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Re: Can't even give them one star (by Kathleen L.):

Land’or International Inc. seeks Chapter 11 bankruptcy reorganization Story Comments Print Create a hardcopy of this page Font Size: Default font size Larger font size 7 Posted: Monday, June 9, 2014 10:30 pm | Updated: 1:08 am, Tue Jun 10, 2014. BY PETER BACQUÉ Richmond Times-Dispatch Henrico County-based Land’or International Inc. has filed for Chapter 11 bankruptcy reorganization. The resort development and time-share company listed estimated liabilities of $10 million to $50 million and estimated assets of $50,000 or less, according to a petition filed with the U.S. Bankruptcy Court in Richmond on Friday. Advertisement

The company estimated the number of its creditors at between 50 and 99 and that funds will be available for distribution to unsecured creditors. Company officials or its attorney in Washington did not return requests Monday for comment on the filing. Among creditors with large unsecured claims the company listed in its bankruptcy filing are the Cathedral of the Sacred Heart in Richmond and St. Mary Catholic Church in Henrico, with claims of $7 million each. The churches’ claims, which Land’or disputes, spring from a bequest from the late Frank Eck to them involving the corporation. Other large creditors listed include Club Land’or (Nassau) Ltd., with a claim of $4,250,582.87, and Ronald Holt, with a claim of $1,386,465.49. Land’or International’s website lists Holt as president of the firm and of its Club Land’or in Nassau, Bahamas, as one of its companies. He is the brother of the company’s chairman and CEO, John Holt. In a Chapter 11 bankruptcy, the debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. Land’or International said on its website that it has operated for more than 30 years in the resort development business. Its companies and brands include Club Land’or in Nassau, Bahamas; Club Land’or Concierge, a service for Club Land’or members to give them assistance in designing vacations; Flex Plus Exchange division, which gives club members a way to exchange a Club Land’or week for a week at another resort destination worldwide; the Blue Lagoon Seafood Restaurant in the Bahamas; and Lake Land’Or, a 3,000-acre resort in Caroline County. It also operates a worldwide reservations division and a travel service division. The Better Business Bureau Serving Central Virginia files indicate that Land’or International has a pattern of complaints concerning billing, contract and sales issues. In the past three years, the local BBB dealt with 45 complaints about Land’or International, including 17 in the past 12 months. Complaints allege consumers are assessed special “refurbishment fees,” though the property is not properly maintained or improved, according to the business watchdog organization. In addition, the Better Business Bureau reported, consumer complaints involving Land’or International allege that while specific terms may be outlined in the contract, the customers had been provided contradictory information at the time of purchase. Further complaints allege consumers are asked to listen to a presentation in order to receive free gifts with no purchase necessary, but then are charged for the free gifts if they sign a contract and later cancel.