Welcome to the start of another week at Inside Timeshare, we begin with Part Six of The Truth Behind Silverpoint Exposed, which we have been publishing for the past few weeks. This is a story of epic proportions, worthy of a Hollywood Blockbuster movie, it is full of behind the scenes financial manipulation and the moving of millions of euros from one account to another in order to hide and save the Trotta family fortune. It is a story of a family at war with itself wracked with greed, with the wife Ragni Trotta being left out of the will. All this at the expense of the hundreds of consumers who have purchased into their products and are now set to lose everything.
Over the years Silverpoint and before them Resort Properties duped consumers into purchasing “packs” of weeks as investments, with the promise of rental income and a resale program after two years with a substantial profit to be made on these resales. But as we already know, there was no resale program, just more lies to get the unsuspecting consumer to upgrade and purchase even more to secure the “investments” they have already paid for.
We have seen this progress to the “Company Participation Scheme”, which is exactly the same as the original “investment weeks” apart from the fact the “apartments” are now registered as Spanish SL or limited companies. The promise is the same, an annual income from rentals and then the prospect of selling the “shares” at a later date.
We already know that no one has been paid any rental for last year, we also know that there is no money to pay out these rental dividends. What has been paid out has come from new “investors” purchasing into the scheme, a classic take from Peter to pay Paul, or it could be called a “Ponzi” scheme.
As we have already seen from the previous articles, vast amounts of money have been moved around the numerous companies set up by Bob Trotta and Kwang Boon Sim in the guise of “intercompany loans”, tax evasion and then spirited away into the Trotta family fortune. All at the expense of you the consumer.
It is a very interesting fact that most of the local staff that worked in various companies around the world were not even aware of how the group was structured, or even how the finances operated. It is also a fact that had the bank and the family done the right thing by their loyal team of workers and their customers most would have been quite happy. Clients would have had good products and resorts with Doug Campbell, his wife Jennifer Campbell, Ragni Trotta and Erin Trotta Westfall could have enjoyed a wonderful future.
The Bank could most of likely been able to close the trust, distributing the wealth to the family… What they have not bargained for was the ineptitude and bully tactics of Alex Lawson. It appears that Alex Lawson is so eager to prove himself to his Alvarez colleagues that he is marauding around the world using aggressive tactics against everyone in his path.
He has a complete lack of compassion and with a blinkered outlook on how his decisions affect circumstances elsewhere in the group, he is creating a trail of destruction and is now coming into full view of claims companies and legal teams all over the world.
It is now very likely the end result of the whole program will be Alvarez and Marsal earn a fortune in fees, the Trotta family end up with nothing with the prospect of ending up in jail, the bank losing their license with the possibility of seeing its team members facing charges and the hundreds of consumers losing everything they have purchased.
This is by no means the end of our little story, this is only series one, we have already heard from several readers who have travelled to Tenerife to take their holidays at The Paramount – Club Paradiso. They have told us of not being able to gain admittance to the resort, being moved to other locations and in some cases being charged to stay. On the subject of the staff, our readers have told us that they have seen them crying as they are unable to do anything to help and now know they are unlikely to get paid. The fall out of the “liquidation” plan being put into action by Alex Lawson is already taking its toll!
Have you purchased any product from Silverpoint, do you want to know where you stand legally?
Would you like to know if you have a legal case to take to court, have your contracts declared null and void and the return of your purchase price?
If you would like further information on these and any other questions, then use our contact page and let us know what when and where you purchased, Inside Timeshare will get back to you and point you in the right direction.
Welcome to another instalment of the Silverpoint Exposed saga, we are now coming very close to the conclusion of our little series or should we say our script for the next Hollywood Blockbuster!
It is a fact the immense funds that created the group of companies were primarily funded by the sales organisation of Silverpoint Vacations, formerly Resort Properties. For many years our friend Kwang Sim flew back and forth running the company as the shadow director on behalf of Bob Trotta, holding regular meetings with the legal team and accounts managers. Inside Timeshare has uncovered an enormous amount of evidence which shows that the local leaders had no idea what was happening all around them and were being used as puppets.
During the run-up to the “big escape” of Kwang Sim, he began to very carefully and meticulously disguised his involvement, moving others who were unsuspecting into the firing line. A sign of a true coward which was also in direct conflict with his “public persona” of a “caring and religious man”. Kwang is reportedly terrified that his “flock” of Mormons will discover his double life. In fact, his life would not be out of keeping with a West End musical, in the same way, the “Book of Mormon” has on both sides of the pond. Kwang Sim’s performance as a “man of the cloth” yet hiding his real dubious behaviour would definitely be worthy of a “Tony award” the theatre equivalent of an Oscar!
Now on to Alex Lawson, he appears to be taking Alvarez, The Limora Group and the Bank into a very dark chapter of potential conspiracy. He is slowly but surely working his way into all the companies and appointing himself as director. Although he is very careful to keep out of the Spanish companies where there are serious issues, he places himself and his co-liquidator Paul Pretlove into directorship roles where he creates his plan to instigate insolvencies, using this very fluid 42 million of debt.
This money was moved along and up the chain and has gone all around the houses to suit the group, now the same people are using the funds as justification to close companies and throw the hard-working teams within each one onto the streets.
Wherever possible, they are even attempting to avoid costly redundancy payments, all so the Trotta’s can keep even more money and ultimately, Alvarez can earn even more in fees!
It is often the case that it is the little people who will suffer and in this case, it is obviously no different. Local management is trying to fight for their rights, but this is a “David and Goliath” type of situation. All we can hope for is as in the fable, David is triumphant and the bullies are stopped. Well come on, I mean how many millions does one need to inherit in order to be Happy?
As for the Trotta family, they are extremely worried they will get caught out but hope the bank and Alvarez know what they are doing. We are not so sure!
Jennifer Trotta Campbell lives with husband Doug Campbell who as we stated previously was at one point the Groups CEO reporting directly to his father in law and Kwang Sim. He watched the creation of the complex web of companies that exists today.
He left the company in 2007, apparently no longer able to take the pressure of the group’s structure and the tyrannical leadership of Bob Trotta. He, his wife Jennifer and the sister Erin Westfall all live in Colorado, USA and enjoy fabulous wealth, all courtesy of Daddies money.
On top of that, they now intend to screw over hundreds of innocent people who helped their family create their enormous wealth. This type of greed, unfortunately, is all too common, but we do have it from very reliable sources that the authorities in Europe and the United States are watching very carefully along with legal teams building cases to strip the Trotta family of their wealth.
Ragni Trotta herself has homes in Norway and Italy, with the Trotta children owning millions in real estate in the United States. We also have it on good authority that these legal teams are dauntlessly building the cases against all of them and are extremely confident they will be stripped of this wealth in the coming period.
We will keep watching and ready to inform you the reader of any updates and developments in this story which really does read like a script for a Hollywood movie but in real life greed almost always has a way of catching up with you, ESPECIALLY when you try to screw over innocent people. As they say, “The bad guys never win in the end”!
Join us again on Monday for the sixth and final episode in this the first series of a remarkable and unbelievable story.
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Use our contact sheet and get in touch, Inside Timeshare will be happy to give you the best advice possible and point you in the right direction.
Welcome to Part Four of Silverpoint the Truth Exposed, the previous articles laid out the foundation and the history of the Bob Trotta Empire, the employment of Kwang Boon Sim and the myriad of companies he founded to whisk away millions for Trotta. We also looked at how with the death of Bob, his family began to split over the inheritance and also the introduction of Alex Lawson, who is charged with liquidating the companies to protect the Trotta fortune. Today we go into a little more detail and introduce the Limora Group, we do have even more detailed information on file which we are unable to publish at present.
So, here we go with another chapter in the Hollywood Blockbuster “The Rise and Fall of the Trotta Empire”.
The Limora Group, the company at the head of all the other companies which are just what are known as “shell Companies”, the puròse of which is to distract the authorities making it very hard work to keep track of and trace the money.
The trust operates most of its companies in Panama and The British Virgin Islands as these are jurisdictions known for secrecy, for a long time it worked, however, like all people driven by greed, eventually one makes mistakes and a recent one was by Alex Lawson along with his team to put Excel Overseas Holdings into liquidation.
Based in Dubai, Excel Overseas Holdings had created the product ELPP (Excel Lodgings Participation Program), with hundreds of people purchasing these participations. In the first year, all seemed to be good with all those putting money in getting what they expected.
Excel Overseas Holdings used the money from other consumers to help keep the various group companies in business and in total around 10 million was taken by Excel Overseas Holdings. EOH, are part of the Limora Investment group of companies.
Alex Lawson, the children being represented by Doug Campbell a former CEO, Ragni Trotta and the Alvarez team decided they did not want to honour the promises made to innocent customers and applied to the court in the BVI to put the company into provisional liquidation, claiming that Excel could not meet their obligations and that somehow the management had done something wrong. In reality, the family, the bank that owned the trust and the Lawson team of executive “highwaymen” decided it would be a good idea to “rob” consumers of their hard earned money, all so they could use it to continue to fund their luxurious lifestyle in the mountains of Colorado and the rolling hills of Tuscany.
It must not be forgotten that Alvarez and Marsal are able to charge huge amounts of fees by acting in this way, so everyone is happy except that is for the hundreds of worried consumers who have paid with their hard earned cash and trusted the company!
In keeping with their “modus operandi”Alvarez and Marsal appointed themselves as liquidators, all so they could keep a very tight lid on what actually happened to the money and who the company was that Excel owed money to!
The fact the debts of Excel Overseas Holdings are, yes, you guessed it, a company owned by the same people and therefore cannot be used as a reason to close down the company, especially when in the process it hurts real people. This complete lack of morality seems to have been lost on the Trotta family, Kwang Sim and Alex Lawson. It is strange that Kwang Sim who was a director of Excel Overseas Holdings and one of the “masterminds” of the ELPP, seems to have been omitted from the letter which Alvarez has sent to pariticipants of the ELPP. Instead, they have set out a carefully crafted letter which was intended to imply the program was not set up properly, In fact, the agreements contained within the program were exclusive with “Limora related companies”!
Alex Lawson and his team are making a complete mockery of the corporate legal system and all with the sole intention of avoiding their consumer obligations, aiding and abetting the greedy Trotta family in their bid to keep a few more millions.
The Team at Inside Timeshare have it on very good authority that criminal and civil proceedings are being planned against the bank, Kwang Boon Sim and the team at Alvarez for their part in this well-orchestrated conspiracy.
What is a very big shame in this whole affair, is that some of the people who introduced consumers into the program in good faith are now being informed by Alvarez that they are not allowed to even talk to participants when they make contact about their worries. No doubt, this is so Alvarez, Kwang Sim and the Trotta family, watched very carefully by the bank, can control the information and attempt to contain the fallout!
Here at Inside Timeshare, we will do whatever it takes to expose the truth along with the legal teams who are working hard building strong evidence to put the instigators in jail. Kwang Sim is currently hiding out in his million-pound mansion in the UK, while, Alex Lawson enjoys his paradise lifestyle on the sun-kissed island of Grand Cayman, but for how long?
Justice is on its way Gentlemen!
Join us on Wednesday for Part Five of this unbelievable but true story. If you have purchased any product from any of the companies mentioned in these articles and would like to know where you stand legally, then use our contact page and Inside Timeshare will point you in the right direction.
Welcome to Part Three of Silverpoint and the truth exposed, in the first two parts we explained the history of the Trotta family fortune adeptly handled by the financial fixer Kwang Boon Sim. This story certainly has all the hallmarks of a Hollywood Blockbuster movie on organised crime of epic proportions, in some respects if this went to a producer they would more than likely say that it was a pure work of fiction and could never happen in real life. Well, unfortunately, it is all too true!
In this episode, we now see that it is time for sheer greed to take over, with the Trotta children and a jealous wife who has been cut out of the will to begin their fight over the ill-gotten gains.
After selling the hotel in Italy for 0ver 40 million euros to a wealthy Asian company, the true picture of the issues begin to emerge. Having extracted over 15 million for Bob and his family in the run-up to his death and the stripping of the cash flow from the company, Kwang Sim now found it difficult to replace the funds, along with the consumer promises to fulfill along with the various other obligations around the world, the trust and the family brought in Alvarez and Marsal of the Cayman Islands to see what could be saved. There was also another motive, they needed to see what options were open to them to avoid spending their inheritance.
What happened next is incredible and almost more deceitful than the 100 million that was extracted and moved around the group without the various local governments taking their rightful and lawful share.
It is a fact that no one likes having to pay tax, but Kwang Sim is a mastermind in this field and would put the people involved in the Panama Papers to shame. It is fair to say that Kwang Sim knew full well about how much trouble he was in with the arrival of Alvarez and Marsal, he began frantically covering his tracks and began the process of going into hiding.
Alvarez and Marsal is a large insolvency company, also known for asset stripping, which is the process of breaking down companies and stripping them of any value. In essence, they are just corporate debt collectors in thousand dollar lawsuits, earning millions in fees while breaking up companies with people losing their jobs!
They were employed by the bank and the Trotta family in order to create as much wealth for the family as possible, regardless of the consequences to people who had placed their hard earned money into the company and purchasing their products over the years.
The team at Alvarez is led by Alex Lawson, an Australian living in the Cayman Islands, this is another well-known haunt of many international tax avoiders as well as big-time criminals. The Cayman Islands is also a base for many small private banks and the Caymans is very widely regarded as a base for depositing billions in ill-gotten gains.
It is no surprise then that Alex Lawson chose to base himself there and set up the branch of Alvarez in early 2019. His position as managing Director now put him at the forefront of the process and the Trotta deal was his first big assignment. In order to make a name for himself, he sat with Kwang Sim and planned on how to break up the company with the sole purpose of saving the Trotta family fortune, regardless of who would suffer.
It was up to Kwang Sim to explain to Lawson how he and Bob Trotta had run the global finances. Bob Trotta’s empire by this time spanned the globe with businesses in Spain, Malta, Italy, Thailand, Singapore and the USA. It was employing hundreds of people around the world along with tens of thousands of owners and members. The plan created by Kwang Sim and Alex Lawson was truly a master plan of deceit and deception. Just like all illusionists, the plan was to create local “fall guys” while at the same time protecting those who put the plans together and executed them in painstaking detail. All the time trying to avoid obligations that existed with hundreds and thousands of innocent consumers.
This was a decision made by the bank who owns the trust along with the endorsement of the family which was then ruthlessly executed by Kwang Sim along with Alex Lawson and his team.
Kwang Sim made a deal with Alvarez and Marsal that he would not be dragged into any issues in return for helping Lawson to execute the plan. Having assessed the obligations which existed, Alex Lawson and Kwang Sim started the liquidation process, the means of which was the use of intercompany debts to justify the placing of the companies into liquidation, thus cheating consumers out of their rightful returns or the ability to use the products they had purchased with their hard earned cash.
Limora Investments was the first of the companies to be placed into liquidation. In a move that can only be described as incredible, money that had been sent “TAX-FREE” as a loan to the parent company and ultimately to the bank, was now being used as a “DEBT” in order to induce the liquidation process.
This is an obvious case of corporate manipulation being endorsed by what many would consider as a “reputable bank”. Inside Timeshare sources explain that the leaders of the bank are absolutely terrified that the truth will be exposed showing their complicity which could have the potential of them losing their banking license and the individuals who are running the trust being charged with very serious crimes.
The one thing that is certain is that they are desperately trying to cover their tracks and placing the blame on the people running the business of mismanagement.
As with all illusionists this fraud is using sleight of hand techniques and this is something that they are very adept at doing. The bank itself is no better than those people you see on the streets of London or any other city tricking the unsuspecting tourist into finding the ball under one of the cups!
A recent affidavit which is full of inaccuracies and downright false statements is an attempt to cover up what Kwang Sim, Alex Lawson and his team are doing have not taken into account the investigative journalists at Inside Timeshare to uncover the truth for their readers and expose their devious plan.
We mentioned earlier that we believe we have uncovered a recurring pattern of how Kwang Sim has moved money around the world, with much of that money being “loaned” from one company to another without any plans for repayment.
Unless these “loans” are repaid with market rate interest, the authorities will see these as dividends but Kwang Sim’s complex web of offshore companies have made them very difficult to track. In the end, this group of companies have around £50,000,000 yes that is correct 50 million pounds of intercompany debt and Alex Lawson with his team are working their way through a myriad and tangled web of companies, taking over directorships and then declaring them insolvent.
This means that Lawson and his team assess the company’s ability to repay its obligations of the loan and finds them unable to, however, the debt is just to themselves!
This means they are in control of the company that is owed the debt, but on the one hand, they call in the loan and on the other they claim they are unable to pay. Then we have the final piece of the jigsaw puzzle, Alvarez and Marsal appoint themselves as the liquidators in order to strip the companies of all assets while also avoiding any debts to anyone else that is not part of the “family!”
So that is the end of Part Three, a story that many will believe is a script for Hollywood, join us again on Monday for Part Four in this unbelievable tale of intrigue, manipulation, deceit and fraudulent money laundering.
If you have purchased any product from Silverpoint, be it standard timeshare, investment packs or the company participation scheme and want to know your legal rights in retrieving your money, then use our contact page and we will get back to you and show you what options are open to you. Now is the time to do this for tomorrow may be too late.
Welcome to Inside Timeshare and the start of another week with Part Two of Silverpoint Exposed. In the last episode, we gave the background to the start of the Trotta Empire and introduced some of the main characters. Today we continue the story of an intricate web of companies the swift movement of funds and once again a Hollywood style family feud over the inheritance of the Trotta millions.
Kwang Sim was a master in subterfuge, he had set up such a complex network of companies and money trafficking routes a very detailed road map would be required to even get close to following it. Kwang himself continued with his own life happily giving his sermons to his Mormon congregation and ensuring his children went on the mandatory missions, all while carefully and deliberately planning to avoid Taxes at all costs.
With great care, he set up a structure using local law firms and employing local managers who had no actual control of the finances or of any financial activity. For Kwang, this would mean extensive travelling with monthly visits to Spain and then Asia where he was running the finance departments with an iron fist. He was, in essence, Bob Trotta’s “financial enforcer” making sure the funds were moved around the group of companies and ultimately ending up near a palm tree very close to a white sandy beach.
The Trust which is “owned” by a bank with Bob Trotta being the beneficiary used the bank which as recent strong evidence has shown, actively and willingly participated in assisting Kwang and Trotta in this complex web of lies and tax avoidance. It was Kwang who was the mastermind, but they were all complicit and knew exactly what was going on. All was running very smoothly until Bob’s death and the will would be read to the children and his wife Ragni.
Listening to the legal advisors, they, the Trust and executors learned that Bob and Kwang had mismanaged the company funds and taking some very risky decisions prior to his death. This now puts the group of companies in a very precarious position.
It also transpires at this meeting that Ragni learned she had been written out of the will, receiving only 10% of the estate! She was obviously furious. Although no one knows the details of the marriage from the outside it all seemed very rosy.
It has been rumoured by insiders that the marriage was in trouble, with a persistent rumour had for years been having a secret affair with her hunky Jamaican personal trainer. Just like something out of the hit TV show “Housewives of New York”, Ragni seems to have enjoyed a life of privilege with her wealthy older husband, while also enjoying some of the side benefits with her younger hunk. Sources have told us that Bob found out but did not want to be embarrassed publicly but would wait until he died to get his revenge. This has obviously caused huge rifts between her and the children.
The unequal division of the spoils created a massive rift between the family and the trusted sidekick Kwang who was tasked with trying to keep the family together. Just like another TV show “The Sopranos”, the family looked to the deputy Kwang, to steady the ship, he then set about trying to organise the complex web which he had established.
This was not an easy task, even for Kwang, when you consider he had set up around 200 offshore companies in Panama and the British Virgin Islands. Panama and the BVI are considered fiscal paradises in Spain and the recent “Panama Papers” have only added to the challenges of keeping this structure going. To achieve the company’s goal of low taxes the local directors were not allowed any control of the bank accounts with only the London team of Kwang Sim and his later sidekicks of Ketan Patel and Colm Hayden were permitted to move any money.
Part Three will be published on Thursday 13 June.
Over the weekend Inside Timeshare has received further news on the problems of Club Paradiso members. As we explained on Friday, these members are being denied access to the Paramount – Club Paradiso. In another twist, we have since learned that although they are being moved to other resorts such as Hollywood Mirage and Beverly Hills Heights, they are being made to pay for the accommodation.
One client that has been in touch was told if he did not pay 900€ he would not be able to stay, this appears to be happening to others as well. It would seem that the paramount is only being closed to members of Club Paradiso.
The following is an extract from an email received by another of our readers when trying to book their own stay: “Unfortunately, as our inventory is under re-negotiations we unable to provide availability and confirm any new reservations at this time. We kindly advise that you contact us at the beginning of July when hopefully this has been resolved. We are sorry that we cannot be of more assistance at this time and apologise for any inconvenience”.
This does look like an escalation in the arguments between Excel and Silverpoint with the members being the one caught in the firing line.
Have you purchased any product from Silverpoint and want to know what your legal position is?
Then use our contact page and we will get back to you with the best information possible.
Over the next few weeks Inside Timeshare will be publishing exclusive information on the complex setup of one of the largest timeshare empires in Europe, we all know it as Silverpoint. Behind it was the late Bob Trotta, who as you will see in each article along with his cronies was very adept at moving his enormous wealth around. Today we start with a little background and introduce the major character in this very elaborate financial game.
In the early 1980s, Bob Trotta founded the company Resort Properties based in Tenerife, the first stage in establishing one of the largest timeshare companies in Europe. He was very much seen as one of the founding fathers of the timeshare industry in Europe and built 4 resorts in Tenerife, selling around 200 Million Pounds worth of timeshare, becoming a millionaire in the process.
Bob Trotta married for a second time to Ragni a Norwegian lady who was a former Timeshare Marketing person living in Tenerife. On leaving Tenerife they relocated to London where they enjoyed Non-Domicile Tax Status.
Setting up his Global HQ in the UK with offices in the exclusive area of Mayfair, Bob and Ragni certainly enjoyed the high life, living in their multi-million-pound townhouse in Chelsea and driving the very best Aston Martins.
We now introduce into the picture one person who was to become one of the most important and influential people in the Trotta Empire, Kwang Boon Sim.
Kwang was hired with only one purpose in mind, NOT TO PAY ANY TAX. As you will see, he was the mastermind behind the huge and complex web of offshore companies which exist today, using a very clever offshore trust.
The trust which is owned by a bank with Bob Trotta and his wife Ragni being the sole beneficiaries and controllers of the trust until his death in December 2017.
Kwang Sim is well known in the timeshare industry and is affectionately known as “The Chinaman” or “El Chino”. Kwang gives the impression of being a very religious man, with ties to the Mormon Church where he works as a Mormon Bishop. It looks like a script from a James Bond movie, when a “clever American Tycoon” brings in another equally clever man masquerading as a religious leader (Licence to Kill comes to mind), who very quietly and stealthily creates a very complex web of offshore havens with the sole intent on depriving many local economies and countries of their rightful and lawful tax.
It has certainly done the job, over the years Kwang managed to avoid paying any tax and moved 10’s of millions of pounds from one lot of companies through the web of others into tax havens disguised as intercompany loans. The local managers of these companies had no control over the money or what happened to it. It was Kwang who controlled and ran the financial department from his Mayfair HQ with what can only be described as an “Iron Fist”.
In order to avoid the ever-prying eyes of the US tax authorities who have a policy and reputation for worldwide taxation of their citizens, Bob Trotta gave up his US citizenship. He took up Italian citizenship (again this could be the setting for another movie) living like a true Italian mobster in a huge mansion set in the estate of his hotel the Luxurious Castello Del Nero.
Bob and Ragni were living like a king and queen in their estate reputedly worth around 10 million pounds. The estate was set in 700 acres of rolling Tuscan countryside, all within the grounds of their Hotel worth 50 Million Euros. All the while Kwang kept the funds flowing into Panama and the British Virgin Islands
Bob along with his two daughters Jennifer and Erin Trotta spent the long summers in Italy with their respective families. One of the husbands (Jennifer’s) Douglas Campbell was for a while the groups CEO making sure the family fortunes were protected, all under the watchful eye of his mentor “El Chino”
That brings us to the end of this opening chapter and part one of our story, join us again on Monday 10 June for part two, where we find that all was not as cosy with the family as many were led to believe, greed plays its part.
If you can answer yes, then get in touch with Inside Timeshare through our contact page, we will explain where you legally stand and point you in the right direction to claim back your money and have your contracts declared null and void.
Lynch begins first explains that the company EOHL (Excel Overseas Holdings Ltd) was placed into provisional liquidation on 26 March 2019, this a was put before the High Court of Justice of the British Virgin Islands (Commercial Division). He explains that the application has been brought by a company called Landcastle Holdings Ltd, which as it turns out is a majority shareholder of EOHL.
Lynch then report on the hearing of 13 May 2018 before the BVI Court in order to bring the application to a final hearing. At this hearing, Landcastle Holdings argued that the application should be dealt with in the same way as other similar applications. They were seeking the appointment of liquidators for the benefit of creditors and hoped that the final hearing would be held within 6 to 8 weeks.
This was opposed by another company called Landcastle Capital Ltd who are registered as minority shareholders of EOHL.
Although these two companies have similar names they are in fact separate entities independent of each other and separately owned and managed.
Landcastle Capital is owned by a gentleman in New York who is attempting to block the liquidations.Landcastle Holdings working on information they have available are of the view that this individual is primarily responsible for the issues facing EOHL. This also includes all the problems now facing those “Investors” of the ELPP.
So what do we deduce from this?
It looks like that this is a dispute between the shareholders of EHOL, this means that both parties should be required to lodge their pleadings in full detail on their respective positions of the dispute.
The BVI Court ordered that pleading did need to be filed in the application so they may determine the claim.
Landcastle Holdings filed and served their statement of the claim on 21 June 2019, Landcastle Capitol has until 19 July (tomorrow) to file and serve their defence.
With the BVI Court’s decision the application will not be a speedy one as was initially hoped, it is believed that the application is not going to be heard until late 2020 or even early in 2021.
The Joint Provisional Liquidators have now taken control of companies which are below EOHL within the corporate group, they are believed to be taking steps to protect and maintain the value of all the assets. Lynch states that the JPL’s“are working diligently to ensure the best possible outcome for EOHL creditors, principally being the ELPP Investment investors”.
Apparently, Landcastle Holdings is continuing to seek the appointment of liquidators to EOHL.
If any of the assets of EHOL be realised then any money collected from those assets will be held in the estate of EHOL purely for the benefit of creditors and to cover any ongoing costs. This will also include costs for the provisional liquidation and any future liquidation. It is not yet know how the distribution to creditors will pan out.
Lynch ends his letter with “the JPL’s will continue to take all necessary steps to protect and maintain the value of EHOL assets. They will also continue to provide creditors with updates on any relevant developments”.
This along with all the other articles Inside Timeshare has published on the tangled web of companies of which Silverpoint is part of, is going to be a very long-running and complicated story. It is one that Inside Timeshare will be following very very closely, so watch this space.
Over the past few weeks Inside Timeshare has been running a series of articles regarding the troubles around Silverpoint and associated companies. We began with a series of articles in six parts on the truth behind Silverpoint this can be found in the link below. As a result, Inside Timeshare has been receiving many enquiries on this but also many many more from members who have been told their bookings will not be honoured.
Our readers have also been sending letters to Inside Timeshare from Excel Hotels & Resorts SA and also from Club Paradiso Ltd outlining their reasons behind all of this. We begin first with the letter one reader was given by Excel while actually on holiday.
The result is that any member who has booked through Signallia to stay at any of the resorts managed by Excel has after that date will not be honoured. They do however say that they did honour some of the bookings to “prevent disruption” being caused to members.
It also transpires that Signallia continued to market the products even after the termination of the agreement without the consent of Excel. Therefore none of these reservations will be honoured at any of the resorts.
The letter also goes on to say that Excel never received any payments collected by Excel and that they are not liable for any sums paid. Now considering that all these companies are interlinked via the parent company which was owned by the late Bob Trotta does make this look very suspicious indeed.
The letter which is unsigned but carries the Excel stamp ends with Excel informing clients that they are informing the relevant police authority, in other words, they are denouncing one of their own companies!
Several other readers have also sent us a letter amounting to 4 pages, with the last 2 being Frequently Asked Questions, from Club Paradiso Ltd another British Virgin Islands company and signed by Alex Lawson who we know is working on behalf of the Trotta family with his company Alvarez & Marsal to liquidate assets to save the Trotta family fortune. (See the link at the start)
The letter dated 12 July 2019 begins with advising members that on 14 May 2019 he was appointed as a director of the company, with the former sole director resigning with effect from 30 May 2019. This now makes Lawson the sole director of Club Paradiso Ltd.
He explains that since his appointment it has become apparent that Club Paradiso is facing a “number of significant issues”, we know and so do all the members who are contacting Inside Timeshare!
He goes on to complain that not all the company’s books, records and documents have been made available to him, it appears that he is unable to do his job because of this. Now the question is what actually is his job?
We know he has been appointed “administrator” of several other Trotta companies including Keys Concierge which we know has also closed down. He is also the administrator dealing with the liquidations of two BVI companies, Limora Investments Ltd the parent company to all the others and also Excel Overseas Holdings Ltd. We also know that a new company by the name of Excel Overseas Holdings is based in Dubai. So we can assume that his job is either to revamp the “Club” or “liquidate it”, we actually believe it is the latter given what his company does.
This letter also goes on to explain under previous management Club Paradiso failed to pay for the contractual agreements and arrangements with other service providers and resorts. Now we also know that all these “service Providers” and “resorts are all part of the same group of companies owned by the Trotta family under Limora Investments Ltd.
Again we see another tangled web of intrigue and dodgy dealings which is resulting in nothing but stress and anguish for the consumers who have paid considerable sums for these products. We know from our readers that they are all worried they are about to lose everything, not just the holidays not being honoured but now having to pay for new bookings after they have already paid their annual maintenance fees!
To Inside Timeshare, this does not seem to be fair, most of these members have initially paid thousands of pounds to purchase the product and also thousands in annual maintenance fees. Now it does not take a lot of working out, but these companies have made millions over the years and this is how they treat their clients. SHAME ON YOU!
Have you purchased any product from Silverpoint, Signallia Marketing or any other company and are worried about all that is going on, then use our contact page and let us know. We will explain what your legal options are and point you in the right direction to get the legal help you need.
Remember, the courts are finding in favour of the clients on all cases going to court, this may be the only way not to lose what you have “invested” in your holidays.
Over the past few weeks, Inside Timeshare has been receiving many emails regarding Club Paradiso, it seems that they all have one thing in common, they are not able to get into their resort and use their weeks. As we know, Club Paradiso has closed its doors, the website is down as is the website for Excel Hotels & Resorts the company which manages the resorts. It also appears that telephone calls are not being answered.
The latest email involves a member who has “invested” in several weeks, being elderly and now unable to travel abroad they decided to use their weeks and book an associated resort in the UK. Unfortunately, they have just received a call from the resort that their booking has been cancelled, the reason given is that Excel is not honouring the payments to the resort. This is despite being up to date with their maintenance fees.
This particular reader was supposed to be checking in this Sunday 7 July, now they have been left without their holiday with no other alternative to using their weeks anywhere else.
Other readers have also informed us that they have been moved to other resorts sold by Silverpoint, but have been told they would have to pay if they wanted to check in, despite already having paid this year’s maintenance fees. These resorts are also managed by Excel Hotels & Resorts.
We do know Silverpoint and Excel are in the middle of a dispute, what the reasons for this are is not actually apparent, but it is affecting many members of Club Paradiso who are now losing out on weeks they have purchased and paid the annual maintenance fees. This does not seem fair at all.
Although there are reports that Silverpoint has filed for liquidation it must be pointed out that so far they have not and due to the reasons surrounding this, it may be impossible to do so. If they do file for liquidation, this could result in criminal charges being brought as the reasons for the other liquidations has been fully explained in the link below.
These liquidations are an attempt to save the Trotta family finances, you can read the full story behind this in our six-part series Exclusive Breaking News: The Truth Behind Silverpoint Exposed (Part Six), on the link below.
This should put you the members in no doubt as to why you are likely to lose everything that you have paid for with your hard earned cash and in some cases with high interest loans brokered by the sales staff.
If you purchased any product sold by Silverpoint form standard timeshare weeks to the “investment packs” and the “company participation scheme” and would like to know where you legally stand, then use our contact page, Inside Timeshare will then point you in the right direction to help you decide on your options.
Welcome to this week’s Letter from America, today’s article by Irene Parker explores the Whistleblowers of America Code of Ethics. A Code of Ethics is meant to be lived by. In timeshare, a Code of Ethics has been something to write and post on your website, but never seem to be followed. It doesn’t help that 200 or so of our readers who have reported violations in ARDA‘s Code of Ethics have been dismissed by the very executives that sit on their board. We take our hats are off to Whistleblowers of America for taking a Code of Ethics seriously. But then Whistleblowers are not in it for the money.
Inside Timeshare has been asked by an independent member of the committee at Hollywood Mirage Club for members to make contact with him as soon as possible. He and one other will be standing for election to the full committee at the AGM at the end of June. The unfortunate thing is that they have been told that there is “no mechanism” for them to contact other members with the Secretary stating he will not allow it under the GDPR (The EU General Data Protection Regulation). A move obviously designed to control the voting, but Article 47 of the GDPR “fully considers the right of members of groups (clubs) to communicate with each other”.
To make contact directly with this member who is standing please use our contact page and we will send you his contact details privately. It is in your interest to get together and have your say.
Now for Irene’s article.
Whistleblowers of America Code of Ethics
As Applied to Timeshare Support Mentors
Information about the 8th Annual WhistleBlower Summit and Film Festival to be held in Washington D.C. July 28 – August 1:
A Whistleblower is normally a person associated with a corporation or government agency that blows the whistle on wrongdoing as it pertains to waste, fraud and abuse, medical errors and wrongful death. You would not think an old lady crying from the rooftops of Florida about vacation plans would qualify, yet the harm done to veterans and active duty service members on the receiving end of a fraudulent timeshare sale has financially, emotionally, and physically, harmed many. Of the 841 families who have reached out to us, 106 are veterans and active duty.
We are asking for your signature on this petition for reform. You don’t have to be a timeshare member to sign.
A grown daughter contacted me on behalf of her Bronze Star recipient father. She could not answer all my questions about the timeshare, so I told her to ask her father about it. He had a heart attack when they were discussing it, and at the ER, the doctor noted he had a heart attack two years prior when asked about his timeshare. Her parents are the kind of people who saved up and paid cash for cars, He and his wife had been upsold to the point he had to take out a reverse mortgage because he could not afford the timeshare loan payments. He said every time he walked in the front door, he felt like he was losing his home. A Navy veteran declared bankruptcy. He had been upsold to $2,700 a month in timeshare loan payments, living on his letter carrier’s pension, charging to a number of credit cards before his grown daughter found out.
Whistleblowers of America’s Code of Ethics spoke to me. I thought to myself, “Guilty as charged!” as I read through them.
It’s not easy to live in a state of constant anger, moved by the voices of those desperate and deceived. The only thing that keeps me going is hearing the voice turn from a desperate voice to an empowered voice.
From the Whistleblowers of America Code of Ethics:
Counter-balancing dysfunction responses to wrongdoing with informed advocacy and resilience, skill building is the cornerstone of interactions,
Understand legal processes and procedures, a guide in problem solving and decision making to overcome toxic tactics.
I employ skills I learned at CASA (Court Appointed Special Advocate) writing court reports for Family Court judges and interested parties to make a determination as to the best outcome for a child in state care.
I learned an important lesson from my husband Don, a pharmaceutical researcher. The first thing a pharmaceutical company will do if they don’t like a lab’s answers, that would allow the launch of a billion dollar a year drug, is to blame the lab. Don told me to fight with data, not words.
A mentor needs to know their boundaries.
I don’t know if I speak for all whistleblowers, but I think there is a tendency to become over-involved, breaking through necessary boundaries. I will share an example of how I overstepped mine, but in the heat of the battle, we bend rules.
A Harvard graduate and fellow Rotarian turned out to be a brute holding a Korean lady hostage. Thankfully, another fellow Rotarian was our chief of police. He helped me rescue the mom and their toddler. Major Ganot of the Salvation Army was also in my Rotary Club. She could be a Major in anyone’s army after spending a couple decades in Haiti.
Mom and child stayed with us before we returned them both back to Korea. Mom had been a manager of Duty Free shops in Korea before coming to America. Her parents were math teachers at a university. The first night at our house I heard the child screaming. I went to ask mom what the child wanted. Mom replied, “Irene,” the child grabbed my neck and clung. Dad also had child porn on his computer. The police chief found THC in the refrigerator which mom said he used to put on his pancakes. He had DTs and once dropped the child at a Rotary function.
The advice Major Ganot gave to me is the advice all mentees and mentors should heed. “You are less effective if you become part of the storm.” Doctors call this intellectualization, in that if they went into a tailspin every time they lost a patient, they would lose effectiveness. This doesn’t mean the doctor doesn’t care. It means he or she must put their role is perspective.
In psychology, intellectualization is a defense mechanism by which reasoning is used to block confrontation with an unconscious conflict and its associated emotional stress – where thinking is used to avoid feeling. It involves removing one’s self, emotionally, from a stressful event.
Whistleblowers of America Code: Ethical Standard #2
Shared Experience Rapport
I appreciate more than ever the fidelity of “Semper fi” that exists among those battling a common enemy. Lifelong friendships have blossomed and grown. Once a timeshare dispute has been resolved, we encourage the person made whole, or as whole as possible, join our efforts to respond to others.
The moto of Whistleblowers of America is Speak Truth to Power. I would like to add to that the headline this reporter used in his investigative report about ALEC, a powerful lobby. The television reporter led with “Holding the powerful accountable” and I see “Holding the powerful accountable” as the next step after speaking truth to power.
Ethical Standard #5 Non-judgementA mentor needs to be reflective and inquisitive, but not judgmental. A mentor does not adjudicate. They facilitate problem solving rather than solve the problem.
An obstacle to resolving any dispute is getting your opponent to listen, as opposed to just hearing what the other person is attempting to communicate. Callous customer service representatives “hear” the complainant and respond, “You signed a contract.”
They don’t listen. Leadership coach Stephen R. Covey said it best:
11. Most people do not listen with the intent to understand; they listen with the intent to reply.”
My collaborator Michael Santos at Straight-A Guide, teaches how self-advocacy can overcome struggle. The outcome may not be what you expected. It may not be the outcome you wanted, but staying the course with determination, and making the most of available resources, is part and parcel of advocacy and self-advocacy. A Whistleblower needs both as they must advocate for their cause, and they must advocate for themselves.
Ethical Standard #11Self-care
The words “disengage when necessary” hit me like a dagger. I hear from one to five infuriated timeshare members a day, seven days a week. The unhappy emails outweigh the “we did it!” emails. Resiliency is a word often mentioned in whistleblowing. Hurtful potshots from our opponents can weigh us down or sharpen our sword. Author Carlos Castaneda, a student of Yaqui Indian Don Juan, described them as petty tyrants.
I have a friend in Sedona by the name of Pete Sanders, a Navy veteran. A technic I learned from Pete, during one of his Free Soul sessions, taught me how to find my brain’s Limbic Center and Joy Center. As I understood Pete’s lecture, you can shift your negative thoughts by employing Pete’s techniques.
The limbic center is somewhere behind the eyes and between the ears. It’s kind of a negative thought center. Think about a time you were so angry that you were acting out in front of your spouse and kids. All of a sudden the doorbell rings and you snap into normalcy. According to Pete, you have shifted negative thoughts from your Limbic Center, to somewhere in the frontal lobe of the cerebral cortex, the Joy Center, a compartment that holds positive thoughts. I took a class in head and neck anatomy and two semesters of A & P, but I’m getting out of my depth. But trust me; even if I have botched the explanation, it works. I swear that I can feel the “half empty/half full” feeling before and after shifting the same thought.
Pete Sanders of Free Soul
Pete Sanders is an honors graduate of Massachusetts Institute of Technology with principle studies in BioMedical Chemistry and Brain Science. Accepted to Harvard Medical School, he chose instead to pursue independent mind/body potentials research. That quest led to a revolutionary discovery: how to directly stimulate the brain’s natural mood-elevation mechanisms.
This technique provides a natural alternative to using alcohol, nicotine, drugs, or overeating for coping with life’s challenges. It gives you a method to enhance your feeling of well-being without being dependent on achievement or relationship success.
I look forward to this year’s Whistleblower Summit. I didn’t attend the Whistleblower Summit last year because I thought I was a whistleblower. I attended on behalf of the veterans and active duty service members harmed by timeshare. An active duty service member can lose his security clearance and his career over a mortgage foreclosure, so don’t think timeshare is a silly topic. One Marine lost his air unit command over a timeshare loan foreclosure.
There are laws protecting traditional whistleblowers, but not individuals. I’m alone. But an individual is alone only if they don’t reach out to other whistleblowers for help and support. Rosa Parks was one person who committed a courageous and dangerous act. She sat in the front of the bus. It was a small act, but possibly inspired by the actions and words of Dr. Martin Luther King, Jr. Dr. King was not so naïve as to think he was going to resolve racial divide once and for all. He knew this problem would not likely be solved in his lifetime. That did not deter his efforts.
One financial journalist called me a gadfly. “You’re nothing but a gadfly to this timeshare company,” he sneered. I looked up the definition.
The original definition was an insect that stings cattle. Somewhere around the Middle Ages, in England, the meaning of gadfly morphed into “an annoying person who spurs others to action.”
I’m okay with being a gadfly. When I told my Free Soul Florida mate, attorney Mike Finn, that the journalist called me a gadfly, Mr Finn suggested an adjective, “How about the Green Gadfly?” “Like the Green Hornet?” I responded.
A few weeks ago I had the opportunity to explain to the attorneys who deposed me for six hours why Mr. Finn calls me gg. The deposition serves as an example of retaliation. I enjoyed explaining to my interrogator lawyer why I am called gg. Gallows Humor, or Humour, as my British collaborator would spell, should be included as a defense mechanism to Ethical Sandard #11 Self-care . Humor really can be our best medicine.
Thank you to Whistleblowers of America for your support because this is not easy. My twilight years are anything but relaxing.
Although WoA recognizes that it is not inherent within the VA mission to protect veterans from fraud and scams that could cost them their benefits, it suggests that it could be assistive in educating veterans against these unscrupulous tactics. For example, WoA has had multiple complaints from veterans related to timeshare deceit and bait and switch tactics, which are defined by the FBI as fraud for profit. Often elderly veterans are mentioned as being targeted by the Timeshare Advocacy Group, TM which fights for active duty and retired military who fear losing their security clearance, career, homes or other assets. Foreclosures and financial distress because of these misrepresented investments are happening every day to elderly disabled veterans and their families. In the past, VA has cooperated with the Consumer Financial Protection Bureau (CFPB) over mortgage and other loan scams that caused financial hardships for veterans. Home loans and timeshare loans are identical as both are reported as foreclosures. WoA asks that Congress consider a role for the VBA Employment and Economic Initiative (EEI) could play in cooperation with CFPB to educate and protect veterans from unscrupulous financial predators and fraudulent practices.
Thank you, Irene, for all your hard work in getting these articles ready, along with all the work you do helping those with problems, you are a thorn in the side of the timeshare industry, as well as a Green Gadfly, but you are our thorn and our Green Gadfly!
Information has been received by Inside Timeshare that the resort known as Paramount – Club Paradiso has closed. Those with bookings have been refused entry on arrival and moved to other resorts such as Hollywood Mirage and Beverly Hills Heights.
The telephone is on constant voicemail and the website is no longer working
If you have purchased any product such as standard timeshare, investment packs, company participations or Keys Concierge use our contact page and get in touch. Inside Timeshare will explain your options and point you in the right direction.
That is all for this week, join us again on Monday for Part Two of Exclusive Breaking News: The Truth Behind Silverpoint Exposed.