Wyndham, Hilton, Diamond Properties Could Be Hit with Millions in Creditor Payments
CAT/TSC’s ‘Perfected Lien’ Means Victory for Timeshare Resort Sales Victims
ALISO VIEJO, Calif., Nov. 4, 2023 /PRNewswire/ — CAT/Timeshare Compliance LLC, the main timeshare exit firm and trade watchdog, efficiently recorded a “perfected” lien of greater than $200 million in opposition to 5 of the largest timeshare resort builders, a victory that would assist recuperate lots of of 1000’s of {dollars} to additional help timeshare house owners who have been victims of unscrupulous gross sales practices.
The lien, following finest practices of the Uniform Commercial Code (UCC) filed and accepted by the Nevada Secretary of State in late August, contains a few of the greatest names within the timeshare resort business, together with Orlando-based Travel & Leisure Co. (TNL), Orlando-based Wyndham Worldwide Operations Inc., Orlando-based Hilton Grand Vacations Inc., Las Vegas-based Diamond Resorts Corp., and Boca Raton, Florida-based Bluegreen Vacations Holding Corp., in line with Timeshare Compliance LLC co-Trustee Rich Folk.
“This was a four-year battle between David and Goliath and this ‘perfected’ lien is a significant victory for our shoppers in opposition to these resorts and their representatives,” stated Folk. “Despite overwhelming odds, we by no means stopped preventing for our shoppers as a result of their belief means every little thing to us.”
Folk stated {that a} “perfected lien” signifies that CAT/TSC’s lien as a creditor has the very best precedence of all business liens together with mechanics liens and subsequent liens filed.
“The perfected lien can’t be ignored or sidestepped,” Folk stated. “It additionally means all of the details about unfair business and gross sales practices by a few of the most infamous gamers within the trade used to entice consumers will probably be available for all to see,” stated Folk. In addition, the businesses that are publicly traded should disclose the presence of the lien to shareholders and the Securities and Exchange Commission (SEC).
A UCC lien can also be filed extra-judicially which implies the courts don’t must grant approval for the lien and there aren’t any courtroom filings required, which implies the members concerned can discover decision outdoors the courtroom, stated Bo Wilson, TSC’s co-Trustee.
“Timeshare Compliance has remained the advocate of selection for shoppers who really feel like they have been taken benefit of by timeshare builders,” stated Wilson. “Timeshare Compliance has achieved decision for 1000’s of dissatisfied timeshare house owners. We will proceed to struggle and advocate for our shoppers and this profitable lien in opposition to these builders is simply one other approach we’re taking the struggle to them in unconventional methods.”
– Editors and producers: For a cellphone or TV interview with Rich Folk or Bo Wilson please name Rachel Tuhro.
Timeshare Compliance has an A+ ranking with the Better Business Bureau (BBB) and a rating of “EXCELLENCE” on Trustpilot.com.
SOURCE Timeshare Compliance
