ARC filed a motion in the U.S. Bankruptcy Court, Southern District
of Florida in Miami to force Far & Wide Travel Corp. to
liquidate its remaining assets. The tour operator conglomerate has
been in Chapter 11 bankruptcy since Sept. 24, 2003.
ARC’s attorneys alleged that the chances for recovery of the
company are negligible.
According to the filing, “The prospects for a recovery for
unsecured creditors has grown more grim since the petition date, as
the estates have become administratively insolvent ... with unpaid
professional claims projected at $800,000 .... Most notable among
them, the committee’s professionals have accrued a monstrous bill
of $650,000 without generation of a single dollar of recovery for
their constituents.”
The filing states that ARC lost approximately $2 million as a
result of the Far & Wide collapse.
