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Aruba Nights Island Guide
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Thread: bankruptcy declared on THE ARUBAN RESORT

  1. #1
    Aruba since 1979
    Andrea J.'s Avatar
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    May 2007
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    bankruptcy declared on THE ARUBAN RESORT

    from john cole's site

    Post subject: NOW IN HANDS OF CURATORS
    Dear Owners, At 3 P.M. today, the court ruled the entire resort now is in bankruptcy. The funding as promised yesterday never came to be.

    Prior, it was only the Sales & Marketing portion. Now it includes the Casino and the Operations or the asset portions as well. The curators have control of the resort except for the association.

    The court hearing tomorrow morning, will most likely determine the possibility of the resort to open in the near future. One of the Curators has asked to be allowed to attend the hearing. Of course it is our intent to show that as owners we can make good choices in selecting a temporary management company to properly run the resort.

    We expect a meeting will be called by the Minister to attempt to find a solution to allow Aruba Investment Bank to feel comfortable a provide some type of bridge loan to provide funds to open the resort. There is a very good argument that by not opening, will only cause a rapid decline in the equity of the asset.

    We will provide the name of Key Management Company with further support offered by Bluegreen. Key Management at a very low cost will handle the marketing and Bluegreen at no charge for up to 6 months at will assist in the operations.

    We will attempt to show that we believe after a couple of months, the hotel operation can break at least even and not deplete the funds. We will ask for the sum of $1,000,000.00 secured by the maintenance fees for a period of a year be made available.

    Part of the hearing will also provide the escrow account so that funds can be deposited immediately. The court hearing is at 9 A.M. and we have the results shortly after. If all of you owners that have expressed the willngness to pay their fees when secured, will show AIB that we are serious in our intent to get the resort open.

    The court will also be asked that the plaintiffs be allowed to convene the general meeting as was required by the previous ruling to dismiss the present Board and elect a new board. that new board would be in charge of the resort. At that point, that Board will have the right to continue with the temporary mangement companies or appoint a new one.

    All of the mailings will be handle by Bluegreen. They have the ability to obtain the up to date mailing lists. All of this will be finalized in the next couple of days and explained more fully then. I will update you as the events occur.
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  2. #2
    Senior Member purpleangel's Avatar
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    Jun 2009
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    Two words: bum-mer.
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