Glen Ivy Buys Time-Share Assets: The federal...
From Times Staff and Wire Reports
Glen Ivy Buys Time-Share Assets: The federal agency that liquidates failed thrifts sold 450 time shares, loans and certain facilities of Tahoe Seasons Resort for $30.3 million to Glen Ivy Resorts Inc., the Corona resort developer and manager. The pool of 5,273 time-share loans carries an unpaid principal balance of $47.4 million. Among the other assets Glen Ivy picked up are a restaurant with banquet accommodations, a bar and lounge and a gift shop. The assets were once part of the failed Broadview Federal Savings Bank in Cleveland.
