My Global Playground
Resignation and Redemption

A pillar in My Global Playground's structure was a focus on being financially secure. The club's membership agreements outlined "specific commitments from MGP regarding the use of membership deposits and our financial status," My Global Playground stated. The young club would conduct an annual audit to verify that they were in compliance with these commitments and pledged to used membership deposits solely for real estate and acquisition costs.

While the terms of how membership funds would be used were clearly defined by the club, the member's resignation and redemption policies were less transparent. Like many other destination clubs, resigning members were redeemed on a three in, one out basis.

The amount that would be repaid at the time of resignation was never fully identified. According to the club's website, numerous redemption policies existed, including the following contradictory statements:

• "MGP Memberships features a 100% refundable deposit with appreciation."
• "Once a member should decide to leave, the Club will refund 100% of your deposit."
• "If I resign my MGP membership, am I entitled to a refund? Yes, minus a nominal transfer fee."

Launched during one of the most competitive eras of the destination club sector, My Global Playground never fully emerged as a leading player in the space. Exclusive Resorts dominated the industry with smaller clubs like Quintess, Dream Catcher Retreats, and Private Escapes making significant progress in the growing field. Up until their closure, My Global Playground continued to offer "Equity Charter Memberships," a sign of slower growth in the booming destination club industry.

Likely, these different resignation and redemption policies were planned to be implemented as the club grew, allowing charter members appreciation on their deposit and absorbing a portion of the membership fee of new members once the club established themselves.

Unfortunately, My Global Playground never grew to this point and ceased operations in 2007, likely with only a select group of members.

When considering a new destination club, understanding the details of the resignation process and your redemption rights should be a chief concern. To receive a list of suggested due diligence questions concerning redemption and other important points of emphasis, request a free copy of our Destination Club Guide.