I'll keep checking in too, to see what's going on with Reef Village.
I'm so disappointed though, we thought this place was paradise when we stayed a week in one of the villas. So much so, we bought in. I went through hell getting our Interval info sent in, contacting Reef, getting any response at all.
We're planning on going back in winter (bought 1 br, 2 weeks every other year in 2010).
Whatever form the resort takes from this point can only be positive, especially if the owners are involved.
This is the first place I've been able to find more than a glancing reference to Reef Village, other than the terrible reviews on TripAdvisor. But that was where I heard about the Homeowners Assoc possibly taking over too.
Anyway, I'll keep on checking as I now feel I have a good link to information.

When the power of love replaces the love of power, we will have peace on earth - Jimi Hendrix