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Re: bankruptcy

OK, so those who want to start a class action, who are you going to suit? French Quarter LLC is bankrupt. Let me know how that's going to work out. Southwind is only the management company and is under no obligation to do anything other than manage the resort. They didn't create this mess. French Quarter LLC is responsible but, they're bankrupt. Southwind can't be found liable for something they did not do. So, who are you going to suit and what do you expect the outcome to be? Sure it's fine to be ticked off but, let's get real. If we go class action we're going to suit our home resort and guess who the owners of the home resort are? If you guess you and me, then you're correct. You'll pay to be both the plantiff and the defendant. That's like wrestling with yourself and then declaring yourself both the winner and the loser. This is not the first bankruptcy of a timeshare developer. Most of the time, the developer goes under and the HOA seeks a new management company. The process is complicated with the HOA is run by the former developer rather than the owners. Now, let me ask you, who did you vote for in the last HOA/BOD election? If you didn't vote, kick yourself. Only by taking an interest in who's on the HOA/BOD and voting can you affect any change. Control the HOA/BOD and you control the resort. It's the ONLY way. Litigation is doomed to failure before you begin. It is very difficult to disolve a timeshare project. It often takes a super majority of the owners to do so and that rarely happens. Most of the time the management contract is purchased out of bankruptcy as an asset. Southwind appears to be the leading contender to do so. If you don't like Southwind as your management company, then either run for a seat on the HOA or vote for someone not connected with Southwind to run for the HOA. What you don't want to do is either throw away your proxy or just sign it and send it back in. Make you vote COUNT! Other examples of bankruptcy filings would be Mystic Dunes in Orland, ILX resors and most recently Pacific Monarch. Al of which were aquired by Diamond Resorts International. Epic resorts was aquired by Sunterra and then when Sunterra filed bankrupty, it was aquired by DRI. Currently Tahiti Village in Las Vegas has had their developer file for bankruptcy. This is not uncharted territory. What is of concern is that land underneath some of the buildings was used as colateral. How that's going to affect the resort I do not know. Last month when we were in Branson, we noticed the old Copper Tree Hotel that use to be part of French Quarter had been raised. I'm dissapointed that our HOA has made no mention of this and I find nothing informing owners this was about to happen. Our HOA/BOD is letting the owners down and they're keeping us in the dark. I would encourage everyone that has any concerns to begin to pressure the HOA/BOD members for information. At least let them know you intend to vote in the next election and that they're seat on the board might not be secure.