TIOA FAQ on the Potential Offer to Purchase
Answers to questions being asked by TIOA members

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Why is the TIOA BOD negotiating a sale of the assets of the TIOA?

Based on financial realities and owner comments since the TIOA took possession of the Telemark Resort & Convention Center, it is evident that to insure a healthy financial future and to create an improved vacation experience for RCI guests and visitors, a cooperative buyer with a good business plan and adequate financial resources would have to be found to continue toward future success.

What assets of the TIOA is the BOD negotiating to sell?

The TIOA is in discussion with a potential purchaser to purchase the Telemark Resort & Convention Center including all of the associated buildings, condominiums not included, and a large majority of the property, including the ski hill area, wastewater treatment plant and land covered by the cross country ski trail network.

What are the goals of the BOD in their negotiations with the potential purchaser?

In its negotiations with the potential purchaser, the TIOA Board of Directors is focusing on the goals of: eliminating the long term liabilities of the TIOA, eliminating the financial obligation of resort operations from the TIOA maintenance fees, protection of amenities associated with our RCI affiliation, retention of TIOA owner access to amenities, preservation of easements on the recreational trails, improvement of vacation experience for TIOA owners and RCI guests through resort renovation and recreational amenity augmentation, increasing the opportunity of timeshare week inventory sales, creating a healthier and more viable TIOA for its members benefit.

The membership will be notified of the specifics of the potential offer to purchase as soon as the Executive Committee of the Board of Directors and the Board of Directors as a whole approves the anticipated offer.

How will the decision on the potential offer to purchase be made?

Since the potential offer to purchase includes a major portion of the assets owned by the TIOA, the membership will have the responsibility to vote on the sale. A quorum of the membership, or 10% of the current recorded membership is required to conduct a valid vote. A 2/3 majority of those voting in a valid vote would be required to approve the sale.

The membership will be allowed to vote via proxy or in person at a special meeting to be held at Telemark Resort on a date to be announced in the future. TIOA Bylaws require a 30-day notice of the membership for such special meetings.

When the vote is announced, proxies distributed and special meeting is held, it is important that each owner consider the offer to purchase and voice his or her opinion via the voting process.

Is the TIOA trying to sell my timeshare week?

You hold a recorded deed to your timeshare week. It is solely yours to retain or sell at your discretion. The TIOA cannot sell your individual week as part of the potential offer to purchase.

What impact would the sale of the hotel and land have on my timeshare ownership?

You will continue to own your individual timeshare week(s) and have the same access to the amenities as you have now. In fact, should the potential offer to purchase move forward with a positive vote of the membership, the potential purchaser would substantially renovate the hotel and augment the recreational amenities that currently exist.

What is the anticipated timeline for membership voting on the potential offer to purchase??

Once the potential offer to purchase is approved by the TIOA Board of Directors for presentation to the TIOA membership, a thirty-day notice to the membership is required as prescribed by the TIOA Bylaws to conduct a vote.

Once the potential offer to purchase is approved by the Board of Directors the notification will be sent via first class mail to the entire TIOA membership.

Prior to the vote being conducted the TIOA membership will have the opportunity to review the summary of the offer to purchase. It is our intention to conduct two questions and answers sessions at two regional locations. Information on those question and answer sessions will be forwarded to the membership via first class mail as well as posted on the www.telemarkresort.com web page under the Owners link as soon as the details are confirmed.

In addition owners may attend a questions and answers session at Telemark Resort on the announced day of the special meeting prior to the vote being held at that meeting. In addition, questions about the potential offer to purchase can also be directed to the TIOA Board of Director President Gary Crandall via email, postal delivery or telephone call.

Will the Telemark Pointe Owners be impacted by any sale of the assets?

Control of Telemark Pointe access will remain with TIOA with any improvements or access to be granted only as mutually agreed upon and legally allowable.

Telemark Pointe Owners will be impacted as it relates to future maintenance fees as part of their current and future membership obligations.

How will sale of the lodge impact suite owners?

Suite owners will continue to hold title to their unit week(s). Discussions are on going with the interested parties as to the renovation of the suites to the standards to which the rest of the lodge will be potentially renovated.