Gurney's Timeshare Owners Inc.

... a not for profit corporation to educate, inform and share information about our resort Gurney's Inn Resort and Spa, Inc

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This site was started by Gurney's Timeshare Owners, Inc. a not for profit corporation to educate, inform and share information about our resort Gurney's Inn Resort and Spa, Inc. It's purpose is to begin the process of organizing the timeshare owners so that we can enforce our rights to full disclosure and obtain an independent board of directors.

Gurney's has one of the most beautiful beaches in the world. Sitting on the deck, listening to the surf, walking on the beach or fishing is restful and relaxing. It's our little bit of paradise at the tip of New York. The indoor pool is a great place to workout and the spa has every amenity imaginable. There's no place like it. It's Gurney's Inn and we love it and hope to enjoy it for many more years to come.

Gurney's Timeshare Owners

ANNUAL MEETING, Tuesday, October 23, 2012

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October 8, 2012

Dear Timeshare Owners,

I was at the  Monday tea yesterday and asked Paul Monte about the Annual Meeting.  He told me that the letters were going out and that it will be held on Tuesday, October 23rd at Gurney's.  There will be a $125 room rate for the meeting.

 There is no candidate running against Linda Benjamin and Linda will be there early on Monday if you would like to speak to her. I am also planning to come.  

I hope to see many of you there asking the questions you are no longer allowed to ask at the Monday teas.

Best regards,
Pat Boffa, President of GTO

 

FOLLOW THE $50,000,000

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September 13, 2012

Dear Fellow Gurney's Timeshare Owners:

It is undisputed that Gurney's timeshare owners paid approximately $50,000,000 for the purchase of their units.

To set the record straight, it has never been my position, as Mr. Carusona has claimed, “that the Trust had received $50 Million from the sale of timeshare units”, nor have I ever said this.

My position was, and continues to be, that the timeshare owners paid $50,000,000+ for the purchase of our units, and, to date, we still do not know where the monies went. I do not allege, or have I ever alleged,  who ultimately received the money because: (a) I do not know; and (b) it is not relevant to our lawsuit. What Mr. Carusona failed to tell you, however, is that beginning in 1982 and continuing during the period of timeshare sales, NICHOLAS MONTEMARANO and THE MONTE FAMILY WERE “THE CONTROLLING SHAREHOLDER OF FOUR CORPORATIONS WHICH HAVE HAD FINANCIAL TRANSACTIONS WITH THE CO-OP CORPORATION.”  Surely, someone should be able to produce the financial records of these four corporations. Why haven't they?

Many of you have asked me to look into what happened to the $50,000,000. Here is what I do know.

Although I have repeatedly tried to find out, I, personally, have yet to obtain any documentation, information or knowledge as to the destination of the $50,000,000 realized from the sale of timeshare units, and what little information I have received has been inconsistent.  I, and anyone else who has
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JUST BECAUSE IT IS IN PRINT......!

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August 24, 2012 
Dear Timeshare Owners:

You, as a Gurney's timeshare owner, have just received Gurney's 2011 financial statement. According to Gurney's By-Laws, this financial statement must be certified by a licensed independent Public Accountant.” Since 2007, Gurney's has employed the services of PKF, LLP as the auditing firm to conduct a year-end audit.

In obtaining a “certified report by a licensed, independent Public Accountant” one would assume that “checks and balances” are in place to safeguard the reporting of the financial integrity of Gurney's. After all, doesn't “independent” mean autonomous, non-aligned, non- partisan, self-determining and unconstrained? Isn't “certified” defined as “to confirm formally as true, accurate, or genuine”?

Apparently, the term “independent” has its own special meaning in the accounting world.

I asked Clare Cella, a partner at PKF, a number of questions concerning PKF's preparation of Gurney's financial statements. On April 20, 2012, Ms. Cella responded, as follows, with regard to certain of my questions:
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TO SUMMARIZE OUR LAWSUIT

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September 5, 2012 
Dear Fellow Gurney's Timeshare Owners:

Many of you have asked me for a brief statement of the purpose of our lawsuit against the people who control  our Gurney’s. Bear in mind that I cannot be completely candid because (1) the Monte/Cooper families and their agents are still insisting on secrecy, and (2) I cannot compromise our attorney-client privilege.
In a nutshell, it is either “us” or “them”. 
Approximately two-thirds of our fellow timeshare owners have been forced to surrender their timeshares because Gurney’s is not being managed for the benefit of its timeshare owners, but for the benefit of the Monte/Cooper families and the Monte/Cooper Trust. If we do not get rid of the present board/management, they will get rid of us, and soon. 

I believe that we would have already been forced out if not for the injunction I obtained preventing amendments of Gurney’s corporate charter documents.
Through our lawsuit, I have uncovered what I believe is shocking evidence of Gurney's board and management’s breaches of the fiduciary duties they owe to us. These breaches include secret, self-dealing maneuvers which, if valid, would transfer the entire value of Gurney’s from us, Gurney’s rightful owners, to the Monte/Cooper families and Monte/Cooper Trust who are trying to throw us out and sell Gurney’s for a second time for their benefit.

One example (and not the worst, by far) of what is going on here is that the directors appointed by the Monte/Cooper Trust (Messrs. Carusona and Kearney) recently authorized the expenditure by Gurney’s of $12,000 for a valuation of all of the returned Class A shares. The purpose of this valuation was to assist the Monte/Cooper Trust in its latest scheme to sell Gurney’s out from under us. 
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RESPONSE TO LETTERS FROM TOM CARUSONA AND HIS ATTORNEYS

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August 15th, 2012 
Dear Timeshare Owners:

Judge Bianco, following the language of Gurney’s bankruptcy proceeding, originally held that the Trust stays in control only until the Trust’s mortgage is satisfied.  This flushed out the Trust.  It is obvious that the Trust never wants its mortgage satisfied; it wants to remain in control of Gurney’s until it is able to force the rest of us out and sell the property a second time.  Mr. Carusona, and his attorneys, acting on the Trust’s behalf, asked Judge Bianco to change his ruling to provide that the Trust stays in control until its mortgage is satisfied and certain other conditions set forth in secret agreements are satisfied.  Judge Bianco refused to do that and used language that defers ruling on the validity of the secret agreements until a later date.  Ask Mr. Carusona to explain these secret agreements and their affect on the timeshare owners’ equity in Gurneys.  I bet he will refuse to do so.

Respectfully submitted,
Linda Benjamin, Class A Director
 


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