Flagship Resorts / Club Boardwalk Resorts files Chapter 11 Bankruptcy

[TUGBrian]

Filing Alert: Club Boardwalk Resorts Chapter 11

Club Boardwalk Resorts Files Chapter 11 in District of New Jersey

bondoro.com

Flagship Resort Development Corporation (dba Club Boardwalk Resorts), an Atlantic City, NJ-based hospitality company specializing in vacation ownership (timeshare) and resort management, with properties including Flagship Resort, Atlantic Palace, and La Sammana, filed for Chapter 11 protection on May 10 in the U.S. Bankruptcy Court for the District of New Jersey.

The company reports $50 million to $100 million in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-15047.

 

[pedro47]

This sounds liked a company that Diamond Resort would have acquired before the Hilton purchased of DRI.

 

[wags117]

I own at Atlantic Palace, but just signed a quit deed that I requested once I got the email. Glad to get out now even if it means I miss out on any funds dispersed to owners. I doubt owners will see any cash anyway.

 

[freddy]

Sad, but not surprised. With this closing (unless I’m wrong), there’s not a single timeshare now on the Boardwalk. Years ago we did one of those timeshare tours there and felt they were not clean or safe. And being very familiar with AC, I would rather pay for a casino hotel than exchange into one of these Flagship owned places. Just my opinion.

 

[pedro47]

We once own at one time 560 Ocean Club, on the Boardwalk and that was over a decade again.

 

[Yocco]

I own a unit at La Sammana in Brigantine which is part of Boardwalk Resorts. The email they sent had mentioned that they were filing chapter 11 for their Flagship Resort Development Company (FRDC) and that operations would not be affected for any owners of any of the three properties. After reading the above posts I'm not sure this will be the case. This is the first time I have experienced a timeshare filing for bankruptcy. What usually happens in these situations? People have been mentioning seeing cash back -- if that happens would that mean that I lose the timeshare? Others have mentioned filing a quit claim deed, I'm wondering if I should do the same just to get out now. I don't want to be stuck with a timeshare that I have to continue paying maintenance fees for that I can't use. Any advice would be appreciated - thanks in advance...

 

[Philadelphiafreedom]

We own at the Flagship who just filed chapter 11.. We have owned since 2007..just upgraded to RCI points … I’m really upset about this.. Any hope?? I wrote to them and have received no response.. Today I was called/solicited to come for a presentation and Iam sure they were sorry they called me. It was a third party and the guy had no idea they declared bankruptcy…The whole thing is awful.. Anyone been through this?

 

[Panina]

How sad, 40 years ago Atlantic City was thriving. I purchased my first timeshare on the Boardwalk at La Renaisance. I believe I went twice there and ultimately used it as a trader. It was agreat trader at that time. I got anything I wanted.

During the years it deteriated and ultimately they closed. At that time they game me the option to deed it back to them or wait when they sold it to get my share. Of course mf's would still need to be paid. I deeded it back. I do not know what happened.

Even though I paid full price through the develper, $8500 if I recall correctly, I definitely got my moneys worth. Once Tug appeared I started learning about resale and never paid retail again.

I remember the Flagship timeshares in Atlantic City. There was a time it was a hard trade to get. I went to both of them. They were larger and more glitzy than La Renaissance.

 

[Philadelphiafreedom]

How sad, 40 years ago Atlantic City was thriving. I purchased my first timeshare on the Boardwalk at La Renaisance. I believe I went twice there and ultimately used it as a trader. It was agreat trader at that time. I got anything I wanted.

During the years it deteriated and ultimately they closed. At that time they game me the option to deed it back to them or wait when they sold it to get my share. Of course mf's would still need to be paid. I deeded it back. I do not know what happened.

Even though I paid full price through the develper, $8500 if I recall correctly, I definitely got my moneys worth. Once Tug appeared I started learning about resale and never paid retail again.

I remember the Flagship timeshares in Atlantic City. There was a time it was a hard trade to get. I went to both of them. They were larger and more glitzy than

Did you get anything when you deeded it back?

 

[Panina]

@Philadelphiafreedom I got nothing back. If I recall correctly I had to pay $150 to transfer the deed to them.

 

[wanabefree]

I own at Atlantic Palace, but just signed a quit deed that I requested once I got the email. Glad to get out now even if it means I miss out on any funds dispersed to owners. I doubt owners will see any cash anyway.

We own at the Flagship and have tried in the past to get them to take back our timeshare. How did you get a quit claim deed?