Alumni rally to outbid investors in bid to rescue bankrupt summer camps
Former campers are pooling money to purchase stakes in the Shabsels brothers' distressed camp portfolio, aiming to keep the sites operating.
Michael and David Shabsels, who operated over 30 camps across the United States, filed for Chapter 11 bankruptcy after facing lawsuits that claim they owe more than $210 million to Israeli creditors and additional claims exceeding $100 million. The collapse of their holding company, Simad Holdings, has been described as one of the largest real-estate bankruptcies on record. Warner Bros.
Discovery chief David Zaslav submitted a $68 million bid for Mohawk Day Camp, a site his children attended. Meanwhile, former campers are organizing their own financing to place competing offers on several properties, including a $17 million stalking-horse bid for Camp Chen-A-Wanda in the Poconos. The alumni group hopes to out-maneuver institutional investors and keep the camps alive for future families. A spokesperson for the Shabsels family declined to comment on the developments.
Why it matters
The effort could determine whether historic community camps stay open or are sold to large investors.
In this story