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More Clubs File for Bankruptcy as Refundable Membership Deposit Structures Nosedive

As refundable membership deposit structure has tumbled in popularity, many membership deposit clubs find themselves filing for bankruptcy in an effort to restructure their liabilities. Before the economic downturn, refundable membership deposit structures were the preferred method of financing for clubs. A club would charge a membership deposit to join the club, which would be repaid in thirty years or after the member’s resignation from the club or death. In order for the structure to work, new members would have to join so that resigning members could receive their repayments. However, as resigning members began to outnumber new members, many outgoing members had to wait longer for their refunds. In 2007, membership market prices fell further, affecting the market for club properties.

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Categories: Bankruptcy & Creditors’ Rights
Tags: Chapter 7 BankruptcyChapter 11 BankruptcyJoshua D. KrutAleida Martinez MolinaChapter 13 BankruptcyFort Lauderdale Bankruptcy AttorneysMiami Bankruptcy AttorneysSouth Florida Bankruptcy AttorneysChapter 9 Bankruptcy
Author(s): Brooke P. Dolara

South Florida Local Governments: Take Heed From Largest US Municipal Bankruptcy

The recent spate of ruptured water lines and sewer breaks in Broward County underscores the challenge of replacing, upgrading and ultimately financing our aging sewer infrastructure in the midst of a recession. Jefferson County, Alabama filed for protection under chapter 9 of the United States Bankruptcy Code in November. Listing $4.15 billion in debt, it is the largest municipal bankruptcy filing in U.S. History. The catalyst was its inability to address a staggering $3 billion in sewer financing obligations.

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Categories: LitigationBankruptcy & Creditors’ RightsGovernment AffairsLocal GovernmentFederal LawFederal Courts
Tags: Governmental LitigationMunicipal GovernmentMitchell A. BiermanJamie A. ColeChad S. FriedmanEdward G. GuedesAleida Martinez MolinaMichael S. PopokJoseph H. SerotaRichard Jay WeissDavid M. WolpinFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerFort Lauderdale Local Government LawMiami Local Government LawSouth Florida Local Government LawFort Lauderdale Governmental Affairs AttorneysMiami Governmental Affairs AttorneysSouth Florida Governmental Affairs AttorneysFort Lauderdale Municipal AttorneysMiami Municipal AttorneysSouth Florida Municipal AttorneysSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersMatthew H. MandelFort Lauderdale Bankruptcy AttorneysMiami Bankruptcy AttorneysSouth Florida Bankruptcy AttorneysFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsChapter 9 BankruptcyFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation Attorney
Author(s): Aleida Martínez Molina