Other Indies Suites members say they don’t support liquidation

Diana Cole, 
Indies Suites Sales Manager

Tuesday,  November 29, 2005

There are several Indies Suites club members who say they do not want to pursue liquidation, after the property was not rebuilt following its destruction by Hurricane Ivan in September 2004.

While some members would like to swap their membership with another timeshare on the Island, others say they would like to have the remaining funds distributed without legal or liquidation fees, many members have fond memories of Indies Suites and want to continue to visit and support the Cayman Islands’ economy. 

One club member, Dave Evans of Ormond Beach, Florida said that it is unrealistic for timeshare owners to expect to be fully compensated for their membership. 

“I live in central Florida, in an area that was impacted by three hurricanes in 2004, about the same time that Ivan struck the Islands,” said Mr Evans.

“The damages here were extensive and much remain un-repaired. Many things were changed forever by the storms. Yet what we experienced pales in comparison to the devastation in the Caymans. For the petitioners, or anyone else, to demand that they be fully compensated for any losses from the storm is not only unrealistic, but foolishly greedy.

“Indies Suites was a unique place. The facility and staff made it special to all of us who were fortunate enough to have stayed there. But nothing lasts forever. The club members, who legally are not owners or investors, should be satisfied with an orderly distribution of whatever assets that remain, and move on with their lives. Continued attempts to force otherwise will simply dissipate to the lawyers whatever resources are left.”

Barbara and Ted Janssen of Maryland said they too do not support the liquidation of Indies Suites.

“We received a letter from Ronnie wishing us happy memories,” said Mr and Mrs Janssen. “We certainly do have many happy memories of our time at Indies Suites and the great hosts that met us every year. We particularly remember Wednesday nights around the Flying Bridge bar feasting on Durty Reid’s barbecued chicken and ribs and the award-winning mudslides.

“Now it seems that the best course of action for us is to agree with the plan to distribute the insurance funds to all members, rather than attempt to swap Indies membership to other resorts. In this manner, we may see some small portion of our investment returned.”

On 18 November, the Court of Appeals overturned the liquidation of Indies Suites, which was supported by 177 of the 470 club members.

It was previously reported the remaining funds from insurance proceeds and the sale of the property to distribute to club members was CI$1.538 million, however, the funds are actually in US dollars. 

It was also reported by a source there were 2,000 members, but according to Indies Suites there are a total of 470 members. 

Indies Suites Sales Manager Diana Cole has received 150 emails from club members and said approximately a quarter of the members do not support the liquidation. 

“I have received a lot of emails in response to our website, and many of the members did not want to support the petition and were not even expecting compensation,” said Ms Cole.

“Many members still plan on coming to the Cayman Islands because they love this Island and wish to be part of the local economy.”

She said that many members would like to swap part of their Indies Suites membership with another condominium. Ms Cole is currently negotiating with a few resort condominiums on the Island to trade the timeshare with Indies Suites and she is optimistic about closing a deal. This will give club members a choice between doing a swap or having a part of the remaining funds distributed back to them.

“I am updating our Indies Suites website on a weekly basis to let club members know where we stand on Indies Suites and the progress we are making to get funds to them,” she said. 

In a previous interview with Indies Suites, Managing Director Ronnie Foster said the reversal of the liquidation was a victory for club members.

“I hope to settle the claims so that members can get 100 percent of the money that is being held by the court,” said Mr Foster. “I don’t want (timeshare owners) to think of this as a loss.

“Not putting the company into receivership will allow us to disburse the money solely to them. It will put a stop to having the funds being bled out from the company by fees to liquidators and attorneys.”

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