Ideally, as a deeded owner, what would make me feel it’s meshing is rhat for the current sold out resorts, or units declared already under the current POS at RIV, AUL, and VDH, the trust holds back access to its points for those units until 10 months, so that at 11 months, deeded owners get their one month promised. It would be pretty easy to do if they want since there will be enough inventory for the new units that go straight to the trust to mask it.
I’m not sure why they would have to do this though. I don’t know if they have to make it 2 separate pools of pts/units, ever. Maybe I’m over simplifying it so I can understand better so I’m probably wrong here, but if the trust is just like you or I who gets to purchase X points through DVD then they should have 11mo access to whatever resorts are in their portfolio. And so, whoever “rents” or buys trust points from them also gets 11mo access to whatever resorts are in their portfolio. The only difference is if the trust owns 1000 RIV pts, 2000 VDH pts, 2000 AUL pts, 3000 CFW pts, 3000 Poly pts, 100 VGF pts and 100 BCV pts then trust purchasers only have that pool of points to work with at 11mo, right?
I also think as people buy into the trust, aka the trust buys more deeded pts from undeclared resorts, the more that ultimately is declared for all of DVD (Including for us deeded owners) because that’s what would happen if there was a lot of purchases by deeded random/individual owners at the resorts.
The question still remains that when someone purchases from the trust, and therefore the trust can purchase more deeded points for itself, how does the trust allocates the purchase of its points amongst the resorts in its portfolio. I guess the simplest answer would be to distribute it equally amongst the undeclared units in the portfolio. So if someone purchases 100 trust pts and the portfolio of active resorts includes RIV, VDH, CFW, AUL, and Poly2, then the trust in turn purchases 20pts at each resort, until the resorts are fully declared and sold out.
Of course, it’s very different for sold out resorts but I still think this works but only as the trust picks up more and more resale pts at sold out resorts. I think they’ll likely start ROFRing a lot of pts over the course of the next few years and once they have a good amount of resale pts at the legacy resorts then it will add them to the trust portfolio. I agree I think it would be a bad idea to add sold out resorts from the onset so they’ll probably wait.
If the trust spreads its pts evenly throughout the year and actually sticks to only the amount of pts it owns at each resort then I don’t think it’ll add too much more competition for deeded owners but make it very difficult for trust owners. If they don’t distribute their pts over the year and let trust owner book all of the 1000 RIV pts at once then it might make already hard to get times/rooms a bit more difficult but once the amount of pts owned by the trust are finished then they have no more pts to use until 7mo where trust owners will be left with few choices. Idk seems like a bit of a lose/lose for trust owners but I’m sure I’m missing something.
Is my understanding wrong here? As long as they keep it like this I’d be ok with it, I probably still wouldn't buy into it, but ultimately, I think DVD is going to try to make the trust more appealing so they probably won’t follow these rules so that’s where we deeded owners will have to be more vigilant in making sure whatever has been promised to us isn’t compromised.