OKW Extension Papers & Lockout Mentioned

[tom1944]

I wonder how many 2042 OKW contracts there are and the age of the owners

 

[CarolMN]

I wonder how many 2042 OKW contracts there are and the age of the owners

Extension was done in September, 2007. So anyone who owned at that time (direct or resale) was offered the opportunity. I don't know how many contracts there were at that time or how many were resold since then.

September 2007 is 34-35 years away from 2042, so assuming most owners at that time were at least in their 40's, they'll be in their 70's by the time 2042 rolls around. I wonder how many of those people would have kept their contracts for that entire time. A few, maybe, but probably not that many.

I agree with @CastAStone - Disney will probably just figure out some type of settlement for them or even just freeze their accounts and wait them out. These types of court cases take a long time and are expensive. I can't imagine the payout would be enough to entice a law firm to take the case for percentage of the settlement (if there is one). And in the end, the members suing are asking to use something they didn't pay for. Plus they probably were paying reduced dues compared to the 2057 owners for a period of time (due to reserves component).

If Disney ever decides to offer contract extensions again, you can be sure the terms will be very different from what was offered for OKW.

 

[Bearval]

I'm no legal expert on the topic, but yes they would need to pay their dues to still access the product, like all other owners. The real question is if DVC will try to lock out the owner's who haven't paid the extension, even if they continue to pay their dues (or maybe DVC won't give them the option online to continue paying dues... who knows).

Disney will not give them the option to pay dues and will not accept payment is my guess.

 

[Bearval]

I think the real question is whether a handful of nonagenarians want to spend their remaining time and money suing a giant corporation.

I’m betting that when push comes to shove the answer will be no. Disney seems to be betting that as well.

The number of remaining owners will be small and much older than your average DVC owner. Disney will offer nothing and just wait to see if a class action lawsuit develops which I am betting wont happen.

 

[CarolynFH]

2042 is 33-34 years away,

Sorry, I think your arithmetic is wrong. 2042-2024=18, so January 31, 2042 is less than 18 years from today. You might have calculated from now to 2057?

 

[CarolMN]

Sorry, I think your arithmetic is wrong. 2042-2024=18, so January 31, 2042 is less than 18 years from today. You might have calculated from now to 2057?

I calculated from 2007 to estimate the ages of those who might still have qualifying contracts. I'll edit the post to make that more clear.

 

[lehrsj]

You must have received diferent extension paperwork than I did. There was no "obvious" reference to a "lock out" in any of the papers I received. The notarization may or may not be an easy process depending on your personal circumstances.

 

[CVG]

I think the real question is whether a handful of nonagenarians want to spend their remaining time and money suing a giant corporation.

I’m betting that when push comes to shove the answer will be no. Disney seems to be betting that as well.

It'll only require one or two of them to be retired lawyers. Popcorn at the ready!

 

[Bearval]

It'll only require one or two of them to be retired lawyers. Popcorn at the ready!

It will still cost a lot of money for a lawsuit that can be dragged out and there would have to be enough people to sign on for a class action to make it worth while for an outcome that is not guaranteed. Retired or not, I don't think any lawyer ( especially one that is retried) is going to want to bear the expense of a lawsuit on their own. We will most likely get a preview of what Disney intends to do a few years before the 2042 expiration date. I will assume Disney will stop assessing the 2042 contracts for the general fund for any maintenance and repairs that they estimate for 2043 and beyond.