TImeshare company Sunterra Delisted by Nasdaq, Announces SEC Probe

Las Vegas..July 7, 2006

Vacation timeshare company Sunterra Corporation is being delisted from the Nasdaq stock market. The Las Vegas-based company also says it's cooperating with a Securities and Exchange Commission inquiry into "recent events."

Sunterra says today the Nasdaq told it that it would be delisted effective tomorrow (Friday). It says its common stock will instead be quoted in the "Pink Sheets", with the same symbol, "S-N-R-R."

Last week, a major shareholder requested Sunterra be put up for sale. Hedge fund Chapman Capital cited Sunterra putting its chief executive on leave June 22nd amid allegations of improper accounting.

Nasdaq says the company failing to comply with Nasdaq timely filing rules by failing to file its quarterly report with the SEC for the period ending March 31st.

Sunterra shares are down today to $9.80 on the Nasdaq.

...Sunterra timeshare scams...

Channel 4 KRNV.com: Local News and Weather for Reno-Tahoe Region: Sunterra Delisted by Nasdaq, Announces SEC Probe

technorati tags:timeshare, time, share, Sunterra, Scam

President of Timeshare website comments on Technology

John Ross, president of JMR Consulting, which runs the NetShare400 time sharing site, points to a few Web sites and tools that are still alive, including some projects on SourceForge, one called Uzaemon, as well as the apparently now defunct project that many thought would be big, WyattERP. (This was an open source ERP project written in RPG, and it has the best name of any project, ever.)

Ross is pessimistic about the future of open source RPG applications. "Since most people do not have an iSeries of their own, the company they work for has to allow them to work on the projects on the company's computer, and most companies I have worked for have rules about this and who owns the code. This makes it hard to do open source projects. I also don't find many RPG programmers wanting to spend their free time on open source projects. I'm not sure if it's our age (I figure most are older)."

...Technologys goal is to save time...

The Four Hundred--Open Source RPG Apps: The 'Bright Future' That Didn't Happen

technorati tags:timeshare, JMR, Consutling, Netshare400, time, sharing, John, Ross, President

Bed Tax on B&B's and not timeshare

Burnham-On-Sea's MP, David Heathcoat-Amory, was in town on Friday evening (July 7th) to voice his fears on plans to introduce a new tax on hotels and B&Bs.

The plan has been proposed by Sir Michael Lyons after he was commissioned by the Government to review local Government funding. It is believed the tax would be added on top of existing business rates and VAT on hotel bills - prompting concern among hotel and B&B owners in Burnham-On-Sea.

The level of taxation would "seriously damage an industry that already has price competitive problems over the level of taxation of overseas visitors," said Mr Heathcoat-Amory as he visited Ashbourne House B&B in Burnham to sign a petition against the tax.

"The so-called 'Bed Tax' is also unfair as it is specifically directed at one section of the hospitality industry. It does not include rented accommodation second homes, timeshare, camping and towed caravans. There is also a possible further iniquity; a bed tax could be imposed in England but not in Scotland and Wales."

...the final verdict is due December, we'll wait and see the outcome...

Flexi-club Timeshare rorts

Lies and misinformation are among the scandalous claims levelled against timeshare giants Flexi-Club and the Club Leisure Group, accused of swindling tens of millions of rands from clients.

The matter has been investigated by the Department of Trade and Industry, and CLG is currently the subject of a second investigation by the South African Revenue Service.

Unhappy clients from Flexi-Club and Club Resorts International (CRI), both of which are managed by a CLG subsidiary, have also amassed scores of written complaints and signed affidavits placing serious allegations at the feet of Flexi-Club managing director and CLG chairperson Stuart Lamont. Lamont has distanced himself and his companies from the allegations.

...mmm we'll wait and see...

IOL: Travel clubs rocked by claims of deceit

technorati tags:timeshare, lies, rorts

TImeshare in Turkey

Special new projects emerging:
Despite the odds, in coastal areas of Turkey, companies are coming up with special new projects for foreigners.

Ayşe Tuştaş is the manager of one such project. She has decided to introduce the German concept of �Senioren Residenz� (senior residence) to Turkey in her land in Alanya.

She is planning to build 200 homes in the first phase. Depending on the demand, the number of homes to be built can go up to 2,000, she says. The prices of homes would range between 70,000 euros to 130,000 euros. The German company Senioren Residenz will serve and manage the complex. They will also market the homes.

Tuştaş proudly announces that they have received 200 applications for a project that has not even started. She strongly believes demand will soar once the project is up and running.

Her project targets rich people. If business goes well, she will consider developing similar projects in Korkuteli and Istanbul. Operating a timeshare is also a possible option. With professional management, horse riding facilities, tennis courts, pools, waterfalls, canyons and bridges will be present and doctors, nurses, healthcare, ambulance, clinic, massage, laundry and therapeutic services will also be provided. Several activities for senior people are also planned.

...luxurious property for foreigners in Turkey, I predict it will take off...

A legend in Turkey, a reality in Spain - Turkish Daily News Jul 09, 2006

technorati tags:timeshare, Turkey, Luxurious, homes

Timeshare not welcome at Dewey Beach

By Hilary Corrigan .Staff Writer

DEWEY BEACH -- Dewey Beach may no longer welcome timeshare ownership in the resort.Hotels and motels, too, could lose the ability to convert to condominiums.

Dewey commissioners will consider the options at a Friday meeting at 6 p.m. at the Lifesaving Station on Dagsworthy Avenue.Commissioners normally would not try to regulate property ownership, said Dewey Mayor Courtney Riordan. But in this case, timeshare owners could tilt town elections.

Commissioner Dale Cooke proposed stopping the part-ownership setups as a way to block that possibility. A single unit's several part-owners -- a group that may spend little time and harbor no real concern for the town -- could alter elections in mobilized group efforts on certain issues, Cooke said.

That's a situation that happened a few years ago, Riordan recalled, noting the more than 100 votes from the 48-unit Royal Surf Club condominium complex."

Nothing but a headache and a heartache for the town of Dewey Beach," Cooke agreed.Yet Dewey needs its nonresident voters to fairly represent a town with 1,300 properties and only about 100 voting residents, Riordan said.

...we'll wait and see the verdict...

The Daily Times - www.delmarvanow.com - Salisbury, Md.

technorati tags:Dewey, Beach, Timeshare, Delaware, coast