Beware - Consolidated Resorts Filed Bk [MERGED]

[ecwinch]

I would think the concern would extend beyond the Developer payment of m/f on their inventory. Are the HOA's at these resorts still developer controlled?

And when I stayed there last Sept, I thought development at that site was not complete. I distinctly remember talking to a couple that had bought at TV, but whose building had not been built yet.

 

[macko420]

We had just taken a "free" trip at the end of May 2009 to Las Vegas to stay in the Tahiti Tower and attended the "presentation".

Where/what is the Tahiti Tower? I've never heard of it and own at TV.

 

[SteveH]

Kahana Villa Vacation Club - should I walk away?

Sometime has passed since the last postings regarding this thread. A few days ago I won an ebay sale of a 2BR EOY at the Kahana Villa Vacation Club. Being an older resort, should this be a relatively safe buy? Has anyone heard anything new regarding the bankrupcy and whether there truly is a disconnect between the management company and the developer?
I didn't pay a lot for the week but the closing and transfer fees still amount to an amount I wouldn't want to lose. My first week of usage doesn't start until 2011. Hoping someone can shine some light.
Steve

 

[Kona Lovers]

Sometime has passed since the last postings regarding this thread. A few days ago I won an ebay sale of a 2BR EOY at the Kahana Villa Vacation Club. Being an older resort, should this be a relatively safe buy? Has anyone heard anything new regarding the bankrupcy and whether there truly is a disconnect between the management company and the developer?
I didn't pay a lot for the week but the closing and transfer fees still amount to an amount I wouldn't want to lose. My first week of usage doesn't start until 2011. Hoping someone can shine some light.
Steve

You'll probably be ok with this property. We own at another property managed by them and everything is working great. The Hawaii properties are under the management company, with was not involved in the financial problems. I posted earlier some concerns, however, all has worked out well.
Hope this helps.

Marty

 

[Fitzriley]

Consolidated Resorts in Wall Street Journal today

A battle is brewing over the remains of an ill-fated time-share investment made in 2007 by a Goldman Sachs Group Inc. real-estate fund.

Earlier this year, Goldman's Whitehall Street Global Real Estate Limited Partnership 2007 walked away from its $372 million investment in Consolidated Resorts Inc., a Las Vegas time-share developer with resorts in Las Vegas, Orlando, and Hawaii. Consolidated filed for liquidation under Chapter 7 of the bankruptcy code in July.

But the bankruptcy trustee's plan to market the assets has run into opposition from Arthur Spector, the longtime head of Consolidated, who stayed with the company after the Goldman deal and signed the bankruptcy petition. ASNY Co. LLC, a company owned by Mr. Spector, filed a brief last month challenging the marketing plan. The brief drew a scathing response from the trustee, William A. Leonard Jr. "A cynic might accuse ASNY of working against the coordinated sales process for a very selfish goal-to drive down the value of the Estates' assets so that it can pick up the pieces through a disjointed, unorganized process for 'a steal,"' Mr. Leonard wrote in a court filing Nov. 15.

Mr. Leonard says he hopes the sales procedures for the Consolidated assets will be determined at a hearing Thursday. Mr. Spector didn't return a call requesting comment.