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financial news

Diamond 2nd Quarter Financial Results Announced.

Last week on the 2 August 2016, Inside Timeshare published an article on Diamond Resorts postponing the announcement of their 2nd quarter results.

 

They were finally published yesterday 8 August 2016, it looks like they haven’t done as well as the 2nd quarter of 2015. Irene Parker emailed some of the report as follows:

 

  • Total revenue for the second quarter increased $14.2 million, or 6.1%, to $245.7 million.
  • Net income for the second quarter decreased $10.1 million, or 28.5%, to $25.5 million.
  • Pre-tax income for the second quarter of 2016 was $43.8 million compared to $62.4 million in the second quarter of 2015 and included non-cash charges of $4.1 million and $4.4 million, respectively, related to stock-based compensation. Excluding these amounts, pre-tax income in the second quarter of 2016 would have been $47.9 million, a decrease of $18.9 million from $66.8 million in second quarter of 2015.

 

This is despite the number of reported “Tours” increasing by 11,791 in the 3 months to the end of June, with the number of sales transactions also increasing by 7.3%. They also announced that the average transaction price also increased by around 3.1%, yet they reported that there was a lower closing average for these three months.

 

This is not an area that I am familiar with, so for more detailed information follow the link to the full report at The Street.

 

https://www.thestreet.com/story/13667717/1/diamond-resorts-international-inc-reports-second-quarter-2016-financial-results.html

 

For those of you who are interested in this side of the industry Inside Timeshare will publish as and when the news comes in.

 

latest news

Tauro Beach Project: Latest News

Since Inside Timeshare published the last update on the Tauro Beach Project 5 August 2016, Canarias7.es an online paper published further news.

 

http://www.canarias7.es/articulo.cfm?id=430302

 

In the last article we showed a video of the waves crashing up the beach and flooding the homes of local residents. The weather was not what could be called bad and even the waves were not that high. So why has this flooding taken place?

 

Before the creation of the beach, it was made up of rocks and large pebbles, (see picture), this was a natural dispersant of the energy of the tides and waves, it would absorb the waves as they came in, it was also much higher affording a lot more protection. Since the creation of the beach, this natural defence has gone, bringing the high tide 50 meters further up the beach. What we saw in the video is the consequence of creating this beach, the sea has no barrier, therefore it rose up the beach and caused considerable distress to the local inhabitants. The question is, had the seas been in full storm mode what would have happened to the area?

tauro pebble beach

Surely this should have come to the attention of the planners of the project, had the correct investigations taken place. Where are the environmental impact reports on this project, or were the permissions and licences approved without this consideration? Is this another controversy Anfi group have got themselves into?

 

The residents have now filed complaints with the Guardia Civil, who are themselves behind the original investigation. This has already resulted in the dismissal of the head of Canary Islands Coastal Authority, José Maria Hernández Leon, due to severe irregularities found in the permissions granting the project the the Anfi Group.

Playa-Anfi-Tauro-Canarias-Ahora_EDIIMA20160716_0223_18

 

 

 

 

 

One resident has complained that they are “desperate, nobody pays attention to us”. They also fear that the next high tide might not be so forgiving. Their next obstacle is who is going to pay for the damage to these homes, many electrical appliances have been damaged due to flooding in the homes of around 40 centimeters. Will it be the Environment Department of Mogan, The Coastal Authority or are Anfi going to find themselves in another legal wrangle over compensation?

 

If Anfi are found liable as the project developers and it comes to light they were involved with the irregularities of the permissions, what is the cost going to be to them? The project has already cost millions, if it is shelved and the beach reverted back to the original state or some kind of defence built who will be paying the bill?

Anfi-Beach-Construction-3-1

Could it be the Anfi owners / members will end up paying the price with increased maintenance fees, or even as we have seen with Diversified bringing in a special levy? If so the question must be asked, why should they pay for something they are not responsible for? Along with all the court cases against Anfi this could prove very costly for them.

This latest revelation into the business practices of the Anfi Group, certainly raises many questions, has there been undue influence by the group to secure the project? How far up the proverbial political ladder does it go? Will we be seeing charges brought for negligence, influence peddling or some other serious crime?

 

Many questions have been raised over this project, none so far have been answered, especially for the residents of Tauro. This may just be the tip of the iceberg, it is definitely something the Anfi Group could do without, especially as they are under fire in the Supreme Courts over the mis-selling of timeshares over the years. This alone has cost them millions. As we have said before only time will tell, so watch this space.

 

http://insidetimeshare.com/irregularities-anfi-tauro-beach-project/

 

http://insidetimeshare.com/update-anfi-tauro-beach-project/

 

The following link contains video footage.

http://insidetimeshare.com/anfi-tauro-beach-project-people-flooded/

 

The following links are from a local resident.

 

If you have any questions regarding this or any other matter, Inside Timeshare will be happy to provide the answers. If we do not know the answer, we will find out for you. If you have any comments or would like to share something please leave them in our comments section.

 

Playa-Anfi-Tauro-Canarias-Ahora_EDIIMA20160716_0223_18

Anfi Tauro Beach Project: People Flooded Out.

Following on from the previous articles on the Anfi Tauro Beach Project, disturbing footage has just come in from the people who live there.

 

As stated before, no real research was done to explore the impact on the area this man made beach would have, we have already heard reports of the marine environment having been changed. Now we have the residents and their homes being flooded.

 

 

The question now has to be asked, how did Anfi get the permissions to build this beach with total disregard to how it would impact the people and the environment?

Irregularities in Anfi Tauro Beach Project

At present it is down to pure speculation and local gossip as to how the licences and permissions were gained, after all the head of one department did lose his job. The Guardia Civil and its specialist nature protection unit SEPRONA, are investigating, it will be interesting when this is complete.

Update: Anfi Tauro Beach Project

Inside Timeshare will keep you updated on what is going on as it comes in.

time to update

Update: Anfi Tauro Beach Project

Since publishing the last article on the Anfi Tauro Beach Project, 28 July 2016, the newspaper MaspalomasAhora (Maspalomas Today), has published a new article.

http://maspalomasahora.com/not/38229/ben-magec-solicita-formalmente-la-inmediata-paralizacion-y-el-precintado-de-las-obras-de-la-playa-de-tauro/

It seems that Ben Magec of Ecologists in Action has made a formal request to the Chief of the Coastal Canary Islands Ministry of Environment, “the immediate shutdown and sealing” of the project. They point out that these works are having a detrimental effect on the nearby Special Area of Conservation (ZEC) Franja Marina de Mogan.

 

They also point out there is evidence of severe irregularities in certain paperwork, lacking the corresponding minutes regarding ownership. They highlight that there had also been a failure to conduct a hearing from those affected and have called it a very serious oversight in procedure.

Digital image
How the marina might look.

The organisation consider there are also deficiencies in the municipal licences and administrative records are inconsistent with sectoral reports and contains gaps in the reports required. Ben Magec also emphasises that these abnormalities are very serious as in his words involve “a clear benefit to a private company to the public interest”.

 

Apart from the serious impact of the works on the coastline, environmentalists estimate that the marine environment has been affected by these works. They blame the amount of excavations and extractions and the discharge of aggregates into the sea, impacting negatively on the ZEC Gaza marina de Mogan. This area of special protection is only 300 meters from the works in progress.

 

They have already reported on changes in the habitats and some of the species contained in this zone. These also include species that are listed as vulnerable and are listed in the List of Wild Species under Special Protection and Endangered Species Catalog.

 

The organisation has urged the prosecutor to act on its own initiative as there are serious suspicions and disproportionate actions by the administration in favour of private interests against those of the public interest.

Playa-Anfi-Tauro-Canarias-Ahora_EDIIMA20160716_0223_18

So far over 70,000 tonnes of Saharan sand has been used in creating the beach, which is now 300 meters long and 50 meters wide. It has cost around 6million euros, with a marina of 300 berths still to be built, there are also plans for new hotels with around 7,500 bed capacity to be built. What impact this will have on the marine environment is still not known.

 

So this now begs the question, how have these licences and permissions been allowed to go through? We already know the Lyng´s are not that environmentally friendly, this is borne out by the regular hunting safaris they take part in. (see link at foot of the page). Could we be seeing another round of investigations surrounding malpractice in the Anfi Empire?

 

What effect is this also going to have on the Anfi Group, bearing in mind the numerous claims in court and the Supreme Court rulings against them? It is reported that already the law firm CLA has secured around 18.4million euro in judgements for their clients against Anfi. If this project is found to be illegal then it is another huge sum that you the owners will be having to cover with your maintenance fees. This is a story we will be watching very closely, and we will bring you the latest as it comes to light.

The Great ANFI Battle of the Partners.

If you have any questions about this subject or require any information about any timeshare matter or company, Inside Timeshare will find you the answer.

 

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CLA Issue Update Video

Since we highlighted the latest Supreme Court victories achieved for clients of Canarian Legal Alliance, they have published on their website a video with one of the lawyers, Cristina Batista. In this video Cristina explains the significance of these victories and the history behind them.

One Foot In The Grave!

One of the cases highlighted in the video is of a family who had a very quick result. By the time they and the legal team returned to the office in the afternoon, news came through of the judgement being issued. The speed of this particular decision must have come as a shock, who has ever heard of a court acting with this speed? It only goes to show the effect these Supreme Court sentences are having on the lower courts.

 

Cristina also explains that they have around 830 live cases at the lower courts, with over 100 waiting to be heard at the Supreme Court. Spain is definitely leading the way in how the EU Directives on Timeshare are being implemented. The question now is how long will it be before other countries follow suit?

 

To see the full video click on the link below.

http://www.canarianlegalalliance.com/cla-latest-updates-video/

At present we are aware of only one other case being won by another company, this was against Silverpoint in Tenerife, we still do not know which company conducted the case. But it is only a matter of time before other cases come before the courts by other firms, using the precedents set by the Supreme Court in CLA cases.

If you have any questions about any timeshare matter, or about any company you are not sure about, contact Inside Timeshare. We will help to answer your questions and explain how to check them out. If we don´t know the answer we will find out for you.

victory2

Victory Number 11

here we go again

Last week 17 June 2016 Canarian Legal Alliance announced that it had just achieved another ruling at the Supreme Court. This now brings the total in just over a year to Eleven, with from what I have been told many more in the pipeline.

 

In this particular case, the court ruled as before on the precedent it previously set, that any contract sold in Spain which is longer than 50 years, is illegal according to the law 42/1998. In this case the English client will receive 11,000€, and their contract with Anfi cancelled. As usual the legal fees will probably have been awarded as well, although this was not mentioned. (But in all previous rulings this was the case).

 

This can only bode well for other firms who are now taking up the challenge of representing timeshare owners, as before this it was very hit and miss. Many firms would not risk the task, as the odds tended to be in the favour of the timeshare companies. It may have been due to the complexity of the timeshare laws and the fact very few had the knowledge or experience to represent the owners.

 

It would seem then that the tide has really turned in the favour of the consumers, rather than the companies, who in the past believed they were above the law. When these case are brought by other firms, Inside Timeshare will publish the results. So watch this space.

 

So again congratulations to this particular client and the legal team who must have worked hard to achieve this result.

champagne

If you have any questions about this or any of the articles published contact Inside Timeshare for free and impartial information.

Court Masp

Fast and Furious: Result Within 24 Hours!

On 27 May Canarian Legal Alliance posted another victory against Anfi Resorts, this case was heard on 25 May 2016.

 

From the initial hearing to the judgement being delivered was within a staggering 24 hours, now this is amazing for any court no matter what country. This particular family must be very happy indeed, their contract has been cancelled and the court has ordered that they be repaid 20,000€.

fast and furious

It would seem that the Supreme Court rulings are having a profound effect on the way the lower courts are now dealing with these cases. In the past it was taking so long for cases to be heard and could even take longer to be resolved, mainly due to the lengthy appeals process. This can be seen with the now famous Grimsbo v Anfi case, six years in the making, but resulting in historical Supreme Court rulings.

 

Again this contract was declared null and void due to the taking of deposits within the cooling off period, along with the illegality of floating / points systems. We now wait to see how quickly other cases similar to this will be heard and adjudicated.

 

So it is congratulations to this particular family and well done the legal team at CLA.

 

Inside Timeshare is here to give you the latest news and information on what is happening around the timeshare world. Much of it will be kept from you the members, could it be they are afraid of a mass exodus or even more litigation. Truthful information is what you the members require, yes, you may be happy with what you have, Kim & Andy are proof of that. But even they are interested in what is going on, after all it may just affect you in the future.

real news

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Update: Latest Massive Win for CLA Client.

Yesterday 25 May 2016 Canarian Legal Alliance announced another massive win for one of their Norwegian Clients.

 

The court in Maspalomas Gran Canaria, used the recent Supreme Court rulings that contracts in perpetuity are illegal along with the floating week system. This court also ordered the payment of double the deposit paid within the cooling off period.

 

This is another blow for Anfi resorts as the amount is a staggering 189,000€. It is also a blow for the RDO as Anfi is a member of this organisation, they have backed Anfi in suggesting that these rulings are incorrect and that the contracts are not illegal.

anfi logordo-logo

So far since the 4 April 2016,  Anfi have been ordered to reimburse CLA clients around 661,101.32€ in respect of illegal contracts. These contracts have also been declared null and void, thereby freeing the clients from their timeshares.

 

As stated in the article published on 24 May 2016, this is just against one company, how will they be able to sustain amounts such as this at the rate the courts are ruling against them? It would seem that the prediction of the million euro mark being reached before the halfway point of the year is right on track.

http://insidetimeshare.com/?s=breaking+news

Congratulations to the client and the legal team at CLA for this huge victory.

 

Inside Timeshare will continue to keep you updated as the news comes in. If you require any information about your rights or need to find out about a company you have or are possibly going to deal with, contact Inside Timeshare for free advice.

ANFI CONTRACT DECLARED NULL AND VOID COURT ORDERS REFUND OF 189.000€ TO OUR CLIENTS

hcourt

High Court Action and RCI: Update.

The RCI High Court Action is underway, the Financial Times published a story by Jane Croft outlining the history over the case. (see link below).

 

http://www.ft.com/intl/cms/s/0/319c5804-1b7d-11e6-a7bc-ee846770ec15.html#axzz49Swb0kAw

edwincoe

As we previously stated this action is being conducted on behalf of Four RCI members by Edwin Coe LLP, another 483 members are also part of this case. They alledge that RCI has skimmed off weeks from the exchange inventory, thus depriving members the exchanges they had been promised when signing up to the RCI exchange system.

 

RCI which is part of the American Wyndham Worldwide hospitality company, has since it was founded in 1974 been the major timeshare exchange system. It allows timeshare owners to bank and exchange their resorts for others worldwide, thus increasing the number of locations owners can choose from.

 

We stated in a previous article http://insidetimeshare.com/rci-action-update/ this case follows one taken in the U.S. The members stated that they were unable to get the exchanges they requested or were promised when they joined the exchange group, they alledge that RCI had been renting out the weeks in the inventory to non members for profit. Members pay a fee to join and a yearly membership fee, they also pay for the exchanges, there is also a system of bonus weeks.

rcilogo

Bonus weeks are offered to members in order fill unused weeks in the inventory, these weeks are those that have not been booked, so are available to be used. Typically they will be offered as last minute deals, not unlike those offered by high street travel agents in order to clear remaining inventory. This in itself is good as it does allow the resorts to have a flow of guests as well as giving owners extra holidays.

 

The QC representing RCI Charles Graham, stated in his opening that the allegations of skimming were unfounded, because of the advantages of the “open exchange system”. RCI in a written statement stated that they were entitled to use members timeshares as they saw fit. Apparently this is due to a clause in the contract referred to as “ Permitted use”. Well I am not sure what this all means, so we will have to wait for the legal eagles to conclude their arguments.

 

If the members succeed in this case it may just open up the flood gate to more litigation, again this is another example of an industry being brought into disrepute. We have said it before, they only have themselves to blame, rather than look after the owners/members they seek only profit. We are not saying that making a profit is wrong, but at the expense of their own clients it does seem to be a tad unethical.

flood gate

Inside Timeshare will keep you up to date as the news comes in, so watch this space.

 

If you have any news or information about any company, or have had a problem and would like to share this with others, Inside Timeshare would like to hear from you. Contact us through the comments section and we will get back to you for further information. Inside Timeshare exists to keep you the owner’s informed and up to date. You will not get this information from your own timeshare companies, they want you to stay in the dark.

consumer alert

Bogus Calls and Money Awarded.

We have mentioned this item before, albeit briefly. It concerns calls from so called law firms and claims companies, the pitch is usually that a court case has been heard and assets have been seized, usually from companies that have taken money from you in the past.

 

These will range from resale scams, bogus Section 75 claims companies to fake law firms. These new companies are probably the same ones that took the money from you in the first place. Hence they know all the details.

 

If you have ever paid a company and they have disappeared, or even been closed down by the authorities, you would probably have been informed at the time. Especially if you reported it to the authorities yourself. The courts do not contract out to others to trace you. That is the job of the Courts and Police.

police

The way the scam works is very simple, you are informed by telephone or email that the court has awarded you ex amount. Usually more than you actually paid, this is the enticer. Quite often a second call from an official sounding body confirms this. You may be given a number to verify the information given, when you do call, it will be confirmed that this is the case and you have indeed been awarded the money.

(see link below)

 

http://insidetimeshare.com/fraud-warning/

 

Then comes the crunch.

 

In order for you to receive the amount stated, taxes will have to be paid, in advance, you may even receive via email an official looking form from the tax office. (Easily downloaded from the internet see pdf below). Now in order to get the tax you will also need a Spanish NIE number. This is called Numero de Identificación de Extranjero, or Foreigner’s Identification Number. It is a Spanish tax identification number issued to all foreigners. Now this is a stroke of luck, the company calling can also arrange this for you, obviously for a fee.

Spanish Tax Form

Now, you do not need this number unless you come under the following:

 

  • Open a bank account
  • Buying, selling or insuring a property
  • Arranging a mortgage or credit
  • Pay taxes
  • Being employed
  • Registering with employment agencies
  • Registering to study
  • Applying to start a business
  • Registering with social services, receiving social security benefits
  • Applying for a driving licence
  • Inheriting assets

 

You would not need it to receive any money due in compensation paid by a court plus there would not be any tax to pay.

 

For more information on NIE Numbers check the link below:

 

https://www.angloinfo.com/spain/how-to/page/spain-moving-residency-nie-number

 

These types of fraud are becoming ever more sophisticated, we have seen a great rise in recent times of this pitch. This is mainly due to the publicity of genuine court cases being won in Spain, the people use the fact that these cases are being shown in the news, which then convinces you they are indeed genuine.

 

Remember, the courts do not operate in this way, there are procedures they follow. If you are not aware that you are part of a case, then you probably are not. If you have never reported any loss of money to any type of scam, then you probably are not part of any case. There is only one way to claim any compensation and that is by going through the courts yourself with a genuine law firm.
If you receive any calls like this contact Inside Timeshare and we will check it out for you. This is what we do, research and research, giving you the tools to find out the truth. We are here to help you save your hard earned money.