Response - Maxim / Sun Village

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jrpull

New member
Sep 29, 2008
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I know your frustration. I have been trying to book a group trip and have been having trouble reaching people. However, many times I have sent inquiries about different matters and have received several emails one being from Derek Elliott.

There was a conference call and I heard it. It was a restatement of the facts and a plea for owners to not pursue legal actions.

Basically (and I agree with this) there will be nothing positive accomplished by legal actions. The Eliotts are attempting to do everything in their power to right the ship and any money used to defend legal actions will be hurting us owners as well.

Keep in mind that they have thousands of owners at not only the bungalows but also Sun Village. They have cut their staff tremendously.

My suggestion would be for anyone who is panicked to go down there and look for yourselves. The next owner's meeting is going to be the 2nd week of December and I plan on being there to see for myself what is going on.

I know I am correct in the Elliotts not being crooks. I just hope that they can make things work so we will all profit.
 
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jrpull

New member
Sep 29, 2008
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"The Elliotts never cared about whether the resort made money for the investors--never. They were too busy living helicopter lifestyles, rubbing elbows and other parts with the celebs that they attracted (briefly and sporadically) to the property. Maxim and China Grill pulled out for good reason--the Elliotts are in this strictly for themselves. Witness the deal they made with the Net Worth flim-flammers and then they have the nerve to blame the debacle solely on this selling network."

I have to disagree with you on this one. Every time I have been there I have seen with my own eyes Derek Elliott working side by side with the workers. He has always been very approachable as has all the other people running the resort.


I don't doubt that you have been a successful investor, for which I congratulate you. This one, however, you just might have to write off.[/QUOTE]

Maybe but I am willing to hang in there and help them however I can.
 
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abe

New member
Jan 2, 2002
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Con men are approachable. That's how they con you.

Good luck--I am checking out of this conversation forever. I have said my piece(s) and I hope that you can recoup something from this very predictable mess.
 
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leehall

New member
Oct 24, 2006
195
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jrpull said:
"The Elliotts never cared about whether the resort made money for the investors--never. They were too busy living helicopter lifestyles, rubbing elbows and other parts with the celebs that they attracted (briefly and sporadically) to the property. Maxim and China Grill pulled out for good reason--the Elliotts are in this strictly for themselves. Witness the deal they made with the Net Worth flim-flammers and then they have the nerve to blame the debacle solely on this selling network."

I have to disagree with you on this one. Every time I have been there I have seen with my own eyes Derek Elliott working side by side with the workers. He has always been very approachable as has all the other people running the resort.
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I have met D Elliot & J Burley on a number of occasions and have to agree, they are very approachable....if you have a large bank balance. They are also amiable with their staff.

Of course, the Elliot's are in it for themselves! They own the majority of the corp. and are a business! Unfortunately, Corporate Governance rules are few and far between and it is hard to audit acceptable remunerations in this country.

jrpull - As for the comments re: helicopter lifestyles, rubbing elbows etc. Do you think this not happen in any other corp? This is all about raising funds and putting on a profile. Do you think they would have initially got the Maxim deal if they showed the then Maxim management around on the back of a motoconcho or rubbing shoulders with Luis the sankie?

By the way, I have not invested and have no plans to. Personally, I just don't like to own anything where I do not have 100% control. Hence, in an downturn, I can only blame myself and do not have to spend $$$ on a lawyer afterwards to litigate (which I really hate doing i.e. paying lawyers).

Personally, I think that the last 2 yrs of the Elliot's time would have been better spent promoting their rooms, rather than prioritising their resources towards real estate. Sun Village used to be booming back then and for me since the management became distracted with the condo / Maxim deal, they lost focus on their 'bread & butter' cash-flow, which has led to their current issues. End of the day, regardless of whom sold the product, the % return implications were based on room rentals and to a limited extend equity growth (which I always thought in their scenario was artificially led).
 
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Taylor10four

New member
Oct 25, 2008
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Sun Village had alot of clients, that was true, however they were not the type (nor had the means) to pay anything but "bargain pricing" If Elliott had not promoted to a clientele who would pay for something unique and better Sun Village would lose money for the next 10 years as well would their other resort.
 
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kashbarker

New member
Feb 1, 2008
60
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Remax to sell Bungalows

Hello. I have been told that REmax has agreed to list and sell the Bungalows. Will someone please confirm that this is the case. Also if anyone can send updates as to any work taking place at the JD Bungalows, I would greatly appreciate it as well. Thanks..
 
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Taylor10four

New member
Oct 25, 2008
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ReMax should be set up to start selling full units in Juan Dolio The Bungalows near the the end of November according Derek Elliott on the latest webinar.
The company Team Dominicana engineers have been on site this earlier this month to evaluate time and costs to completion.
 
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pbflatfoot

New member
Nov 28, 2008
3
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0
Hello--

I am completely new to this forum, and new to the Elliott debacle. I have some friends who I think got caught up in this, and I am trying to find some information from them. I have seen the letter from Elliott with the 3 different pay options, but they seem to have been offered something different.

As, it seems did others, they "purchased" 4 units, 50% down, 50% in a promissory note. The note was to be a 10 year deal, with non-use payments if it was not booked by guests. They paid roughly 15 down, 15 in notes for each (so, 60K total).

What they have been offered is to have 2 of their units turned into 1 "paid in full," and keeping 2 with a 120 payment plan at about 7.5% interest. At the end, they are told, they will have 3 units.

Is this something other people have heard of? Once the other 2 units are paid off, can they sell them? Will they receive revenues off any rentals?

And, I am guessing it is legal to call the notes early?

Very confused--thanks for any help you can provide with my sketchy details.
 
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kashbarker

New member
Feb 1, 2008
60
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pbflatfoot said:
Hello--

I am completely new to this forum, and new to the Elliott debacle. I have some friends who I think got caught up in this, and I am trying to find some information from them. I have seen the letter from Elliott with the 3 different pay options, but they seem to have been offered something different.

As, it seems did others, they "purchased" 4 units, 50% down, 50% in a promissory note. The note was to be a 10 year deal, with non-use payments if it was not booked by guests. They paid roughly 15 down, 15 in notes for each (so, 60K total).

What they have been offered is to have 2 of their units turned into 1 "paid in full," and keeping 2 with a 120 payment plan at about 7.5% interest. At the end, they are told, they will have 3 units.

Is this something other people have heard of? Once the other 2 units are paid off, can they sell them? Will they receive revenues off any rentals?

And, I am guessing it is legal to call the notes early?

Very confused--thanks for any help you can provide with my sketchy details.
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The Elliott's are having a webinar on the 4th of December and they will be updating all investors with the latest. If you have questions, I would recomend that you attend. Hope this helps.
 
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azrawlo

New member
Jan 25, 2009
2
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Fraction sale

We purchased four fractions and in June 2008, one fraction was sold; however, nobody told us about it and I had to find that information out on my own. As of the date of this posting, we have still not been paid for that sale even though the buyer paid the funds. I have been promised that we will receive our funds by the end of February 2009 but I am not holding my breath.

The Elliotts are also focusing on condo sales and not fraction sales, which makes the sale of one our fractions unlikely at this point. Will keep everyone updated if we receive the money legally due to us.
 
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AlsoMisguided

New member
Oct 14, 2008
3
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0
azrawlo said:
We purchased four fractions and in June 2008, one fraction was sold; however, nobody told us about it and I had to find that information out on my own. As of the date of this posting, we have still not been paid for that sale even though the buyer paid the funds. I have been promised that we will receive our funds by the end of February 2009 but I am not holding my breath.

The Elliotts are also focusing on condo sales and not fraction sales, which makes the sale of one our fractions unlikely at this point. Will keep everyone updated if we receive the money legally due to us.
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Ugh, more great news! Thanks for the update.
 
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kashbarker

New member
Feb 1, 2008
60
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azrawlo said:
We purchased four fractions and in June 2008, one fraction was sold; however, nobody told us about it and I had to find that information out on my own. As of the date of this posting, we have still not been paid for that sale even though the buyer paid the funds. I have been promised that we will receive our funds by the end of February 2009 but I am not holding my breath.

The Elliotts are also focusing on condo sales and not fraction sales, which makes the sale of one our fractions unlikely at this point. Will keep everyone updated if we receive the money legally due to us.
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How did you find out that one of your fractions was sold? Has the buyer closed on the purchase of your fraction? I too own several fractions and was wondering how you were able to sell one so quickly? Did you sell it yourself or did Elliott's sell it for you? Thanks
 
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SandySouth

New member
Dec 2, 2008
2
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0
Am I missing something here? I would think that selling "full condos" would take out the fractions alot quicker than selling as 1/12th or 13th whatever. I would also like to know how you found out that your fractions had sold and by who.
 
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kashbarker

New member
Feb 1, 2008
60
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0
azrawlo said:
We purchased four fractions and in June 2008, one fraction was sold; however, nobody told us about it and I had to find that information out on my own. As of the date of this posting, we have still not been paid for that sale even though the buyer paid the funds. I have been promised that we will receive our funds by the end of February 2009 but I am not holding my breath.

The Elliotts are also focusing on condo sales and not fraction sales, which makes the sale of one our fractions unlikely at this point. Will keep everyone updated if we receive the money legally due to us.
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Hello. There have been several questions ask of you and no response. Are you going to respond? or do you just like to avoid those looking for answers? Just to refresh your memory, the questions asked are:
1. How did you find out that one of your fractions was sold?
2. Who did you speak with that promised you your money?
3. If you purchased in June of 2008 and have sold one so quickly, did you sell it or did some other company? I purchase in 2006 and have been trying to sell one since 2008 and haven't heard anything from anyone on my resale.
If you can answer my questions then I will assume that you are a client, otherwise I might assume that your just "stirring the pot"
 
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