Portofino Destinations Club in Involuntary Bankruptcy
GREENWOOD VILLAGE, CO: Another Destination Club has gone bankrupt, apparently the victim of underfinancing and poor financial management.
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#1 Oct 5, 2008
Portofino was one of the first destination clubs in the industry and suffered from early adopter woes. Portofino was dangerously undercapitalized and instead of using membership deposits to secure real estate, they instead heavily leased properties as a bandaid fix. In the long term, these costs that are not dedicated to appreciating assets undermined the members' deposits.
This follows the Tanner & Haley Destination Club bankruptcy that remains a black eye on the industry. Conducting proper due diligence on the destination club of your choosing has become more critical than it ever has been. The Veras Group is an unbiased destination club advising organization, dedicated to guiding prospective members to the destination club that suits their unique travel needs best. Please visit http://www.theverasgroup.com to learn more about The Veras Group's services and the Portofino Club's bankruptcy filing.
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