Alumni of several summer camps are reportedly organizing to purchase portions of the camp businesses, aiming to prevent institutional buyers from acquiring them as the properties face bankruptcy proceedings. The efforts are centered around saving camps operated by brothers Michael and David Shabsels, known as "summer camp kings," who are facing significant debt.
An insider familiar with the situation told Page Six that alumni are "quietly organizing their own capital to bid on it directly." These former campers, now adults, are attempting to "out-organize institutional buyers to keep their childhood camps intact, for the future of their children and generations to come."
The Shabsels brothers invested in over 30 camps across the United States, with at least 20 of them serving the Jewish community. The bankruptcy filings, which include the Shabsels' company Simad Holdings and dozens of related real estate assets, were initiated after Israeli creditors filed a lawsuit claiming the brothers owe $210 million, a figure that rises to $270 million with interest. Additional lawsuits from other creditors reportedly total more than $100 million.
These filings have placed the camps within one of the largest bankruptcy cases in real estate history, according to The Real Deal. The company's collapse occurred just as the summer camp season began in June.
Warner Bros. Discovery CEO David Zaslav is among those making bids, having offered $68 million for Mohawk Day Camp in Westchester County, a camp his adult children attended. A spokesperson for Zaslav stated, "This is a personal family investment that reflects our lifelong belief that summer camp can be a wonderful part of a child’s growth, and Mohawk’s history as a successful camp experience for so many kids, including our own."
Reports indicate that some camps have received "stalking horse bids," which are initial offers made in a bankruptcy auction. For example, Camp Chen-A-Wanda in the Poconos has reportedly received a bid of $17 million. The Shabsels' representatives have declined to comment on the ongoing proceedings. The brothers reportedly sold their Camp Achim in the Catskills to its long-time manager for $7 million prior to the wider bankruptcy filings.