fees
TARDA attended Oral Arguments at the Eleventh Circuit Court of Appeals in Jacksonville, Florida on July 9, 2023. The courts determined that there was insufficient evidence to show that Aaronson intentionally influenced Club Exploria owners to cease meeting their timeshare debt obligations.
February 3, 2023
Wyndham Whistleblower Tiffany Birch, Case 3:22-cv-02076-BEN-MSB
Among the allegations: BIRCH reported to WYNDHAM that supervisors were instructing salespersons to falsely tell customers their maintenance fees will increase if the customers do not purchase more products.
BIRCH reported to WYNDHAM that supervisors were instructing salespersons to falsely tell customers they will lose a “discount” if they do not purchase on that day. In reality, there is no discount; this is completely made up and is a false high-pressure sales tactic used to coerce the customers to make an immediate purchase.
March
March 31, 2023
Former Diamond Resorts Quality Assurance Manager Gina Mori v. Diamond Resorts Case No: 21CV-0601
Ms. Mori’s lawsuit, filed in October of 2021 alleged deceptive sales practices. Her lawsuit is unique in that she opted out of the arbitration agreement that Diamond requested from their employees in August of 2018.
March 24, 2023
Former Bluegreen Sales Agent and Manager Denise Mecke’s lawsuit against Bluegreen, filed February 8, 2023, Case No. 6:2023cv03047
Denise Mecke filed a lawsuit against Bluegreen Vacations and nine of their agents, managers and executives. She alleges that those named as defendants were complicit in employing deceptive practices, including selling points to rent for profit or to offset costs.
March 3, 2023
Social Media is Here to Stay - Member/Owner Support Facebook Groups
On April 29, 2022 there were 14,365 self-advocacy Facebook Group members. By March 3, 2023, that number grew to 16,145, a 12% increase.
Justice for Manhattan Club Owners – As of March 2, 2023: 145 members https://www.facebook.com/groups/285143193617063/about
The Manhattan Club Disgruntled Owners - March 2, 2023: 625 https://www.facebook.com/groups/116892578330143/
Vacation Village Massanutten Timeshare Unfortunate Owners - March 2, 2023: 123 members https://www.facebook.com/groups/1309724916165817
Westgate Timeshare Hostages – March 2, 2023: 1,937 members https://www.facebook.com/groups/westgatehostages
Diamond Resorts/Hilton Grand Vacation Advocacy – March 2: 8,022 members https://www.facebook.com/groups/DiamondResortsOwnersAdvocacy/members
Gold Key Owners’ Forum (Acquired by Diamond Resorts) - March 2, 2023: 286 members https://www.facebook.com/groups/1639958046252175
Bluegreen Timeshare Hostages – March 2, 2023: 941 members https://www.facebook.com/groups/180578055325962
Unhappy Wyndham Owners – March 2, 2023: 121 members https://www.facebook.com/groups/376743609795740
Carriage Hills and Carriage Ridge Owners – March 2, 2023: 3,945 members
https://www.facebook.com/groups/CHCROwners/members
A group of volunteers forced the sale of Wyndham’s Carriage Hills/Carriage Ridge Resorts, releasing 14,000 owners. The resorts offered no responsible exit. https://tarda.org/wyndham-carriage-resorts-%E2%80%93-no-exit-led-to-failure
April
April 28, 2023 Koala’s Tiered Membership by Sheri in Minnesota
Our journey to KOALA began after we had been promised by our The Colonies/Vacation Village sales agent that renting out Colonies weeks to defray costs would be easy. It is not. The real estate agent our Colonies sales agent referred me to, her friend, charged us $199 to list a Colonies week for rent. Nothing happened. He also charged $299 for a listing to sell our Westgate week (his suggested listing price $37,000!). Nothing happened. We are stuck with a second timeshare we don't need.
April 21, 2023 Former Diamond Resorts/Hilton Grand Vacation sales agent and whistleblower Michelle Jabeur
The person Michelle spoke with at the Attorney General of Virginia’s office told Michelle that their office has received THOUSANDS of timeshare complaints. They said Michelle was a “treasure chest” yet, to our knowledge, the VA AG has taken no action against any timeshare company.
April 7, 2023 Comedian John Oliver’s Timeshare Rant on Last Week Tonight
https://www.youtube.com/watch?v=Bd2bbHoVQSM
Jen’s Rebuttal - Disney is Different!
May
May 26, 2023 Attorneys Advise Members not to Sign Bluegreen’s Declaration
“Multi-tasking” offers commentary about his Bluegreen presentation experience
https://www.youtube.com/watch?v=3IRNjqoVa58
Several who reached out to us said that their Bluegreen sales agent encouraged them to buy additional points to rent. This was also alleged in Denise Mecke's lawsuit. Bluegreen is demanding a Declaration be signed in order to have an account unlocked.
Ashley, a single mom, did not rent through a third party. She accepted her grandmother's Bluegreen points in July of 2022 after her grandfather passed away. She must rely on friends and family to help with maintenance fees because of her medically fragile five-year-old son. His care involves 12 doctors. Maintenance fees increased to $5,500 this year. Before transferring the points, Ashley’s grandmother asked Bluegreen if points could be returned because of the ever-present concern that Ashley’s son’s condition will worsen. Bluegreen said there was a “Relief” program whereby points could be given back at no cost. Frustrated with the suspension, Ashley contacted Bluegreen and was informed that the Relief program had been modified and would now cost $8,165! The amount represents 1 1/2 years of maintenance fees. Ashley is left with no choice but to default. They owned high-demand Big Cedar weeks they had enjoyed for over 20 years.
May 19, 2023
STEVEN ERIC KIRCHNER, ELIZABETH LEE KIRCHNER, and NAZRET Z. GEBREMESKEL vs. Wyndham Vacation Resorts, Inc., filed March 27, 2020, in Delaware, Civil Action No. 20-436-CFC
This case is one of five lawsuits in which the court denied Wyndham’s motions to dismiss Claims of Fraud and Breach of Contract. As stated in the complaint:
This case is about one identical arbitration clause in Wyndham and WorldMark contracts and a single, common fraudulent omission by Wyndham and WorldMark.
On March 27, 2023, presiding Judge Richard Andrews dismissed Count Two of three counts that alleged violations of the Nevada Deceptive Trade Practices Act (NDTPA) and the Tennessee Timeshare Act. He cited a California case to determine that in Nevada timeshares are not “goods or services.”
To support the Kirchner Plaintiffs, former Wyndham Executive Danielle Henderson, on July 15, 2022 filed a Declaration explaining why she feels inventory is manipulated. The complaint alleges that often the general public can book reservations easier than owners who paid thousands of dollars to become members.
May 12, 2023
Wyndham Demands Arbitration - Bedgood v. Wyndham Vacation Resorts and Worldmark - A Judge calls Wyndham’s actions to compel arbitration a “Shell Game” or “Runaround”
TARDA attended Oral Arguments by Zoom at the U.S. Court of Appeals for the Eleventh Circuit on April 20, 2023, in Atlanta, Georgia. Wyndham’s contract states that an arbitrator will be assigned by the American Arbitration Association (AAA), but the AAA refuses to arbitrate Wyndham cases, stating that Wyndham did not abide by their rules and policies, and has not paid arbitration fees. Wyndham argued that the court should appoint a special arbitrator. Three lower courts, in three separate lawsuits, filed in Florida, New Jersey and South Carolina, denied Wyndham’s motions.
New Jersey: Judge Hyman cited BRADLEY B. HEISMAN and JULIA MATONTI, Plaintiffs, vs. WYNDHAM VACATION RESORTS, INC., Defendant. Civil Action No. 20-11480-KM-JBC, filed in New Jersey state court.
Wyndham removed the lawsuit to federal court. There they ruled that the Federal Arbitration Act (FAA) failed to justify Wyndham’s actions. It was determined that Wyndham showed a “lack of good faith and fair dealing.” The court went on to add that, “provisions in the contract are unconscionable and denied plaintiffs basic remedies.”
May 5, 2023
Dominic, an Army Veteran, Up-sold at Age 87 to a $360,000 Timeshare Loan
“Since turning 84, my father made three additional purchases that led to an insurmountable level of debt. He has had to seek medical attention because of the distress. Health problems make traveling difficult. Monthly loan payments of $5,500 depleted funds he needed for personal and household expenses. He had no choice but to stop making payments. A man in his 80s should never have been saddled with $360,000 in vacation debt in just three years.”
June
June 23, 2023 - Florida House Bill 869 provisions included:
Eliminates certain requirements for the offering of incidental benefits in the sale of a timeshare plan, including repealing the 15 percent of the purchase price limitation on the aggregate represented value of all incidental benefits offered by the developer, the requirement that an acknowledgement and disclosure statement indicates the source of the services, points, or other products that constitute the incidental benefit, and the requirement that the developer promptly notify the Division of Florida Condominiums, Timeshares, and Mobile Homes of the DBPR upon learning of the unavailability of any incidental benefit;
(The following applies to secondary market transactions)
Extends from one year to five years the period to void a contract when a closing unlawfully occurred before the cancellation period’s expiration, and retains the one-year right for a purchaser to void a contract if he or she knowingly or unknowingly waived the right to cancel the contract within the 10-day cancellation period;
Revises public offering statement requirements to allow the developer’s description of each component site for a multisite timeshare plan to be provided to the purchaser electronically, and to provide that a developer is not required to file a separate public offering statement for any component site located within or outside Florida, in order to include the component site in the multistate timeshare plan.
Provisions took effect July 1, 2023. Vote: Senate 37-1; House 106-0 https://www.flsenate.gov/Committees/BillSummaries/2023/html/3181
July
July 7, 2023 - Nine Reports from Active Duty Service Members Who Found Their Security Clearances in Jeopardy
Report 1: A Navy Chief Petty Officer seeks release from Tahiti Village, a Soleil Management resort. According to statements made by Soleil’s representatives, they will not take a timeshare back under any circumstances. In November of 2021, the Officer paid a timeshare listing agency Soleil recommended $600, to no avail. In November of 2021, he paid an exit company $2,800 and has received nothing but infrequent email updates. He is currently deployed in Japan.
Report 2: A Homeland Security agent, and a Marine veteran, 26 years served, resolved his dispute by working directly with his resort.
Report 3: Active duty Navy, 12 years served, a father of four, purchased a minimum, inadequate for a family of four. The purchase price was $12,000. They lost in arbitration. The judgment against them was $66,000. The amount included the resort’s attorneys’ fees. “The presentation involving six agents lasted seven hours. They said we had to decide that day. Our children were restless. We were told this was an investment that would help us when we bought a home. The agent said he was giving us a great deal because we are military. Riding back to our room, I asked our agent and her fiancé, ‘If I change my mind tomorrow what happens?’ They laughed and said it was too late. I signed on the dotted line. I later learned I had five days to cancel. We were not given a copy of the contract, only a tablet that did not work well. They mailed the documents. Upon review, I learned that the interest rate is astronomical.”
Report 4: Active duty Navy, 18 ½ years. In 2019 we purchased points for $36,034. “We repeatedly told our sales agents we could only afford $1,500 in maintenance fees. They said if we purchased additional points, we would be eligible for a program to offset 50% of maintenance fees by charging purchases to the resort’s Barclaycard. It turned out this would only offset fees by 1%. We were offered a settlement if we paid $16,000. We refused. We would have to borrow money. We were not given a copy of the contract, only a tablet that didn't work. The mortgage agent and manager said they would send the documents. We never received them. We charged a $4,000 down payment to their Barclaycard relying on this to offset about half of our maintenance fees. After a Barclays rep said that was not how it works, I broke down. We are a single-income family. One of my children has special needs. I will be deployed soon.
Reports 5 & 6 are husband and wife, both active duty Air Force who purchased multiple times. “In 2016 we were told the timeshare would be easy to sell back because we are military. In August of 2021, we complained about rising maintenance fees. We told this sales agent that ALL agents said we could sell back. She said we could not and that we would have to hire lawyers to get out but we could lower by combining our 3 contracts, buying more points. We owe an estimate of $75,000 for one contract and $50,000 for the second. Fees increased. Due to deployments, we can only book about once a year.
Report 7: Active duty Air Force National Guard, 8 ½ years, family of three. “In September of 2021 we bought a 4 BR “Unlimited Getaways” week for $50,954.42, financing $44,711.19. We were told about an owner who rents her unit out with AirBnb. They talked about unlimited Getaways that we could buy and sell to others. The agent said there was a loophole so that we receive the income. They explained that the variable rental rate was $49 to $399 per week, but we could turn around and rent it out for around $1,000 or whatever the market bears. My fiancé attempted to find renters, but there were too many extra fees and obstacles. Our sales agent told us they had a deal because someone was giving up a unit. They said if we ever wanted to sell we could as the original price was $75,000. Before we signed documents, our sales agent said not to mention anything that was discussed when we signed papers.”
Report 8: Marine active duty served 9 years. “We purchased a 2 BR Villa in Kissimmee in 2021. Our sales agent told us military members often buy timeshares. We were concerned about deployments. They said no problem because we could rent the timeshare out and use the money to pay our mortgage, or we could sell the timeshare. We were offered a timeshare that was a little over $24,000. We declined. We were told to sit tight. The agent came back with a man ‘in charge of the military department’ who stated that they had just bought back a unit from a service member with a mortgage paid down to $12,000. We didn’t have the money for a down payment. They offered to set up a payment plan. We learned they don’t buy back timeshares. The purchase price was $12,230.09 and the amount financed was $10,650.”
Report 9: July 1, 2023 “I served 19 years with the Army National Guard. We could afford our first purchase. We received a call from someone who said they had a 2BR unit with more points. They said it was a special offer and that our loan payments would only cost $100 a month more. The new payment was $200 a month. I will be deployed to Kuwait next year. My income will decrease by $40,000 per year. We cannot afford this. The company will do nothing to help us. My wife is a veteran. We have two small children.
August
August 25 - Briefs of Amici Curiae concerning a lawsuit filed against Bluegreen Vacations, alleging violations of the Military Lending Act (MLA):
The Consumer Financial Protection Bureau and the Federal Trade Commission
THE MILITARY OFFICERS ASSOCIATION OF AMERICA, (“MOAA”) is the nation’s largest and most influential association of military officers.
THE JEWISH WAR VETERANS OF THE UNITED STATES OF AMERICA, is the oldest active national veterans’ service organization in America.
THE BLUE STAR FAMILIES, Inc. was founded in 2009 by military spouses to strengthen and empower military and Veteran families to thrive as they serve.
JACKSONVILLE AREA LEGAL AID, Inc. (“JALA”) serves an area with multiple military bases, and it frequently represents people in military lending cases that are referred to JALA by the U.S. Navy Judge Advocate General and others.
THE UNITED STATES ARMY WARRANT OFFICERS ASSOCIATION is a veterans service organization that was incorporated as a nonprofit organization in 1974 devoted to the welfare of army warrant officers—serving, former, and retired—and their families.
THE NATIONAL MILITARY FAMILY ASSOCIATION is a nonprofit organization founded in 1969. It is a voice for military families representing all ranks and services.
THE FIVE STAR VETERANS CENTER is a nonprofit that provides combat veterans the services and support they need to succeed in civilian life.
THE CONSTITUTIONAL ACCOUNTABILITY CENTER AS AMICUS CURIAE IN SUPPORT OF PLAINTIFFS-APPELLEES AND AFFIRMANCE filed June 28, 2023
August 17, 2023
Dave Ramsey Sued for $150 million
Plaintiffs allege that they were not aware that Dave was being paid to endorse. Dave was upfront in his 2021 rant about the timeshare industry. He states that Reed Hein was a Dave Ramsey Show advertiser in his May 20, 2021 comments: (beginning at 1 hour, 51 minute): https://www.youtube.com/watch?v=x-RSvw-GRJc
August 4, 2023 - Bill Ogburn Paid Two Exit Companies $18,000
First, as reported by ABC News 8 in Virginia, on March 11, 2020, Bill believed a “million-point buyer program” would relieve him of maintenance fees. This caused him to default.
https://www.wric.com/news/taking-action/a-chesterfield-couples-timeshare-trouble-in-paradise/
After the ABC News 8 reporter helped Bill resolve his Wyndham dispute in 2020, he was still left with the problem of not being able to pay maintenance fees. Unaware of Wyndham’s Ovations program, that would have allowed Bill to give back the points for free, Bill unfortunately turned to Dream World International and paid them $12,000:
ABC News 8 Rolynn Wilson’s report about exit companies, June 30, 2023
September
September 15, 2023 - JAMES ARCHAMBEAULT AND JULIE ARCHAMBEAULT, et. al. v. WYNDHAM VACATION OWNERSHIP, INC., et al., Defendants. IN THE U S DISTRICT COURT FOR THE MIDDLE DISTRICT OF TENNESSEE NASHVILLE DIVISION, Case 6:19-cv-00649-PGB-DCI.
This mass action lawsuit was filed on June 21, 2019, in Chancery Court, Nashville, TN. The case was dismissed on April 3, 2023 because the Archambeaults settled. The Court instructed attorneys to “sever” the remaining plaintiffs into 10 individual cases. During discovery, it was learned that there were Wyndham sales agents with 30, 40 and as high as 57 complaints against the same sales agents, but were not terminated.
- Sales Compliance Reports are prepared quarterly, and they show violations of Wyndham’s sales policies broken down by individual salespersons, including violations for pitching rent.
- These reports show individuals with 30, 40, and even as high as 57 cited violations, including pitching rent violations. Wyndham did not terminate these sales representatives despite these high numbers of violations.
September 1, 2023
Wyndham’s Motion to Dismiss Claims of Fraud Denied
KEVIN BUXTON and PAMELA BUXTON vs. WYNDHAM DESTINATIONS, INC., WYNDHAM VACATION OWNERSHIP, INC., and WYNDHAM VACATION RESORTS, INC., U.S. District Court in the Middle District of Florida, August 20, 2019, CASE NO: 6:19-cv-01555-PGB-DCI
Judge Roy Dalton, Jr. wrote that Rule 9(b) satisfied the requirement of a fraud claim because Plaintiffs were able to provide the: who, what, when, where, why, for each allegation. Specifically, as stated in Judge Dalton’s order: Plaintiffs “must state with particularity the circumstances constituting fraud.”
What statements were made in what document or oral representations or what omissions were made. The time and place and the person responsible, the content, and what defendants obtained due to the fraud.
October
October 27, 2023 - UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CHRISTOPHER MCCULLERS v. WESTGATE RESORTS, LTD.; and EXPERIAN INFORMATION SOLUTIONS, INC., Case No.: 8:23-cv-1845, filed September 29, 2023
Complaint for Damages: Violation of the Fair Credit Reporting Act (FCRA)
The false information regarding the Account appearing on Plaintiff’s consumer reports harms the Plaintiff because it does not accurately depict Plaintiff’s credit history and creditworthiness and overstates credit utilization. Equifax and TransUnion deleted the erroneous information associated with the Account.
Westgate failed to conduct an investigation, contact Plaintiff, contact third parties, or review underlying account information with respect to the disputed information and the accuracy of the Account. Experian did not conduct an investigation, contact Plaintiff, contact third parties, or review underlying account information with respect to the disputed information and the accuracy of the Account. Upon information and belief, Westgate failed to instruct Experian to remove the false information regarding the Account reporting on Plaintiff’s consumer reports.
November
November 9, 2023 - Why Private Equity Seized Timeshare - Hilton to Acquire Bluegreen Vacations for $1.5 Billion
History: In the 80s “Junk Bond King” Michael Milken and Drexel Burnham Lambert (DBL) co-founder Leon Black’s illegal junk bong trading activities led to DBL's bankruptcy. Mr. Milken went to jail. Mr. Black co-founded Apollo Global Management. Apollo retained 28% of Diamond Resorts when Hilton Grand Vacation acquired Diamond in 2021.
It is unlikely Apollo could have resumed junk bond trading. Timeshare members or owners often have to pay to be released from a timeshare contract, IF the timeshare company agrees to take the timeshare back.
Greenhaven Private Wealth Counsel touted the following reason to buy Diamond stock, when shares were publicly traded – because buyers are stuck with no secondary market!
Mr. Miller: The largest downside to the customer that I see is the undeveloped secondary/resale market for all timeshares. There are a few websites and specialized brokers in timeshare hotbeds like Maui, but timeshares are hard to sell in general, and when they do sell, it is often at a very significant discount to the original price paid. In summary, customers experience a reasonable value proposition tempered by the lack of a secondary market.
The secondary market has undoubtedly had its growth stunted because the absence of the market creates an opportunity for the timeshare companies.
We look forward to hearing from you in 2024!
Your TARDA TEAM