Please click on and print and review the above last 2 Balance sheets of our ArubaBeach Club Association as printed in our annual convocations. I call your attention to the value of club owned weeks on the books for the recent years 2004, 2005, 2006.
$222,026 in 2004; $235,416 in 2005; $279,499 in 2006. The Board has stated they sold over 100 weeks for $350,000 in 2007 already. There are still over 200 weeks proposed in this sale to Universal Mergers(Joseph Flak).
Where did these 300 plus weeks come from all of a sudden??? Where have they been(they haven't been listed for sale on the club website) They don't appear to be on the books---certainly not at a value of close to $2 million--for years!! ($1,400,000 plus the $350,000 at summer sale ) $1,400,000/2 = $700,000 deal board is proposing for Flak.
If we had these weeks so long , why was their value not on the books--why were they not listed for sale on the club website previously?
Have these weeks been hidden for some time from the membership---how did they value these weeks for an independent auditor to sign off on the financials or did the club aquire that many weeks in 2007.
Did that many members default in 2007 and not be sucessful in a firesale of their weeks to try and salvage any equity above their past due maintenance fees??
Why were 200 to 300 members unable to sell their weeks for some kind of distressed amount so that some of their equity was preserved instead of losing everything back to the Association.
Something is not right about this whole issue.
In searching for the possible means of foreclosure on so many weeks I discovered that there is a troubling Article by which a member could lose their weeks. Article 10 section 2 and 3. It provides that a member upon dying has only 90 days to handle the membership transfer or according to the Article it is notice of termination!!! This is an Article we MUST change with utmost urgency. I don't hink it possible in the United States for settle estates in less than 90 days. I believe this part of our Articles and By-Laws could be a trap for us all.
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