I also have a small short position in this name. I would have a larger one if (1) I thought that owners of timeshares still got access to them until foreclosed (the way home owners do) and (2) Expectations were the same or higher in 2010 than they are for 2009. The market still seems to be rightly concerned about timeshares, especially with big credit card companies raising rates. Consumers will continue to deleverage, and timeshares are not a necessity.

Still, I don't see how timeshare management companies lose much money if they can bar access to owners not paying maintenance fees and then rent those time slots out. They can also charge special assessments to owners who are still able to pay.