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Silverpoint

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 News

It’s the end of another week and apart from the big news about the “partnership” between Wyndham and Club La Costa, it has been rather quiet on the news front. Our old friends The Litigious Abogados Family have once again graced our pages with their latest “SCAM” or should we say “FRAUD”, with the use of yet another genuine name to enhance their nefarious purposes. We began the week with a short piece on cold calls. I should point out that “Mavis” is a fictitious character made up to highlight a problem, unfortunately, I did receive comments that they felt “Mavis” should give up her job. That is easy to say if you are comfortable. We end this week with our typical news from the courts.

We start with a Marriott case that was heard by the Court of First Instance Number 3 of Marbella, with the court issuing their sentence on 21 October.

Marbella Court House

The case against MVCI Management and MVCI Holidays was brought by an English client and was represented by lawyers from Canarian Legal Alliance. Their contract was for a period of more than 50 years and was also a points/floating week based membership. 

It was therefore declared null & void as laid out by law and the precedents set by the Supreme Court.

The court also ordered Marriott to repay the client 51,200€ plus legal interest; we now wait to see if Marriott continues to do the right thing and place the money with the court without the need for enforcement procedures.

Moving back to Gran Canaria, at the Court of First Instance Number 2 of SBT, another new case against Anfi was heard and a sentence issued.

The judge ordered the repayment of 47,235€ plus legal interest and costs, with the contract obviously being declared null & void. This amount also includes a double payment for the illegal taking of deposits during the statutory cooling-off period.

The case will now be filed with the Mercantile Court due to the liquidation procedures against Anfi Resorts and Anfi Sales. It is still not clear if Anfi can appeal the sentence, like they always do, with the High Court because of this, once we have a definitive answer we will let you know.

So far this week there have been three Anfi appeals once again dismissed by the High Court of Las Palmas.

High Court Las Palmas

The three cases involve one Norwegian client and two English clients, all won their cases at the Court of First Instance with their contracts being declared null & void and a total repayment ordered to all three of over 91,000€ plus legal interest and legal costs.

The judges also ordered that all three clients be repaid double the amount in respect of the illegally taken deposits at the point of sale. The statutory cooling-off period has actually been in force before the enactment of Law 42/98, this law increased it to 14 days, so really the timeshare companies again only have themselves to blame.

All three clients’ cases will now be filed with the Mercantile Court by their lawyers at Canarian Legal Alliance to ensure they are registered as creditors.

That is all from the courts at the moment, there has been nothing in from Tenerife and the Silverpoint cases, which as we know are also subject to administration by the Mercantile Court. When anything of importance is announced Inside Timeshare will publish it here.

If you would like further information on any articles published or just want to know if your contract is illegal and what options are available to you, then please use our contact page and Inside Timeshare will get back to you?

Have a Great Halloween Weekend and join us again next week for more news and information on the world of timeshare.

It’s Friday & We End the Week

Welcome to the end of another week with Inside Timeshare, this week began with the article A Little Known Name but Integral to Silverpoint. It is a name that has appeared over the years but was hidden in the shadows, attention was very much on others. The full story of Diana Aitchison and her involvement is only just beginning to surface.

On Tuesday we published yet another warning on the FAKE law firm from Tenerife stealing the good name and website of a rather prominent and respected lawyer from Madrid. The story of this FAKE law firm has been a regular feature over the years, highlighting the many changes of name, but, their recent use of genuine law firms names and websites has taken it to a whole new level of fraud.

The article on Wednesday was really prompted by the many emails received with questions about claims. Our readers were somewhat confused at what they were being told, one response to the article was just what we expected. One former Anfi owner was told he had a claim, it didn’t matter that he had not paid maintenance or received bills since 2006, with no contact whatsoever. He still had a case as the contract was illegal, to get a case in court it would cost £5000+ for legal fees. Our reader, we are glad to say, didn’t fall for that one.

There was no article on Thursday as it had to be shelved due to a legal settlement, all I can say is that it was mutually beneficial to both parties. Although it would be nice to publish a “good news” story, we respect the wishes for no publicity.

We now end the week with some news from the courts, yes, you have guessed it, Anfi once again takes a prominent part. But first, we begin with Silverpoint.

This is one company that is going to be in the news for quite some time, for one Norwegian client their battle with Silverpoint has moved a step closer to completion. The Court of First Instance of Arona has declared their contract null & void, which was to be expected considering the fraudulent nature of the Silverpoint products.

The Judge also ordered the client to receive 257,552€ plus legal interest and legal costs. This award included the payment of double the amounts taken illegally during the statutory cooling-off period.

Due to the liquidation process of Silverpoint, the clients lawyers will now be making legal representation to the Mercantile Court in order to secure the amount for the client. This is the first stage to becoming a “Confirmed Creditor”, now considering the amount to be repaid has been ordered by the court, I would have thought this was now just a formality.

Always in the News, for all the wrong reasons!

Moving from Tenerife to Gran Canaria, more specifically, Anfi and their constant appearances in the courts.

There was one result from the High Court this week, again it was due to another frivolous appeal by Anfi. I know this gets a bit boring, but the Judges at the High Court once again “DISMISSED” the Anfi appeal.

In their ruling they endorsed the original sentence of the Court of First Instance 100%, as we have stated before, this is all in accordance with Spanish Law and the rulings of the Supreme Court.

The client’s contract was declared null & void with the return of 54,749€ plus legal interest and legal costs.

At the Court of First Instance Number 4 of San Bartolome de Tirajana, an English client had their contract with Anfi declared null & void, along with the return of 22,055€ plus legal interest and legal costs.

Usually, we would say that we expect Anfi to appeal, but, due to recent events and the ordering of “necessary liquidation” by the Mercantile Court, we wonder if they can appeal?

Another case involving German clients was also heard at the Court of First Instance of SBT, this time Court Number 1. Again the judge in accordance with Spanish Law declared the Anfi contract null & void, also ordering the repayment of 54,749€ including interest and costs.

The same question as above also applies to this case, but the lawyers from Canarian Legal Alliance who represented the clients will be ensuring that these cases and awards are filed with the Mercantile Court

If you would like more information on any article published or just have a comment, please use our contact page or leave a comment on the appropriate article.

Have a great weekend and join us again next week.