An interesting message in my in-box today - and worthy of sharing with you I think.
" Ted, thank you for digging into these outrageous legal fees. The only people getting the advantage with these PAID fees are:
1. the corporate attorney
2. the BOD members being supported by the opinions and actions
3. any large shareholder whose interests are in-line with the BOD President.
People, please wake up and smell the scalding hot "Maple" java being thrown in your face! The elected President of YOUR organization is using his position to better his personal wealth and well being. He is also using all of Coral Beach contacts and assets to further his endeavors:
1. Corporate attorney
2. Coral Beach property:truck, electronic office equipment, telephone and wire service, mailing service, contractors on his soon to be double unit penthouse,
3. Large shareholders-his friend and backer of the Queens Highway store.
4. Potential TIMESHARE corporate conversion with 50.1% ownership. This is a REAL possibility. A TIMESHARE organization would enable Bruno to SELL 50 out of 52 weeks (2 kept for repairs & maintenance) a year for possibly 10,000 each, and after the timeshare period expires (20 something plus years) the units revert back to him.
5. Condo unit purchases and transfers: how many units does he really own now? Is it three or four with Sandra? Or many more that have not cleared the registry in Nassau or been recorded and told to the owners.
6. He buys units for 52 or 55K from Coral Beach, remodels them and then nets approximately $400,000 to $500,000 PER UNIT after selling the units via a management office of a local businessman.
7. This is not far fetched. All he needs is to control 50.1 % units of entitlement.
PLEASE PLEASE PLEASE----TALK to the people at CB who OWNED at SILVER REEF just down the beach!! ie. Frank B.
PLEASE WAKE UP AND SMELL THE "MAPLE" COFFEE before it BURNS and SCARS YOU and your hard earned RETIREMENT... "
Posted anonymously of course -
But I have a question here - so what if CBH becomes a time share? Doesn't that mean we can all make $400,000 +, or are only certain owners allowed to join in the fun? What happens to those who don't want to join in? After all the fuss and bother with the rental group last year and the resulting drop in the number of Owners renting their units even intermittently, how can the BOD suddenly want to see hundreds of 'outsiders' wandering around the place all year? On top of that, the general reputation of time share investments is negative anyway and surely any potential investor looking at a unit at CBH will notice the run down interiors and the still-hurricane damaged airways, the stained ceiling tiles in the lobbies, the peeling plaster around the hallways too. Can someone explain all this to me?
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7 comments:
What scares us is that the board members will not even speak until they get the okay from Bruno.
Are they all in the timeshare together. Big $$$ will make strange bedfellows..
That is why he wants to be re-elected so badly.
That is why Tiffany D. is not working with the Coral Beach owners anymore.
This is enough to sway my vote to the other individuals who I do not know very well, but certainly can do a better job then this.
WEBMASTER www.coral-beach-hotel.com
Timeshare Act and Timeshare Rules are now on the site under Governing Docs.
I spoke fleetingly to Frank B about the Silver place - and he said it was not ever a time share - I am waiting to be told how money is made out of time share to the detriment of Owners. Help me understand if you can!
I was an owner at Silver Sands. This was an entirely different spin. We bought there and enjoyed the place for about 5 years rented it out to many friends, and then sold low - because we could sell, we had deeds, some owners did not have clear deeds. The person who took over the 50% @ auction made a number of mistakes with management choices, we all could have lived harmoniously, but that was not to be...many people do not know how to live in a condo community, for some - this art of condo living becomes "war".
Turning Coral Beach into Time Shares for the benefit of the few
could be achieved by:
1. arranging to control 50.1% of the votes
2. disallowing rental privileges due to conflict with Time Share rules
3. force owners to sell low just to get out by:
a. allowing leaks to deteriorate the buildings from within
b.turning off the water, electricity to apts of owners they do not want to stay, claiming they "weren't following the rules"
c. mismanaging/spending Coral Beach monies until bankrupt, then buying it out of receivership and, having 50.1% of the votes, giving approval of purchase to the person or persons of their choosing
d. building the fourth building on the beach by selling timeshares for the proposed building ( the current pool bar can't be rebuilt because it would be in the way of that 4th bldg)
IF THIS SOUNDS LIKE A FAR FETCHED FAIRY TALE, REMEMBER: how one of last years slate tried to tell the owners about the architectural rendering that exists of that 4th building,but she was shouted down by one of the board's shills; the architectural rendering of the new pool bar that will be relocated; Phil's open discussion of the proposed 4th building with many owners; how the Board turned off the electricity in the apartments of several owners for MONTHS claiming they broke the rules and the rest of the owners remained silent. Understand, that the spoils will definitely not be shared with all owners. I am sure others can come up with other potential scenarios for turning Coral Beach into timeshares. Perhaps they can also respond.
Return these people to office at the risk of your own investment at Coral Beach. The writing on the wall is very clear.
I would like to add to the ways Anon listed to turn Coral Beach into Time shares;
drive out current owners by assessing them to death and at the same time preventing them from renting in order to be able to pay the assessments. This would mean many owners would have to sell under duress and at a lower than desired price.
Also, if a lot of owners all tried to sell at the same time, like rats leaving a sinking ship, it would drive down property values very quickly. Whichever way you look at it, another year of this board spells disaster for Coral Beach, no matter what they are promising people in order to get their votes.
Gee, do you suppose the reason the Board is selling the hotel units and waging war against many of the renters is so they can qualify for TimeShare status?
Other owners have been allowed to rent(wink, wink) without persecution because the Board must gain their confidence and support to maintain power-but just wait !You will see how true the words are that have been written on this blog are
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