A Florida-based vacation rental company, IPG Franchising, has filed for Chapter 11 bankruptcy following months of investigations and a growing number of complaints from investors, property owners, and renters. The company, which attracts investors to manage vacation rentals, has been accused of delaying or completely halting payments, leaving many in financial distress.
Key Takeaways
- IPG Franchising has filed for Chapter 11 bankruptcy.
- Over 80 creditors are listed, with liabilities estimated between $1 million and $10 million against assets under $50,000.
- Investors and property owners report significant financial losses, with some claiming to be owed tens to hundreds of thousands of dollars.
- The company’s principals, Graham and Jamie Greene, also operated Island Attitude, which faced similar payment issues.
Mounting Complaints and Lawsuits
IPG Franchising, which operates out of central Florida, has been under scrutiny for its financial practices. Investors who purchased contracts to manage vacation rentals have reported that IPG, responsible for handling the money, has failed to make timely payments, with some receiving nothing for months. This has led to numerous lawsuits against the company.
Jane Sonkin, who moved her family from Canada to Florida after investing $274,000 in IPG Franchising contracts for 10 rental properties, stated she is owed 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."
Similar stories have emerged from other investors, including Olga Billat from France, who invested over $250,000 and is now receiving "zero information" about her franchise.
Broader Impact on Property Owners and Renters
The issues extend beyond investors. Property owners and individuals who had booked rentals through IPG-managed properties, including those previously managed by Island Attitude on Manasota Key, have also reported not receiving payments or refunds. Island Attitude, also linked to IPG’s principals Graham and Jamie Greene, faced devastation from Hurricane Milton, exacerbating payment issues for property owners and renters.
Company’s Defense and Bankruptcy Filing
Attorneys for IPG Franchising have previously attributed the company’s financial difficulties to the pandemic and hurricanes, citing "significant financial setbacks and losses." Despite these claims, the company has filed for Chapter 11 bankruptcy, listing over 80 creditors. The filing reveals a stark financial picture, with estimated assets below $50,000 and liabilities ranging from $1 million to $10 million.
While IPG’s website is no longer active, state records indicate the business is still active. The company’s attorneys have stated they are working towards amicable resolutions for legitimate claims, though an immediate full resolution is not possible due to severe losses.
Legal and Regulatory Scrutiny
Investors like Sonkin and Billat have contacted local law enforcement and the state attorney general’s office. Multiple lawsuits have been filed across Florida, alleging IPG’s failure to make proper payments. Gulf Coast News is continuing to follow the bankruptcy proceedings and any official response from the Florida attorney general’s office.
Sources
- Florida vacation rental company files for bankruptcy, Gulf Coast News and Weather – Southwest Florida News.
- More complaints, lawsuits against Florida vacation rental company, Gulf Coast News and Weather – Southwest Florida News.