For sometime Inside Timeshare has been reporting on the “Company Participations and Rental Agreement” sold by Silverpoint. As we already know this product was rolled out to replace the discredited “Investment Weeks” product sold originally By Resort Properties then under the Silverpoint banner, again this product is subject to many court cases which are being found in favour of the clients.
It now appears that Excel Resorts and Hotels SA are distancing themselves from Silverpoint at an alarming rate, we already know that Excel has informed clients of the “Company Participations” that they are no longer working with Silverpoint and this is causing alarm among those who have purchased in this expensive and elaborate product.
The latest news has been coming in over the weekend from many regular readers of Inside Timeshare who have purchased this product, it comes in the form of an email from Excel Resorts and Hotels SA, the company which manages the resorts. Under the agreement entered into with Silverpoint Vacations SL, Excel undertook to operate the assets of the “Company Participations” guaranteeing a return of 4.5% of the corporate income until “apartments” are converted to accommodation units.
So far this year it seems that no one has received any of this income, according to the letter Excel state that “owing to the economic and financial situation” Silverpoint has been unable to honour the agreements during 2018.
In their email, Excel Resorts have stated that they will be calling for an AGM to allow “shareholders” to vote on new contracts and conditions.
Within days they announced a date for the “Shareholders’ Ordinary General Meeting” being held on 12 June 2019 at 9:40 am at the registered office of the company.
- To review and approve, as appropriate, the Company’s Financial Statements relating to the year ended 31 December 2018.
- To decide upon the application of the results for the year ended 31 December 2018.
- To approve the management of the Company for the year ended 31 December 2018.
- The Rental Program Agreement entered into with “Silverpoint Vacations SL” and decisions to be taken on this. Analysis of proposals and contractual alternatives for the holiday rental and decisions to be taken on this. To authorise, where appropriate, the sole director to enter into, on behalf of the Company, the contractual proposal which may ultimately be approved, even if impinging upon the figure of self-contracting, double or multiple representation.
Well, not sure about you but it doesn’t look very promising for those who purchased into this scheme.
For those who are unable to attend excel have also sent forms to sign to allow a proxy to vote on your behalf. Very kind of them, but the named persons are actually employees of the company, so we just wonder who the vote will go in favour of, certainly not the “shareholders”?
It would also appear that assets and funds are being tranferred to many offshore companies and accounts, is this an attempt to hide everything because of the number of court cases, we can reveal that moves are already being made to identify all companies, accounts, persons with significant interest and control.
This has already shown the links to all the companies, which one ownes which, who ownes what and who is ultimately the main character of interest. As they say there is always a paper trail which can be followed.
It has also been revealed that Limora Investments Ltd, a British Virgin Islands-based resort owner on Friday asked a New York bankruptcy court to give Chapter 15 protection to its U.S. assets while it investigates what it called “misconduct” by members of its management team.
From enquiries made it would also appear that this company is very much linked to Excel Resorts and Silverpoint.
The company began insolvency proceedings in the British Virgin Islands in February after discovering “unusual” cash flow problems with the subsidiaries that manage its flagship Spanish properties. Limora has more than 100 subsidiaries with interests in resorts, timeshares, hotels and other businesses in the United Arab Emirates, Spain, the U.K., Singapore, Thailand and the U.S.
The company also stated that its primary source of income is resorts and timeshare in Spain and that in the mid-2018 their Spanish subsidiary had been requesting emergency funding. So along with what we already know about Silverpoint and Excel with Excel Overseas Holdings filing for liquidation, our enquires are just being confirmed.
With what we already know but are unable to publish yet, time is of the essence, especially with the upcoming AGM, we very much doubt that any decision will be infavour of you the clients.
So if you have purchased any product from Silverpoint especially the Company Participations Scheme, or the Excel Overseas Lodging Rental Program and you would like to know how you can get back your “investment” along with having the contract declared null and void, use our contact page and get in touch.