LETTER TO THE EDITOR

We want to come back year after year

Wednesday,  April 27, 2005

Dear Sir,

I read the article “Time-share owners left wondering” and, along with MANY other owners, we are concerned about our investment with the Indies Suites. 

Upon visiting just a couple weeks ago, I spoke to Ronnie Foster on numerous occasions throughout my visit. The short of it is that he said that there were insurance issues, Cayman General Insurance told him that he was under-insured and offered him a $700,000 settlement. 

Ronnie also said that the property was insured for $2.5 million. It would cost about $3 million to rebuild and that insurance was $76,000 dollars a year previous to Ivan and now would be costing $200,000 per year to insure. That amount “he didn't know if he could afford.” He had a hard enough time before with insurance rates. 

It was also said that he pays $30,000 monthly in mortgage payments on the Indies Suites – a second mortgage that he took out against the Indies Suites to build something else? 

Ronnie stated that he received an initial $200,000 which he had to pay all his employees severance pay, which employees have said that he has not done. He cleaned and gutted the Indies Suites as he was told to do. 

Now he says he is just waiting on the insurance money, which didn't seem all too promising that if he did get any money that he would even rebuild. 

I truly sympathize with Ronnie Foster about the situation; however he is burning bridges with a lot of people. I personally don't know him beside the contact I had with him two weeks ago, but I have no reason to trust someone who can't even give the investors which he says are friends, any updates. 

This may help in answering some of the questions that members of Indies Suites have. Many of us would like to know what rights we have in this; if you can share any information on that it would be appreciated. 

I do know one thing, EVERYONE I have spoken to would like to see the Indies Suites rebuilt. We so want to come back again and again year after year as we have in the past.

Melissa West

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