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*Andrea J.* · 01-05-2010, 07:23 PM

from john cole's web site www.thearubanforum.com
this post is not very optimistic
john cole's most recent post

Dear members, Today was our day in Court. The outcome was that the hearing would be postponed until Thursday at 3 P.M. The then judge would not rule on the case until Wednesday January 13. Intervention was allowed by Wells Fargo Bank who acts on behalf of the bondholders.

My opinion is although they understood the management company was willing to come in until a General Meeting was held, they did not see the wisdom in opening the resort. They felt that a minimum of security could be kept to maintain the resort.

In all honesty, I do not see an immediate solution unless the Government of Aruba steps in along with Aruba Investment Bank. There is a meeting tomorrow with the curators our lawyer and the lawyer of Wells Fargo. In the afternoon, there will be a meeting between this group the minister and AIB bank.

At 8:30 A.M. I have been requested to meet with Minister Oduber and his assistant. I feel that if no solution comes from these meetings tomorrow, it is reasonable to assume, that the resort most likely will be maintained only to the point to protect the grounds until it is sold.

We will see if there is a positive reaction tomorrow, but at best the resort would not open fo at least a couple of weeks. I will try to pursuade the Minister to pave the way for AIB to assist. The curators although are capable Attorneys, I sense they do not have the knowledge of a timeshare operation.

I wish I had better news, but my hopes are now diminished. I will fight until I feel it is of no longer beneficial to do so.

01-05-2010, 07:23 PM	#22 (permalink)
Andrea J. Aruba since 1979 Moderator Join Date: May 2007 Location: renaissance island, eagle beach, amsterdam manor/passions beach bar, Hung Paradis, alto vista chapel, madam janettes, big porch at B55 Posts: 13,251	PLEASE See Here for ARUBAN Resort Info from john cole's web site www.thearubanforum.com this post is not very optimistic john cole's most recent post Dear members, Today was our day in Court. The outcome was that the hearing would be postponed until Thursday at 3 P.M. The then judge would not rule on the case until Wednesday January 13. Intervention was allowed by Wells Fargo Bank who acts on behalf of the bondholders. My opinion is although they understood the management company was willing to come in until a General Meeting was held, they did not see the wisdom in opening the resort. They felt that a minimum of security could be kept to maintain the resort. In all honesty, I do not see an immediate solution unless the Government of Aruba steps in along with Aruba Investment Bank. There is a meeting tomorrow with the curators our lawyer and the lawyer of Wells Fargo. In the afternoon, there will be a meeting between this group the minister and AIB bank. At 8:30 A.M. I have been requested to meet with Minister Oduber and his assistant. I feel that if no solution comes from these meetings tomorrow, it is reasonable to assume, that the resort most likely will be maintained only to the point to protect the grounds until it is sold. We will see if there is a positive reaction tomorrow, but at best the resort would not open fo at least a couple of weeks. I will try to pursuade the Minister to pave the way for AIB to assist. The curators although are capable Attorneys, I sense they do not have the knowledge of a timeshare operation. I wish I had better news, but my hopes are now diminished. I will fight until I feel it is of no longer beneficial to do so. Last edited by Arubalisa; 01-08-2010 at 07:57 PM.