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Old 01-23-2008, 09:37 PM
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cabo35 cabo35 is offline
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Default Re: What Does The "Settlement" Mean With Regard To Recreation Facilities Management?

Let me see if I have this right regarding the financial windfall to the attorneys and the "group of five" ...please correct me if I have misrepresented or misinterpreted any of the fact pattern surrounding "the settlement".

Is it true that five individuals with assorted connections to the POA past and/or present, will be receiving $300,000 as incentive awards in their capacity as class representatives? Is this $300,000 award coming directly from our funding for future recreational facilities and programs here in The Villages? If this is true, how is this a good thing for Villagers?

It appears that the $6,700,000 in attorney fees is also coming off the top of future recreational facilities and program funds. Likewise, if true, how is this a good thing for the majority of Villagers. I would sincerely be happy to know this is not the case and I am misinformed.

If in fact, the eye catching award settled upon (40 mil) is spread out over 13 years, it would occur to me that the developer got the best of the deal as he will no longer have any liability (recreational facilities and programs) for a paltry $3,075,000 million a year. He probably pays that much in liability insurance premiums. He must be delighted to get out from under liability and responsibility for that price. Just my opinion.

I have to say I am suspicious of the eagerness to settle by lawyers who reaped $6,700,000 and the "group of five" who will net $300,000 when this matter is brought to closure. Remember, this is not a court ordered judgement, it is a settlement between principals where the majority of shareholders had no say in their representation. The lawyers and group of five self appointed "class representatives" spoke for Villagers without a mandate to do so.

In my opinion, the suspicions this warm and fuzzy, kumbaya climax generate are compounded by the developers eagerness to settle as well. It looks like the lawyers walk away happy, the group of five walk away happy and the developer walks away happy. What am I missing here? I really hope someone can tell me and show me where I need to stand corrected on my opinions.

I would like to hear opinions on this issue even if they are 180 degrees contrary to my own.