# Land'or files for bankrupcy



## TUGBrian (Jun 11, 2014)

http://www.richmondbizsense.com/2014/06/11/timeshare-resort-firm-files-chapter-11/


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## pedro47 (Jun 11, 2014)

Why does a timeshare company owe 7 million dollars to the Catholic church ?


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## caribbean (Jun 11, 2014)

Here is another related article in the local paper.

http://www.timesdispatch.com/busine...cle_08cc08af-1c6b-5088-a68a-35ac94d359fb.html


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## pedro47 (Jun 11, 2014)

Correction this timeshare resort owes 14 millions dollars to the Catholic church.


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## Tia (Jun 11, 2014)

caribbean said:


> Here is another related article in the local paper.
> 
> http://www.timesdispatch.com/busine...cle_08cc08af-1c6b-5088-a68a-35ac94d359fb.html





"...The churches’ claims, which Land’or disputes, spring from a bequest from the late Frank Eck to them involving the corporation..."


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## siesta (Jun 11, 2014)

Although they are filing for Chap 11 and thus attempting to restructure, I just hope they sell out to Atlantis. Time for this parcel to change hands already.


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## komosatp (Jun 23, 2014)

siesta said:


> I just hope they sell out to Atlantis. Time for this parcel to change hands already.


I agree.

One thing that sounds complicated is that Land'or Bahamas is listed as a creditor. Does anybody know the structure of Land'or?  Meaning did the original developers promise perpetual usage, forever, without a sunset date for the resort?

Everything I've read about Land'or make it sound like a timeshare from the bad old days of timeshares, when people thought it was a good idea to have MFs and assessments capped at annual maximums. Land'or is a perfect example of why caps are bad: the unit owners can end up with an out-of-date, poorly maintained unit, having paid maximum dues annually, and in the end a poorly managed (or corrupt) club owner pockets that money without spending it on the resort, and eventually declares bankruptcy.


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## TUGBrian (Jul 8, 2014)

out of bankruptcy, settled case...will repay the 5million owed....bet thats going to cost the owners an assessment!

http://www.richmondbizsense.com/2014/07/08/resort-firm-freed-from-chapter-11/


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