BWV, BCV, VWL, extension through 2057?

[simmons_m]

Hi All, I have seen the posts about OKW being extended through 2057. Has anyone heard if the other locations will have an extension offer?
Thanks,
Mike

BWV - passed ROFR, waiting to close later this month

 

[Sabor]

This is purely my opinion - But I don't think any of those will ever get an extension offer.

They will be able to assimilate those into the hotel operations with enough demand for the larger rooms that they should be able to book them to capacity for Cash.

Also regardless of the propaganda DVC will spit out I am sure the response to the extension was less than what they expected . Come 2042 they will have boatload of contracts expiring and "OWN" a ton of points that will be tough to sell for only 15 years.

On the other hand these points will really be useless to Disney if those three also expire ( along with VB and HHI) and they cant sell them within the grand scheme of DVC resorts to stay at and only SSR , AKV and Maybe BLT in the mix.

 

[Disney_Villain]

No news except for one thing: DVC will NOT offer the extension for VBR, but may consider it for the other resorts as they did for OKW (according to more than one DVC cast source, including at a town hall meeting at OKW last October).

 

[WALTSAGOD]

for one thing: DVC will NOT offer the extension for VBR, ).

WHY?

 

[Dean]

I would anticipate an extension for the rest of the on property options. Disney hasn't been very successful renting out the units they get for cash now, much less if the had all of them to rent out ongoing. Another factor is that DVC has evolved a pretty hefty infrastructure, one that would be difficult, if not impossible, to sustain at a livable cost by cutting the membership if half. I'd agree that the response to the OKW extension has been (predictably at the cost) less than what DVC anticipated but I'd say they're pretty stuck now. I also suspect they'll offer specials in the future where members can have a second chance at a price at or below (adjusted) what was offered initially. As for VB and HH, I think it's unlikely DVC will extend them and that they'll likely sell them off.

 

[LadyKay]

Hi All, I have seen the posts about OKW being extended through 2057. Has anyone heard if the other locations will have an extension offer?
Thanks,
Mike

BWV - passed ROFR, waiting to close later this month

I asked this question to my DVC guide and his response was "it's highly likely, due to the amount of members who took advantage of the OKW extension"
I hope so because I would jump on the opportunity to extend our newly purchased points at BCV.

 

[Lampman]

I would suspect that a year or two from now after all declinations have been obtained and all lawsuits have run their course. DVC will resell the ROFR'd OKW contracts... during the lull prior to BLT...however ... with a twist.

Once they feel that they have topped out in building new DVC's... the new game for them will be ROFR'd resales with 'rolling date' extentions.... in that way they never have to worry about entire resorts expiring AND have a guaranteed incrimental cash flow.

The first step was to offer everyone at OKW the extention (This will happen at the aothers once the OKW lawsuits have been completed and precedents have been set). The OKW owners either took it (the extention) or left it. Now Disney can move on to incremental extentions thru ROFR'd resales. The possibilities become endless for both the buyer and seller (DVC).

JMHO

 

[simmons_m]

Thanks all, I know this is really not a legal discussion board, but what is the basis of the law suits, at a (very) high level?
I would think the option to extend would be good for all, you either decide to do it, or not to do it. It would be something we would definitly consider doing based on our age and family, but i can understand why others may not be so eager.
Sorry if i am being short sighted or naive.
Mike

 

[Dean]

Thanks all, I know this is really not a legal discussion board, but what is the basis of the law suits, at a (very) high level?
I would think the option to extend would be good for all, you either decide to do it, or not to do it. It would be something we would definitly consider doing based on our age and family, but i can understand why others may not be so eager.
Sorry if i am being short sighted or naive.
Mike

I think the issue is how they did it. As I read the POS and FL statutes, extending the land lease automatically extends the contracts for DVC. And as I read the POS, it does not give them authority to institute or collect a special assessment for this specific purpose. I sympathize with their situation but it's likely good for them, and maybe the rest of the members, that I no longer own an OKW contract else the legal action would be guaranteed. And by the time they get around to BWV, I likely won't own there either and AKV will be a moot point.

 

[joeytdog]

How did the extension work at OKW? What was the cost? Was it based on points? etc. Forgive my ignorance

 

[joeytdog]

Nevermind, I googled it. Sorry for the laziness

 

[WALTSAGOD]

I asked this question to my DVC guide and his response was "it's highly likely, due to the amount of members who took advantage of the OKW extension"
I hope so because I would jump on the opportunity to extend our newly purchased points at BCV.

I think that the low OKW buy in for the ext was due to the fact that the exp date is still soooo very far off, rather than a total lack of wanting the extension.

34 years is pretty far off.

But still, I think that the BC and BW would have a much better respopnse than OKW, even with the 34 years.

 

[WALTSAGOD]

I think the issue is how they did it. As I read the POS and FL statutes, extending the land lease automatically extends the contracts for DVC. And as I read the POS, it does not give them authority to institute or collect a special assessment for this specific purpose. I sympathize with their situation but it's likely good for them, and maybe the rest of the members, that I no longer own an OKW contract else the legal action would be guaranteed. And by the time they get around to BWV, I likely won't own there either and AKV will be a moot point.

I still not sure what you mean. What did they do in the offering of the ext that would lead to suits?


I thought that it was pretty cut and dry, you bought until 2042 and then you either buy or choose not to buy/extend. in 2042 you either continue to go or you don't depending on your choice to extend.

I haven't really kept up with the OKW threads.

 

[Dean]

I still not sure what you mean. What did they do in the offering of the ext that would lead to suits?


I thought that it was pretty cut and dry, you bought until 2042 and then you either buy or choose not to buy/extend. in 2042 you either continue to go or you don't depending on your choice to extend.

I haven't really kept up with the OKW threads.

What they did, IMO, was a heavy handed approach where they said pay up, sign it over or we'll put a lien and color you as a non performing member. You would not be able to make reservations, bank points, etc. All, IMO, things they do not have the legal right nor the authority under the POS to do. The POS is very explicit as to the things where a SA can be levied and this simply does not fit into any of them, IMO. As I said, I sympathize with their plight. I can just imagine the meetings where they struggled with how to get enough people to commit and needing a settled and final decision so they'd be able to move on as a company one way or another. While I think the price was too high for them to get as much participation as they truly needed, the price has nothing to do with my feelings from a legal/rule standpoint.

What they could have done was essentially sell the extra 15 years with a new land lease for those same 15 years. That or a vote of the actual members would be the only ways I could think of that would have been appropriate responses from a legal standpoint other than a free extension or waiting until it expired then offering the extension.

If you're trying to say one bought to 2042 and thus should have no input on anytime after that, I could see the point but would absolutely disagree. While the original land lease was till 2042, there was always language that would allow an extension and rules governing conduct that are currently applicable. Regardless, something that puts a current member at risk for being locked out due to actions on DVD/DVC's side through no fault of their own is unacceptable, IMO. Although selling my BWV contract is the best move for me and my family, I am tempted to keep it a couple of years just to see if this issue comes up in the same way.

 

[FLYNZ4]

I would suspect that a year or two from now after all declinations have been obtained and all lawsuits have run their course. DVC will resell the ROFR'd OKW contracts... during the lull prior to BLT...however ... with a twist.

I predict that BLT will be sold out by this time next year (6/4/09)... or if not sold out... inventory will be very low.

/Jim

 

[FLYNZ4]

Come 2042 they will have boatload of contracts expiring and "OWN" a ton of points that will be tough to sell for only 15 years.

I do not believe that 2057 will be the final extension for OKW. They have a "cash machine" where they can sell and resell the same product to the same owners over and over. They will not want to wait 50 years until they get the properties back. They will greatly prefer to resell you your OKW contract every 15 years.

I'll be shocked if they do not do the same for BWV, BCV, VWL.

/Jim

 

[DVC92]

While the original land lease was till 2042, there was always language that would allow an extension and rules governing conduct that are currently applicable.

The original contracts for OKW only permitted the lease to be sooner terminated, not extended. The right to extend was put in the contracts at a later point in time.

 

[Dean]

The original contracts for OKW only permitted the lease to be sooner terminated, not extended. The right to extend was put in the contracts at a later point in time.

I don't have the time nor the inclination to go back through the POS for this issue. My memory suggests that while there isn't any statement that specific says they may possibly extend it, there is wording that would allow it. Statements like "unless otherwise extended".

 

[gppnj]

I won't be extending. If I make it to 2042 at all, going to Walt Disney World won't be a top priority.

 

[kimberh]

I won't be extending. If I make it to 2042 at all, going to Walt Disney World won't be a top priority.

Me either. I am find with the time frame that I have.