这是另一个 WHISTLER VACATION CLUB, 被这个家伙拐了 一百万:
Dear Member/s,
Re: OFFICIAL NOTICE TO MEMBERS of WHISTLER VACATION CLUB at TWIN PEAKS
Your board is calling for a Special General Meeting on Saturday, November 20th, 2010 to discuss VERY IMPORTANT issues due to recent developments. Your attendance at this meeting (or by proxy vote) is critical to the continuance of Whistler Vacation Club at Twin Peaks
On September 16th, 2010 your board of directors was informed that Evergreen Coast Developments Ltd. (Evergreen) was requesting immediate release from its management agreement with Whistler Vacation Club. The reason for this request was because board members
Johnny Saldat and Payman Mehrani of the Twin Peaks board, who are also officers of Evergreen, had advanced unauthorized “loans” to West Coast Timeshares (WCT), of which said board members were also officers. WCT subsequently defaulted on these loans putting Whistler Vacation Club in financial difficulty.
Since September 16th, 2010 the four non-management affiliated board members of Twin Peaks removed Johnny Saldat, Payman Mehrani and Lynn Cartwright from the board due to their affiliation with Evergreen and an obvious conflict of interest. We, the four non-management affiliated board members, have spent the last six weeks, on your behalf, identifying what has occurred and what direction WVC needs to consider going forward.
WHAT WE KNOW
1. Approximately
$1.1 million of money owed to Twin Peaks has been diverted elsewhere.
2. Approximately $440k has been recovered in the form of a payment from a company which had advanced loans to West Coast Timeshares and was purchasing some of West Coast Timeshares assets.
3. Based on current projections of receivables and payables for the remainder of the 2010 fiscal year there will be a shortfall.
4. Point to Point Destinations (PTP), another Johnny Saldat company and timeshare club, which owns roughly 200 intervals at Whistler Vacation Club, is now being managed by Vacation International, a Bellevue, WA based company.
5. Point to Point Destinations has not paid their maintenance fees this year and is in default.
6. PTP’s roughly 200 intervals are about 10% of our total weeks.
WHAT IS CURRENTLY TAKING PLACE
1. The Board has secured the services of Fraser Milner & Casgraine LLP (FMC-Law), a legal firm in Vancouver, to guide the board in legal matters dealing with this situation.
2. Deloitte & Touche LLP, an accounting firm with a Vancouver office, was retained by the board to assist in identifying the Club’s current financial situation and to work with the board to estimate cash flow requirements for the period to December 31, 2010.
3. The board has accepted the resignation of Evergreen as the Club’s property management company.
4. Evergreen recommended Vacation International (VI) as a successor to manage the Club. The board has not accepted that recommendation and has set up an office along with Whistler Vacation Club at Lake Placid to manage the clubs while we explore all our options.
5. The Club continues daily operations, taking reservations and checking members into the facility.
6. The Board of four Directors has appointed another Board Director as per the Bylaws to ensure the Board consists of an uneven number of Directors. Dan Sockle joined the Board; you will have an opportunity to meet him at the Special General Meeting.
OUR FUTURE
Your current board, based on a review of the information currently available, believes a special assessment of approximately $579,000 is needed to finish out the 2010 fiscal year and carry us into 2011. We do not yet know the impact on future years but we are currently working on the 2011 budget and the board does believe, based on preliminary review, that substantial financial savings will be available through the elimination of unnecessary expenses.
We hired a property manager to manage the Club - reporting directly to the Board. Jolanta Friedman will replace Evergreen Management, for an initial 6 month contract period.
Our current five board members firmly believe our financial problems can be overcome and that Whistler Vacation Club at Twin Peaks has a very strong asset in the unencumbered value of our building, the five units at Northstar and our overall membership base.
The Board is investigating the amendment to the Bylaws as it relates to the co-mingling of funds. Timeshare-related laws and regulations generally focus on Conflicts of Interest – particularly as that affords timeshare sellers the motive and opportunity to divert timeshare maintenance/operational funds, paid annually by the interval/timeshare owners, to corporate or personal interests (i.e. the sales and profit side of the timeshare business). Your current board, now comprised solely of WVC/TP members, is already communicating with regulatory and CONSUMER PROTECTION agencies in both Canada and the State of Washington in this regard – and will present a status report at the special meeting on November 20, 2010. For those members whose residence is in another state, we will have recommendations relevant to the pros and cons of filing complaints with the attorney generals of those states.
The new Leadership Team of Whistler Vacation Club has worked to ensure that the Clubs’ management is improved; there is no longer a conflict of interest, looks forward to an increased equity position for all Members and improved Member experience.
For the first time in the history of our Club, we are in a position to manage ourselves. The future of the Club is in our hands and therefore the Board of Directors requests your attendance at the Special General Meeting, or your proxy.
BOARD RECOMMENDATIONS:
● Approve the Special Assessment to raise enough money to cover the operating budget for the remainder of the fiscal year and maintain the Pre-Paid Maintenance Fees for 2011 and 2012.
● Approve the Amendments to the Bylaws.
● Approve the Amendment to the Articles of Incorporation.
Please find attached the following:
● Statement from our legal counsel, Fraser Milner & Casgraine LLP (FMC-Law)
● Statement from Deloitte & Touche LLP Accounting Company
● The Board’s estimated cash flow for the period to December 31, 2010
● Special Levy
● Articles of Incorporation Amendment Resolution
● Proxy Forms
Our future is up to you - the membership of Whistler Vacation Club at Twin Peaks. It is important to you and for your investment to be in attendance at the Special General Meeting or provide your proxy.
For the approval of the Proposed Resolutions, a 25% vote of all owners in favor is required. Please complete the attached Proxy Form and return via fax or email to the Whistler Vacation Club- Twin Peaks office.
The Board thanks you in anticipation…
Sincerely,
Your Current Board of Directors
Mike Creighton - President
William Graf – Vice President
Marlene Scott – Secretary
Treasurer Gordon Yam - Director
*Dan Sockle - Director
*A Director was appointed to the Board in accordance with the Bylaws, by the Board on 10/29/2010.
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