Latest Updates
SUN VILLAGE COFRESI FORECLOSED
Today was the foreclosure date for the Sun Village Cofresi property mortgaged by Banco Leon. Elliott's lawyers were trying to oppose to the process... read more
SUN VILLAGE LEFT TO FATE BY MIAMI COURTS
During the Miami trial the court represented by Judge Alan Gold took over the responsibility over Sun Village Cofresi by appointing the Interim Manager Kip Rabin. At the end of September Kip Rabin was released of his duties by the Miami Court and Sun Village Cofresi left to fate... read more
SUN VILLAGE COFRESI CLOSED
September 21, 2009
Judge Gold ordered on Friday, September 18, against the will of the defendants, plaintiffs and shareholders the closing of Sun Village for today. This decision harms all investors and also the employees at the resort. Once closed, it may become very dificult to reopen the resort.
See Judge Gold's order
The banks are still moving on with the foreclosure process. The next date was set to October 7, 2009.
The Hotel in Juan Dolio was foreclosed by the banks on September 10, 2009.
Sun Village Cofresi stands before a foreclosure threat from Banco Leon. Preliminary dates were set to September 21 2009. The interim Manager Mr. Kip Rabin (read below) is dealing with the bank attempting to find a solution.
There have been significant changes at the Sun Village management. There is a lot of information at the attachment section. We recommend at least to read the Report and Recommendation following the hearing from August 6.:
- The Miami Court appointed Mr. Jeffrey "Kip" Rabin as interim manager for Sun Village.
- Fred and Derek Elliott shall follow any directives the interim manager may provide.
- Fred and Derek Elliott must give written instructions to every one of their and the companies' employees, which instructions shall require that the employees must do whatever the interim manager asks them to do.
- Both, Fred and Derek Elliott should be ordered to appear before the court for a hearing to determine whether the contempt has been purged. This will be at the end of the "purge period" at September 18, 2009. If they fail to personally appear for the hearing, such failure will result in the issuance of a contempt order which would order the arrest of Derek and Frederick Elliott.
Source:
DE 600 Report and Recommendation Following August 6, 2009 Hearing
Sunvillageshareholders.com has been created by a group of shareholders of the Sun Village property in Cofresi. We will be working hard on posting all news, from all parties, relevant to this investment. Our goal is to provide unbiased, non-partisan information regarding Sun Village. All shareholders desire and deserve to know what is going on with our property. Until now, we have not had much influence, we are scattered over the whole world and do not know how to contact each other. We will open a line of communication and each shareholder may publish comments or information on this site.
Our Mission:
We feel that it is imperative to inform every shareholder of the facts. With this website, we will provide you with links to court documents so you can read them for yourselves. Currently, we are offering this website as "Information only”, but soon we will ask everyone to participate and contribute in the future of our resort. Please pass this information on to everyone that you know of who is involved with the Sun Village Cofresi project. Together, we have the chance to change the course of our collective destinies, and build a brighter future for us all!
Why we need to react:
- For two years shareholders meetings have not been held, and financial statements have not been provided
- Critical business decisions were made that materially negatively effected shareholders.
- Slow steady growth were promised. In fact, more promises were made, than returns received.
- To save our investment from foreclosure!.
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