The chief executive of Westport-based Tanner & Haley Resorts, a destination club offering vacations to the wealthy, has resigned following a bankruptcy filing by the 62 corporate entities operating under that trade name, according to The Wall Street Journal.
The newspaper’s Web site said Rob McGrath resigned from the company Tuesday, three weeks after the bankruptcy filing. The company has its headquarters at 285 Riverside Ave.
The company’s chief restructuring officer, Holly Etlin, said in a statement e-mailed to members Tuesday that McGrath “concluded that he could best enable the company he founded to successfully complete its financial reorganization by stepping down,” The Journal reported..
Tanner & Haley drew corporate executives, entrepreneurs, real-estate developers and other wealthy customers. Members of Tanner & Haley clubs vacationed in luxury homes around the world for deposits of between $85,000 and $1.3 million for more recent offerings.
The deposits were in addition to annual dues and property-use fees.
The company filed for bankruptcy protection on July 23 in federal court in Bridgeport. It disclosed an operating loss of $64 million in 2005.
As unsecured creditors, many of the 874 members fear they could lose most of their membership deposits. The deposits were refundable under certain conditions, but Tanner & Haley stopped returning deposits shortly before the bankruptcy filing, The Journal reported.
