Now it has been announced that Silverpoint has withdrawn its membership to the Resorts Development Organisation (RDO), this will come as a blow to the timeshare industry trade body, as Silverpoint was a major contributor. The CEO of Silverpoint, Mark Cushway was also on the board of directors.
Another announcement was from The Association of Timeshare Owners Committees, (TATOC), only recently Silverpoint downgraded their membership from Platinum to Silver, now they have withdrawn their membership completely. Again Silverpoint was a major source of funding to TATOC. So the donation to them of $30,000 by ARDA has come at the right time. TATOC have also stated that the following resorts will remain affiliated members: Palm Beach Club, Hollywood Mirage Club and Beverly Hills Heights. We also have to remember, part of Beverly Hills Heights is being sold off, with many members being moved to other apartments or to the Hollywood Mirage.
Silverpoint have also announced that they will no longer be selling “Timeshare”, well that is a surprise, as according to them in their own evidence to the courts, they sell affiliations to a club and “weeks to investors” and this was not timeshare. Fortunately the Supreme Court did not agree with them, this court stated they did sell timeshare, that the so called “investors” were in fact consumers of timeshare.
Many of these cases have been reported here on Inside Timeshare, for more information on this have a look at the Canarian Legal Alliance website news section. All the Supreme Court judgements have been published by them.
So now the question has to be asked, what are they going to be selling if they are not selling timeshare?
Rumour has it, from very reliable sources, Silverpoint are going to be selling “Holiday Packs” and “Freehold Property”. Obviously, if they have withdrawn membership from the timeshare industry trade body, the “holiday packs” will not be coming under timeshare law, so what will that be regulated by?
On the “Freehold” side, is this going to be full freehold or is it going to be a rehash of “Fractional”?
Is this going to be regulated by Real Estate Laws?
Another question that needs to be asked is, could all this be down to the the courts now rejecting Silverpoints defence and finding at last in favour of the consumer?
Will the RDO and TATOC also now acknowledge the fact the law in Spain as laid down by over 50 Supreme Court rulings is correct?
Only time will tell, we will be keeping an eye on developments and report them here, as and when the news comes in.
Bob Massi is a renowned Nevada lawyer with many years experience as well as a TV celebrity.
Irene and her husband Don will be on his show on 14 April, they recorded an interview segment some time ago with Bob Massi, on their own timeshare experiences. So Irene and Don have become “timeshare TV rock stars”. (I must get their autographs).
FOX News Property Man Season 3 Premiere airs Friday April 7
Follow up to first timeshare segment “How to Get Rid of Your Timeshare”
By Irene Parker
April 5, 2017
Season 3 of The Property Man with Bob Massi will begin airing this Friday, April 7th at 8:30 PM ET on FOX BUSINESS NETWORK. The show will continue to air on Friday evenings on Fox Business Network (FNC’s sister channel) at 8:30 PM ET. We are looking forward to Season 3 in Arizona airing and wanted to thank all of you for joining us on the show. I will send individual emails to all of you with the exact air dates for your segment(s). We welcome all social media promotion and interaction:
Bob Massi Facebook: www.facebook.com/RealBobMassi
Bob’s prior Timeshare Segment featuring Licensed Timeshare Resale Broker Association Members:
Bob Massi Twitter: @RealBobMassi
In case you haven’t checked out Property Man website and clips,
My Vacation Plan has turned my life upside down. Let’s review the timeline.
July 2015 I attended a timeshare sales presentation where my husband and I were blatantly lied to. The same day I learned 4500 hundred promised exchange points were credited only 3000 the third year I used the program. I turned on the television and watched Las Vegas Attorney Bob Massi, host of Property Man air “The Queen of Versailles” about Westgate timeshare owners. I wrote to Mr. Massi and was selected for an interview because, out of a multitude of respondents, I was the only one who wanted to talk about the positives of timeshare, in addition to the negatives.
Last, but not least, one of the oldest law firms in Nevada filed a billion dollar class action against the company. A motion is pending, as reported by Irina Allen.
Diamond Resorts was acquired by Apollo Global Management. Apollo was founded by banker Leon Black. Mr. Black also founded Drexel Burnham Lambert of junk bond fame. When DBL declared bankruptcy, Mr. Black founded Apollo.
Stay tuned to Inside Timeshare and FOX News Property Man for upcoming turns of events.
Related story: FOX Celebrities Dave Ramsey and Laura Ingraham endorse
So there we have it, Silverpoint no longer selling timeshare, the RDO and TATOC losing a major source of revenue and long standing member.
Consumers purchasing in Spain now being protected by the strongest timeshare laws in Europe, with massive payouts for past infractions of these laws. Let us hope that other countries will enforce the law to the same degree and protect timeshare consumers all over Europe, no matter where they bought. After all, that is what the EU Directives on Timeshare were put into place.
If you have any questions about this article or any published on Inside Timeshare, contact us and we will try to answer them for you. If we don’t know the answer we will find out for you. If you have been contacted by or are looking at dealing with any company and want to know more Contact us and we will point you in the right direction.