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Start the Week: Silverpoint Liquidation Update

Welcome to Monday morning and the start of another week with Inside Timeshare, today we have a look at the latest developments in the Liquidation of Silverpoint. Many people seem to believe that this is just a simple procedure, wind down the company, secure the assets for creditors and that is it, unfortunately, when it comes to timeshare and Silverpoint in particular this is not the case as you will see. By the nature of the company setup, this is one very complex case.

One of the main law firms which are deeply involved in the liquidation procedure is Canarian Legal Alliance, they have been at the forefront of the moves by the authorities to investigate the dealings of the myriad group of companies of which Silverpoint is part, The Limora Group.

Two of the CLA lawyers behind the investigations.

In their update to clients, CLA explains they have requested through the Mercantile Court, the “accumulation” of the procedures against Silverpoint, along with one called Oasis Investments SA, the former owners of The Paramount. This would mean that both liquidation procedures are joined, so far no reply to this request has been received from the court.

If this procedure is approved, CLA would then request that the actual Paramount building be reintegrated with Silverpoint which would raise the assets of the companies. The lawyers have also joined other actions requested by the Court Appointed Administrator where they have asked for Excel to return some of the assets. These were initially acquired in an operation which the lawyers at CLA classified as fraud.

Details of CLA’s March update on this can be found at the link below.

It was also reported that the Court Appointed Administrator and Excel asked for a suspension of hearings due to a possible agreement between the parties. This agreement establishes a reintegration of eleven thousand timeshare weeks, increasing the companies value. In exchange, there will be a recognition of debt in Excels favour of seven million euros.

The lawyers representing their clients have naturally opposed this agreement in part. They have accepted the reintegration of the weeks as it is in their clients best interests due to the increased value of the company. However, they do not agree with the recognition of any debts to excel as they do not believe them to be justified.

It will now be down to a Judge to study all the arguments presented and then base his decision on the facts.

The CLA Lawyers have also requested information on the criminal procedure as this appears to have gone a little cold recently. They have also made a request to the court to carry out the gathering of evidence, such as the interrogation of key staff, their legal advisors and also the Court Appointed Administrator, who should after all this time have a very good grasp on the Limora Group/Silverpoint set up.

As we stated in our opening, this is one of the most complicated liquidations which the courts have had to deal with. The whole Limora Group set-up was designed to divert money worldwide, using methods such as “inter-company loans”, one of the reasons behind the current liquidations. All this was expertly achieved by Kwang Boon Sim, the financial guru of the late Robert “Bob” Trotta, the full story can be read at the following link.

The late Robert “Bob” Trotta & Kwang Boon Sim the Financial Guru

https://insidetimeshare.com/?s=Exclusive+Breaking+News%3A+The+Truth+Behind+Silverpoint+Exposed

There is a lot more going on than we are able to publish here, as and when it becomes public knowledge it will appear on these pages. In the meantime we must issue a warning, as you can see from this article, the liquidation process is complex and is going to be long and drawn out, so beware of the “cold callers” who will claim they have a “fast track” procedure to help you. Timing is down to the courts and the completion of any investigations, no law firm, lawyer or any other person can have any influence on the process, not even god.

Would you like to know where you stand with your timeshare contract, is it illegal, how can I end the contract, do I have a valid and viable claim?

If you would like to know more and what options are open to you, please use our contact page and Inside Timeshare will get back to you. 

End the Week: Court Round-Up

Well, it’s Friday again and the end of another week with Inside Timeshare. We finish with a quick round-up of the latest court news, once again this news would not be complete without the appearance of our old friends at Anfi and in contrast, there is some news about Marriott. There is also some news regarding the various administrations of companies being conducted at the Mercantile Courts, more on this next week once clients have been informed.

The week began with yet another appeal at the High Court Number 5 of Las Palmas, where the judges confirmed both of the Norwegian client’s contracts with Anfi are null & void. This also confirmed the original ruling by the Court of First Instance that included the 69,105€ for the original purchase, along with a further 53,656€ in respect of illegally taken deposits.

The High Court also confirmed the payment of legal interest and legal fees.

This was followed the next day with another Norwegian client having their First Instance victory confirmed by the High Court.

The original judgement declared the contract null & void, the repayment of 44,371€ plus legal interest and legal costs. The total included the 17,316€ which is double the amount taken illegally as a deposit.

Anfi as usual was not satisfied with the judgement of the court and again launched another frivolous appeal. Every case we see coming out of the appeal court is a defeat against Anfi, so given the situation they are in, why are they wasting so much money with these appeals?

Moving now to a completely different attitude, on 4 October 2021, The Court of First Instance Number 3 of Marbella, issued their verdict in the case of a German client against MVCI Management and MVCI Holidays.

The court ordered the contract null & void plus the repayment to the client of 25,688€. Just three weeks later, Marriott has deposited the funds with the court and the client will soon receive this into their own account.

What a difference to Anfi!

Another sentence against Marriott has been issued by the Court of First Instance Number 7 of Marbella, in favour of another German client.

Along with the contract being declared null & void, the court awarded the client to be repaid by Marriott 24,571 plus legal Interest. No doubt we shall be reporting on this case in a few weeks if Marriott keeps up with their practice of paying without enforcement proceedings.

These cases were prepared and the clients represented in court by the Lawyers of Canarian Legal Alliance.

That is all for this week, for the time being Inside Timeshare will only be publishing a few articles each week, if anything of importance comes up it will be published.

Have a great weekend and join us again next week.

Start the Week

Welcome to the start of another week with Inside Timeshare, we ended last week with a warning of yet another fake law firm rearing its ugly head, Servicios Legales Barcelona. As we explained, this name has been used to completely confuse any consumer who attempts an internet search, as in Spain it is a general term for “legal services”. One piece of information was the bank account details, a Royal Bank of Scotland account in the name of a private individual. What could be better proof of a scam?

We begin with some news which we came across over the weekend from the US, as we know it is the season for the annual maintenance fee bills, which many owners/members dread each year. The same question is always asked, how much have they increased?

Well, at the moment most don’t know, but one increase in the timeshare owners/members costs has been announced. RCI (Resorts Condominiums International), is increasing their “exchange” fee for next year.

Obviously, this news is from our friends in the US, so at present, we don’t know if this will also apply to European owners/members, we suspect it will.

There are also other fees involved with RCI membership and usage, so it will be interesting to see if any of these change as well.

These links below explain how RCI works and in the second link they also show the other charges that you may encounter.

https://www.go-koala.com/timeshare/resources/what-is-rci-and-how-does-it-work

https://www.timesharesonly.com/blog/rci-exchange-fees/

There also appears to be a lot of discussion on some US forums regarding the Hilton acquisition of Diamond, once again the focus is on the sales agents and what they are telling members in order to “upgrade” them.

It now seems the discussion is gaining ground with Hilton members, unsure of how all this is going to affect them, with reports surrounding sales agents’ tactics beginning to mirror those of Diamond.

Apparently, Hilton may be launching a non-deeded trust-based product, whereas at present they are deeded. This also appears to mimic Diamond products and according to our information will be using “Event of a Lifetime” to up-sell existing members.

As Inside Timeshare receives further information we will be publishing an article on this subject, it may just give our European readers some insight as to what they may expect.

After publishing Friday’s article, late news arrived about another Marriott case, this time it was from the Court of First Instance Number 8 of Palma de Mallorca.

The presiding judge declared two contracts illegal and therefore null & void, ordering MVCI Management and MVCI Holidays to repay the German client a total of 68,262€.

In his sentence, the judge ordered the repayment of 44,870€ for the purchase and also ordered a further 23,262€ in respect of the illegally taken deposits. As we know all the courts are following the Supreme Court ruling on the repayment in double the amount of any illegally taken deposit. The court also awarded the client Legal Interest on the full amount.

The case was prepared and presented on behalf of the client by Canarian Legal Alliance, it now remains to be seen if Marriott deposits this amount with the court without the need for any enforcement proceedings.

Inside Timeshare welcomes your comments & questions regarding any of the articles published, if you also want to know about the validity of any company that has contacted you or you have found, or just want to find out if your contract may be illegal then please use our contact page.