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Thread: Aruban Resort and Casino Information

  1. #101
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    Apr 2010
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    Aruban Resort Timeshare?????

    Hello all,
    Just a few days ago while booking flights for my family and I, I happened across the astonshising news of the closure and bankruptcy of the Aruban Resort, especially that while on vacation last July 2009 I purchased a 2 bedroom/week 27/Unit #5510H. Besides this upsetting news Iím also disturbed at the fact that while I continue to make my monthly payments along with the maintenance fee not once did I receive any letter or notice of this situation; it took a forum like this for me to get the news as to what happened and what will happen.
    Iím sure like many others I have many daunting questions, can anyone answer these few:
    -Do I still have a deed?
    -Do I get a new deed with the new ownership?
    -Who do I contact?
    -Can I stop further payments and walk away with a loss?
    I like to add that Aruba is a very beautiful paradise and this is a great siteÖ.thank you!

  2. #102
    Aruba since 1979
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    Andrea J.'s Avatar
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    johnblaze pls visit the site and muddle thru the nonsense and see if you can find the legitimate posts
    http://www.thearubanforum.com/viewtopic.php?t=957

    i do know that many are "walking away"
    but if you are making payments you cannot risk your credit history.

    the resort apparently will be auctioned in early may and that is a good thing.

    pls visit the arubanforum site

    andrea
    Quote Originally Posted by JohnBlaze View Post
    Hello all,
    Just a few days ago while booking flights for my family and I, I happened across the astonshising news of the closure and bankruptcy of the Aruban Resort, especially that while on vacation last July 2009 I purchased a 2 bedroom/week 27/Unit #5510H. Besides this upsetting news Iím also disturbed at the fact that while I continue to make my monthly payments along with the maintenance fee not once did I receive any letter or notice of this situation; it took a forum like this for me to get the news as to what happened and what will happen.
    Iím sure like many others I have many daunting questions, can anyone answer these few:
    -Do I still have a deed?
    -Do I get a new deed with the new ownership?
    -Who do I contact?
    -Can I stop further payments and walk away with a loss?
    I like to add that Aruba is a very beautiful paradise and this is a great siteÖ.thank you!

  3. #103
    Member
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    Sep 2007
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    LaCabana Crystal Casino California Lighthouse El Gaucho-Garafu's Chez Matilde
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    Aruban-Resort

    Hello,

    We just booked our flights for October/November and stay at LaCabana for 7 days. We then usually switch the following week to the Aruban across the way. Does anyone know the status at present? We don't own and book through Hotels.com.

    Thanks for your feedback.

  4. #104
    Senior Member Liz - Aruba Lover's Avatar
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    The Aruban Resort is going to auction on May 6th.

  5. #105
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    Jan 2010
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    Does anyone has any information regarding the results of the auction on May 6th?

  6. #106
    Aruba since 1979
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    Andrea J.'s Avatar
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    the Aruban was auctioned on May 6.
    Icahn Group (Carl Icahn and others) bought the place for $20,000,000.

    Apparently there was only 1 bidder.
    There was some last minute maneuvering (day before) by some that were trying to get an injunction to stop the auction.
    The place was sold. :-) To a "reputable" group.

  7. #107
    Senior Member Bill's Avatar
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    Quote Originally Posted by Andrea J. View Post
    The place was sold. :-) To a "reputable" group.

    I hope and pray.

  8. #108
    Aruba since 1979
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    today's AMIGOE.com
    The Aruban Resort sold for 35 million
    6 Mei, 2010, 08:13 (GMT -04:00)

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    The Aruban Resort was auctioned today for 20 million dollars.
    ORANJESTAD — The American investment fund Icahn Partners purchased The Aruban Resort for 20 million dollars (35 million florins) during an auction this morning. This so-called hedge fund of billionaire Carl Icahn was the only bidder during the auction.

    According to John Cole, member of the board of the timeshare hotel, Icahn Partners – who already had a share in the timeshare hotel as co-owner – had requested the auction. “They indicated they wanted to develop the hotel further and build a new casino”, Cole told the Amigoe this morning after the auction.

    Summary proceedings
    Before the auction could take place, a problem between the timeshare owners and the new buyers had had to be solved first. There were still approx. 15,000 unsold timeshare weeks in the hotel that had to be brought into discussion. The timeshare holders and their board, united in a cooperative association, had instituted summary proceedings against the Wells Fargo Bank. This bank, which was contracted by Icahn Partners, became mortgagee of The Aruban Resort after KL Resort Development had gone bankrupt. This company had managed the hotel on behalf of the shareholders. Lawyers Arie Swaen and Winfried Kloes, curators in the bankruptcy of KL Resort Development had been summoned as well. The cooperative association had demanded – with a penalty of twenty million florins per day – that the unsold timeshare weeks would not be included in the auction. They namely wanted to claim these for themselves and in that, also secure their own purchased weeks. According to Cole, it mainly concerned the latter. “This was a matter of form. We wanted to be sure of our position as timeshare holders and had therefore instituted these summary proceedings.” Cole himself says he is happy with the auction and the buyer.

    Pulling one’s punches
    Parties had pulled their punches during the court case. According to lawyer Milly Schwengle, who acted on behalf of the cooperative association, Wells Fargo could not claim the weeks. KL Resort Development – in their capacity of timeshare owner – would be expelled from the association. KL, the largest shareholder in the resort, had supposedly not paid any maintenance costs for a long time. However, according to the lawyer of Wells Fargo, Jeannot de Cuba and curator Kloes, there could be no question of expulsion if KL Development had already been bankrupt before. According to them, there is not one single piece of evidence that KL Resort Development was a member of the association at all. They had also stated that regarding a bankruptcy, the statutes do not mention anything about the open weeks automatically falling to the cooperative association. Protection of the already sold weeks is taken care of through the so-called ‘non-disturbance’-clause of the timeshares.

    The judge rejected the demand. Granting would namely lead to depreciation of the mortgage right and furthermore, the mortgage deed is older than the statutes of the cooperative association. However, prior to the trial, the judge indicated that distinct legislation in the in his opinion ‘vague’ timeshare sector, would be in order.

  9. #109
    Senior Member Chip Collector's Avatar
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    Icahn is a big-time casino owner. Owns or has owned casinos (and attached hotels) in many major US markets.

  10. #110
    Senior Member DANNYO's Avatar
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    The Aruban Resort sold for 35 million

    The Aruban Resort sold for 35 million
    6 Mei, 2010, 08:13 (GMT -04:00)
    http://www.amigoe.com/artman/publish/artikel_72128.php
    Email dit artikel
    Print dit artikel
    The Aruban Resort was auctioned today for 20 million dollars.ORANJESTAD — The American investment fund Icahn Partners purchased The Aruban Resort for 20 million dollars (35 million florins) during an auction this morning. This so-called hedge fund of billionaire Carl Icahn was the only bidder during the auction.
    According to John Cole, member of the board of the timeshare hotel, Icahn Partners – who already had a share in the timeshare hotel as co-owner – had requested the auction. “They indicated they wanted to develop the hotel further and build a new casino”, Cole told the Amigoe this morning after the auction.
    Summary proceedings
    Before the auction could take place, a problem between the timeshare owners and the new buyers had had to be solved first. There were still approx. 15,000 unsold timeshare weeks in the hotel that had to be brought into discussion. The timeshare holders and their board, united in a cooperative association, had instituted summary proceedings against the Wells Fargo Bank. This bank, which was contracted by Icahn Partners, became mortgagee of The Aruban Resort after KL Resort Development had gone bankrupt. This company had managed the hotel on behalf of the shareholders. Lawyers Arie Swaen and Winfried Kloes, curators in the bankruptcy of KL Resort Development had been summoned as well. The cooperative association had demanded – with a penalty of twenty million florins per day – that the unsold timeshare weeks would not be included in the auction. They namely wanted to claim these for themselves and in that, also secure their own purchased weeks. According to Cole, it mainly concerned the latter. “This was a matter of form. We wanted to be sure of our position as timeshare holders and had therefore instituted these summary proceedings.” Cole himself says he is happy with the auction and the buyer.
    Pulling one’s punches
    Parties had pulled their punches during the court case. According to lawyer Milly Schwengle, who acted on behalf of the cooperative association, Wells Fargo could not claim the weeks. KL Resort Development – in their capacity of timeshare owner – would be expelled from the association. KL, the largest shareholder in the resort, had supposedly not paid any maintenance costs for a long time. However, according to the lawyer of Wells Fargo, Jeannot de Cuba and curator Kloes, there could be no question of expulsion if KL Development had already been bankrupt before. According to them, there is not one single piece of evidence that KL Resort Development was a member of the association at all. They had also stated that regarding a bankruptcy, the statutes do not mention anything about the open weeks automatically falling to the cooperative association. Protection of the already sold weeks is taken care of through the so-called ‘non-disturbance’-clause of the timeshares.
    The judge rejected the demand. Granting would namely lead to depreciation of the mortgage right and furthermore, the mortgage deed is older than the statutes of the cooperative association. However, prior to the trial, the judge indicated that distinct legislation in the in his opinion ‘vague’ timeshare sector, would be in order.
    Last edited by Arubalisa; 05-07-2010 at 06:41 PM. Reason: added source

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