There is another trouble with ROFR, as far as Disney is concerned. They might be competing with themselves.
Yes, they can make some profit, but if they buy Old Key West through ROFR for $96 a point, and sell it for $156, they have a profit margin there of $60 a point. And you could say that this is $60 more than nothing. It is $60 more than they would get otherwise, but that isn't necessarily true. Disney might feel that, by selling OKW for $156 and making $60, they are giving up a sale of Copper Creek at $188. There isn't that much difference in price between the OKW at $156 and the CC at $188, and considering that CC will be running 10 years longer, you would think that most people would just go for CC. But there ARE the bargain hunters out there, who feel that 38 more years at OKW is worth $156, so they buy it. If OKW wasn't even on the table, those same buyers would undoubtedly go to Copper Creek to buy in.
Personally, I think that there is actually one single reason that Disney is going for ROFR of OKW to such a large extent, and it isn't to make profit. I think they especially are trying to buy up the contracts that will expire in 2042, so that they can resell them NOW on new contracts until 2057. This helps them avoid the problem of what to do with all the contracts that will expire in 2042, when the resort itself (OKW) will be still be going for another 15 years, before it ends in 2057. Those 15 years of points might be harder to sell then. By getting them and reselling them now, they won't have to worry about what to do with all the short contract OKW, and they won't have to cover the Maintenance Fees for all of those returned contracts.
I think that if it was just a matter of Disney taking ROFR to make a profit, they would be much more aggressive in the ROFR market. After all, they have months and months, if not years worth of people waiting on their waiting lists to buy those old resorts right now. They could take plenty of contracts for other resorts and spin them for an immediate profit. But if they did that, what would happen to sales of CC?
I think all future ROFR moves by Disney should be analysed with these possibilities in mind.