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Flagship Resorts / Club Boardwalk Resorts files Chapter 11 Bankruptcy

TUGBrian

TUGBrian

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Filing Alert: Club Boardwalk Resorts Chapter 11

Club Boardwalk Resorts Files Chapter 11 in District of New Jersey
bondoro.com 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.
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This sounds liked a company that Diamond Resort would have acquired before the Hilton purchased of DRI.
 
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.
 
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.
 
We once own at one time 560 Ocean Club, on the Boardwalk and that was over a decade again.
 
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...
 
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