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History of Players Club Owners Association - page 2 / 7





2 / 7

During the period between the developer failure and a new owner was found for the hotel property the time share property was managed by Bob Laskowitz. He also was caretaker for the hotel property.

In April 1992 a new corporation, DeAllyon Associates, Inc., purchased the unconverted buildings, one hundred and four hundred, and the main building to be opened as a hotel. The person signing for DeAllyon Associates was James A. Adams, President. There were two other partners, Joe Eves and Jerry Whitlow. One requirement in the deal was that DeAllyon hire a management company who would also manage Players Club Owners Association and put in place a Board made up of time share owners. The management company chosen was Tricom Property Management located in California. Tricom’s President was Woody Cary. Located in California he made frequent visits to the property, at least for every Board of Directors meeting. Tricom hired Steve Bowman of Hilton Head to be their East Coast manager housed at Players Club. Ruth Laferriere was named Resort Manager. The two of them managed the resort. Most resort services such a check in, cleaning, etc. was purchased from DeAllyon. Billing and collections, etc. was done by Tricom from California.

Tricom sent letters to all owners of record in the summer of 1992 and held information meetings in Atlanta, Washington and Hilton Head Island to be sure owners knew what was happening and seeking candidates for Board members.

There were 28 candidates for seven positions as Board members. Elected to the first Board were Harold Banister, Keith Martin, Joseph Negley, Herb Randall, Neil Satterfield, Norm Von Osten, and Walter Richardson. The first Board meeting was held at the resort on September 5, 1992. At this first meeting Neil Satterfield was elected president, Walter Richardson, vice president and Keith Martin secretary treasurer. The meeting convened at 10:00 AM and adjourned at 7:40 PM. It was the first of a period of long meetings.

You will find a history of the board of directors at the end of this history.

The next Board meeting was held October 3, 1992 to set a budget for 1993 and begin the road to recovery. A budget was adopted to be presented to the owners at a special called on November 1, 1992. Maintenance fees were set to be $303 for efficiency, $341 for one bedroom and $373 for two bedrooms. Additionally the Board would recommend to owners a special assessment of $409 for efficiency, $450 for one bedroom and $503 for two bedrooms.

A special owners meeting was held on November 1, 1992 at the Van Der Meer tennis facility. The 1993 budget and special assessment were agreed to.

The PCOA property was in shambles. The landscape had not had any maintenance in years. The building and furniture were shameful. In some areas of the buildings you could pull at an ear of wallpaper and actually pull sheet rock off the wall.

An audit by the management company completed near mid 1993 showed that only 1,482 of potential 2,600 owners were current with their maintenance fees. There were almost 400 weeks in the hands of RTC who notified the Board that they were giving them to us and would no longer pay maintenance fees beginning in 1994. (They had paid for a couple of years) The Association was near broke with no ability to borrow money. Often we could not pay all bills

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