Floating Week

catharine2 wrote:

I LOVE Los Abrigados and own a week here. HOWEVER, I have two problems with the resort. We tried to use our week last year and never could get in, even tho we are an owner. We were switched over to Bell Rock. Now we are trying to use it again and no one is calling us back. I have heard they have oversold so even if you own, you have a difficult time getting to use your week-if I am wrong I would love to have support correct me with the TRUTH, not self-serving damage control. There was also said to be a class action due to this and I do not know the outcome of it. Perhaps that's why people are selling floating weeks so cheaply? don't misunderstand-it is a beautiful resort if you can get to use it, and I would love to sometime....

The class action for this was settled several years ago -- and not to very much benefit of owners. Basically the lawyers got a whole bunch and ILX was supposed to give each owner $40 in credit which could only be used on their property and before 2009. If you haven't gotten yours, better contact ILX right away. Another example of how the corrupt real estate development lobby has a lock on the legal system in Arizona. Google stuff about selling these things -- I've seen them being sold for $500 of 1wk/yr Jerome units. I've even seen a couple of them that people were just offering to give away. The "maintenance fee", otherwise know as legalized theft has gone up again. Great investment, wasn't this?

I own several timeshares and one of which is at Los Abrigados - all are floating weeks which means that I can book my reservations during Jan 1st until Feb 28th at each one. Honestly I have had no difficulty reserving my weeks. But I do make my reservations 1 year out and if I have to cancel and change it to a shorter time I still have gotten my reservation. I knew when I purchased everything involved and I quite frankly love the entire program and have used my timeshares for years. I'm so sorry about your problems.

ILX files Chapter 11 http://www.redrocknews.com/top-headlines/ilx-files-chapter-11.html ILX files Chapter 11 on 02-03-2009 13:22

By Greg Ruland

One of Sedona's largest private employers filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code today, March 2, ILX Resorts Chief Financial Officer Margaret Eardley announced.

The filing came after ILX, a publicly traded company, was unable to negotiate an extension for payments on a $5 million promissory note owed to Textron Financial Corporation, according to documents filed with the Securities Exchange Commission.

About $4.57 million in principal is still outstanding, ILX reported.

The loan was due to be paid off Dec. 31, 2008, but ILX negotiated two extensions on the payment, the last of which expired Sunday, Feb. 28.

ILX and Textron "have been unable to reach a mutally acceptable longer term extension of the loan," ILX reported.

The loan is secured by an assignment of a promissory note owed to ILX and a "Deed of Trust from an affiliated limited liability company securing approximately 14 acres of land in Sedona."

The company and several of its subsidiaries filed under Chapter 11 in the U.S. Bankruptcy Court in Phoenix.

""Dramatic challenges in the economy and recent unanticipated reductions in our credit facilities caused by disruption and instability in the capital markets have necessitated that we seek reorganization protection to preserve resources for an orderly restructuring of the Company,” Joe Martori, ILX Chairman and CEO, stated in a press release.

ILX expects Chapter 11 protection will "enable the company to conduct its business operations as usual. To that end, the Company is seeking approval from the court in order to continue managing its operations in the ordinary course," Eardley stated.

"I can't comment any further," she said.

Susan Johnson contributed to this report.

any idea what impact this might have on deeded owners at Los Abrigados ?

I own a deeded week at Los Abrigados and I spoke to someone in reservations today who said that it would not change anything for the timeshare owners and it would be "business as usual" at the resort. So, I guess that we can just hope for the best. We haven't been there for a few years and have been wondering if all of the units have been renovated yet. They were in the process of renovation during our last visit. If that project hasn't been completed, I wonder if it will be put on hold.

I have owned at Los Abribados floating week for several years and I have never had any trouble getting the week that I wanted. I have also visited during the "high demand times". I recomend that you pay your dues before Jan 1 and call to make your Reservation. YOu should have no problem. I have also found that any of these units have a high trading power. Good luck.