We end this week with Part Five of “Anfi: The Story Behind the News”. It began with the “dream” of one man, it was certainly a vision that was becoming reality, unfortunately all that was to change. Then there was the brief partnership with Tui, which gave rise to the takeover by Santana Cazorla. Since that time we have seen many boardroom clashes, court battles and the instigation of many investigations into Anfi and the controlling party. Today we highlight the latest in those battles and once again it is the Cazorla’s against the Lopesan’s.
The latest case is very interesting, it has opened up so many possibilities, but the motive behind it all is what made it more interesting.
The case was heard in The Mercantile Courts of Las Palmas, Gran Canaria, this is after a long battle that has been quietly raging behind closed doors. In one corner is Cazorla, in the other Lopesan, and the stakes are high.
The case has ended up before the Courts as Lopesan has argued for the involuntary bankruptcy of Anfi Sales and Anfi Resorts. It has fallen on Magistrate Alberto López Vallarubia to decide on the matter.
He must now decide if these companies have sufficient assets in order to service their short-term debts, if not their insolvency should be declared. This would mean the appointment of a court administrator to manage the liquidation or salvage the companies. According to our sources, the appointed administrators would rather find a solution such as selling off the company.
The case has been brought by another of the Lopesan companies Isla Marina SL and is also a creditor of the two named companies. They claim this debt is around 30 million euros.
So this brings us to our original question, motive.
We all know or suspect that Lopesan would love to establish full control over Anfi, we also suspect that the Lyng family would also welcome that news.
According to the discussions we’ve been having with those more akin to business matters, this certainly looks like what they termed a “hostile” takeover. The more the discussion continued the more examples kept appearing, not just in timeshare but all across the board.
Could this be a “legal” way of gaining control of a company that is on the board?
As we stated, the appointed administrator has to find a solution, selling the company to pay off a debt or part of a debt is a possible solution. It may also give Lopesan if they take over the two companies the leverage they require.
At the moment it is all pure speculation, this is just one scenario albeit a very plausible one, but you will hear and be told some stories in the coming weeks until the courts make their decision public. We will then have a long wait while the Court Appointed Administrator carries out their work.
If you already have a case in the pipeline and you are not sure what you have been told is true, please contact your legal representatives, they will be able to reassure you.
This has been an interesting series of articles to research, there was a lot more information found, but then this is not the place for something of that length, maybe in the future it may all be told.
Inside Timeshare hopes, you have enjoyed the articles and they have made you think about what is going on behind the scenes, you as members have a vested interest, after all, you paid a lot of money for your membership along with the annual maintenance fees.
Many of these contracts are the subject of the many articles published about the court cases around the world of timeshare, not just Anfi, but Diamond, Marriott and others. All in breach of the laws enacted on 5 January 1999, this law has been enforced by the rulings of the Supreme Court and are very much in favour of the consumer.
If you would like to find out if your purchase is covered and you do have a valid and viable case, then to see what options are open to you, please use our contact page and we will get back to you.
Have a great weekend and join us again next week.
Links to previous articles on the legal battles.