Questions? » Contact An Analyst or M-F 9am -5pm PST Call 1.800.543.9980
You are viewing an article from the Destination Clubs category.
UPDATE. Breaking News: Portofino Destinations Club Files for Involuntary Bankruptcy
| Written by Amy Gunderson 06/11/2008 |
Toolbar sponsored by:
|
|
Portofino Destinations Club has filed for involuntary bankruptcy. According to the U.S. Bankruptcy Court, District of Colorado, the filing was made on May 28. According to the court filing, the company lists no assets. The filing is for a Chapter 7 bankruptcy, which is a liquidation of the business and its assets. The debtor is listed as Portofino Equity and Management Company, LLC.
A call to Portofino CEO Ron Tapp was not immediately returned. In an interview in mid-May with Halogen Guides, Tapp outlined the club’s plan to recapitalize by securing investments from members to kick start the boutique club’s growth. Last month, he said that any rumors of bankruptcy were in fact false. “We have gone through a rough period,” said Tapp in an interview last month. “Historically we have been very tight cash wise.”
We will be following this story as it unfolds.
Reader Feedback
-
From: freddy mercuryWednesday, June, 11, 2008 at 08:55 PM
maybe abercrombie and kent will buy the homes?
-
From: DC FanThursday, June, 12, 2008 at 06:26 AM
Doesn't sound like there's much (if anything) to buy. I guess it pays to do the hard financial due diligence that Halogen and others recommend.
Free Decision Guide
Written by industry analysts.
Get the Guide Destination ClubsAdvertisement
Decision Tools
Real Estate Spotlight - Advertisement
From: queenWednesday, June, 11, 2008 at 08:52 PM
another one bites the dust