Bargain hunters and large resellers were out in force for the Consolidated Resorts bankruptcy auction on October 3 in Las Vegas. Computers & cubicles from the call center, credit card processors, and even 27 minibuses were part of the hundreds of items up for bid. Office fixtures were auctioned this week.
Overall, the physical assets were valued at $3.7 million – a tiny percentage of the $337.5 million of debt that caused the collapse of Consolidated. With the auction, hopes are to bring in more, however, creditors cannot expect much more than a penny or two on the dollar in return.
For timeshare owners at the resort, it’s interesting to note that the minibuses that shuttled vacationers to and from Tahiti Village were sold. It will make transportation more difficult for the timeshare occupants unless buses are being rented by the management of the resort. Again, the resort itself is not in bankruptcy, only the developer.