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What happen to Frair Tuck?

New postPosted: Wed Jan 20, 2010 10:36 pm
by mike
Has anyone here what happen at the court hearing?

Re: What happen to Frair Tuck?

New postPosted: Thu Jan 21, 2010 8:43 pm
by mtnclimber
It is really strange. Now you hear nothing.

I did hear that Windham Mtn is going to spend 70 million expanding the resort. Some of the projects sound highly questionable.

Re: What happen to Frair Tuck?

New postPosted: Thu Feb 04, 2010 8:50 pm
by dave
There is a court hearing on February 10, 2009. But, it looks like Ulster Savings Bank will take possession. There seems to be some negotiations for a new owner going on behind closed doors. One of the parties is Joe Abbo from the Oklahoma company Caterpillar Lawn Service Inc. He was the only bidder back in November 2009 auction. It is reported that there are 3 interested parties in buying the 500 room hotel.

Another big problem is the time shares at the hotel. It is alleged that they were never informed of the bankruptcy. Some people may lose their money they have invested in the time shares. It is also reported that NYS attorney general is getting involved in the time share issues.

The end result is it looks like the judge, present owner, atty general, and 3 interested parties are trying to work out the best deal for those who are owed money. It looks like the bankruptcy court is doing what it is designed to do...protect those people who are owed money. Only time will tell.

Re: What happen to Frair Tuck?

New postPosted: Fri Mar 19, 2010 10:58 pm
by mike
I guess the case continues to drag on in court. Ulster Saving Bank continues to finance the hotel. The hotel continues to lose more money then it makes. The time-shares are making a mess of the entire situation. The Oklahoma guy still has not financed the deal. Sounds like the saga will continue.