This spring we wrote about the struggle of Portofino Club, a boutique destination club that appeared to be stumbling in its growth plan and was selling off four homes in its property portfolio. We recently contacted CEO Ron Tapp to follow up on the club’s plan to recapitalize and restart its sales efforts.

Reached in his Greenwood Village, Colo. office on Friday afternoon, Tapp said that any rumors about bankruptcy filings were false. “We have gone through a rough period,” said Tapp. “Historically we have been very tight cash wise but we are completing a conversion to an equity club.”

Existing members, he said, were offered the option to invest in the club for an equity stake, but not all have made the extra capital commitment. “It’s a nice amount of money. It’s not on the scale of $200 million, of course,” he said, but “it will put us on track to being more balanced. The member dues will pay the operating costs.” Tapp expects that all the recapitalization will wrap up next week.