A Central Florida-based vacation rental company, IPG Franchising, has filed for Chapter 11 bankruptcy, leaving a trail of disgruntled investors, property owners, and renters. The company, which attracted investors to manage vacation rentals and handled all payments, is now facing numerous lawsuits and accusations of delayed or entirely withheld payments. The bankruptcy filing lists over 80 creditors and indicates liabilities between $1 million and $10 million against assets under $50,000.
Key Takeaways
- IPG Franchising, a Florida vacation rental company, has filed for Chapter 11 bankruptcy.
- Investors and property owners allege significant financial losses due to delayed or non-existent payments.
- The company’s owners, Graham and Jamie Greene, also operated Island Attitude, which faced similar issues.
- IPG Franchising cites the pandemic and hurricanes as reasons for financial setbacks.
Mounting Complaints and Lawsuits
IPG Franchising attracted investors by offering contracts to manage vacation rentals, with the company handling all financial transactions. However, a growing number of investors have come forward, claiming that IPG has either significantly delayed payments or stopped them altogether. Jane Sonkin, who moved her family from Canada to Florida after investing $274,000 for 10 rental property contracts, stated she has not received payments in months and estimates her loss at over $200,000. "It’s a huge amount of money. It’s our life savings. It’s money that was taken away from my children," Sonkin told Gulf Coast News. "There’s no properties anymore. There’s no communication. We are left with nothing."
Broader Financial Distress
The financial troubles extend beyond investors. Property owners and renters have also reported being owed money. Terri Darr, a property owner on Manasota Key, stated she was owed $23,000 and payments ceased. Renters have also claimed they did not receive refunds for bookings at homes damaged by Hurricane Milton. These issues are linked to Island Attitude, another company managed by IPG’s owners, Graham and Jamie Greene, which also faced devastation from the hurricane and subsequent complaints.
Company’s Defense and Future
Attorneys for IPG Franchising have previously attributed the company’s financial difficulties to the pandemic and multiple hurricanes that impacted Southwest Florida, leading to "significant financial setbacks and losses." They stated that the company is working to resolve legitimate claims and lawsuits. However, with the bankruptcy filing, the full extent of the company’s financial situation and the resolution for its creditors remain uncertain. IPG Franchising’s website is no longer active, adding to the opacity surrounding the company’s operations.
Sources
- Florida vacation rental company files for bankruptcy, Gulf Coast News and Weather – Southwest Florida News.
- Florida-based vacation rental company files for bankruptcy, Yahoo Finance.
- Florida-based vacation rental company files for bankruptcy, WFLA.
- More complaints, lawsuits against Florida vacation rental company, Gulf Coast News and Weather – Southwest Florida News.