I quote from the Cayman Compass paper:
Indies Suites petition filed December 14, 2005
Mr. Foster states ‘not sure what to make of the new petition, but that he was working with club members to resolve some of the claims.’
Comment: Mr. Foster is well aware of why the new petition was filed. At the very start of this mess we all got a letter months after the property sold, of course this sale happened without notifying any of the reported 500-plus now ex club members, that ‘everything gone and have a good life’. We were offered no type of settlement, cash or otherwise.
It has taken a group of over 200 ex-club members with legal action to get where we are today with the court holding some US$1.538M to be shared with all ex-club members not just those in our group.
The Court of Appeal allowed 30 days from 18 November for a re-filing of a petition before US$1.538 million held by the Court was released. Based on past history had a new petition not been filed, Mr. Foster, part owner of Brac Construction, which is the sole shareholder of Indies Suites Ltd., would have had free rein to apply to the Court for release of the money in question.
Where that money would have then gone is an open question. Mr. Foster failed to note that the legal counsel for the group of some 200-plus ex-club members group that brought the legal action that resulted in the US$1.538M now being available to ‘share’ has a set date in January 2006 to start and complete talks with him and/or his representative with regards to a final settlement as soon as possible.
Is he not aware of what his legal representative is doing?
Mr. Foster states ‘Club members were being offered two choices by Indies Suites Ltd., either a prorated cash settlement or a timeshare unit at Plantation Village. In the case of the latter, club members have to pay the difference, if any, between what their cash settlement would be and the price of the unit.’
Comment: Mr. Foster has failed to mention, as does the Indies Suites web site controlled by Indies Suites, as does D. Cole, who has lots to say with very little facts, what this investment will cost each member.
With the best situation the US$1.538M will mean each ex-club members getting around US$2,500 for each week they owned and for which the average price paid was around US$11,000.
So how much does a week at Plantation Village start at? If you access the web link provided by Indies Suites and onto Rates you get:—‘At Plantation village Beach Resort, our rates are dependent on the season in which our guests visit. Click on a time period below to see the rate sheet for that period.’ Guess what? The site has nothing to select for time period to get rates—what a surprise.
Oh by the way he did not mention that most of the time available to buy is summer months, with a few into early winter. The peak/high season weeks January through April are almost non-existence.
If it is such a good deal why does he not publish the number of weeks ex-club members have reserved rather than just ‘many of you have already reserved your week(s).’ And to top it all I quote:–
The reason we all purchase club membership at Indies Suites was because we would have the use of the facility for 99 years to avoid uncertainty.
Mr. Foster states although he did not know the exact number off the top of his head, Mr. Foster said more than 100 former club members had indicated their agreement to settle directly with Indies Suites Ltd.
Comment: Instead of quoting numbers off the top of his head, why does he not quote the exact number? Surely as a businessperson he has better control of the facts that guessing.
Mr. Foster states communications with Plantation Village have been very successful.
Comment: The same cannot be said of his communications to the ex -club members at Indies Suites. Remember he sold Indies Suites in January 2005 but told ex-club members to their faces and also posting on the Indies Suites web site up to April 2005 that was still trying to work out an insurance settlement so he could rebuild.
One last comment on a letter on the Indies Suites web site, I quote: ‘I was very disappointed to hear of the insurance debacle and the Indies was being sold. However, as a business owner myself I understand how things happen.’
– Dean Clemons, Club Member
If I am provided with the contact information by Indies Suites of this member I will happily at my expenses forward him and any others that have not yet seen the 26 page ‘First Report to the Creditors from the Liquidators’. Perhaps after Mr. Clemons reads the report he may want to reassess his comments.
Of course he presumably also received the now well known letter that ‘everything gone and have a good life’. Since he was so happy and understood the situation so well and never made any attempt to seek some settlement for his investment but was just happy to walk, will he agree to give up any part of the settlement that we all expect to get eventually? Feel free to give him my email address.
Roderic Broome,[email protected]