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Re: Bankruptcy adder

First off, this property did not enter bankruptcy. They attempted to file chapter 11 bankruptcy 1 day before the bank foreclosed on the property but, the court threw out the filing on7/27/2017. The property's have since been foreclosed on and Inderjit Grewal was jailed on or about 8/25/2018. I posted this information on Timeshare Users Group and will share that post here: On a personal note we had been owners at Grand Regency at Thousand Hills for a few years. We had purchased the week resale off of Ebay. About three years ago we had contacted the resort about transferring the deed to friends of ours, submitted all the paperwork and paid the transfer and filing fee's. The resort began to recognize our friends as owners and they were able to use their "deeded" week. After the resort was foreclosed we received a billing statement from another management company who's offices, if I recall correctly, were around Lake of the Ozarks. Apparently all of the $$ we had paid to transfer the title went in to Mr. Grewal's pocket and the title transfer was never recorded. I will not be paying any further fee's on this property as it has not been available for use for a couple of years now, can not be exchanged through the exchange companies and is in such disrepair that it is doubtful it will ever be a functioning timeshare again. It is my personal belief that sending additional funds would be throwing good money after bad. It should be up to those who own deeded weeks to decide what direction forward this property should take and, having said that, I believe the timeshare aspect should be dissolved and the property disposed of by any means necessary, including but not limited to auctioning it off. If there should be any proceeds remaining after satisfying the lenders who have foreclosed then those proceeds should be distributed to the deeded owners. I do not believe the foreclosing entities should be able to determine, and then bill, all deeded owners to repair the property and do with it as they please. The management company hired appears to only manage a couple of homeowners associations in/around Lake of the Ozarks. Assuming this it true, I do not feel they are an adequate or appropriate management company with the experience necessary to properly manage a timeshare property. After not hearing anything about the bankruptcy filing, I decided to do some more serious online digging to see what I could turn up. After a little online googling I came to the site for US courts (Pacer), found the case number, created an individual account and then looked the case up. In summation this is what I found: 1. It appears the chapter 11 bankruptcy was filed as a method to avoid Green lake Real Estate Fund LLC from foreclosing on the property, which was scheduled for June 20, 2017. 2. The case was dismissed without prejudice 7/21/2017 for cause sighting bad faith: 2a. Debtors failed to employ counsel 2b. debtors contended Greenlake is an oversecured creditor but, income was inadequate to service even the interest on the debt. It went on to state the evidence is uncontradicted that the condition of the properties is deplorable, there is insignificant maintenance and the value of the properties is deteriorating (I'm paraphrasing some of this) 2c. The filing was an unfair attempt to manipulate the bankruptcy court to stop a foreclosure sale. There is a total of 6 pages so I'm hitting a few of the highlights. It also mentions that perhaps $200,000-$300,000 had been received during 2017 from all sources related to the debtors, but such funds have been deposited in the name of Grewal, not the debtors, their management companies or their home owners associations.