Rockefeller Posted January 16, 2010 Share Posted January 16, 2010 The interesting detail that has come out is the Elite program auction comes with 200 million baht in capital. I can't think of any unscrupulous company that is not drooling to get their hands on this cash. Thus, I fear we are in the final stages of the program. It will play out like this: Now that the money has stopped coming in, TPC is successful in their exit strategy. They auction off the Elite program which creates a face saving firewall to free themselves of litigation, blame, and accountability to the fact they irresponsibly bilked the lifetime membership cash within a few years meanwhile cutting benefits. They now beat their chest that they ran an extremely successful operation and just point their finger at the new company for what happens next. The company that acquires the Elite program, like TPC, will instantly line their pockets and spend the 200 million in capital. Current TPC executives will come on board as part of the private (i.e. under the table) deal to join the feeding frenzy. The new company will create a bizarre marketing strategy in a vacuum to generate new members that on paper will show a positive cash flow. It won't work. The new company will ask existing members to start paying fees since it has no money, little interest from new members, and is incurring massive debt that executives are spending on themselves and awarding service fees at over par prices to the companies of their buddies. To the companys astonishment, members refuse to pay because they already laid out a million baht that they were assured was for a lifetime product they have barely used. Instead, they get slapped with a big class action lawsuit from people with deep pockets. The company, deep in debt and being sued, dies and disappears. Former members now have nothing but memories of their 'lifetime' membership Thailand promised them and can only wonder why Thailand let unscrupulous people walk away with all their money. We were promised we would be friends of Thailand, but now this. So please can anyone think of any other possible scenario? Is there any hope at all? Otherwise feel free to print this out and we can check these off as they occur. Link to comment Share on other sites More sharing options...
p_brownstone Posted January 16, 2010 Share Posted January 16, 2010 (edited) The interesting detail that has come out is the Elite program auction comes with 200 million baht in capital. "Capital" is not the same as "Cash" and given that the Company has lost over 1 Billion Baht ( I forget the exact figure ) over the years of its operation I sincerely doubt that they have any cash at all, only overdrafts - which is why I can't see the Auction attracting much interest from anyone. Patrick Edited January 16, 2010 by p_brownstone Link to comment Share on other sites More sharing options...
hhgz Posted January 17, 2010 Share Posted January 17, 2010 "The math doesn't add up, but maybe it never does on this thing." Rocky, then why did you buy a Thai Elite membership? Link to comment Share on other sites More sharing options...
alyx Posted January 29, 2010 Share Posted January 29, 2010 (edited) I guess TEM do not have to worry about any companies taking over TPC as the lack of interest by the most potential "taker" went unnoticed last month This was only published in Thai (unfortunately), on line I have been unable to find anthing in English regarding that particular matter "King power Duty Free say NO to the revitalizing of Elite Card" http://www.thanonline.com/index.php?option...&Itemid=448 I guess TEM will be taken care off by TAT which seems to be the best (mind you the only one left) option If it is not legal to post this link apologies Edited January 29, 2010 by alyx Link to comment Share on other sites More sharing options...
alyx Posted January 29, 2010 Share Posted January 29, 2010 (edited) Incidentally the article talks about the 795 members explaining that these are people who have acquired the membership against the rules: dual passports, work permit, married to a Thai Furthermore it is stated that 6 persons had already been stripped of their memberships as they were holding two passports, one of which was Thai (if anyone were to post a translation of the most important parts of the article it would be nice as I just have somebody to read it for me and wouldn't mind a second reading in English) Edited January 29, 2010 by alyx Link to comment Share on other sites More sharing options...
Lite Beer Posted January 29, 2010 Share Posted January 29, 2010 Google Translation of the link provided. Power King alt doing smth "e-cards list" was not worth additional points. Agents have received a ticket before. Private not know to do your own. Why the need Emmebars of public service core. More than golf, spa services, while T-PC between the stem. Members to network problems and incompetent than 795 people under review. Including fraud examination knot hire Susan R. Sato need. Ads in USA. Today the wireless contract. And it must be stupid to pay S IT. Mr. Chairman Vichai love ศรีอักษร Group King Power Group announced on the "economic base" that the King Power will have no interest in acquiring the e-Thailand project split due to see this card from the sector. state is the size of this project has always been government owned. Can not build trust with members of Thailand. E-cards list at all. Private sector would not be able to take action in this matter. Combined with the last King Power. It was a sales representative e-card list cards before the previous 1-year sales in the e-card list cards were sold to 20 people, but that did not know how. This is not no surveillance. Because people who buy e-cards list the majority of the foreigners working in Thailand. Service is to facilitate the issue of public services. The only service Fast Track airport. Not like golf or spa services. These services because they are already Emmebars private. The services of government. Private would not do well as the State can be made manually. Emtawi of Ms. Phong Tan Wattana Spokesman of the Ministry of Tourism and Sports. As Acting President of Thailand Primera Victor Village Card Co., PC Manager or e-cards Limited. Revealed that the PC board. To consider the annual budget by 2553 has proposed framework limits 174.267 million baht, down from fiscal 2552 to 206 million baht, based on its structure in 2553, which now will not be concluded that under the management of private or. transfer member. E-cards to the list under the supervision of the Tourism Authority of Thailand or the Port Authority of You. If the aggregate when. Will offer a budget plan for each section again. Board approval to disburse. Because of the regulations. Now President has the authority to disburse up to 5 billion baht only. The budget in year 2553 will come from cash balance at October 31, 2552 with 317 million baht in year 2552 budget includes the remaining 3.6 million baht. "The company structure. Now the board has appointed a management plan to determine the status of employees and employees who are together all 103 employees if the reorganization is to move to the TPC in the care of your Station. Would have chosen only to some employees to stay with you Station. And would not move to all employees ". The board also reported the detection of incompetent members. The initial 6 members found incompetent person indeed. Of incapacity falling 795 people as the Thai people. The review of the 6 people holding passports or passports in Thailand and also hold a foreign passport. Now pending review by the Ministry of Interior. If found incompetent to true to cancel the membership and may be returned to negotiations. Some money. The expected results of the member will qualify before you send it. Ministry of Finance and Development Board or the National Economic and Social สภาพัฒน์ to clarify the status of all members before the draft terms or CTO R. sales to private companies for management to be completed by December 17 this. Also, the board has set up sub-committee review the facts of the case procurement. Companies want to hire Susan R. Sato. (Thailand) Limited. In interviews, Dr. Post. Kasem gold machine building former President TPC. And advertised in the newspaper USA Today that the Army want Sarah Sue. United World Co. has hired a company. Agencies that received the forwarded letter to USA Today, which is scheduled will be published on February 26, 2552, which later split e card requested the cancellation of this project want Sarah R. Sue has asked to cancel. contract with the United World. But can not due to late cancellation 15 days ago. "On the ยื้อ years. By Sarah R. Sue want to dismiss submitted by the TPC request to cancel the project. But the United World has e-mail dialogue that can not be undone. Recent newspaper and USA Today have published interviews and press advertisement on October 15, 2552 and charged of U.S. $ 52,000 or approximately 170,000 baht, if not paid will be against each other ". About this case is initial review found. No contract TPC want to do with Sarah R. Sue. But just speaking the words. Since the last need Susan R. Sato. Received from the PC to work with multiple projects and contracts are binding. Is thought unlikely that there is a problem and can operate at all. However, when the TPC has requested to cancel the Army want Susan and Sarah. The United World, which is the agencies that will receive a tournament offering application support to SAP UK Today was not able to cancel the contract. If the claim for its straight-on Alliance yesterday. Infor Swann Technology Limited (PCL) or Asian Institute of IT systems in place to TPC. The case where the PC will cancel the contract. A. The IT claim 38 million baht due to the system to some already. TPC has requested negotiation reduce damages. A reduction in IT allow the remaining 29 million baht to the TPC, but also see a price that is higher. It will also ask Ms. Emtawi also negotiated reduced. Newspaper Issue economic base from 2.486 10-12 December 2552. Link to comment Share on other sites More sharing options...
alyx Posted January 29, 2010 Share Posted January 29, 2010 Thanks Link to comment Share on other sites More sharing options...
alyx Posted January 31, 2010 Share Posted January 31, 2010 Anyone with a more accurate translation? Thanks Link to comment Share on other sites More sharing options...
Rockefeller Posted February 2, 2010 Share Posted February 2, 2010 I guess TEM do not have to worry about any companies taking over TPC as the lack of interest by the most potential "taker" went unnoticed last month What legitimate company would want to buy something with a negative cash flow, members who are not going to pay anything more in their lifetime, and no real potential to add new members? There is simply no business case here. It will have to be a small company we have never heard of that will pocket the 200 million in capital and fold. King Power makes no sense and they made a statement as such. According to a source in TPC there is a lot of interest in the auction but they did not elaborate. As I mentioned before, attaching 200 million to the program is an exit strategy, not an attempt to find a good home. Link to comment Share on other sites More sharing options...
thaiphoon Posted February 2, 2010 Share Posted February 2, 2010 2 off-topic posts removed. This thread is for factual information on changes to TE member programme only. Link to comment Share on other sites More sharing options...
alyx Posted February 2, 2010 Share Posted February 2, 2010 (edited) Thanks again Thaiphoon Thanks to you and other moderators I bet that this has been the longest running thread about TEM Back to the topic: of course Rock I do not see how a sound company would risk it. I would also like to know which one the auction has attracted With less than three weeks to the final countdown we would definitly have heard something outside the circle. Actually would you care to explain the part where you are saying that KP did not make any sense and they made a statement as such? Edited February 2, 2010 by alyx Link to comment Share on other sites More sharing options...
alyx Posted February 21, 2010 Share Posted February 21, 2010 Has anyone got any news? Today is 21st of February, meaning that the 3 month deadline is 3 days over I hope that the decision will not be handed over at the same as some National event Link to comment Share on other sites More sharing options...
xbusman Posted March 24, 2010 Share Posted March 24, 2010 How bout an update from our Elites. This has gotten very quiet, should we assume that the program is same same but different? Link to comment Share on other sites More sharing options...
alyx Posted March 28, 2010 Share Posted March 28, 2010 Thank you for your concern Link to comment Share on other sites More sharing options...
alyx Posted April 9, 2010 Share Posted April 9, 2010 At the turning point of this New Year, TEM still do not know anything about the outcome of the dispositions taken by the Government regardind the company's future, which is quite understandable, considering the other much more important matters to be currently dealt with. Nevertheless, some of us are about to reach, or have already reached, the end of their 5 year Special Entry Has anyone renewed it or about to do so, let's say since Februray 2010? (I think that some TEM di renew it end of last year) Feel free to pm Link to comment Share on other sites More sharing options...
sholaisen Posted April 16, 2010 Share Posted April 16, 2010 I asked TE staff at the airport about 4 weeks ago and they said that they still issue visas as normal. In fact I'm considering renewing mine even it's not due just to make sure I have 5 years in case it goes down... Doubt they will go as far as canceling visas already issued even if TE is discontinued... If I had to predict the outcome I would say that TAT will take over and continue business as normal with the current members... Link to comment Share on other sites More sharing options...
alyx Posted April 17, 2010 Share Posted April 17, 2010 I asked TE staff at the airport about 4 weeks ago and they said that they still issue visas as normal. In fact I'm considering renewing mine even it's not due just to make sure I have 5 years in case it goes down... Doubt they will go as far as canceling visas already issued even if TE is discontinued...If I had to predict the outcome I would say that TAT will take over and continue business as normal with the current members... You can't as it has to expire before you may renew it Link to comment Share on other sites More sharing options...
sholaisen Posted May 19, 2010 Share Posted May 19, 2010 Thailand Elite has closed due to the current situation in Bangkok. Could someone please post a message when they have re-opened? Link to comment Share on other sites More sharing options...
LivinLOS Posted June 20, 2010 Share Posted June 20, 2010 Did they re-open ?? Are visas still being issued ?? Link to comment Share on other sites More sharing options...
Mario2008 Posted June 20, 2010 Share Posted June 20, 2010 Did they re-open ?? Are visas still being issued ?? ask them: ThailandElite.com - Contact Us Link to comment Share on other sites More sharing options...
alyx Posted August 4, 2010 Share Posted August 4, 2010 Has anyone got any news regarding the sale Last time I 'heard' (read on this foum) an evaluation should have been out by July the 4th.... Link to comment Share on other sites More sharing options...
humbug Posted August 4, 2010 Share Posted August 4, 2010 i read in the last few weeks in the business section, i forget which paper, that they were having a financial organisation to evaluate TPC and their results would take a minimum of 3 months, after which they would look to see if they can sell or put it into the hands of TAT so maybe this drawn out process will be drawn out even further into the end of the year, with maybe more delays and then if any new elections arise then the process will be put on hold , Link to comment Share on other sites More sharing options...
alyx Posted August 4, 2010 Share Posted August 4, 2010 Are you sure this happened some weeks ago??? That was what they were supposed to do end of last year.... On this site I have read that the expertise was to be finished by July the 4th.... Link to comment Share on other sites More sharing options...
humbug Posted August 4, 2010 Share Posted August 4, 2010 yes i am sure i read many months ago the same stories on evaluating TPC and a similar story popped up again a few weeks ago saying the new evaluation will be completed in 3 months, now the only thing it can be is the papers up to their old tricks on this subject with re-hashing old stories mixing and reporting it every 3 months, or that they have brought in new evaluators to see what they can do etc Link to comment Share on other sites More sharing options...
alyx Posted August 5, 2010 Share Posted August 5, 2010 ok thanks then just wait,,,,again,,,and see Link to comment Share on other sites More sharing options...
alyx Posted February 7, 2011 Share Posted February 7, 2011 I guess everyone has received the 'update' so it is business as usual, or....is it? Link to comment Share on other sites More sharing options...
Rockefeller Posted February 8, 2011 Share Posted February 8, 2011 Member updates seem to be little more than a rehash of information that previously appeared in the bangkok newspapers. Link to comment Share on other sites More sharing options...
alyx Posted February 9, 2011 Share Posted February 9, 2011 (edited) You are correct I called them yesterday and was told that the reason of this update was the fact that many members had called in following news in the Bangkok Post . To avoid confusion it should have been stated in this letter. Edited February 9, 2011 by alyx Link to comment Share on other sites More sharing options...
sholaisen Posted April 27, 2011 Share Posted April 27, 2011 Was just on TAN Network that the decision had been made to cancel the Thai Elite Card... mentioned something about a request for reconsideration so I'm not sure this is the final final decision... No announcement from Thailand Elite yet... TAT seems keen to continue as they worry about Thailand reputation if program is cancelled. Anyone has any more information to share? You are correct I called them yesterday and was told that the reason of this update was the fact that many members had called in following news in the Bangkok Post . To avoid confusion it should have been stated in this letter. Link to comment Share on other sites More sharing options...
humbug Posted April 27, 2011 Share Posted April 27, 2011 so political, just before the elections a real snipe at their opposition to show the media they looking to cancel the programme its doubtfull they will be able to cancel the programme so soon especially with the elections coming up and no more cabinet decisions after a certain date, whatever that is, and also TAT will need 500 million baht and they are unsure whether they will be granted the money so soon before the elections to actually cancel the programme i dont know the last cabinet date before the house disolves but if nothing is finally cancelled before then, then it will be left to the next government to either carry on cancel the programme or let TAT carry it on one thing is for sure, they be using this topic a little more to drain any political milleage they can over the next couple of months Link to comment Share on other sites More sharing options...
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