Tag: canceled

Mirae Properly Canceled $5.8 Billion Hotel Deal, Judge Says

(Bloomberg) — Mirae Global Asset Investment Co. properly canceled its purchase of 15 U.S. luxury hotels from Dajia Insurance Company, a judge concluded in one of the largest deals this year affected by the fallout from the Covid-19 pandemic.



a person holding a sign: Employees of Mirae Asset Investment Management Co. walk past the company's logo in Seoul, South Korea, on Monday, Feb. 18, 2008. Mirae Asset Investments Co., South Korea's biggest fund manager, is taking advantage of the cheapest prices since 2006 to move cash into shares of companies that will benefit from a weaker won and closer ties to China.


© BLOOMBERG NEWS
Employees of Mirae Asset Investment Management Co. walk past the company’s logo in Seoul, South Korea, on Monday, Feb. 18, 2008. Mirae Asset Investments Co., South Korea’s biggest fund manager, is taking advantage of the cheapest prices since 2006 to move cash into shares of companies that will benefit from a weaker won and closer ties to China.

China-based Dajia didn’t meet all the conditions for closing the sale of the hotels, which included iconic properties such as the Westin St. Francis in San Francisco and the Loews Santa Monica Beach Hotel, Delaware Chancery Court Judge Travis Laster ruled Monday.

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Dajia, which assumed the assets of struggling Chinese insurer Anbang Insurance Group Co., failed to operate the hotels in an “ordinary manner,” as required by the terms of the deal, while struggling to cope with the U.S.’s coronavirus outbreak, Laster ruled.

The ruling may have consequences for other busted-deal cases tied to business shutdowns and changes caused by the virus’s worldwide reach. The value of many transactions were affected by the drop in travel and other factors due to the pandemic.

Read More: Who is ‘Andy Bang’? A Ritz-Carlton Mystery Gets Its Day in Court

The judge also said Dajia was responsible for returning Mirae Global’s deposit and covering the South Korean firm’s legal expenses — costs that could run in the tens of millions of dollars.

Laster’s finding that Mirae Global “was justified in terminating the Anbang transaction” was a just outcome, Michael Carlinsky, one of the company’s lawyers, said in an emailed statement. Representatives of China-based Dajia didn’t have an immediate comment on the ruling.

The buyout was among almost a dozen transactions that have fallen apart this year as valuations cratered on government-enacted lock downs. At one point, a half-dozen such cases were before Delaware judges.

Some, including a fight between Tiffany & Co. and French clothier LVMH, settled. Tiffany sued to force LVHM to consummate a $16 billion buyout that the French company said was fatally impacted by the virus. The jeweler agreed to sell itself at a slightly reduced price.

Click here for the opinion

The hotel-deal case is AB Stable VIII LLC v. MAPS Hotel and Resorts One LLC, No. 2020-0310, Delaware Chancery Court (Wilmington).

(Updates with Mirae Global comment in sixth paragraph)

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

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She canceled a trip because of COVID-19. It took 9 months to get a travel insurance refund.

Maribeth Flatley of Elizabeth was looking forward to a trip that was supposed to happen in May.

It was a 21-day tour of Scandinavia, starting off in Copenhagen, Denmark, then weaving through Sweden and Finland, and ending up in Oslo, Norway.

“I always wanted to visit this part of the world,” she said.

Flatley, 71, who uses a cane and an inhaler, took travel insurance to cover the nearly $10,000 trip, and she put the charge on her Wells Fargo credit card.

Then the coronavirus pandemic happened.

“Due to ill health, my doctor said I could not travel,” Flatley said. “I canceled the trip.”

Fortunately, Flatley had purchased travel insurance. The tour company ultimately canceled the trip, but Flatley would have gotten a credit for future travel, not a refund.

On March 26, she sent a cancelation notice to Aon, the travel insurance company. The company sent back a form for Flatley’s doctor to complete.

She gave it to her doctor, and then she waited.

When nothing happened by June, she asked Wells Fargo about the charge. Wells decided to put the charge in dispute, but when a credit showed on her statement, Flatley thought it was a refund through Aon.

But that was incorrect. Flatley didn’t realize it at the time, but the money showing in the account was a provisional credit from Wells Fargo as it investigated the dispute.

Later that month, Aon asked for another doctor’s letter, she said. They sent it in.

Over the next several months, Flatley stayed in touch with Wells Fargo about the money. No one gave her answers.

On Aug. 19, Flatley said, a representative from Wells Fargo said the case was escalated.

“He said this has gone on too long,” Flatley said.

But nothing was escalated except for the red tape.

In September, Aon asked once again for additional medical information from Flatley’s doctor.

“The doctor said he sent them information three times,” she said.

In October, the charge remained in dispute, but no one could from Wells could give Flatley an update, she said.

On Oct. 7, I spoke to a manager at the Wells Fargo, who spent an hour-and-a-half on the phone trying to help me, Flatley said. He said I would get a letter in three days. It never happened,” she added.

A week later, the manager suggested she call the number on the credit card, she said.

So she did. She was transferred to several people and was finally told an “advocate” would call her back.

That didn’t happen, either.

The phone calls continued, and finally, in October, Flatley received an email from a Wells Fargo representative who said she needed two weeks to do further research.

Tired of waiting, Flatley asked Bamboozled for help.

PAYING UP

We reviewed Flatley’s timeline, credit card statements and other documents, and we reached out to Wells Fargo and Aon for help.

Wells Fargo said it would review the case, but it didn’t report any updates back to us.

But Aon

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California Gov. Gavin Newsom sets 10 p.m. curfew; CDC discourages travel; 15 college football games canceled this week

The U.S. death toll from coronavirus has surpassed 250,000, including 1,700 reported Wednesday alone. Hospitalizations across the nation have exploded, with almost 80,000 Americans now receiving inpatient treatment.

COVID-19 has now killed a quarter of a million Americans

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Happy Thanksgiving? Not so much.

New York canceled its massive Thanksgiving Day parade weeks ago. Houston followed suit and Detroit is planning a virtual event as well.

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Many universities are urging students not to go home for the holidays, concerned about igniting a nationwide burst of new cases. Some schools are suggesting that students that do go home not come back, fearing an outbreak of infections on campus.



a man holding a sign: With a map of the country's COVID-19 outbreak behind her, Dr. Deborah Birx, the White House's coronavirus response coordinator, speaks during a task force briefing on Thursday.


© Susan Walsh, AP
With a map of the country’s COVID-19 outbreak behind her, Dr. Deborah Birx, the White House’s coronavirus response coordinator, speaks during a task force briefing on Thursday.

The Centers for Disease Control and Prevention chimed in Thursday, recommending Americans simply not travel for the holiday. 

“The tragedy that could happen is that one of your family members is coming to this family gathering and they could end up severely ill, hospitalized or dying,” said Dr. Henry Walke, the CDC’s COVID-19 incident manager. “We don’t want that to happen.”

📈 Today’s numbers: The U.S. has reported more than 11.6 million cases and more than 252,200 deaths, according to Johns Hopkins University data. The global totals: 56.7 million cases and 1.35 million deaths.

🗺️ Mapping coronavirus: Track the U.S. outbreak in your state.

This file will be updated throughout the day. For updates in your inbox, subscribe to The Daily Briefing newsletter.

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My Vrbo rental is canceled, where’s my refund?

DEAR TRAVEL TROUBLESHOOTER: I booked a vacation rental in Paris through Vrbo. Vrbo charged $863 to my credit card. A day later, the owner contacted me, saying the house was not available. He said that we should have contacted him before booking. A day later, he canceled the reservation through Vrbo. We ended up staying somewhere else.

Christopher Elliott, the Travel Troubleshooter ...
Christopher Elliott, the Travel Troubleshooter 

After many emails and text messages, I received a $665 refund almost two months later. I asked the owner to pay the $198 difference. He refused, because we did not contact him before booking. He said the $665 refund was all the money he received from Vrbo.

In my view, it is very unfair that I didn’t receive a full refund. I did not cancel the reservation — the owner did. Can you help me get the rest of my refund, please?

— Gerard Frank Sollman, Driebergen, Netherlands

ANSWER: Well, you’re entitled to a full and fast refund, of course. But before I get to that, let me note a big change in this column. I’ve seen so many new international cases lately, thanks to the Travel Troubleshooter’s expanding online reach. It’s a privilege to help a reader from the Netherlands. (It’s a first!)

First, the part about you having to contact the owner beforehand — that’s nonsense. Vrbo lists available vacation rental inventory. If the system says it’s available, and if you can make the booking, you should have a booking.

I can’t stand it when people make up their own rules. It’s people like that who give the travel industry a bad name — and people like you a bad vacation.

If an owner cancels, don’t just accept it. Contact Vrbo and let them know that the owner canceled. The company will either find a way of getting the owner to honor the reservation or book you in a comparable property at the same rate. Vrbo’s “Book With Confidence” guarantee applies if your reservation has been canceled less than 30 days from your stay and you are unable to locate a similar property available during the same period.

You decided to take the refund, assuming that you would get all of your money back. But then the property owner decided to remove his home from Vrbo. That means Vrbo is essentially out of the picture. The owner sent a refund directly to your bank, minus the booking fee Vrbo charged you. Do you see the problem? The owner would lose money if he sent you $198. The money you want is with Vrbo, but the property no longer exists, according to the vacation rental site. Very confusing.

Someone at Vrbo should have been able to review your case and figure out how to process a refund. I know because I’ve invoked Vrbo’s “Book With Confidence” guarantee twice in the past. In one case, the owner decided to sell a condo in Oahu before my scheduled stay. In another, an electrical problem with an apartment in Lisbon

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Your European Vacation Was Canceled. How About a ‘Bavarian Village’ in the Appalachians?

HELEN, Ga.—Nita Decker, who has a cabin-rental business in this faux-Bavarian tourist destination in the North Georgia mountains, is the busiest she has ever been.

“We never saw it coming,” she said. “We can’t keep up with the laundry.”

When the pandemic hit, Ms. Decker had to cope with dozens of cancellations and employees unwilling to work because of concerns about contracting Covid-19. But after Georgia allowed many businesses to reopen, couples and families from Atlanta and surrounding cities—looking for vacations away from crowds—poured into the area. Now Ms. Decker is booking cabins months in advance. Not only did she retain her 21 employees, but she also gave them bonuses, she said.

Overall, the coronavirus has curtailed travel throughout the U.S., with people avoiding dense cities, amusement parks and other destinations. Most business travel has been canceled. But some areas with the magic formula—a short drive from large metro areas with a lot of outdoor activities and few crowds—have seen a surge in business as the pandemic has shut down other vacation options.

Conventions in Atlanta have been canceled. Hotels and restaurants in Savannah, Ga., have struggled, and the cruise business there has been crippled. Delta Air Lines Inc., based in Atlanta, has lost billions.

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Vacation canceled? Some refunds are taking months to process

The pandemic put a pin in many of our vacation plans.



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© Provided by KSDK-TV St. Louis


Now many would-be travelers are having a hard time getting refunds.

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Jackie Ramsey of Maplewood was looking forward to spending her 20th wedding anniversary in Mexico this year.

“Because of my husbands health we kinda figured this was our last hurrah kinda thing. We wanted to celebrate if we could,” said Ramsey.

In mid March when Apple Vacation’s alerted Jackie and hundreds of other customers that their trips were being cancelled due to COVID-19, she says she followed the instructions on their email to request a refund.

“Time just kept going on and we kept calling and just getting machines saying ‘we’re processing, we’re processing’,” said Ramsey.

Six months passed, and Ramsey says, still no refund.

“The day my husband booked the trip, that was on our credit card that day. So I can’t imagine it would take them six months to credit his card back or send us a check,” said Ramsey.

The I-Team found hundreds of Apple Vacation customers like the Ramsey’s posting similar complaints about cancelled trips and months without a refund.

In response to one of these Better Business Bureau complaints, Apple Vacations wrote back that “booking changes and cancellations created a backlog of over 50 times our normal accounting workload…”.

Consumers don’t forget

“What they need to understand is that there’s going to be a time after COVID-19. They need to remember that consumers are going to remember how they were treated during the pandemic,” said Chris Thetford with the Better Business Bureau.

Missouri timeshare exit scams: how to avoid them

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After a few emails from the I-Team, we did what Ramsey and hundreds of others have been trying to do for months. The I-Team reached an Apple Vacations representative and now Ramsey is getting her money back.

In a statement, a representative for Apple Vacations told 5 On Your Side,

“Thank you for reaching out regarding Mr. and Mrs. Ramsey. Their booking should have automatically canceled when their destination closed, and we have manually refunded their booking. While this refund had already been processed, it may be 3-4 business days before the refund appears on their statements. We have been in touch with the client to confirm the status of the refund.”

Other customers may not be as lucky.

Apple Vacations did not respond to our request for more information about how they’re handling the backlog of refunds. However, in response to a BBB complaint they did also say, “Over the past few weeks, Apple Leisure Group Vacations has made great strides with that backlog. We are processing over a thousand requests a day in the order of initial request.”

Determined to make every moment with her husband count, Ramsey has big plans for that $2,200 refund.

“We do have a little place in St. Clair that we’re trying to fix up so we can get to the country occasionally…

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