Divi Tiara-Cayman Brac

[-hh]

DivePartner1 once bubbled...
HH,

I'd love to poor over their finanicials. Where can we find them? Can you post them here?

Their financials are now closed, as they are no longer a publically-held company. They were previously listed on the AmEx.


In a nutshell, they tried to expand too rapidly by buying a bunch of hotel properties all over the place. The profit projections on the spreadsheet didn't match reality, so their cash flow dried up, and they got hung out to dry with the debt on a pile of junk bonds that they had issued to

They filed for Chapter 11 in July, 1991, due to nonpayment of interest due on $110 million junk bonds at 14.5%.

The settlement included the bonds being traded-in on a stock exchange and the stock went private (removed from the public trading Boards), which means that they no longer need to file their financials.


IMO, the most interesting part is that Peter Hughes was a Divi boardmember and there has been several interesting looking activities just prior to this filing.

For example, Peter Hughes split off from Divi just prior to all of this occurring, and he took his shareholder equity in the form of the Dive shops and the Sea Dancer (liveaboard) which had just completed a complete overhaul. By sheerest coincidence, :wacko: this corportate restructuring wasn't even touched by the bankrupcy filing. :deal:



After the Chapter 11 was completed, Peter Hughes received $100K/year in "Consulting Fees" from Divi Resorts, plus they paid the rent on his Florida offices, for several years. :deal:


Bottom line for us to remember as consumers is that we shouldn't forget that diving is ultimately a business.



-hh

 

[DivePartner1]

HH's lengthy replies illustrate how apologists for controversial businesses often do more harm than good on the internet.

The proud schadenfreude of the posts does little to identify any value in choosing this resort over other, less troubled, options. The posts simly highlight problems that are easily evaded by avoiding this resort.

Hmm, cite unseen "financials" to score a dubious debating point, then claim they're not available? Similarly, dwelling on flight schedules and 'explaining' Div's notorious financial difficulties is missing the point. Nothing in these posts does anything but repel one from this resort--that seems subpar by the terms of its own 'defense.'

Does Divi know HH is "helping" them in this manner? Sorry about the timeshare but there are plenty of less troubled alternatives out there for the rest of us. I'll probably be on Brac again in March and I doubt that it will be at Divi.

 

[Diver Lori]

Divepartner

I was talking to the owner of the dive shop I work with and he frequents the Brac and always stays at BRBR. He stated that Divi is known for packing the boats and that's why he's avoided them in the past.

Try them or a private condo. I spoke with a local one afternoon and she said the private condo is the way to go.

 

[-hh]

DivePartner1 once bubbled...
HH's lengthy replies illustrate how apologists for controversial businesses often do more harm than good on the internet.

I'm not apologizing for their screw-ups - they have plenty.

But I do believe in "hanging the guy" for what he's actually guilty of, and not fabricated or trumped-up charges. If that means taking some heat from the mob with the pitchforks, so be it.

The proud schadenfreude of the posts does little to identify any value in choosing this resort over other, less troubled, options.

If you have a question on the Brac, ask it, and I'll do my best to answer it. Just don't expect me to sugar-coat things, or tell you only just what you want to hear.

The posts simly highlight problems that are easily evaded by avoiding this resort.

If you skip every resort that's ever had a problem reported, you're going to go nowhere.

Insofar as the Divi vs. BRBR specifically, Lori never asked that question when she asked for advice before she left. I've previously recommended people to "flip a coin" when picking a Brac hotel, as well as expressed my personal opinions of the strenghts/weaknesses of each. Since Divi's consistency problems have started, I've openly expressed my conerns...its all archived in Google for you to go verify if you wish to bother. The choice is ulitmately going to come down to what your trade-off criteria is.

Hmm, cite unseen "financials" to score a dubious debating point, then claim they're not available?

The financials of when Divi was still a traded company are available to the public. It was also documented in _Undercurrent_.

Financials of privately held companies are never available to the public...but sometimes a few words or numbers slip out here and there. One rumor that I don't put much stock into is that Divi was also behind the assassination of JFK.

I'll probably be on Brac again in March and I doubt that it will be at Divi.

Since Winston has either sold off or sunk his diveboats at Brac Aquatics, and because Dee doesn't have a boat, your only other dive option besides Divi is Reef Divers. You can choose between their big Newtons that are roomy topside, but can end up dropping 30+ divers off at a single mooring, or going for a rough, wet ride in their "Vomet Comet" Rob Shirley Pro42's.

Since March will probably still be in the "winter" weather pattern, I recommend going with the Newton Cattle boat instead of the cold, wet, miserable ride...YMMV for which set of grass you consider to be greener. Your water temperatures will be around 77F, and the prevailing "winter" winds will bias most of your dive sites to the South side & Western point. If you want some specific divesite recommendations/comments, just ask.

FWIW, if you're aware of the memorial plaque that's "hidden" on Tiara Tunnels from the diving fatality that occurred here in 1998 and want to know how to find it, also ask.

Finally, if you hear rumors about diving the wreck of the Barabara Ann, forget about it...she's barely rubble and not worth the effort. If you want to know what the business scheme was behind her scuttling, also ask ;-)


-hh

 

[DivePartner1]

Thanks, Lori. My LDS asked where I wanted to go next and scheduled a trip to Brac in March at BRBR. I've heard nothing but good things from past guests and am looking forward to it.

 

[DivePartner1]

I've been to Divi and many other places. When I say why settle for Divi, it's based on my experience and feedback from people I know and trust.

 

[-hh]

DivePartner1 once bubbled...
I've been to Divi and many other places. When I say why settle for Divi, it's based on my experience and feedback from people I know and trust.

I guess what I find frustrating is that its not like I didn't warn her of potential problems. Here's the advice I gave her after she had already selected the Divi (guess she didn't consult with her diveshop until after she got back?):



-hh

 

[jhspb]

Every one stop complaining....please.

Bad experiences will happen ....

so will the good ones....

If the hotel experience wasn't good then stay at another or do like Tim and stay at a condo...and cook yourself... and maybe clean yourself too....or hire a maid and a chef

or try a different hotel and stay at BRBR

try a different dive op reef divers is excellent

look at http://www.robert-e-morgan.com/caymanbrac I wish they were my pics but they are part of my good ... no....GREAT and positive.experiences (albeit mixed in with some negative ones although, for the life of me I can't recall the bad ones....!!

....its all about whether hh and diverlori wish to delve on the negative or the positive

its only up to each of your attitudes and nothing else!!

joe

 

[Diver Lori]

HH et al....

three points, unfortunately I didn't catch your post on Divi in my first thread before heading out. To be honest I had stopped checking the thread after the first week or so.

second.....I was locked in to Divi because of Nikon School....which was awesome btw.

last....I knew my shop owner recommended BRBR over Divi, but again....locked due to the course.

We had an all inclusive pkg through Nikon that included 6 days of diving, 3 dives per day, a second LC trip, 10 rolls of pro slide film, photog instruction, critique, lectures and one on one with instructor, all camera equipt, 3 meals and transfers & lodging. We were able to upgrade to deluxe lodging for a few hundred bucks which got us an oceanfront room away from the hubbub and foot traffic which was a plus. So the package we had was not the standard offerings from DIVI as we had other factors.

All in all, the trip had it's drawbacks, but Nikon School with the Nikon subcontractor was outstanding. I'm glad we drew him for the course and not one of his alternates....we were lucky there.

Divi really needs to work on customer service and staff attitudes when "you're not happy". As I said they are good at glad handing you if you're happy, but they'll write you off in a heartbeat if you're even the slight bit unhappy about something....again, we weren't the only group with issues.

Oh...and I forgot a couple key items. Divi stores PFD's (lifejackets) in the forward hold.....not a good practice. And what PFD's were accessible (about 6 to 8) were used to cushion cameras. And, quite frequently the DM staff would pull up the hang reg and stow before all the divers were back on board. A fellow in our class noticed this as he and his buddy were usually the last in the boat and more than once he said they pulled the reg up before he was done with his dive.

We probably won't go back to the Cayman's as we're not reefers per se', but the class was our reason. We learned a wealth of information that we'll use in future dive trips that bear repeating for our preferences..... PNW, Nova Scotia wrecks, FL caves, Akumal caves, GL wrecks and NC wrecks.

 

[jhspb]

OK

now can we see the pictures?

please:approve:

Joe