RRG used all the money owed to them as I see it - on the never collected AMF's on the units they were to have sold. RRG used this as leverage and even threatened bankruptcy, strong-arming the TAPRC Board into the agreement we have today...
You see there were other more favorable deals by other companies to save the resort presented by a few board members that were more favorable then the one we were getting from RRG. One offer was not to give voting rights just a right to sell / rent. A management agreement with not the 10% fee we now pay, but only 7%. RRG had won their war and wormed they way into what we now have...Email by yet another past TAPRC Board member. Confirming most of this.
1: New 10 year Management agreement.
2: Development agreement. (The Marina Residences).
3: FIP Purchase agreement. (The 4004 votes that RRG now controls).
The new Management agreement I understand has been changed from the 10 year agreement when Richard Sutton was chairing the TAPRC Board - to what is now a 20 Year agreement.
The Development agreement was not to have blocked any owners views when it was first presented to the board and owners. Now that too has been changed and some 12+ units will be totally blocked and another 12+ units will have partially blocked views. This will represent some 24+ units times the 52 weeks per units = 1248+ unit weeks owned by owners that have seen and help the resort by sending in all the fee's when asked... Yet none of these owners are being offered any restitution in any form! I am not the only disgusted owner! Read the 2006 RRG Board run Management Position Statement.
The 4004 voting block units are now used by RRG / FIP/ TAPRC to further their collective agenda... Now what I question is how was it that RRG / FIP was able to sell out all of these units in a short time, less then a year, but couldn't do it when we owned them??? Remember this is what they used as leverage to gain control of the resort. These are the same units they charged the 10% fee's on in their management agreement that we
ended up owing them more then $3,000,000.00 on??? Reason stands that RRG had the ability to sell these units when they first came on board as our management company, but didn't as a way to gain control of the resort... Very smart - it cost them nothing out of their pockets, only paper money in that term and picked up a $65+ million dollar resort in doing so!!!
The History of the Pelican Resort Club, St.Maarten
The main goal of this site will be to keep owners informed of past and future events of the resort. More sites – links and comments will follow so be sure to check back often. I have tried really hard to be factual on the events posted below. I ask all of you to help keep me straight on these issues below and what issues may follow. In all fairness I had given up on Pelican just after the take over by RRG in the way of the voting rights they are in possession of. I had hoped they would do the right thing and listen to what owners wanted. After ten years we are no better off then we were since first hiring RRG. In my opinion we are heading for another bankruptcy. History is repeating itself if one would only open their eyes to see. Is it greed and or corruption at foot here, I can’t say for sure. Let me ask you this if I may? At the Annual General Meeting of last Dec 2006 with 2 lawyers, accounting firm, RRG, TAPRC and Judy Young present they in fact tried to use the 508 FIP votes of units in default. Had they used any of these same-defaulted on unit votes any prior years? Now that has to make some of you wonder – just who is looking out for us owners? I don’t just make this stuff up. This type of thing has been going on since day 1. Just look up St.Maarten on the U.S. Department of State. They warn of a large number of complaints about misuse of maintenance fees. Is this true, I think we need to find out. Lets all help each other in getting to the truth here.
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Sunday, June 10, 2007
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