Former club members and the former owner of the now-sold Indies Suites timeshare property have reached a settlement on their dispute, said Indies Suites spokesperson Diana Cole on Tuesday.
‘Every petitioner supporter, except 20 – and they are probably not home – have agreed to the settlement,’ she said.
Of the petitioning club members who had been contacted, none had refused the settlement, Ms Cole indicated.
Ronnie Foster, and owner of Brac Construction Ltd., which owns all of the shares of Indies Suites Ltd, confirmed some of the details of the settlement.
‘All monies received from both the insurance settlement and from the sale of the property have now been allocated to every member of Indies Suites in good standing,’ he said. ‘This has been a long process, and I believe this was accomplished in the fairest way possible, given the circumstances.’
Ms Cole said the allocated funds would be distributed to the club members after they mailed signed and notarised agreements.
Indies Suites was severely damaged during Hurricane Ivan.
It turned out to be about 50 per cent underinsured. Citing insufficient funds to rebuild Indies Suites themselves, the owners eventually sold the property to St. Matthew’s University School of Medicine for use as a dormitory.
Two club members, backed by 175 supporting petitioners, brought a Grand Court action and were successful in obtaining an order for the official liquidation of Indies Suites last year.
That order was overturned by the Court of Appeal in November 2005.
A new petition was brought by the same two people in December, but the recent settlement was reached before that matter went to Court.
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