Consolidated Resorts announces bankruptcy

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Vegas timeshare company to close sales operations - Las Vegas Sun

Consolidated Resorts Inc., which owns Tahiti, Tahiti Village and Club de Soleil in Las Vegas, announced that it has shut down its sales and marketing operations and is planning to seek bankruptcy.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Tahiti Village employees laid off - KTNV ABC,Channel 13,Las Vegas,Nevada,News,Weather,Sports,Entertainment,KTN V.com,Action News .:.

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Maybe we'll have good news from the King as well

Now if only the WORST company in all of timesharing would announce the same. Wastegate how much longer can you survive? Here's hoping for a nice, brutal bankruptcy or worse for you and your minions soon. Maybe then someone with scruples could actually gain control and turn things over to the owners. Hey, we can dream.

[mshatty Super Moderator Find all posts View Profile Close mshatty]

No bankruptcy has been filed yet. I checked this morning on the Pacer US Party index.

Sounds imminent though.

[PHILL12 Senior Member Find all posts View Profile Close PHILL12]

What happens to this resort or any other that this might happen too?

If they closed down do owners get something back or just lose their timeshare. If this is the case the people making payments would then own nothing or still making payments to some bank without the use of the resort?

Only times I have heard of a resort closing the resort bought back the units from the owners so they could sell the land.

PHIL

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

What happens to this resort or any other that this might happen too?

If they closed down do owners get something back or just lose their timeshare. If this is the case the people making payments would then own nothing or still making payments to some bank without the use of the resort?

Only times I have heard of a resort closing the resort bought bank the units from the owners so they could sell the land.

PHIL

Look back to see what's happened in the past. I can think of the Debby Reynolds Resort in Last Vegas, Epic and Sunterra. All are still operating but with different management. In the case of Epic, it was aquired by Sunterra and Sunterra was eventually aquired by DRI. Debby Reynolds was aquired by the WWF who thought they'd just turn the Debby Reynolds theme into a WWF theme. They didn't understand what sort of rights the owners had and eventually had to five up the idea and sell the resort to another management company. I believe the old Debbie Reynolds Resort is now the Greek Ilse's Resort.

It's rare that a resort just goes belly up and closes but, there was one in the northeast that I believe the HOA ran into the ground. I forget the name of the resort or what happened with the owners. If you have a loan against the timeshare, my assumption is your still going to have to pay on it as if it were a bad investment. I wouldn't look for Consolidated owners to have this problem. My guess is another developer/management company is going to step in and pick up the pieces for pennies on the dollar.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

I told my cousin when he bought it from the Developer to rescind. Did he listen

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

I told my cousin when he bought it from the Developer to rescind. Did he listen

Most of the time, people will not listen Frank and they will have to find out for themselves that they made a mistake.

We recently met a young single person who was so excited about buying from this company too. There was nothing better than what this company had to offer and you couldn't tell him otherwise. I hope for him that he will not be disappointed and lose his money because he paid cash for whatever he bought. We had never even heard of the resort he signed up for but it looked nice in the brochure he showed us.

[tabbyc Senior Member Find all posts View Profile Close tabbyc]

Comments from TS Today email

Consolidated Resorts facing Chapter XI

TimeSharing Today has learned that Las Vegas based Consolidated Resorts Inc., has closed down its sales and marketing operations and is planning to file for Chapter XI bankruptcy.

A company spokesperson said that the current economy has taken its toll but “What doesn't change for all of the owners that have purchased from us for over 25 years is the continued operation of the 14 resorts. The resorts will continue to operate uninterrupted so owners that have reservations do not need to worry.”

The company's website says that in 2000, Consolidated Resorts Management (CRM) and Soleil Management (SM) were formed to provide management services to a select number of resort properties.These resorts include Club de Soleil, Tahiti and Tahiti Village in Las Vegas, Nevada; Villas at Regal Palms in Florida; Kona Islander Inn on the Big Island of Hawaii; Kauai Sands on Kauai and The Gardens at West Maui, Hono Koa Resort, Kahana Beach Resort, Kahana Villa Resort, Maui Banyan Resort, Maui Beach Vacation Club and the Sands of Kahana on Maui.
Owners who have questions should contact Soleil Management.
Many companies survive and prosper after Chapter XI. We sincerely hope that this one turns out well for owners and exchangers who vacation at the affected resorts. A Chapter XI bankruptcy will not end your obligations as an owner.

Please comments about this iNews Report and your experiences with the resort management. Email: staff@tstoday.com Subject: Consolidated Resorts

[MustangMadi Junior Member Find all posts View Profile Close MustangMadi]

Selling Liability?

We just purchased not even 2 weeks before this happened, and asked how their financial standings were and how they were doing in the recession. They told us that they had not been affected by the recession and were still doing great. Isnt that misrepresentation of facts? If they knew that BK was emminant wouldnt they have to disclose that in a Real Estate Transaction??? Anyone have any insight to that?

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

We just purchased not even 2 weeks before this happened, and asked how their financial standings were and how they were doing in the recession. They told us that they had not been affected by the recession and were still doing great. Isnt that misrepresentation of facts? If they knew that BK was emminant wouldnt they have to disclose that in a Real Estate Transaction??? Anyone have any insight to that?

Sure it's a misrepresentation of the facts. For that matter, everything the salesman told you about buying a timeshare was a misrepresentation of the facts.

I suspect you're line of thinking is this would be a way to get out from under this purchase. Unless the salesman put that in writing, and they never do, you're still most likely stuck with your purchase.

Fortunately it's not the resort but the developer that's filing BK. The resort, as far as anyone knows, remains solvent. What will most likely happen is someone else will come in and purchase Consolidated's assets at fire sale prices, then continue to develope and sell the resorts.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Update on Consolidated bankruptcy..

Vegas timeshare operator files for bankruptcy - Las Vegas Sun

I posted some of the info below- but please use the link to view the entire article.

.........Las Vegas-based timeshare operator Consolidated Resorts Inc. and affiliated companies started filing for bankruptcy protection Tuesday, as expected, in what promises to be a massive case involving hundreds of millions of dollars in debt.........But Consolidated spokesman Ken Chupinsky said Wednesday that timeshare interval owners will continue to have full use and enjoyment of the resorts........ Affiliated companies named in the bankruptcy petitions filed Tuesday and Wednesday were Destinations Unlimited LLC, Consolidated Maui Inc., Consolidated Orlando Inc., Consolidated Tahiti Inc., Consolidated Kona Inc., Consolidated Realty Inc., Consolidated Media LLC, CRI Travel Holdings LLC, Consolidated Resorts Travel LLC, Lahaina Ticket Co., Soleil PS LLC, Soleil LV LLC and Consolidated Tickets LLC.

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Owners - take the opening and get control!

We just purchased not even 2 weeks before this happened, and asked how their financial standings were and how they were doing in the recession. They told us that they had not been affected by the recession and were still doing great. Isnt that misrepresentation of facts? If they knew that BK was emminant wouldnt they have to disclose that in a Real Estate Transaction??? Anyone have any insight to that?

For the owners the best possible outcome would be for them to rise up as a group and use this opening to take control of their resort. That means voting in a Board that represents them and then getting a qualified independent management (one NOT associated with a developer) to run the resorts. The future of the development rights is rightfully up for grabs as Consolidated goes through the Chapter 7 process but keeping the management as is or simply allowing it to pass to yet another developer isn't in the owners interest and they should fight as hard as possible to make this a positive for the existing resorts. Its not easy to do and in all likelihood things will just be passed on to yet another developer including the management contracts. If so it would be too bad as this is an almost unique opportunity for the owners to get rightful control of what should be their resorts. It will be interesting to watch.

[MustangMadi Junior Member Find all posts View Profile Close MustangMadi]

Tahiti Village

How in the world are the owners supposed to do that? We are all over the Country, if not the world... and I am sure no one is willing to put out thousands for an attorney to handle that. I really dont know much about the workings of a timeshare myself and not in any position to put out money on this. I would love to find a good attorney in Vegas and sue them for false misrepresentation on a Real Estate transaction for failure to disclose their financial status!

[Pit Senior Member Find all posts View Profile Close Pit]

I would love to find a good attorney in Vegas and sue them for false misrepresentation on a Real Estate transaction for failure to disclose their financial status!

The problem is they are bankrupt. You can't get blood from a turnip.