Response - Maxim / Sun Village

[planner]

Took a while but here you go - rights to run a "timeshare operation" have been sold or leased to Guilermo Castillo and partner (not sure who) used to be involved in timeshare business at Breezes.

Apparently opened sales last Thursday - good pricing - similar to Breezes - but better hotel. They are affiliated with Interval International. All Inclusive will be mandatory, not sure on pricing of this.

Apparently renamed - The Bungalows.......... Hope that helps you.

 

[Conchman]

so does the elliots have the legal property titles to show that they in fact own the beach at cofresi between sun village and ocean world property as they have the for sale signs up that its there property priced at $27,000,000.00,,,or are we seeing more hot air coming from the elliot group,,,can anyone post a picture of there sign at cofresi beach,,im sure conchman will know who is his neighbors are?????

A company controlled by the Elliotts and another businessman have title to the land by the beach, I have seen it (at least it looked like the title). They are selling it together with land across from the entrance of Ocean World where the old hotel rooms used to be, by the hillside. For both tracts together they are asking US$25M and they are not willing to sell pieces or even the two tracts separately, I am sure this position will change soon, once they realize its impossible to sell this at $25M. This is a pipe dream, in todays market they would be lucky to get $6M. Anybody proposing to build on the beach land will run into heavy (and legal) opposition from the Junta (Cofresi Owners Assocation).

I don't have a pic of the sign at the beach, but its just a proposal of what can be done with the land, it is not a project they are planning on doing themselves.

 

[Robert]

They need to actually re-develop the beach in order to build on the land as it comes under the 60M high tide law. That's going to be VERY expensive!

 

[kashbarker]

Thanks for the info. I just hope that the Elliott's are smarter moving forward and that this will all work out in the end. A friend of mine went to her fortune teller and was told that it will be a while, but that things will work out for her benefit. She was worried that she was going to loose her money she invested with Elliott's. So there you have it, if you believe in fortune tellers, things will work out.

 

[abe]

It will take a long time for timeshare sales to make an impact on the situation. Even though many timeshare buyers are not exactly the sharpest knives in the drawer, the mandatory all-inclusive component makes the economic argument in favor of timeshare even more difficult to swallow.

The reality is, as I mentioned earlier, that the relative isolation of the resort makes it harder for a timeshare buyer to patronize other restaurants, grocery stores, etc.--thus the A-I should NOT be mandatory. Because the buyers will wind up taking it anyway once they find out how far they are away from other options.

Perhaps the way it should be sold is--once the prospect says that they love the program except for that A-I requirement....... "Mr. and Mrs. Prospect, if you join us today, I will waive the requirement that you take the A-I package."

No matter what similar "closing tools" they utilize, it will still take a long time to see any impact from timeshare sales by using a local team--the resort needs to sell "bungalow" inventory to a major company.

Oh yeah, and send the "S-elliots" packing.

 

[planner]

Thanks for the info. I just hope that the Elliott's are smarter moving forward and that this will all work out in the end. A friend of mine went to her fortune teller and was told that it will be a while, but that things will work out for her benefit. She was worried that she was going to loose her money she invested with Elliott's. So there you have it, if you believe in fortune tellers, things will work out.

Based on the Elliott track record - do you actually expect that???

I have more faith in your friends fortune teller!

 

[STEVE G.]

Any commentaries from any participants of online conference hosted by the Elliott Group last night ?

 

[Robert]

I listened in last night. Great timing, when the presidential debate is on. I'm sure that wasn't done on purpose

Sob story at the beginning, Fred has lived in the same house for 20 years, only drives a Ford 150 etc. Forget to mention their extensive land assets in a few parts of the DR that are worth millions! They then moved on to explain why the problems happened and what needs to happen. New people, new deals, cost cutting etc etc.

Bottom line, they have no cash but plenty of assets and they are looking at the investors to bail them out. The investors have until Oct 15 to make a decision on what direction they take, lets see what happens.

I'll give them credit for opening up to the investors and trying to make them aware of whats going on. I just hope it's not more spin and BS.

 

[planner]

This is not the first time they have done this - just not in this particular way. They always seem to have explanations and reasons - none of which involve any of them taking responsibility.

Unfortunately I think it is more BS! The investors should pull the plug, fire these incompetants, take over and bring in their own board of advisors to run the place!

 

[kashbarker]

This is not the first time they have done this - just not in this particular way. They always seem to have explanations and reasons - none of which involve any of them taking responsibility.

Unfortunately I think it is more BS! The investors should pull the plug, fire these incompetants, take over and bring in their own board of advisors to run the place!

For those of us not aware of "the first time they have done this", will you please shed some light as to what happened before??? If we are to attemp to "pull the Plug" and "fire the incompentants" etc. We will need more ammo(information) to help us (investors) move forward. Otherwise, I don't see many options, but to work with the Elliott's and hope that things will work out. We can still take fall back on Legal action, but I'm using that as my last resort. I'm more that willing to listen to other options, more than what the Elliott's are offering. Thanks for your help with this matter.

 

[planner]

You really need to speak to other owners! I can't give you that ammunition. But other owners certainly can if they are willing. I am not nor have I ever been an owner!

 

[kashbarker]

You really need to speak to other owners! I can't give you that ammunition. But other owners certainly can if they are willing. I am not nor have I ever been an owner!

Do you personally know these other owners?? Will you have them PM me, or somehow contact myself? Are we talking about the owners with the current Bungalow issues?? I have been told that the original investors that started in the Sun Village resort have been unhappy, but I haven't heard from any of them on this blog, that I know of. Maybe they can shed some light without disclosing their identity. I really need to know the truth about the different investment options that have taken place in the DR with the Elliott's and how things have been going. Thanks again...

 

[abe]

I don't know specifically, but I suspect that they have skimmed plenty into way-offshore accounts as a safety net. Don't fall for the sob story. Remember that they were the masters at finding conferences targeting people who wanted to evade taxes in Canada, the US. etc.

These leopards have not changed their spots, in my opinion.

As for how to get rid of them legally, remember you are in the DR. You will have little or no chance unless someone can drop a dime on them to Canadian tax authorities and make something stick. The DR legal system will not help you.

For one, I would start with their phony offshore credit cards designed to aid and abet tax avoidance.

 

[Tiger22]

I'm looking for anyone who has invested in Juan Dolio

I'm looking to contact as many people as possible regarding Derek Elliott, Fred Elliott, The Juan Dolio project.

We are getting strong armed to invest more money into their failed venture or they will send us to collections.

I'm ready to fight.

Has anyone retained a lawyer yet??? Any word of a class action suit??

I have Derek's email address: Derek@elliottcorporate.com

I have their lawyers email address Will Lambert: Wlambert@gardiner-roberts.com.

I think we need to blast these folks one email after another for all the lies they've told and all the crap they have put us through.

If some of you think its a good deal - let me know - I'm ready to sell my fractions.

If any of you have anymore insight - let me know. I'm so angry right now that I fell for their scam!!!

 

[Castellamonte]

... I'm ready to sell my fractions...

Sort of off topic here, but you mention "fractions" in your note. Were the properties sold as fractional ownership or were they time share? I'm only curious because I have an interest learning more about fractionals in the DR.

Sorry to hear of your troubles and thanks in advance for any clarification.

 

[abe]

Re: Fractions versus timeshare at Elliott properties

It is likely they called them anything you wanted to hear in order for them to get your money.

But I do know that fractional ownership is available in Cabarete--some of it is being offered after the sale by owners of individual condos who don't need to be there the whole year, and some of it is packaged that way at the outset. You can Google "fractional versus timeshare" and go to school on all the differences.

In a fly-to destination like the DR, fractionals need to be set up with multiple consecutive weeks available to buyers--otherwise it makes no sense. There are many other things to consider too, but that's for another thread.

 

[Tiger22]

Fractions VS timeshare

Please correct me if I'm wrong, but Timeshares are purchased and you have the option of using weeks at other resorts.

Fractions are purchased and can only be used at this particular resort.

There are 570 Juan Dolio Investors and we received quarterly updates on when the opening of Juan Dolio. We saw Jan 06, Jan 08, April,08, June, 08 and finally Aug 08 and it was about then we saw pictures of the resort - nothing but an empty shell. All that money, and I'm talking millions, have dissapeared. Now they are strong arming us for more and if we dont send more money - we lose our initial investment. Looking back on everything now...I can see the scam trail. These are dangerous people. Not to be trusted. That is why I'm looking to see if anyone has started a class action suit or a lawsuit. And I have a group of people who want to get involved.

Do not invest in Sun Village Confresi or Sun Village Juan Dolio - you would just lose your money like we are about to do.

 

[kashbarker]

I'm looking to contact as many people as possible regarding Derek Elliott, Fred Elliott, The Juan Dolio project.
There are many of us, 1,300 total

We are getting strong armed to invest more money into their failed venture or they will send us to collections.No, we are not getting srtong armed to invest more. The Elliott's made many mistakes in this project and need to complete it. They are going to sell the notes on the 15th to another company, taking the money to complete the project. If we as clients are not wanting our note to be sold, then we need to inform Elliott
of our intentions.

I'm ready to fight. Are you ready for a potential loss??

Has anyone retained a lawyer yet??? Any word of a class action suit??Yes, There are talks that many have started a class action using DR lawyers. I bet you could call the agent that sold you the product and ask them about the class action.

I have Derek's email address: Derek@elliottcorporate.com

I have their lawyers email address Will Lambert: Wlambert@gardiner-roberts.com.

I think we need to blast these folks one email after another for all the lies they've told and all the crap they have put us through.OK, but I don't see the benefit, please let me know what this will accomplish.

If some of you think its a good deal - let me know - I'm ready to sell my fractions.
The problem with selling our fractions,,,,,The resort is not completed,,,The market is not the best for selling right now,,not too many buyers at the present,,,,Most of us paid more than what we could sell it for, given the timing of the market. But, there's no harm in trying if that is what you really need to do.
If any of you have anymore insight - let me know. I'm so angry right now that I fell for their scam!!!

I too am very angry, but for the past year have really tried to better understand the contitions that have taken place. My opinion is that the best way to make this work out is to get the resort open and occupied. Then we will be in a better position to sell our fractions, etc. If you live in CA, or in most parts of the US, Real Estate has seen a very large drop in price. Given time it should come back up. The DR is no different, the prices became over priced/valued and now we must wait, or sell at a loss. Bottom line is that the resort needs to open, and I'm willing to "dollar cost average" or "Juan Dolio cost average" by investing more while the market is down. I believe that over time the resort value will come back and that it will be a very nice property. JMO

 

[Tiger22]

Evidently you have not been lied to like we have been.

We invested in July 05. We were told Juan Dolio would open Dec 06. Then Maxim got involved and were told now the resort would be delayed. All of a sudden we were asked to come out and sign promissory notes in Dec of 07 or we would lose our investment. We purchased 2 fractions and leveraged two. At the signing they presented up four fraction that we only owned half of. BUT they insisted that we sign becasue 1) they cannot give us back our money, 2)Juan Dolio was opening January 08, then April or 08, then June 08 then AUg 08 then the boom came down that Juan Dolio was just a shell. If 1300 people invested in this property isnt anyone wondering where the money went???

We were told we would never have to pay our promissory note until Juan Dolio is completed. We were also sent a letter in Feb 08 that the Elliotts would pay for any overage that the income from the property didnt cover.

Now they want us to pay the leverage loan. NO, the property is not finished - not even close. And it is not right for the Elliotts to pick and choose from the contracts and paper work on what they will and will not do.

How can anyone send good money to these people. They've already mismanaged Millions of Dollars and why should I trust them with sending them more money. There is no guarentees here!!!

OUr rep is too busy trying to get everyone to convert into the crazy options the Elliotts have proposed to suit them. I heard there might be a class action suit started in Las Vegas. But I dont know who to contact.

These people are bad people and They laid a beautiful scam trail....got us all hook, line and sinker.

 

[abe]

Fractionals versus timeshares 101

Tiger--it is likely that Interval International, an exchange company that largely deals with timeshare resorts, will also trade your fractional for its stable of properties. Fractionals put less of an emphasis on exchange, typically, because they are often fancier, in better locations, etc. than some timeshares; and buyers of fractionals are more motivated by use of their "home resort."

Depending on the legal structure, timeshares may be actual real estate interests or not. Fractionals typically impart fee simple ownership, but with the Elliotts I would suggest that any contract they write is more useful as carpeting for your bird cage than a legal and binding and enforceable agreement.

Good luck.