Wyndham, Hilton, Diamond Properties Could Be Hit with Millions in Creditor Payments
CAT/TSC’s ‘Perfected Lien’ Means Victory for Timeshare Resort Sales Victims
ALISO VIEJO, Calif., Nov. 4, 2023 /PRNewswire/ — CAT/Timeshare Compliance LLC, the leading timeshare exit company and industry watchdog, successfully recorded a “perfected” lien of more than $200 million against five of the biggest timeshare resort developers, a victory that could help recover hundreds of thousands of dollars to further assist timeshare owners who were victims of unscrupulous sales practices.
The lien, following best practices of the Uniform Commercial Code (UCC) filed and accepted by the Nevada Secretary of State in late August, includes 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 victory 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 us.”
Folk said that a “perfected lien” means that CAT/TSC’s lien as a creditor has the highest priority of all commercial 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 sales practices by some of the most notorious players in the industry used to trap buyers will be available for all to see,” said Folk. In addition, the companies which 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 grant 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.
“Timeshare Compliance 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 fight to them in unconventional ways.”
– Editors and producers: For a phone or TV interview with Rich Folk or Bo Wilson please call Rachel Tuhro.
Timeshare Compliance has an A+ rating with the Better Business Bureau (BBB) and a score of “EXCELLENCE” on Trustpilot.com.
SOURCE Timeshare Compliance