Okay, so doing a little more research online.. I just found out that Pacific Monarch Resorts, the Parent company for Monarch Grand Vacations, filed for bankruptcy and DRI has completed purchase of the company as of this year,
-=(wow!)=-... so, IDK if this is a good time to buy a timeshare w/MGV, what do you guys/gals think?
Diamond Resorts Corp - FORM 8-K - EX-10.1 - ASSET PURCHASE AGREEMENT, - October 28, 2011
Letter sent to MGV Owners last year:
Dear Monarch Grand Vacations Owner:
As a valued owner of Monarch Grand Vacations, we feel it is important for you to hear from us this important news about Pacific Monarch Resorts, Inc.
On October 24, 2011, Pacific Monarch Resorts Inc., the developer and sales organization for Monarch Grand Vacations, entered into an agreement to sell a substantial portion of its assets to a subsidiary of Diamond Resorts International (“Diamond Resorts”). To affect the sale, Pacific Monarch voluntarily commenced Chapter 11 proceedings. The sale is subject to the approval of the U.S. bankruptcy court and certain other conditions. Assuming court approval is obtained and all conditions have been satisfied, Pacific Monarch Resorts anticipates the sale will close in the first quarter of 2012.
Diamond Resorts is one of the largest and most successful timeshare companies in the world with destinations throughout the continental United States and Hawaii, Canada, Mexico, the Caribbean, Europe, Asia, Australia and Africa.
Monarch Grand Vacations, Monarch Owner Services, and Resort Services Group are not part of the bankruptcy or the sale to Diamond Resorts, and will continue normal operations at our headquarters in Laguna Hills California, and our resort properties in California, Utah, Nevada and Mexico. In addition, the resort owner associations are not part of the bankruptcy or the sale, and will continue to act on behalf of all our owners. Central reservations as well as resort operations, maintenance, and management will continue as normal and will not be affected.
The Pacific Monarch Resorts sale to Diamond Resorts will have no effect on your rights, privileges or ownership, and you are encouraged to take advantage of our continued resort hospitality. You should also understand that your obligation to pay your annual resort ownership dues continues and if you have an outstanding loan, your monthly loan payments as well.
Please be aware that you may receive calls from unscrupulous timeshare resale companies attempting to scare you with information that is not true. It is important to remember that your ownership and rights have not changed and that all resorts are fully operational.
We will make every effort to keep you informed as we go forward with periodic updates, and we look forward to continuing to provide outstanding hospitality you have come to expect from Monarch Grand Vacations.
Monarch Grand Vacations Board of Directors