Indian Point Resort files Ch. 11

Three companies related to Table Rock Lake lodging property Indian Point Resort on July 20 filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court’s Western District of Missouri.

The companies included in reorganization filings and operating from 71 Dogwood Park Trail south of Silver Dollar City in Branson are:
• VIP Development Corp., which builds and sells condominiums on the 25-acre property;
• Indian Point Resort Properties LLC, the holding company for the resorts, real estate and marina assets; and
• Indian Point Resort LLC, which operates the resort and marina.

The companies report combined estimated liabilities exceeding $13.7 million, and Great Southern Bank is listed as a creditor owed nearly $8.86 million.

Indian Point Resort General Manager Greg Maycock said the bankruptcy filing is the result of discussions with Great Southern concerning the refinancing or restructuring of an unsecured loan.

“We were having trouble servicing the main note in the off-season this past year and in communications with Great Southern Bank determined this would be the best course of action moving forward,” said Maycock, who’s also the president of VIP Development and managing member of the LLCs. “We were getting near 60 days [behind], so we wanted to be proactive and get something worked out.”

He said the three companies would be jointly administered under the development arm. Arising from a modified deed in lieu of foreclosure agreement dated December 2012, Great Southern represents the bulk of VIP Development’s $10.3 million total in unsecured claims.

Maycock said bank officials did not take collection actions in advance of the filing.

The company’s reorganization plan is due Aug. 20, and Maycock said he expects repayments and restructuring to be complete by mid-December. Court documents show a meeting of the creditors is scheduled Sept. 10, and a $5 million payment to Great Southern is due by Dec. 17.

Indian Point Resort continues to operate as the company works with potential equity partners and capital investors to implement a recapitalization plan for propertywide renovations and redevelopment on 12 lakefront condominiums in January 2016.

“In order to restructure it, and so the new capital investors that we’re working with know where everything stands, it was determined to go through the Chapter 11 filing to clear that up,” Maycock said. “We want to make sure that they are comfortable and didn’t have any unforeseen contingencies out there.”

Maycock said recent heavy rains and lake flooding have kept him busy moving the marina’s five boat docks, but business hasn’t slowed. “The summer vacation and boating season has been as strong as ever this year,” Maycock said, declining to disclose Indian Point’s revenue.

He said said annual revenue through June is up 16.6 percent over the same period in 2014, and advance bookings for the second half of 2015 are up 9.9 percent.

“As far as the guests are concerned, they look at it as a little bit bigger lake and more water to enjoy,” he said.

Court documents show Maycock and wife Brenda hold 50 percent ownership in VIP Development and control 51 percent and 49 percent, respectively, of Indian Point Resort LLC, with a $193,000 unsecured claim in the latter company. Along with Greg’s parents, Barry and Lana Maycock, the two couples make up the membership of Indian Point Resort Properties, and his parents control the remaining 50 percent ownership of VIP Development. Barry and Lana are listed as creditors on a little more than $1.67 million in claims between two of the companies.

Other claims include a combined $93,000 in taxes and debts held by various government entities, including the Stone County Collector, Missouri Department of Revenue, Missouri Division of Employment Security, the IRS and the U.S. Department of Treasury.

On July 21, Judge Cynthia A. Norton granted a change of venue motion to transfer the case to Springfield from Carthage. An affidavit states the change will better facilitate attendance at hearings for representatives of creditor Indian Point Condominium Association Inc. as well as Maycock, while he continues to manage the resort’s day-to-day operations.