LTTravel

Can't speak for him but he said he spoke to other members and to management. Have you tried to speak to management and other members?

Aladdin69

I spoke to management, at all levels!! Got several versions of the "corporate line", and Rah rah Rah Sign now... or sit in the corner
I really haven't spoken to the members.... I was hoping to meet some in this forum ! My guess is that many are trying for the "one off", deals rather than joining a class? The old "divide and conquer", deal
Contrary to some of the info posted here... my "Dream Team",of Pit Bulls thinks that there are several ways to approach this with management that may change their minds In my neighborhood, when someone knocks you down and steals your $$$.... you find them and KICK THEIR BUTT!!!

bluebell40

I haven't seen any posts for awhile about this...Has anyone had any information about whether they will get any money back if they resign Private Escapes now and does not sign any documents. We were told that they would have to figure out how to do that.

Aladdin69

Seems like everyone has gone silent on this issue? I was told that UE would not be responsible for any redemptions by defector PE clients! They would have to settle with PE, out of assets within the PE club? Nothing specific, and no figures mentioned. IF... you're NOT going to sign, it would be a good idea to follow up on that, or join the other defectors in a suit against them!

LTTravel

Have you resolved the issues and decided to sign? Just curious.

retiredbanker

Sorry if I am late to the party, but I only found this site yesterday. I have been a platinum member for over 2 years, and had enjoyed our experience until recently. I believe what the company is attemting is wrong, trying to transfer many economic risks onto us, who are unsecured creditors of the company, and lacking in legal basis given pre existing contracts. I am not a lawyer, but have spent much of my career with documents and lawyers. Thus, a personal review caused my initial consternation. Having subsequently discussed with 2 separate attorneys, I am comfortable with my analysis, and have communicated same to the company. We have 3 sets of documents, an Agreement, Offering, and Rules and Regulations. The only thing, in my view, that the company can amend, without our consent, is the Rules, which they did already in 2007. Beyond the documents, are the repeated statements by management that your "economis will remain the same", if you desire to stay a legacy member. That is patently in correct if you sign their amendment. Having communicated with one member yesterday, he advised he had signed the docs based on Richard's representation, and did not even know about the "succession fee" concept. As an aside, isn't that a nice ticking time bomb.

bluebell40

We have not signed yet. They have said that we would get our money back but they don't know how that would happen. All they have to do is figure is out. Do you know how many members there are who don't want to sign? How is PE going to have any assets after the merger? We, personally, would like the money back, not to pursue a law suit that probably would drag out for years with perhaps nothing to gain if Private Escapes no longer exists and they have no assets. What makes you so convinced there is anything there?

bluebell40

What is the succession fee concept?

Aladdin69

Are you saying that you want out, and will accept what they will "ultimately", pay you?
Have they suggested what amount they will offer, and where they will get it? Have they indicated how many others will not sign, and how that may affect their ability to close-out current PE non-compliant members? I think they are counting on the "divide and conquer", strategy:-) YOU WILL NOT GET ANY DETAILED INFO from PE!! They know you don't want to file suit, they know you don't want to be bothered by this, they know most folks will just ramble on for a few days .... and then sign!! It's the easy way out:-)_
Keep 'em deaf , dumb and blind.... they'll comply!! Not a new management strategy!!

retiredbanker

As I said at the outset of my initial comment, I am new to this forum, so forgive me if it is unclear whether any subsequent postings were intended for me. In the event they were, I will add some additional comments.

I do not want out, but am very concerned about what Rich and friends have proposed. I don't know if some of this may be directed by his new partner Jim, but it is not what I signed onto. As to PE, I was specifically told by the company that only one asset remains, namely the Charleston property. PE was merged into Ultimate, and again in conversation, it was acknowledged that all other assets and LIABILITIES were assumed by the new entity. Were that not to be the case the PE members would have a good case for a "constructive fraud", a legal term with which I have familiarity given my business background. So the PE members can look to the new entity to satisfy any "claims". Remember, I am not a lawyer, but have been accused of beiing one by others.

Someone asked the question, "what is a succession feee?". I must respectfully question whether the person has read the documents given to us. It also does present another avenue of legal redress as the company did not clearly identify the changes. To the questioner, please refer to the bottom of page 17 and on to 18 of the Club Membership Agreement. And to anticipate a question, yes it does apply even if you are only signing the Addendum.

Finally, taking an opposite view to a comment posted some time ago, which I read last night, I do think one could find a Contingency attorney for this matter.

Aladdin69

The question is... now what?
The new extended deadline for compliance is Sept., 15th. Right around the corner!
Fact is... UR bought PE! They will take the former UR clients and the "compliant ", PE clients into the future.... with all the financial obligations and new documentation they will need to make whatever changes to member charges they choose:-( PE has abandoned the rest , who may choose not to go along for the ride? Based on whatever assets they have left, and how many defectors there are, they will determine how much they will pay out! Kinda like..."damned if you Do, and Damned if you Don't" :-( BUT... the good news is that Richard and other top management from PE, will be well taken care !!
Jim will take the new , more financially streamlined company forward , and offer it up to the highest bidder sooner or later:-0 ) I wonder if we will get a Thank You card !!

Aladdin69

ultimate insists that they WILL NOT be responsible for the redemption of the members that do not sign?? I guess they could be wrong? I doubt Charleston will be enough to satisfy ALL the defectors redemption requests! AND.... while you are waiting, you do not get any benefits after 12/31/08:-( Whomever is going to pay you .... you are going to sit a long time with no benefits and no $$$ . Sounds awful threatening .... I wonder if that could be their strategy:-) HHmmmm

DC Skeptic

Removed by author

Kagehitokiri

why do some people seem to be claiming that if one resigns (instead of signing new terms or converting) one dont get their deposit back?

retiredbanker, its interesting your attorney sees a potential case. i believe it was Very Generous One who said the attorney they spoke with was not optimistic. i would certainly hope the new terms are negotiable, whether through legal or other means, because of some of the financial concerns raised here. on the other hand, when quintess acquired LRW, LRW members lost unlimited use. they didnt have the choice to keep unlimited use with new terms, as PE members do. i cant imagine those LRW members would have chosen not to file suit if it had been possible.

Aladdin69

I'm not sure the specifics of the LRW deal are similar to the merger of UR and PE? This was NOT a rescue or a bailout, but a deal to take the best of both these clubs and combine them for the benefit of the members collectively!
The financial concessions made by members of many of the failed clubs in the past have been to survive !! I don't feel this was the case with our merger?

Certainly , one of the biggest errors in the PE/UR deal was the lack of communication with the members of both clubs, and the lack of transparency , and honesty between club members and management?

As for the legal issues.... I think "VGO", suggests the his attorneys would not take the case on a contingency!! That is a rather broad and somewhat misleading statement! I have spoken to some of the BEST guys in the Best firms.... They have lots of ideas and opinions . Some of which would involve contingency... but others, that may be more beneficial and effective involve actually paying the bill!! Sometimes, you get what you pay for:-)

Retired Banker asks about the legality of some of the terms of the new docs?
In contract law.... people often agree on terms and conditions that do not involve actual legality, but what the 2 parties intend to accomplish! If the parties agree and sign the deal.... it's legal!! Doesn't mean it has to be fair to both parties, or even that is has to be reasonable....just agreed to!!
If you sign the docs prepared by UE, and they sign them.... it is legal! Not necessarily fair or reasonable.... but legal!! They are counting on the members to be confused and unhappy, but are betting they will sign, rather than fight!!
So far.... I think they 're right?? By keeping the specifics a mystery, and making things a blur.... they figure we're all lazy and bizzzy with our lives, so we'll suck it up and sign!!!

I think it is time to "Put up... or Shut Up"!! AS a minimum... force them to disclose all the aspects of the deal that are confusing to the members, and allow the members to retain counsel to represent their interests !!
What's the big rush.... They delayed the merger by 8 months, now they want us to jump thru hoops?? Shouldn't they be shooting for 100% member satisfaction??

Desties

Does anyone know if the LRW members that didn't agree with the new terms were cashed out?

As upsetting as many of the PE Legacy changes are, I personally find them doable. It's just me, and I'm one voice out of 450. However, the recent implications in this thread where some have been led to believe that they may not be made whole on the cashout process if they don't sign on -- if true -- is coercive and highly unlikely legally.

PE didn't file for bankruptcy. It's not as if the names on the resignation list or tho