Owners » February 15 AMF Due

February 15, 2010

Dear Aruban Resort Fractional Owners,

I want to thank those of you who have already paid your 2010 Annual Maintenance Fees. We are making significant progress in reopening the resort.  So far we have:

  1. Won the court decisions allowing (us) timeshare owners to call for Extraordinary Meeting, and among other business remove KL from the Board and elect our own Board Members.
  2. With the help of Royal Resorts, sent out the Convocation for the Extraordinary Meeting and posted the information on a new website of our control www.aruban-resort.com.
  3. Won the court decision requiring KL enter into Interim Management Agreement with Royal Resorts and the failure to do so within 24 hours gave (us) time share owners the right to enter into the Interim Management Agreement with Royal.
  4. Received all keys of property from the Bankruptcy Curators and begun initial inspection of our resort including all villas and infrastructure.
  5. Executed Interim Management Agreement with Royal Resorts (signed by timeshare owners, and Curators with Royal).
  6. Taken control of our so-called “escrow account” at Aruba Bank that many owners have been depositing their 2010 AMF.
  7. Begun cleaning and repairing the pools and sewage system.
  8. Continue work to finalize government-backed start up loan of US$750,000 through Aruba Investment Bank (AIB) and restoring electric, water, and telephone services.

Royal Resorts corporate staff has been working alongside key employees including Lica Galliano, John Bermudas, and Raysa de Cuba to get our resort open as soon as possible.  We will be holding the Extraordinary Meeting on Monday, February 22, 2010.  Complete details of the Extraordinary Meeting, AMF payments, and other important owner updates may be found on our new website www.aruban-resort.com.  We hope you will attend the Extraordinary Meeting, but if you cannot attend I strongly urge to participate by proxy.

We need all owners to pay their 2010 Annual Maintenance Fees (AMF) as soon as possible.  The forms and instructions may be found at our new website www.aruban-resort.com.  We will be granting a very short grace period to pay without late fees.  Please help us all by reviewing the information and paying your AMF today.

Thank you all for your help and support.  This has been an astronomical challenge and we are now taking control of our resort.  I am looking forward to working with every owner as we create our own security in the protection of our Aruba home.

Sincerely,

John Cole
Acting Timeshare Owners Representative