Managing Member of Timeshare Compliance 'Collaborative Administrative Trust' (CAT) Records $205M Lien Against Major Timeshare Developers.
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| Rich Folk (left) James Wilson (right) trustees of Timeshare Compliance (Image/Timeshare Compliance) |
Collaborative Administrative Trust (CAT), the managing member of Timeshare Compliance LLC, recorded a "perfected" lien of more than $200 million against five of the biggest timeshare resort developers, a major success that could help recover hundreds of thousands of dollars to further assist timeshare owners who were victims of immoral sales trends.
In late August, the lien included some of the biggest names in the timeshare resort business, including Orlando-based Travel & Leisure Co. (TNL), Orlando-based Wyndham Worldwide Operations Inc., Orlando-based Hilton Grand Vacations Inc., Las Vegas-based Diamond Resorts Corp., and Boca Raton, Florida-based Bluegreen Vacations Holding Corp., according to Timeshare Compliance LLC co-Trustee Rich Folk.
"This was a four-year battle between David and Goliath, and this 'perfected' lien is a major success for our clients against these resorts and their representatives," said Folk. "Despite overwhelming odds, we never stopped fighting for our clients because their trust means everything to the company."
Mr. Folk said that a "perfected lien" means that CAT/TSC's lien as a creditor has the highest priority of all professional liens, including mechanics liens and subsequent liens filed.
"The perfected lien cannot be ignored or sidestepped," Folk said. "It also means all the facts about unfair business and marketing practices by some of the most notorious players in the industry used to tie buyers will be available for all to see," said Folk. In addition, companies that are publicly traded must disclose the presence of the lien to shareholders and the Securities and Exchange Commission (SEC).
A UCC lien is also filed extra-judicially, which means the courts do not need to accept approval for the lien and there are no court filings required, which means the participants involved can find resolution outside the court, said Bo Wilson, TSC's co-Trustee.
"The company has remained the advocate of choice for consumers who feel like they were taken advantage of by timeshare developers," said Wilson. "Timeshare Compliance has achieved resolution for thousands of dissatisfied timeshare owners. We will continue to fight and advocate for our clients, and this successful lien against these developers is just another way we are taking the challenge to them in unconventional ways."