Response - Maxim / Sun Village

[jrpull]

I know your frustration. I have been trying to book a group trip and have been having trouble reaching people. However, many times I have sent inquiries about different matters and have received several emails one being from Derek Elliott.

There was a conference call and I heard it. It was a restatement of the facts and a plea for owners to not pursue legal actions.

Basically (and I agree with this) there will be nothing positive accomplished by legal actions. The Eliotts are attempting to do everything in their power to right the ship and any money used to defend legal actions will be hurting us owners as well.

Keep in mind that they have thousands of owners at not only the bungalows but also Sun Village. They have cut their staff tremendously.

My suggestion would be for anyone who is panicked to go down there and look for yourselves. The next owner's meeting is going to be the 2nd week of December and I plan on being there to see for myself what is going on.

I know I am correct in the Elliotts not being crooks. I just hope that they can make things work so we will all profit.

[jrpull]

"The Elliotts never cared about whether the resort made money for the investors--never. They were too busy living helicopter lifestyles, rubbing elbows and other parts with the celebs that they attracted (briefly and sporadically) to the property. Maxim and China Grill pulled out for good reason--the Elliotts are in this strictly for themselves. Witness the deal they made with the Net Worth flim-flammers and then they have the nerve to blame the debacle solely on this selling network."

I have to disagree with you on this one. Every time I have been there I have seen with my own eyes Derek Elliott working side by side with the workers. He has always been very approachable as has all the other people running the resort.


I don't doubt that you have been a successful investor, for which I congratulate you. This one, however, you just might have to write off.[/QUOTE]

Maybe but I am willing to hang in there and help them however I can.

[abe]

Con men are approachable. That's how they con you.

Good luck--I am checking out of this conversation forever. I have said my piece(s) and I hope that you can recoup something from this very predictable mess.

[leehall]

Originally Posted by jrpull

"The Elliotts never cared about whether the resort made money for the investors--never. They were too busy living helicopter lifestyles, rubbing elbows and other parts with the celebs that they attracted (briefly and sporadically) to the property. Maxim and China Grill pulled out for good reason--the Elliotts are in this strictly for themselves. Witness the deal they made with the Net Worth flim-flammers and then they have the nerve to blame the debacle solely on this selling network."

I have to disagree with you on this one. Every time I have been there I have seen with my own eyes Derek Elliott working side by side with the workers. He has always been very approachable as has all the other people running the resort.

I have met D Elliot & J Burley on a number of occasions and have to agree, they are very approachable....if you have a large bank balance. They are also amiable with their staff.

Of course, the Elliot's are in it for themselves! They own the majority of the corp. and are a business! Unfortunately, Corporate Governance rules are few and far between and it is hard to audit acceptable remunerations in this country.

jrpull - As for the comments re: helicopter lifestyles, rubbing elbows etc. Do you think this not happen in any other corp? This is all about raising funds and putting on a profile. Do you think they would have initially got the Maxim deal if they showed the then Maxim management around on the back of a motoconcho or rubbing shoulders with Luis the sankie?

By the way, I have not invested and have no plans to. Personally, I just don't like to own anything where I do not have 100% control. Hence, in an downturn, I can only blame myself and do not have to spend $$$ on a lawyer afterwards to litigate (which I really hate doing i.e. paying lawyers).

Personally, I think that the last 2 yrs of the Elliot's time would have been better spent promoting their rooms, rather than prioritising their resources towards real estate. Sun Village used to be booming back then and for me since the management became distracted with the condo / Maxim deal, they lost focus on their 'bread & butter' cash-flow, which has led to their current issues. End of the day, regardless of whom sold the product, the % return implications were based on room rentals and to a limited extend equity growth (which I always thought in their scenario was artificially led).

[Taylor10four]

Sun Village had alot of clients, that was true, however they were not the type (nor had the means) to pay anything but "bargain pricing" If Elliott had not promoted to a clientele who would pay for something unique and better Sun Village would lose money for the next 10 years as well would their other resort.

[kashbarker]

Hello. I have been told that REmax has agreed to list and sell the Bungalows. Will someone please confirm that this is the case. Also if anyone can send updates as to any work taking place at the JD Bungalows, I would greatly appreciate it as well. Thanks..

[Dre Broeders]

There is no work taking place.

[Taylor10four]

ReMax should be set up to start selling full units in Juan Dolio The Bungalows near the the end of November according Derek Elliott on the latest webinar.
The company Team Dominicana engineers have been on site this earlier this month to evaluate time and costs to completion.

[pbflatfoot]

Hello--

I am completely new to this forum, and new to the Elliott debacle. I have some friends who I think got caught up in this, and I am trying to find some information from them. I have seen the letter from Elliott with the 3 different pay options, but they seem to have been offered something different.

As, it seems did others, they "purchased" 4 units, 50% down, 50% in a promissory note. The note was to be a 10 year deal, with non-use payments if it was not booked by guests. They paid roughly 15 down, 15 in notes for each (so, 60K total).

What they have been offered is to have 2 of their units turned into 1 "paid in full," and keeping 2 with a 120 payment plan at about 7.5% interest. At the end, they are told, they will have 3 units.

Is this something other people have heard of? Once the other 2 units are paid off, can they sell them? Will they receive revenues off any rentals?

And, I am guessing it is legal to call the notes early?

Very confused--thanks for any help you can provide with my sketchy details.

[Castellamonte]

Originally Posted by kashbarker

Hello. I have been told that REmax has agreed to list and sell the Bungalows. Will someone please confirm that this is the case. Also if anyone can send updates as to any work taking place at the JD Bungalows, I would greatly appreciate it as well. Thanks..

Which ReMax?