Bankruptcy adder
I think we should try and figure out a weekend to meet, even if it is in the parking lot at Grand Regency or somewhere in Springfield. I would be willing to travel there, it is all just so mind numbing. I understand the explanation from the management group, but they are not doing this for free. I talked to a lady today from there and of course no dates on how soon it would be re-opened, she told me the water and electricity were off and the roof had been repaired. Sounds to me like they collect and we are at the mercy of Greenlake, which while legally I understand, but still is crap. When I told them I had no information of anything going on and then receive a letter from them to pay, then I had to look up what was going on. No information given to me, which she stated probably should have been done and that they assumed we all knew what was going on. I really do want to stay in line with a contract but I feel it has already been breached, but that nothing will be ever resolved until we see what Greenlake does, which they hold the key........
Darrin W.
My husband just told me about this. We got the condo timeshare from his parents. Last time we were there, 2017, was about like described by everyone else. Room was okay but everything else was not good. I doubt there is much to do legally. The deed owner will be low man on the totem pole to get paid anything. The biggest hope would be that someone else would purchase it and buy us out. :( We we’re planning on using it for exchanges too. :(
Gina L.
I too have an "every other year" unit week at GR. I paid my dues 2017 then requested to "Opt out" and sent another $2250. to GR to opt out of the contract "thinking I was going to be out of GR and it's problems for good. The checks were cashed but no paperwork received from GR or Taney co. This GR thing is a $$ Trap and we want out of it completely!! No contact from anyone at GR or Colonade What is our next move?
Robert H.
Last edited by phyl21 on Apr 11, 2018 10:35 AM
I am in Branson now and have looked at the Grand Regency. Its pretty sad. There's a large pile of tvs in the parking lot. Locks broken, door knobs knocked off and doors are open and inside looks like someone started to remodel but stopped. Outside is not to bad but the airconditioners are looking a little tired. I think the electric is still on but I didn't check the water. Still looking around Monroe
Monroe C.
First off, this property did not enter bankruptcy. They attempted to file chapter 11 bankruptcy 1 day before the bank foreclosed on the property but, the court threw out the filing on7/27/2017. The property's have since been foreclosed on and Inderjit Grewal was jailed on or about 8/25/2018. I posted this information on Timeshare Users Group and will share that post here:
On a personal note we had been owners at Grand Regency at Thousand Hills for a few years. We had purchased the week resale off of Ebay. About three years ago we had contacted the resort about transferring the deed to friends of ours, submitted all the paperwork and paid the transfer and filing fee's. The resort began to recognize our friends as owners and they were able to use their "deeded" week. After the resort was foreclosed we received a billing statement from another management company who's offices, if I recall correctly, were around Lake of the Ozarks. Apparently all of the $$ 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.
Doug P.
Last edited by dougp89 on May 04, 2018 04:42 AM
Doug, Your are exactly right. I’ve talked to to attorneys in this in a fair mount of detail. I am much more confitabke that I will not be required to pay any more fees.
However, as a first step, they did recommend that I go the the Taney County register (or online) if deeds to see I have a registered deed. If no deed is recorded, the is title or no chance I would be required to pay fees. They suggested just waiting it out because if the repossession by Greenlake.
Jeff R.
Thank you for the information Doug - - I have decided to "wait it out" We applies the "#2 option in 2016 to "Deed Back" sent in the $2250 required fee and have not received anything that was in 2016, in December 2017 we received a notice we owed "maintenance fees" we did not pay. This property has been a serious "Nightmare from Hell and an extreme Money Pit. We are not returning to Branson ever again nor are we going to encourage our friends to visit Branson. Branson Chamber of Commerce must have known this property was deteriorating yet appear to have not intervened in any way. Again Doug, Thank you for your efforts on our behalf. Robert Hinckley, Pierre, SD
Robert H.
Please keep us informed also. We are owners but have heard nothing about this. We made reservations for our daughter and her children to stay there. When they arrived they were finally given a key but when they tried to open the door it didn't work. Finally someone brought over another key and the unit wasn't cleaned. So the people at The Collonade said they could stay there but when they went to that room it wasn't cleaned. They finally got into a room at Grand Regency. The TV didn't work. When they contacted management they were told it was due to construction. However our Grandson looked up the code on the TV and it was "Due to non-payment". In 2017 we paid a special assessment fee in addition to our regular maintenance fee. We also attended an owners meeting where many things were promised such as upgrading the property and wi-fi. Thanks to everyone for all this information.
Wayne B.
Hi All, I have been quiet the last several months, but I have been reading the postings and emails. My husband and I are going to attend the Grand Regency meeting at 10am on Wednesday the 25th . I assume from something I read in an email that the Colonnade meeting is at 2pm on the same day. We are thinking that we will stick around and sit in on the 2pm meeting. We will be arriving in Branson Tuesday afternoon and will of course look at the buildings so we have an idea what is being accomplished before we attend the meeting. If anyone is interested in getting together Tuesday evening let me know. I'm sure we will be talking at the meeting. If you cannot attend I hope you view the meeting on the internet. (The Grand Regency meeting is at the Best Western at 403mWest Main St. I assume the Colonnade meeting is at the same location.) Barbara wendellbarbara@juno.com
Barbara D.
I was planning to go to the meeting also but I think they are going to try for more money with super power promises. I have decided not to be there because of this. The records are not accurate, they are not sure who owns what. Just a warning ''I would not pay any money no matter what they promise Contract has been broken.
Monroe C.
Has anybody registered for the web conference for tomorrow? Did they verify your name as an owner? I also negotiated a deedback 3 years ago and never received confirmation. Did not receive any more bills until the new mgt company came in.
Mark S.
Last edited by marks1925 on Jul 24, 2018 02:32 PM
