- Report: #373767
Report - Rebuttal - Arbitrate
Complaint Review: Wyndham Worldwide
Wyndham Worldwidewyndhamworldwide.com Nationwide U.S.A.
Wyndham Worldwide Whats Wrong With Wyndham Worldwide Parispanny Nationwide
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WORLDMARK RESORTS by Wyndham Resorts Development Corporation, Inc.
Total credits for sale as of 12/31/2007; 2,638,634,500 per annual report by Wyndham
Total number of owners 258,000
Average credits owned by each owner 9,980 (provided by corporate office of Wyndham)
258,000 total owners X 9,980 average number of credits owned = 2,574,840,000 credits sold
Leaving a balance of 63,794,500 available for sale or use by the company for the double credits or for credits that the company provides for their exit program sales.
EXIT PROGRAM sales for 2007 exceeded 10,000 sold X 12,000 credits per package=120,000,000 NOW WE HAVE A NEGATIVE OF 56,205,500 credits. Note this is not hundreds, thousands, but is millions of credits oversold @ $1.90 per credit or more.
DOUBLE CREDITS: Plus all of the owners in 2007 that purchased 10,000 credits or more GOT DOUBLE CREDITS; where could these credits come from when the company is already millions of credits oversold?
5000 OWNERS x 10,000 DOUBLE CREDITS= 50,000,000 DOUBLE CREDITS that were sold/provided to new owners, THESE ARE 50 MILLION BEYOND THE 50 MILLION THAT THEY PURCHASED, but were really unavailable for sale due to the overselling.
2,638,634,500 total credits in inventory
-2,574,840,000 SOLD TO EXISTING OWNERS 258,000 owners @ average of 9,980
- 120,000,000 credits sold for EXIT PROGRAM in 2007 (not counting previous years)
- 50,000,000 double credits promised/sold in 2007 (not counting previous years)
the 50 million that the owners purchased are already counted in the amount that has been SOLD TO EXISTING OWNERS (2,574,840,000 line 2)
-- 106,205,500 NEGATIVE BALANCE SOLD BY Wyndham/TrendWest
(NOTE; most of the numbers were rounded off to the next lowest number for ease of computing, with the exception of the number of owners and credits owned by each owner, those two figures are actual as given by the Wyndham corporate office)
As of 12/31/2007
At the current price of $1.90 per credit; we have 106.205,500 credits sold X $1.90 per credit or a total of $201,790,450.00
A total of $201,790,450.00 of possible illegal sales and monies that Wyndham has now taken into their coffers. Additionally damage has been due to current and future owners by the mass overselling of a product that cannot be used due to lack of availability caused by this overselling of the credits.
Write or call: all of these people were involved with the original settlement of Four million dollar back in October 29th, 2003 (http://caag.state/ca/us/newsslerts/2003/03-134.htm) and are still interest in any wrongdoing by Wyndham/TrendWest;
Michael B. Hughes, Deputy Attorney General, State of California Department of Justice; 300 South Spring Street, Suite 1702; Los Angeles, Ca. 90013 or call (213) 897-2627 or fax (213) 897-4951
Mr. Chuck Finney; Deputy District Attorney, San Mateo County; 400 County Center, 3rd Floor; Redwood City, Ca. 94063; (650) 363-4097 or [email protected]
Edmund G. Brown J.; Attorney General Office; Public Inquiry Unit; Box 944255; Sacramento, Ca. 94244-2550
Randall Yip, Producer; KGO, TV; 900 Front Street, San Francisco, Ca. 94111-1450 or all (425) 954-7923 extension 7524; fax (415) 954-7515
Whats Wrong with Wyndham
Parsippany, New Jersey
This report was posted on Ripoff Report on 09/17/2008 10:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wyndham-Worldwide/nationwide/Wyndham-Worldwide-Whats-Wrong-With-Wyndham-Worldwide-Parispanny-Nationwide-373767. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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