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7/19/2009

Consolidated Resorts Seeks Bankruptcy - HERE IS THE INFORMATION , Robert Paisola Reports


CONSOLIDATED RESORTS CHAPTER 7 BANKRUPTCY FILED IN LAS VEGAS NEVADA
CASE 09-22035-lbr
CHAPTER 7 NO ASSETS
CONSOLIDATED RESORTS, INC
801 SOUTH RAMPART BLVD SUITE 200
LAS VEGAS, NEVADA 89145

09-22035-lbr CONSOLIDATED RESORTS, INC.
Case type: bk Chapter: 7 Asset: No Vol: v Judge: LINDA B. RIEGLE
Date filed: 07/07/2009 Date of last filing: 07/17/2009



History

Doc.
No. Dates Description
1 Filed & Entered: 07/07/2009
Voluntary Petition (Chapter 7)
4 Filed: 07/07/2009
Entered: 07/09/2009
Set Deficient Filing Deadlines
-- Filed & Entered: 07/08/2009
Add Judge
-- Filed & Entered: 07/08/2009
Add Trustee
2 Filed & Entered: 07/08/2009
Declaration Re: Electronic Filing
3 Filed & Entered: 07/08/2009
Statement of Social Security Number(s)
5 Filed & Entered: 07/09/2009
Incomplete and/or Deficient Filing-Ch 7 Non-Individual (BNC)
6 Filed & Entered: 07/10/2009
Auto-docket of credit card
7 Filed & Entered: 07/11/2009
BNC Certificate of Mailing
8 Filed & Entered: 07/13/2009
Meeting of Creditors Chapter 7 No Asset Non-Individual (BNC)
9 Filed & Entered: 07/14/2009
Notice of Appearance and Request for Notice
10 Filed & Entered: 07/15/2009
Notice of Appearance and Request for Notice
11 Filed & Entered: 07/16/2009
Scheduling Conference
12 Filed & Entered: 07/16/2009
Certificate of Service
13 Filed & Entered: 07/16/2009
BNC Certificate of Mailing - Meeting of Creditors
14 Filed & Entered: 07/17/2009
Notice of Appearance and Request for Notice
15 Filed & Entered: 07/17/2009
Motion for Relief from Stay
16 Filed & Entered: 07/17/2009
Auto-docket of credit card
17 Filed & Entered: 07/17/2009
Motion for Order Shortening Time
18 Filed & Entered: 07/17/2009
Attorney Information Sheet


Consolidated Resorts Inc., a Las Vegas time-share developer with 14 resorts from Hawaii to Orlando, filed for bankruptcy-court protection on Tuesday.

The company filed under Chapter 7 of the U.S. bankruptcy code in federal bankruptcy court in Nevada. Chapter 7 allows an orderly liquidation. Consolidated estimated it had assets of $1 million to $10 million and liabilities of $100 million to $500 million.

The bankruptcy filing won't affect the operation of Consolidated's resorts because they're owned by time-share owners and managed by companies that aren't part of the filing, Lenard Schwartzer, a lawyer for Consolidated, said. Consolidated owes GMAC Financial Services, the company's biggest creditor, more than $200 million, Mr. Schwartzer said.

Late last month, Consolidated abruptly let go its marketing and sales staff and turned away potential buyers. At the time, a spokesman said the company was closing amid a lending environment that "made it impossible to continue this company." The "warehouse" lines of credit that Consolidated used to make loans to customers come due this fall, and lenders led by GMAC have refused to extend them, Mr. Schwartzer said.

A Goldman Sachs Group Inc. real-estate private-equity fund bought Consolidated in 2007. Goldman and GMAC declined to comment.

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