fiji timeshare for shareholders

It is interesting to note that the mortgage on the Fiji Land (50% held by SXX) is due for repayment in March 2012.

The mortgage also says .... by which date may be varied by mutual agreement.

Now I for one would like to get my hands on the cash that can be got out... presuming some value still attaches to the property. I would suspect the Noble boys would like the same.

However it is doubtful whether the Chairman and other associated interests who have the other 50% mortgage would feel similarly inclined. I believe they would lean more towards extending the mortgage ! and locking up the cash.

Nevertheless, should SXX under New Management decide to call in the mortgage it could result in some interesting scenarios. Especially since SXX is 20% owner of the land. Convoluted? yes.

A lot hinges on what the land is really worth on the market today. And nobody appears to be saying much on that. Nobody is splitting the accrued interest and the re-valued figure in the asset account. Shame about that.

Should the Owner be unable to refinance in March and defaults, then ownership could pass 50% to SXX. It all depends on the terms of joint mortgages and lots of other stuff. I mean if it is not worth much, then who wants 50% of not much.

... but in the end it is only the Noble boys who could put a fly in the ointment and decline to continue the mortgage... provided they consider cash will come out of it into the SXX coffers, regardless of any other interests.

I would humbly like to know what the Noble boys would do next March??!

With this important event coming up, the situation may have forced their hand to make a move on Management. Fair enough too.

I can see my timeshare in sunny Fiji getting closer to reality.

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