# Friar Tuck Resort Bankrupcy



## TUGBrian

http://www.thedailymail.net/articles/2010/02/04/news/doc4b6a62f1a2324781290019.txt

this might be worth following to see exactly what will happen to owners at a resort that can no longer pay its bills to stay open and goes into bankrupcy.


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## hvsteve1

This is deja-vu all over again.

Our original TS purchase was for a timeshare affiliated with a major resort in the Poconos. Our reasoning, as newbies, was that a major resort was more likely to protect the value of the TS units than a stand-alone TS operator. This was many years ago and history has proved us very wrong.

Our TS was evenutally dropped by RCI. The reason was the resort had started renting out the units as "ski villas", resulting in the kind of overcrowding and drunken partying you could expect from groups of young skiers from NYC and Philly. The units were trashed and the resort had no interest in fixing them. Also, developers in the Poconos had started changing the time periods after we bought. Our white week was originally good from labor day to memorial day. After developers (at all the Pocono resorts) started inventing winter ski weeks which were red period and shortening the white period, we ended up with week that was good during the months of April and October and impossible to get into because of the short time period and the units being rented to resort guests. As it was a RTU, we walked away. I'm sure people who bought at other resorts, such as the Playboy Club in Great Gorge, NJ, had no expectation that such a famed brand would go out of business in only a few years. 

BTW, we visited Friar Tuck some years ago and, based on the sad state of the resort and looks of the TS, along with its remote location, would never consider buying. Ten years ago Friar Tuck was generating most of its visitor traffic by having weekend concerts. We found the place dark, dog-eared and nearly deserted. I'm sure the only reason anyone would have purchased there was because they were convinced it was a cheap way to trade with RCI. From what I read in the newspaper article, the sales price was low and the MF is way below what it would logically cost to maintain the place.


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## sullco

*Friar Tuck is an unmitigated disaster*

It's not clear what will happen with a new buyer--it's more likely they are interested in the basic real estate, not the underlying hotel or ts business.  The resort is, in my mind, not salvageable.  It needs to be bulldozed and started over--but there is no inherent value in the destination so it might be better off as a junior college or something.  

Truly a disaster unless there is some kind of secret plan.


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## richardm

The timeshare usage itself is not expected to be effected by the bankruptcy as it is a separate legal entity set up as a co-op which owns the timeshare units.

The remaining property was sold at auction, but the buyer has not yet secured his funding.

There is also a current lawsuit between the timeshare and rci over whether the exchange affiliation can be dropped. I haven't seen any info on a final decision about that issue.

The big issue for owners, is not whether they'll be able to use their week at the resort, but whether or not they will continue to get access to shared amenties (although from RCI's contention- the amenities have all fallen into disrepair because of the bankruptcy). Most likely, I'd expect the timeshare owners will be charged usage fees or in the future will have them imbedded in the annual dues to compensate the new owner for the upkeep and maintenance.  

Hopefully, the new buyer will bring some cash into the property and update the amenities- perhaps increasing the overall value in time.


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## tonyg

I don't think there is access to the timeshares other than through the resort property, based on my last trip there. This could present an additional problem.


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## TUGBrian

update on this issue with hearing dates and info

http://www.thedailymail.net/articles/2010/03/19/news/doc4ba2fde00e553185820390.txt



> Hearings to extend financing will be held on March 23 and 24 at the James T. Foley U.S. Courthouse of Broadway in Albany.


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## TUGBrian

annd update to the update, court ruled...doesnt look good

http://www.thedailymail.net/articles/2010/04/08/news/doc4bbd5546d74a4481856504.txt


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## Corky

Devastating news for  owners at Friar Tuck!

Will we still be liable for maintenance fees when there are no amenities attached to ownership, only a unit to sleep in?  What options will we have?

Have anyone experienced a similar situation?


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## TUGBrian

yeesh, not really looking any better

http://www.thedailymail.net/articles/2010/05/27/news/doc4bfdf5d4d275c174974442.txt


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## TUGBrian

and more good news...   

http://www.thedailymail.net/articles/2010/06/04/news/doc4c0887737814b181684038.txt


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## BocaBum99

TUGBrian said:


> http://www.thedailymail.net/articles/2010/02/04/news/doc4b6a62f1a2324781290019.txt
> 
> this might be worth following to see exactly what will happen to owners at a resort that can no longer pay its bills to stay open and goes into bankrupcy.



I just hope this means that Robin Hood is next.


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## markel

We've stayed at this resort twice, most recently in March 2009. Both times we were in the Buckingham Village section, right next to the main building. We skiied at Windham and to be honest we actually enjoyed the place. Our units were clean and fairly updated. The indoor pool and hot tub were in satisfactory condition. I agree that the resort is basically in the "middle of nowhere" but I think it's ashame that it's come to this and I feel for the TS owners. I was actually surprised on our last visit when I was told at the front desk that there was a Wal Mart in the near vicinity to get groceries. (can't think of the name of the town). Anyway, even though it was about a half hours drive to the slopes, we enjoyed our time at the resort when we returned. I have to admit, we are really not that picky !

Mark


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## caribbean

So is this a RTU or ownership? If it is RTU then I can see how the court could decide to liquidate since the timeshares are owned by the same owner as the hotel. Similar thing happened to a place in Cayman after the hurricane. But if the timeshare is owned by the individual TS unit owners, with individual recorded deeds, how can the court disallow their ownership? The TS unit owners are not responsible for the debt of the developer's hotel ownership. Another case where the TS owners are at the mercy of the court because they cannot organize and have no voice. Bad situation.


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## justaseason

Corky said:


> Devastating news for  owners at Friar Tuck!
> 
> Will we still be liable for maintenance fees when there are no amenities attached to ownership, only a unit to sleep in?  What options will we have?
> 
> Have anyone experienced a similar situation?


I am getting harrassed with  requests to pay maintenance fees as well and in no way want to send my hardearned money into this pit!
So who knows anything about the situation with the deeds and the legal rights of TS owners? I just called the attorney generals office and got nowhere yet.
Would love to organize a meeting with all time share owners who are interested in sharing information and possibly to take further action as a group.


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## justaseason

*legal limbo?*

Just heard from the attorney general's office that they are aware of the situation and that the Friar Tuck owners have been notified that they have to  to amend the offering plan, which they then have to distribute to the TS owners. It was suggested to me that I  consult a lawyer to see if it would be wise to put the maintenance fee into an escrow account for the time being.
I would like to see if a group could be formed, anybody interested?


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## catskill

I want to join a group for the purposes of taking our issues to the Attorney General's office to discuss the numerous procedural and property rights which have been violated by the "Nottingham Village at Friar Tuck" entities. We should then ask his office to start a class action suit on behalf of the shareholders.  Anyone interested, please send me an email.  Thank you.


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## weaverville

Catskill, what needs to be done to start a class action suit?  The ideal situation is to see if there is a lawyer who feels that there is any value in taking the case on contingency or if there is any way to find a lawyer who bought into Friar Tuck TS.


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## MdRd

*Concerned-Bank takeover of Nottingham Village*

We need all those people who purchased timesharing from friar tuck/nottingham vlg. to be involved in a suit against the bank who is taking our property.  Anyone who holds a deed to Nottingham Village must be known because the bank thinks they can take our property.  I spoke to the bank lawyer today and he was surprised when he heard we had a deed, therefore all maintence monies and we should receive money for the deed which we hold.  The bank is not going to make money on our money.

Please contact us if you would like to receive bank information


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## Tommy_Boy

*Has there been any class suits, or groups formed?*

My parents "own" at Friar Tuck, and I feel like there's a decent shot at them getting out of this now...for them to pay $600 annually for nothing seems ridiculous.  Please let me know, thanks!


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## ruffmike

*i have a time share there to*

do i still have to pay my resort funding bill? since there is no friar tuck.....?


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## TUGBrian

latest update

http://www.thedailymail.net/articles/2011/03/01/news/doc4d6c87b383942825629302.txt


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## guildernet

*Still Paying*

It really bugs me that I still have to make montly payments on a resort I can't even use or trade. Where is the relief for the owners?


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## Corky

The location of this property is fantastic.  The potential is terrific for some company that has the big bucks to fix it up.

Don't know where any purchase will leave the timeshare owners but it couldn't be worse than now.

I wish the company that bought out Silverleaf Resorts would consider purchasing Friar Tuck.  NYS doesn't have many timeshare resorts and the Catskills is a year round vacation destination.


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## Sullco2

*No white knights on the horizon*

Corky--I agree that the Northern Catskills are destined to have a rebirth.  But Silverleaf has its hands full with the former Brodie Mountain in the Berkshires that they have owned for years.  It has been sitting idle and is far more interesting as a timeshare site than is the horrible pile of crap known as Friar Tuck.

If you are looking for NY timeshares, try Villa Roma in Sullivan County--a bit dated, despite a massive rebuild in the last few years, but a nice family resort with few pretensions.

Also, Greek Peak near Cortland has a long time timeshare segment, plus a brand new fractional lodge.  Skiing on site and a great Finger Lakes location.

There are some older timeshares in the Lake Placid area, plus a fractional limping along there too.

Out on Long Island, Gurney's Inn is the granddaddy of NY timeshares.  Of course there are the urban cousins--the Manhattan Club and Hilton Vacation Club.

Way upstate--almost to Ohio--is Ellicottville.  Check out the timeshares and fractionals there.

Yes, NY's registration requirements are a bear, and they scare many developers away.  But the state is one of the most diverse and beautiful in the country. Tourism is alive and well here--timeshare is a small part of it and probably won't get any bigger.  The industry is in a death spiral--Friar Tuck's business practices are not unique to them and greedy, unscrupulous developers killed a business model that had real promise.


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## markel

I've been following this thread. I'm not an owner but have exchanged twice through RCI and stayed at the Buckingham Village section of the resort. (2007 & 2009). We skiied at Windham. Both times we had a great time. It was wonderful that our units were right next to the main building. The kids had a great time running from our unit to get to the pool and hot tub area. I'm sad to see what has happened here and especially to the owners of this resort. I must say that both times here(early March) it seemed like a ghost town. The resort did also seem a bit run down. I can tell you though, we enjoyed both of our visits. Hope things work out for the owners.


Mark


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## JRODJONES

*Friar tuck inn*

friar tuck inn sold for 2.4 million to L@H resort system LP july 23 2011


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## suenmike32

http://www.timesunion.com/default/article/Friar-Tuck-Inn-is-sold-1603240.php

I don't know if you can open this or not...but this is the article announcing the sale of the Friar Tuck in this morning's Albany Times Union.


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## Sullco2

*Time will tell--I admit I am surprised.*

With many far more attractive sites around, I cannot imagine how these people will salvage anything from this pile of crap that will justify this purchase.  It's stunning.  I am a big fan of rural Greene County--it is close enough to NYC to be a real destination, and it's beautiful and varied.  River towns, skiing, farms, good golf, fishing, hiking and even some culture both in Catskill area and in Hudson across the river.

But why Friar Tuck stumps me.


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## zigg114

*Friar Tuck has a new name - the Eiffel Resort and Convention Center*

Friar Tuck has a new name - the Eiffel Resort and Convention Center

http://www.thedailymail.net/articles/2011/12/14/news/doc4ee842a17e820419069559.txt


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## tonyg

Are they going to build a tower ?


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