Unbelievable! Talk about shifting or trying to shift the blame. Derek Elliot is ultimately responsible for the decisions made. It was all about greed! And I am sure it still is! He agreed to the 20% commissions up front. He always knew about them. Why is he now whining? And he claims Catledge made millions in commissions - well do the math - how many millions then did Elliott and company receive? How much of that was used as intended and how much was wasted?
I think you can look and see that mismanagement and greed caused most of their problems.
Elliott made the decision to "put all their eggs in one basket: with Catledge. He had a sales force on the ground that worked - not perfectly - but it worked. He got greedy and entered into the sole agreement with Catledge.
Catledge didn't have to "talk" him into it. He knows the score!
Fire them - hire competant managers to run the place - audit the books to find out what really happened..........
The hotel and property are stunning! It is viable but not as a cash cow to supplement movies, yachts and lifestyles of the wannabe rich and famous!
Thanks for all of your ideas. We have been looking at getting some large timeshare/vacation clubs to purchase many of the fractions. The price of the fractions have been dropped to be very competitive if not the best deal in Juan Dolio at the present. I feel that things will turn arround quickly. When you notice construction start again at the JD property, please let me know. Thanks...
That sign in Juan Dolio - looks to be recycled from the Cofresi property.
I was also told over the weekend that a new "timeshare" team has been set up in Cofresi and an acquaintance of mine is working there now as a liner.