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Drexel Burnham Lambert

Friday’s Letter from America

Welcome to another edition of the Inside Timeshare Letter from America, today we publish Part 3 of the GoFundMe Campaign for Irene Parker and her Legal Defense Fund. As we know she has now become the focal point of attention in the lawsuit filed by Diamond Resorts against Finn Law Group, so far over $5,000 has been raised. In this weeks article, Irene explains how the VOLUNTARY work she does in helping others has taken control of her life and is actually costing her money. Your contributions will not only help Irene but will also send a message to Diamond that she does have our support!

How Diamond Resorts Thwarted my Dream to Teach Piano Lessons 

Pictured above a Diamond Member who visited my house on vacation from England

Please donate $10 (or more) to my GoFundMe to let your voice be heard or contribute anonymously

GoFundMe Launched: September 26, 2019

Link to my GoFundMe: Over $5,500 donated in one week towards $25,000 goal!

https://www.gofundme.com/f/irene-parker-diamond-resort-legal-defense-fund?utm_medium=email&utm_source=product&utm_campaign=p_email%2B2300-co-team-welcome

October 4, 2019 

By Irene Parker

The reason for my GoFundMe Legal Defense Fund is because I have become the central focus of a lawsuit Diamond Resorts filed against Finn Law Group in 2015. At a six-hour deposition, conducted at the law office of Baker Hostetler in Orlando, Diamond’s outside counsel attorney ran out of “no” answers to questions about receiving or paying money to the law firm. Seemingly at a loss, the two attorneys left the conference room to confer. When they returned, they took a new direction.

As I understand Diamond’s case against me, because it feels like a case against me, it is because they contend I am greatly enriched by receiving free legal advice from attorney Mike Finn in exchange for my soliciting Diamond members to sign up with Finn Law Group. I have never been compensated by any attorney, law firm, or timeshare member. I have listened to and responded to over 1,000 timeshare families. This link to the Orlando Sentinel article is about the lawsuit:

https://www.orlandosentinel.com/business/os-bz-orange-lake-timeshare-finn-20180404-story.html

Diamond’s accusations leave me infuriated, thankfully not beyond words. The volume of angry and mostly desperate timeshare members contacting me through Inside Timeshare, or through social media, has increased from one member on average every two weeks in 2016, to a current average of three members a day.

What this means is I can’t take piano students. In 2015 it was my intention to resurrect by first love career – teaching piano lessons. At ten students a week, I could have earned $100 a week at $10 per student. I could have charged more, but the five students I taught were mostly neighbours and friends. When you’re living on a fixed income, $400 a month is nothing to sneeze at. In the fall of 2015, we moved from Bowling Green, Kentucky to Venice, Florida. We used our Diamond points while nomads in-between houses.         

Today’s article proves I really did intend to move to Florida to teach piano lessons before I attended the ill-fated timeshare presentation at Diamond Resort’s Grand Beach Resort. https://insidetimeshare.com/peasant-venice-queen-versailles/

I’m hoping Maya P, formerly with Diamond’s PR firm Prosek, will be deposed because when Maya called me the first time in 2016, I was teaching a piano lesson. Our initial phone conversation went like this:

Maya: “Irene, this is Maya from Prosek, Diamond’s PR firm. Can we chat?”

Irene: “I’m in the middle of teaching a piano lesson. Can I call you back?”

Maya: “You’re a piano teacher???!!!”

Irene: “Yes, we’re ruthless. I’ll call you back as soon as we’re finished.”

Maya: “I’ve always wanted to learn to play the piano.” 

This student is five years old, playing from her John Thompson’s Easiest Piano Course Book 1. This picture was taken on May 20, 2016, when I would only hear from a timeshare member about once every two weeks.

The pace of callers picked up after I started publishing articles for Jim Cramer of CNBC’s Mad Money’s investment news service TheStreet. I was reaching out and unknowingly emailed TheStreet. One of the editors responded asking to arrange an interview to become a TheStreet contributor. My first TheStreet article was an editors’ pick. It was about how I made my worst enemy a fortune during the stock market crash beginning Black Monday, October 19, 1987. I’m hoping that is how all this turns out.

How I Made my Worst Enemy so much Money

https://www.thestreet.com/story/13576145/1/the-markets-crashed-my-first-day-as-a-stockbroker-and-here-s-what-i-did-next.html

Diamond ignored me until I published June 20, 2016, TheStreet article about how Apollo Global Management acquired Diamond in 2016. I have to admit I went berserk after I read the announcement. Apollo’s predecessor company was Drexel Burnham Lambert. DBL filed bankruptcy on a $650 million fine and Michael Milken was sent to jail for securities fraud. You can imagine my reaction when I learned – Drexel BOUGHT MY VACATION PLAN!!!?? My husband and I had been DBL clients.

https://www.thestreet.com/story/13624491/1/is-apollo-returning-to-its-junk-roots-with-its-acquisition-of-diamond-resorts.html

DBL banker Leon Black formed Apollo after the DBL bankruptcy. Mr. Black’s name is being circulated among the power brokers associated with the late Jeffery Epstein’s “Financial Black Book” concerning sex trafficking.

In order to find out how he (Jeffrey Epstein) amassed his fortune, it may take subpoenas from the U.S. Attorney’s Office in the Southern District of New York to Wall Street types in Epstein’s inner circle—people such as Leslie Wexner, the billionaire founder and CEO of L Brands, Glenn Dubin, the billionaire co-founder of the hedge fund Highbridge Capital Management, and Leon Black, the billionaire founder of Apollo Global Management, the private-equity behemoth.

https://www.vanityfair.com/news/2019/07/jeffrey-epsteins-financial-black-book

In addition to traditional piano lessons, I teach jazz piano, having mastered 13th chords after studying for five years with St. Louis jazz great Herb Drury. Prior to studying with Herb, I majored in classical piano at Lindenwood Colleges in St. Charles, Missouri.

Student Brian is a former Sarasota police officer and certified alligator wrestler. Brian plays by ear. I taught him some music theory.

Finally, we have Robert, brother to the five year old pictured above, Robert is playing a Sarabande at The Springs skilled care facility. I wish I could take credit for Robert’s brilliant ability, age 9, but I was his interim piano teacher while his piano teacher recovered from surgery. Robert speaks Polish and English. His piano teacher speaks Russian. The Springs activity director, who arranged our venues, was at her wit’s end trying to get rid of her Westgate timeshare. 

Pictured above Robert playing a Handel Sarabande at The Springs

Thank you if you are still reading. It is my hope this narration may convince timeshare power brokers and potential donors that I am not the kind of person to hustle law clients in exchange for great financial gain.

Never in my wildest imagination did I think answering the phone and responding to emails from infuriated timeshare members would lead to this. Who would have thought referring to any law firm, when asked a legal question that I was not legally able to answer, or because the timeshare member did not have the time or temperament to self-advocate, would be described illegal or immoral?  

Thank you to all donors. It is painful to have to ask for money from timeshare members already financially distressed because they made the mistake of buying timeshare points that led to their insolvency. By directing the vast majority of over 700 Diamond members to Diamond, as opposed to an exit company provider, or to an attorney, I probably saved Diamond and the members a fortune in legal and arbitration fees. Another way of saying no good deed goes unpunished:   

My Inside Timeshare September 24, 2019 article explains the subpoena.

https://insidetimeshare.com/the-tuesday-slot-49/

We seek to provide timeshare members with a way to proactively address membership concerns; to advocate for timeshare reform; to obtain greater disclosure from the company; to advocate for a viable secondary market, and to educate prospective buyers.

https://www.facebook.com/timeshareadvocategroup/

https://tug2.com/Home.aspx

https://www.barnesandnoble.com/w/everything-about-timeshares-wayne-c-robinson/1129749757?ean=2940161600962

Free at Last Timeshare Support Course offered by Straight-A-Guide

https://www.udprep.info/june

Bluegreen Facebook

https://www.facebook.com/groups/180578055325962/

Wyndham Facebook

https://www.facebook.com/groups/376743609795740/

Wyndham Carriage Resorts Facebook

https://www.facebook.com/groups/CHCROwners/

Sapphire Starpoint  https://www.facebook.com/login/?next=https%3A%2F%2Fwww.facebook.com%2Fgroups%2F292083584642570%2F%3Fref%3Dshare

Diamond Resort Facebook

https://www.facebook.com/groups/DiamondResortsOwnersAdvocacy/

Gold Key Facebook

https://www.facebook.com/groups/1639958046252175/

Inside Timeshare Facebook

https://www.facebook.com/insidetimeshare/

Inside Timeshare Facebook Group

https://www.facebook.com/groups/2213231165610648/

Thank you, Irene and thanks to all who have donated so far, there is still a long way to go but with your help, the target will be reached. In the time I have known and worked with Irene she has selflessly put others first, I have on many occasions spoken with her and given her encouragement to lift her spirits. Inside Timeshare calls on all our readers to now help her in her hour of need. Thank you.

That is it for this week, join us again next week for more on news and information on the murky world of timeshare. Have a great weekend. 

Friday’s Letter from America

Welcome to another edition of our regular Letter from America, today we welcome another contribution from our very own Secret Shopper Coordinator Pete Gibbes. In his article, he explores and gives his insights into Apollo Global Management and the buyout of Diamond Resorts in 2016. Inside Timeshare ran a series of articles on this subject at the time but Pete has a better understanding of this and explains it in a very simple and easy manner.

A Tiger can Change his Diet – from Junk Bonds to Timeshares

A junk bond has some value, but Diamond points have no resale value 

New York-based Apollo was founded by veterans of junk-bond pioneer Drexel Burnham Lambert. The firm is known for its willingness to make aggressive, sometimes contrarian, bets. April 20, 2018

https://www.wsj.com/articles/apollo-plans-to-take-diamond-resorts-public-1524222000

By a Pete Gibbes, MBA, CFA

August 2, 2019

Over a year ago, I filed a complaint against a Diamond Resort sales agent. Buying Diamond points has caused our family considerable anguish. We have lost about $60,000 we can’t afford to lose. The public must be made aware that anything a timeshare sales agent says must be verified to be believed.

https://insidetimeshare.com/the-tuesday-slot-23/

I have 20 years’ experience in the investment industry. I worked as a portfolio manager for a firm that caters to high net worth individuals, foundations, endowments and retirement plans. The firm I worked for currently has $2.9 billion under management. I have an MBA, a CFP (inactive) and a CFA (Chartered Financial Analyst).

Thinking about how timeshare has evolved from a hard asset to ethereal points, I wondered why Apollo Global Management, the third-largest equity firm, would be so interested in timeshare. Venture capital is typically associated with fast-growing companies and start-ups, like high tech or biotechnology, rather than a mature industry like timeshare. Apollo acquired Diamond in 2016.

One need not look for the answer any further than Wikipedia. History provides the answer. Apollo’s predecessor company was Drexel Burnham Lambert. DBL filed for bankruptcy in the 80s after incurring a $650 million fine over a junk bond scandal that sent Michael Milken to jail for securities fraud. Apollo probably isn’t allowed to deal in junk bonds anymore.

https://en.wikipedia.org/wiki/Apollo_Global_Management

Apollo simply reinvented their lending by switching to timeshare. Timeshares provide an even better return (to private equity and stock investors) due to the fact Diamond points are worth nothing on resale. A junk bond is a lower-rated bond, and, like a sub-prime mortgage, has some value. When Diamond takes points back, the turnaround to resell is quick since foreclosure is non-judicial. It takes less time to foreclose on points than it would on a hard asset like a house or a fixed week timeshare that is defined as real estate. Diamond points are not deeded.

After taking Diamond private in 2016, an Initial Public Offering was planned for 2018. For some reason, the IPO did not materialize. The IPO was expected to generate over a billion dollars of profit for Apollo.

From the Wall Street Journal:

By Maureen Farrell (from the article linked above)

Updated April 20, 2018 10:11 a.m. ET

Private-equity firm Apollo Global Management APO -0.58% LLC is preparing to take Diamond Resorts public in the coming months, according to people familiar with the process.

The timeshare resort company has filed confidentially with the Securities and Exchange Commission and is expected to start trading in June or July (2018), these people said. Apollo could seek a valuation for Diamond Resorts of around $4 billion and aim to raise in excess of $500 million in the offering, though price expectations are moving around, according to people familiar with the process.

If Apollo moves forward with a listing this summer, it would come less than two years after the firm closed its $2.2 billion purchase of Diamond Resorts in September 2016. That would mark the latest quick move by Apollo to put one of its recently purchased companies back into public markets.

Our oral representations:

The only proof we have is the “S3” and “G2” our Virginia sales agent noted on the illustration below. We owned 11,500 Diamond points prior to our downfall. Mark said that if we became ‘Silver’ Loyalty members at 15,000 points, we would have the OPTION to SELL 15,000 points back to Diamond after three years (December 2019) for an estimated $108,000. If we increased our points up to ‘Gold’ loyalty level, we would be able to exercise this type of option after two years. Mark wrote $108,000 on a separate piece of paper.

Diamond’s Clarity™ Promise

While other companies make promises, we deliver. This is Diamond RESPECT:

Transparency

  • We will provide clear, concise and consistent information at our presentations so you can easily decide whether committing to vacation ownership is the right decision for you and your family.

I was sceptical when Mark presented this because I had not heard of a buy-back program. I asked Mark, “How in the world can Diamond offer to buy back our points for more than the total amount of all shares purchased? “Oh, it’s because Diamond makes a lot of profit on points sold to you, as well as maintenance fees over the years. Plus, they can recycle the points,” Mark explained. This made sense. Mark explained the program in astonishing detail.  

While we are stuck, both disabled, with points we bought to make a small profit, Apollo will rake in over $1 billion if the IPO comes to fruition.

In summary

A timeshare sales agent can earn over $2 million a year selling timeshare points that have no value on the secondary market. If deceived, a timeshare company can dismiss oral misrepresentations with “You signed a contract” or “We are not responsible for what sales agents say.” Some state regulators second the dismissal. This equates to no regulation. The buyer is stuck with a perpetual contract and no secondary market. A viable secondary market is mentioned as a risk to stock investors.  

What can we do? Continue to reach out to lawmakers, the media, regulators, hoping someone, someday, will shed light on the unfairness of the oral representation clause. 

Join our efforts to promote our clear, concise message.

A buyer cannot rely on a word a timeshare sales agent says

Without recording the sales presentation, you have no proof. This assures sales agents that they can continue without reprisal. 

Our Diamond self-advocacy Facebook, launched by an economics professor, has over 3,300 members.

https://www.facebook.com/groups/DiamondResortsOwnersAdvocacy/

We seek to provide timeshare members with a way to proactively address membership concerns; to advocate for timeshare reform; to obtain greater disclosure from the company; to advocate for a viable secondary market, and to educate prospective buyers.

https://www.facebook.com/timeshareadvocategroup/

https://tug2.com/Home.aspx

https://www.barnesandnoble.com/w/everything-about-timeshares-wayne-c-robinson/1129749757?ean=2940161600962

Free at Last Facebook

https://www.facebook.com/groups/623703881470577/?ref=share

Free at Last Timeshare Support Course offered by Straight-A-Guide

https://www.udprep.info/june

Bluegreen Facebook

https://www.facebook.com/groups/180578055325962/

Wyndham Facebook

New: https://www.facebook.com/groups/376743609795740/  

Sapphire Starpoint New: https://www.facebook.com/login/?next=https%3A%2F%2Fwww.facebook.com%2Fgroups%2F292083584642570%2F%3Fref%3Dshare

Gold Key Facebook

https://www.facebook.com/groups/1639958046252175/

Inside Timeshare Facebook

https://www.facebook.com/groups/2213231165610648/

Related article:

“On June 26, 2016, the Diamond Resorts board voted in favor of the company’s sale to Apollo. But Cloobeck abstained from that vote. In not one, but two board meetings, Cloobeck said that he was abstaining because mismanagement of Diamond Resorts had negatively affected the sale price and it was therefore not the right time to sell the company.

Diamond failed to inform the stockholders of the reason for Cloobeck’s abstention:

https://www.diamondresortswatch.org/apolloreport/?fbclid=IwAR2KkrjqipLB2htnjo208yzsfyvwO6OrsB-r4AbB616IIhMhvbZoritZzeg

Highlight the link above right click and select go to.

Thank you Pete for all your hard work on behalf of all our US readers including the coordinating of the Secret Shopper program.

If you would like any information on becoming a Secret Shopper contact Inside Timeshare using our contact page and we will pas it on to Pete. This is a very important program as it helps to spread the word and warn others of what to be aware of and how to avoid the pitfalls of “UPDATE MEETING”.

Have a great weekend and join us again next week. 

The Tuesday Slot: An American Perspective and Comparison.

I can’t speak for Americans, but I imagine EU timeshare members, and even lawyers are not aware of the impact vulture lending by hedge funds has on impoverished Puerto Ricans and timeshare members. Not familiar with the term, my research uncovered the term private equity used to be called in the 80s venture capital and a venture capitalist was called a vulture capitalist due to targeting extraordinary returns for their investors. Fast forward 20 years and “Vulture” Funding in Puerto Rico is being talked about in American Financial news.   

puerto rico

It took me a while to “connect the dots” as Irene says in her article. The majority of complaints Inside Timeshare received concern rising maintenance fees. Legacy owners are particularly affected. Legacy owners are timeshare owners who have not given up their deed to convert to the points based program.

Diamond Resorts does not build new properties. Their strategy is to buy existing properties. Members tell us they are told they have to give up their deeded weeks and convert to points. This is not true. Some contacting Inside Timeshare report maintenance fees doubling or tripling after their resort is acquired. While Diamond will insist to owners, such maintenance fees increases are necessary to bring the resort up to standards, investor conference calls told a different story, explaining that 15% is added onto every budget line item after acquisition, affording investors a guaranteed and immediate 15% profit.

The Finn Law Group questioned the increases in this lawsuit filed against Diamond owned Bali Condominiums.

http://www.businesswire.com/news/home/20170629005705/en/Finn-Law-Group-Files-Suit-Timeshare-Maintenance

Not everyone has a background in private equity like Justin Morgan, economics like Michael Nuwer or an MBA like Irene Parker. Justin and Michael expressed their concerns about private equity and what is necessary for investors to achieve a 30% or better return.

http://insidetimeshare.com/fridays-letter-australia-no-read-correctly/

While explosive returns are often achieved in starting up a company like Apple or Amazon, expecting 30% or better returns out of timeshare may require tactics like those expressed by our readers, claiming they are being crushed by high interest rate loans and higher interest rate credit cards.

Let us know if Irene’s connecting of the dots makes sense to you.  Now to Irene’s article.

What does Puerto Rico’s Debt and Timeshare Debt have in Common?

The payouts they seek are potentially enormous – running into the billions of dollars, with predatory rates of return – if other vulture debt plays are any guide. (Hedgeclippers)

Witch

Part I – Puerto Rico and Timeshare Debt

Is Apollo Global Management involved with both?

By Irene Parker

Part II Friday November 17  

The Effect of Debt and Inventory Evaluations on Timeshare

By Contributors Justin Morgan, Australia and Michael Nuwer, US

November 14

Anthony Bourdain’s CNN show Parts Unknown, which aired November 6, described how Puerto Ricans are being crushed under the weight of debt orchestrated by hedge or “Vulture Funds”. Similarly, many timeshare members struggle with high interest rate timeshare loans and higher interest rate credit cards. It’s not surprising to find out hedge funds are involved with both Puerto Rico and timeshare debt.  

http://www.foodandwine.com/news/anthony-bourdain-parts-unknown-puerto-rico

FOX Business reporter Maria Bartiromo interviewed Diamond Resorts CEO Michael Flaskey April 2017.  The Milken Institute was prominently displayed during the interview. Connecting the dots, Michael Milken, formerly known as the “King of Junk” in the 80s because of his role in a junk bond scandal, worked at the brokerage firm Drexel Burnham Lambert. According to Wikipedia, Drexel Burnham Lambert banker Leon Black founded Apollo Global Management after DBL declared bankruptcy, having incurred $650 million in fines. Diamond Resorts, owned by Apollo, is managed by an affiliate of affiliate of funds.

Apollo Global Management, LLC is an American private equity firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations, and industry consolidations. (Wikipedia)

https://www.bloomberg.com/graphics/2015-drexel-burnham-oral-history/

Debt and Michael Milken are as synonymous as debt and timeshare.

While Mr. Milken is known for his generosity, he is also known to have served 22 months in jail for securities fraud. Mr. Black emerged from the DBL bankruptcy unscathed, today worth $5.1 billion according to Hedgeclippers, $6.3 billion according to Forbes 2017 ranking (Hedgeclippers footnote link 85)   

Only Bloomberg subscribers can read the article linked below, but the headlines speak volumes.

Munis Meet Milken as Hedge Funds Dictate Puerto Rico Terms

Laura J. Keller

June 29, 2015, 12:01 AM EDT Updated on June 29, 2015, 11:40 AM EDT

Puerto Rico is getting a thorough introduction to Michael Milken’s junk-bond world as it increasingly relies on some of the financial industry’s most aggressive players to solve its crippling financial troubles.

https://www.bloomberg.com/news/articles/2015-06-29/munis-meet-milken-as-hedge-funds-dictate-puerto-rico-debt-terms

Vulture activity in Puerto Rico: Excerpts from Hedgeclippers

http://hedgeclippers.org/hedgepapers-no-17-hedge-fund-billionaires-in-puerto-rico/

Hedge funds and billionaire hedge fund managers have swooped into Puerto Rico during a fast-moving economic crisis to prey on the vulnerable island. Several groups of hedge funds and billionaire hedge fund managers have bought up large chunks of Puerto Rican debt at discounts, pushed the island to borrow more, and are driving towards devastating austerity measures.

Known as “vulture funds,” these investors have followed a similar game plan in other debt crises, in countries such as Greece and Argentina.

argentina

The spoils they ultimately seek are not just bond payments, but structural reforms and privatization schemes that give them extraordinary wealth and power – at the expense of everyone else.

The payouts they seek are potentially enormous – running into the billions of dollars, with predatory rates of return – if other vulture debt plays are any guide.

Apollo Global Management, the third largest US-based private equity firm, has not yet been reported to be a member of the Ad Hoc Group looking to collectively pressure the Puerto Rican government, but press reports have indicated that Apollo, along with Fortress Investment Group and Aurelius Capital, are looking to take on a “more activist role” as the debt restructuring continues.

I think we can add timeshare to the list after Greece and Argentina given our reader responses and Diamond’s increased loan loss provision. Moody’s has placed Diamond on a downgrade watch after the company raised its loan loss provision to 18.4% March 31, 2017, from 12.9% the prior year.

The review for downgrade is a result of Diamond Resorts’ high leverage — Moody’s adjusted debt/EBITDA was about 7.0x for the last 12 month period ended March 31, 2017 — and increasing loan loss reserves which will make it difficult for the company to reduce leverage. Diamond Resorts, and other timeshare companies, has increased its loan loss reserve over the past year as a result of an increase in timeshare owner defaults, which to a large degree have been initiated by third party activities. Diamond Resorts’ loan loss provision increased to 18.4% of gross Vacation Interests sales at March 31, 2017, from 12.9% in the prior year. Should the loan loss reserve trend not improve, the company will have difficulty lowering its leverage below our trigger for a downgrade (below 6.5x).

https://www.moodys.com/research/Moodys-places-Diamond-Resorts-ratings-on-review-for-downgrade-including–PR_370606

Of note is the blame placed on third party activities, which includes fraudulent transfer companies and resale agents, some posting ads above our Inside Timeshare articles as soon as we publish. Ignored is deceit on the front end of the sale, despite numerous Attorneys General investigations and lawsuits too numerous to mention, as well as the severely limited or sometimes non-existent secondary market. Without a secondary market, a timeshare contract is worth nothing the moment the contract is signed and it is not uncommon for a timeshare to cost over $100,000.

Timeshare members struggling to meet loan and credit card payments can relate to those suffering in Puerto Rico. Inside Timeshare has heard from 192 of our readers of which 183 are from Diamond Resort members. The majority allege they were sold or upsold by deceit and bait and switch, locked into loans and credit card debt they can’t afford, owning a perpetual vacation product they can’t sell.

Holding timeshare members hostage is a short term profit plus for Apollo’s investors, but is squeezing money out of middle class families at 12% to 24% sustainable? Not one of our readers was aware of the difficulty selling points due to lack of buyers. Contract language doesn’t help because the contract states “you can sell your points” but the part about secondary market restrictions and lack of buyers is not included, at least not in the contract I signed. Timeshare companies will either take back points or foreclose, reselling the same points over and over, described as a hamster wheel by one former Diamond sales agent.

money man

They say history repeats itself, but I would have never imagined, as a former Drexel Burnham Lambert client, the subsequent Apollo firm would buy my vacation plan twenty years later. This, in addition to reading so many online complaints posted by timeshare members who seemed to have nowhere to turn, motivated me to join Charles Thomas and Inside Timeshare in an effort to provide factual timeshare information and to warn the general public to do due diligence before buying any timeshare. I felt there was a need to go a step beyond helpful Facebook posts to warn members away from fraudulent listing and transfer agents, steering them towards regulatory and law enforcement agencies, if they feel they were a victim of a bait and switch.    

On Friday Inside Timeshare Contributors Justin Morgan and Michael Nuwer will explain in Part II their take on the role private equity plays in timeshare.

Inside Timeshare has already heard from Diamond members worried about special assessments after this season’s catastrophic hurricanes, especially St. Maarten. They fear a repeat of the Poipu water damage assessments that resulted in a class action lawsuit.

http://advantagevacation.com/the-point-at-poipu-angry-owners-file-lawsuit-against-diamond-resorts/

As timeshare members brace for 2018 maintenance fees, Inside Timeshare will be here to help those who have questions, given the perpetual contract that still exists in the US, along with member sponsored Advocacy Facebooks.

We seek to provide Diamond Resort members a way to proactively address membership concerns; to advocate for timeshare reform; to obtain greater disclosure from the company; to advocate for a viable secondary market; and to educate prospective buyers.

https://www.facebook.com/timeshareadvocategroup/

https://www.facebook.com/groups/DiamondResortsOwnersAdvocacy/

https://www.facebook.com/groups/180578055325962/

https://www.facebook.com/groups/465692163568779/

https://www.facebook.com/groups/1639958046252175/

not alone

I don’t know about you the readers, but my head is spinning after this, finance and economics have never been my strong point, but it does look a little clearer now, so thank you Irene.

If you need any help or advice about any timeshare matter, or just about any company you may be thinking of doing business with or that has contacted you, Inside Timeshare will point you in the right direction.