By Nadia T. Villagrán
The Desert Sun
August 3, 2001
PALM SPRINGS -- Palm Springs Marquis Villas will stay open indefinitely, even though its parent company, Epic Resorts
LLC, has filed for Chapter 7 bankruptcy, said the company vice president of operations.
Only sales and marketing of Epic’s vacation packages, the bulk of its revenue-producing venture, will be terminated
as a result of the bankruptcy filing, said Ken Knight, vice president of operations.
Chapter 7 bankruptcy basically means all of the assets owned by the company will be liquidated by a trustee assigned
to the case by the bankruptcy court, explained Sandra Bendon, a Palm Desert bankruptcy attorney.
In a timeshare situation, however, the resorts in the company are owned by the vacation package buyers, meaning
that only the unsold timeshares and any promissory notes on financed timeshares can be liquidated.