Elliott Investor
It appears I have the exact situation as tuffguy37. All the information anyone has is most helpful.
It appears I have the exact situation as tuffguy37. All the information anyone has is most helpful.
- Thread starter kashbarker
- Start date
maxim bunglows in Juan Dolio
- Status
elliott investors
Hi Romando,
this may be old news down in DR, but my best guess (after looking at Elliott's website, and based on what I'm hearing) is that Maxim pulled out, and Elliott appears to be poised to lose control of the property. I'm guessing that last based on the abrupt nature of our letters, and on the suspicion that most investors will not be able or willing to pay the balance on the notes outright--thus the new noteholder will take possession of a majority of the property. How this might affect the potential for the resort ever opening is anyone's guess, I suppose. Any news at your (or anybody else's) end?**Disclaimer**: all of the above is supposition on my part, don't really have any proof other than my gut!
Hi Romando,
this may be old news down in DR, but my best guess (after looking at Elliott's website, and based on what I'm hearing) is that Maxim pulled out, and Elliott appears to be poised to lose control of the property. I'm guessing that last based on the abrupt nature of our letters, and on the suspicion that most investors will not be able or willing to pay the balance on the notes outright--thus the new noteholder will take possession of a majority of the property. How this might affect the potential for the resort ever opening is anyone's guess, I suppose. Any news at your (or anybody else's) end?**Disclaimer**: all of the above is supposition on my part, don't really have any proof other than my gut!
elliott website
Sure, no problem. My reasoning in the aforementioned entry was based on the areas of the website that appeared to be most recently updated--any information regarding Maxim appears to be either vague or doesn't seem to have been updated recently. That's my two cents...would be interested in hearing others' impressions. The website is: Welcome to Sun Village Resorts
Sure, no problem. My reasoning in the aforementioned entry was based on the areas of the website that appeared to be most recently updated--any information regarding Maxim appears to be either vague or doesn't seem to have been updated recently. That's my two cents...would be interested in hearing others' impressions. The website is: Welcome to Sun Village Resorts
I think that is an old outdated site since it mentions specials if you book by 2006 and something. But I wonder why they don't keep it updated or shut the site down. I found Sun Village Resort & Spa and Escape to Maxim Bungalows Resort and Grand Spa in Cofresi Dominican Republic
The second link is also a bit outdated if you click on the Juan Dolio link. It says that it is opening by January 2008. We all know that it didn't happen. Maybe January 2010 if we are lucky.
So i am in the same boat as tuffguy and anyone else that invested in JD fractional ownership. I found it interesting that you mentioned MAxim may have pulled out as I thought the same thing. I live in the US and subscribe to Maxim, and this is the 3rd month that I have not seen their ad, which leads me to believe that they pulled out and why Elliott is scrambling to raise $15M
Also i just read that Maxim was going to open a hotel in 2010 in Las vegas but the project there was canceled and now MGM owns that land according to the link below - so if they pulled out of vegas, i am sure it is official they are not with elliott
Maxim Hotel Las Vegas
Maxim Hotel Las Vegas
The problem with Maxim/MB is that the previous owners of Maxim made the deal with SV/Elliotts, however, right after the deal Maxim changed ownership. If the relationship was rocky, it was likely to get worse with new owners. My guess is that SV/MB could not afford the ads anymore or that SV/MB cannot pay the 'name' money or whatever SV/MB is supposed to pay for the name and relationship. I have no idea what deal they have or had, but I'm sure there must be some yearly fee or some big payment that SV/MB has not been able to pay.
Where does that $15M number come from and what does it represent?
Where does that $15M number come from and what does it represent?
excuse my ignorance, and I'm pretty sure what you mean, but what is a 'Potamkin Village' and what is a 'flim flam artist?'
I guess he is talking about Buzz Potamkin (Producer) and the Movie '' Aaron's Magic Village (1997) : ''... is an idyllic, peaceful village filled with lovable fools which has recently come under attack by an evil sorcerer...''
From Wikipedia
irate: : Artist in '' A confidence trick or confidence game, more often known as a con, scam, swindle, grift, gaffle, bunko, flim flam, stratagem, or scheme, is an attempt to swindle a person or people (known as the "mark" or sometimes "griftee") which involves gaining his or her confidence...'' ... I hope it's not the case about this property .Potamkin Village is an attempt to create an illusion of substance by putting up facades of buildings with nothing behind them--much like Hollywood sets.
While this is not literally true of the Elliotts' schemes, and a more accurate characterization would be as Ponzi schemes, nonetheless their string has run out.
While this is not literally true of the Elliotts' schemes, and a more accurate characterization would be as Ponzi schemes, nonetheless their string has run out.
Sorry about jumping into the middle this as a newbie, but I'm trying to seek information about this investment. Can someone help me understand the current relationship between Maxim/Elliott and Net Worth Solutions? We, my wfe & I, have been offered an opportunity to invest in this project through NWS with a 10% return for 5 years. In order to do so, we would need to use the equity in our home (which would alter our mortgage from 5.75% to 6.52% for a 30 year fixed). We are very uncomfortsble about this investment at this time, especially after reading some of the posts at this forum. If someone could help me, it would be most appreciated. Thank you.
Elliot as of this month has stopped the 10% return program, so it won't do you any good to pursue it. Net Worth will tell you the same thing. Elliot will sell you a fractional but since they are low on cash at the moment I personally wouldn't invest any borrowed money. But it could be a great investment if you have extra money since they are now discounting the fractional.
The relationship is: Elliot owns hotels and resorts and uses investors for cash flow to build new buildings on land they already own. Maxim partnered with Elliott some time back ( a year ago i think) and has their name branding on some of the properties. There is some question whether they are still a partnership, but nothing has been confirmed either way. Net Worth sell services such as investments and used to have an exclusive with Elliott, but I don't think so anymore because of poor sales.
I hope this helps. This is how I understand it (as an investor who is worried right now about my investments)
investing in elliott
Hi RevKev, and welcome,
I'm also an investor, and have been been generally unhappy from the beginning with poor communications from Elliott and less-than-full disclosure. This, of course, is my own experience, but if it helps, I'm regretting that I ever got involved. I utilized a significant portion of my tax-sheltered retirement funds to invest, and it looks like I'll be working quite awhile longer to make up the difference!
Hi RevKev, and welcome,
I'm also an investor, and have been been generally unhappy from the beginning with poor communications from Elliott and less-than-full disclosure. This, of course, is my own experience, but if it helps, I'm regretting that I ever got involved. I utilized a significant portion of my tax-sheltered retirement funds to invest, and it looks like I'll be working quite awhile longer to make up the difference!
I met with Derek Elliott (President & CEO) on Saturday (Aug 17) and had a frank and open chat about some of the posts on this board, what was happening at Elliot Group etc.
I asked a number of questions and I'm waiting for him to send me a written response on the points raised. As soon as I have the response, I will post it here.
In the meantime...
They are no longer working with Maxim. The Cofresi product will be re-branded "The Bungalows", I have no idea right now about the Juan Dolio property. Based on the chat we had, Maxim ownership changed and their focus changed. They never received the expected flow of Maxim clients etc. Combine this with the economic downturn in the USA and a few business mistakes and you have a problem. It's sad, the Cofresi property is a very nice, one of the best I have seen in the DR. They obviously put a lot of work and "money" into developing it.
I'll post more when I have it....
I asked a number of questions and I'm waiting for him to send me a written response on the points raised. As soon as I have the response, I will post it here.
In the meantime...
They are no longer working with Maxim. The Cofresi product will be re-branded "The Bungalows", I have no idea right now about the Juan Dolio property. Based on the chat we had, Maxim ownership changed and their focus changed. They never received the expected flow of Maxim clients etc. Combine this with the economic downturn in the USA and a few business mistakes and you have a problem. It's sad, the Cofresi property is a very nice, one of the best I have seen in the DR. They obviously put a lot of work and "money" into developing it.
I'll post more when I have it....
I agree its a beautiful property (Maxim Bungalows). I would recommend for people if they use it as a vacation home/club if you save money compared to paying for hotel rooms. As an investment, however, I would be very careful.
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