# Notice of Chapter 11 [Island One Inc., a Florida corporation]



## RDB (Oct 27, 2010)

Have been in receipt of two letters in as many weeks from Baker & Hostetler LLP. 

Something relating to Evidentiary Hearing on Nov 17 in Orlando.

Seems to be involved with Island One Inc., a Florida corporation.

Anyone know what this might be about?


Robert


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## Talent312 (Oct 27, 2010)

Debtor-in-Possession case in which they try to continue operations while restructuring.

*From Island One:*
Orlando, September 10, 2010 - Island One Resorts announced that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code for itself and its affiliate, Island One Resorts Management Corp. (IORMC).

"Chapter 11 filing for protection allows the company to complete its restructuring plan, initiated in late 2008, to balance the company's debt and equity components," said Deborah Linden, CEO. "This filing will facilitate the company's ability to execute an equity transaction within three months with our equity partner. Restructuring poises the company to move forward with the necessary capital for long-term stability," she said.

The company will continue normal operations at its corporate headquarters in Orlando, and its nine resort properties throughout Florida and the Caribbean. The resort owner associations, which are not part of the restructuring, will continue to operate in their normal capacity on behalf of all our owners.

*From Bloomberg:* 
*Island One Files for Bankruptcy After Florida Property Values, Sales Drop*
By Dawn McCarty - Sep 13, 2010.

Island One Inc. and five affiliates of the resort company filed for bankruptcy protection in Florida citing falling sales and declining property values. The company listed both assets and debt in the range of $100 million to $500 million in Chapter 11 documents filed Sept. 10 in U.S. Bankruptcy Court in Orlando. 

“The fall of the real estate markets in Florida and throughout the U.S. and the general downturn in the economy have significantly impacted the resort development and hospitality industries,” lawyers for Island One wrote in court papers. 

Island One and its affiliates have developed and managed time-share resorts in Florida and the U.S. Virgin Islands since 1981, court papers show. Through Navigo Vacation Club, the companies have developed a timeshare network that extends throughout the U.S., Latin America, the Caribbean and Europe. 

The case is In re Island One Inc., 10-16177, U.S. Bankruptcy Court, Middle District of Florida (Orlando).


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## RDB (Oct 27, 2010)

Thanks. That is an explaination, but I still wonder why I am receiving notices.

I imagine I could appear in court on Nov. 17th for the hearing.


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