{ "schema": "por-derecho.fti-club-sei-creditor-recovery.v1", "control_id": "PD-FTI-DEFICIT-CLUB-SEI-DATA-20260827-01", "control_date": "2026-08-27", "state": "LIVE_VERIFIED", "authority": { "publication_authorized": true, "email_authorized": false, "filing_authorized": false, "external_contact_authorized": false, "default_action_state": "PREPARED_HOLD_NOT_AUTHORISED" }, "fti_touristik_procedure": { "debtor": "FTI Touristik GmbH", "court": "Amtsgericht München", "file": "1500 IN 1758/24", "opened": "2024-09-01", "administrator": "Axel W. Bierbach", "portal_last_updated": "2026-04-15", "portal_state": "OPEN_LISTING_NO_OFFICIAL_FINAL_DISTRIBUTION_OR_CLOSURE_LOCATED_IN_FINITE_REVIEW", "source_refs": ["SRC-FTI-PORTAL-20260415"] }, "creditor_deficiency": { "as_of": "2025-05-27", "filed_claims_eur": { "qualifier": "ALMOST", "value": 980000000, "final_admitted_denominator": null }, "creditors": { "qualifier": "MORE_THAN", "value": 73000 }, "claims_review_and_realisations": "EXPECTED_TO_CONTINUE_FOR_SEVERAL_YEARS", "distribution_timing": "ONLY_AT_END_OF_PROCEDURE", "anticipated_quota": "VERY_LOW", "exact_quota": null, "masseunzulaenglichkeit_currently_reported": false, "interpretation": "ESTATE_COST_SUFFICIENCY_NOT_ORDINARY_CREDITOR_FULL_PAYMENT", "ordinary_creditor_deficiency": "STRONG_EVIDENCE_BASED_INFERENCE", "unresolved": [ "final admitted-claim denominator", "net realisations", "estate costs and priority liabilities", "avoidance and claim recoveries", "final quota", "final deficit" ], "source_refs": ["SRC-MHBK-EQS-20250527"] }, "creditor_public_funds_matrix": [ { "id": "CPF-01", "layer": "FTI_TOURISTIK_ORDINARY_CREDITORS", "gross_or_reported_amount_eur": 980000000, "qualifier": "ALMOST_FILED_CLAIMS", "beneficiary_or_burden": "More than 73,000 filed-creditor perimeter", "current_status": "VERY_LOW_QUOTA_EXPECTED_NO_EXACT_QUOTA", "not_equivalent_to": ["final admitted claims", "final deficit", "group-wide pooled debt"], "source_refs": ["SRC-MHBK-EQS-20250527"] }, { "id": "CPF-02", "layer": "DRSF_REIMBURSEMENTS", "gross_or_reported_amount_eur": 245000000, "qualifier": "ABOUT_PAID", "processed_paid_claims": 172000, "routes_open_through": "2027-12-31", "current_status": "RESIDUAL_COMPLEX_CASES_REMAIN", "not_equivalent_to": ["taxpayer money", "FTI Touristik estate distribution", "final fund loss"], "source_refs": ["SRC-DRSF-20250528", "SRC-RSG-7", "SRC-RSG-22"] }, { "id": "CPF-03", "layer": "DRSF_COMBINED_FTI_BIGXTRA_MODEL", "estimated_damage_eur": 332200000, "securities_eur": 217400000, "fund_asset_burden_eur": 114800000, "current_status": "PARLIAMENTARY_REPORTED_ESTIMATE", "not_equivalent_to": ["FTI Touristik-only loss", "state-budget draw", "final public loss"], "source_refs": ["SRC-BUNDESTAG-20250205"] }, { "id": "CPF-04", "layer": "WSF_FTI_PUBLIC_CREDIT", "support_eur": 603000000, "repaid_eur": 93000000, "early_estimated_exposure_eur": 510000000, "current_status": "EARLY_ESTIMATE_NOT_FINAL_NET_PUBLIC_LOSS", "required_reconciliation": [ "security realisations", "insolvency recoveries", "interest", "current carrying value", "final write-off" ], "source_refs": ["SRC-HANDELSBLATT-20240604", "SRC-BMF-WSF-202410"] }, { "id": "CPF-05", "layer": "SEPI_FASEE_MEETING_POINT", "authorized_eur": 31000000, "current_status": "SEPARATE_SPANISH_PUBLIC_CREDIT_OPERATION", "not_equivalent_to": ["BLUESEA separate EUR 25m authorisation", "Sun Park funding", "proved public loss"], "source_refs": [] } ], "club_sei_distribution_matrix": [ { "id": "DIST-01", "channel": "YOUTRAVEL_WHOLESALE_AGENT_ROUTE", "date": "2019-02-01", "evidence": "Trade report that UK agents would be able to sell the planned resorts through Youtravel.", "status": "ANNOUNCED_WHOLESALE_DISTRIBUTION", "ceiling": "No inventory, supplier agreement, accepted booking, payment, commission, revenue or opening.", "source_refs": ["SRC-TRAVELWEEKLY-20190201"] }, { "id": "DIST-02", "channel": "MEETING_POINT_BROCHURE", "date": "2019-10-11", "evidence": "Club Sei Lanzarote, Playa Blanca, all-inclusive, 315 rooms and Meeting Point International presentation panel.", "status": "PUBLIC_CORPORATE_PRESENTATION", "ceiling": "No exact contracting entity, title, inventory authority or operation.", "source_refs": ["SRC-LOCAL-MP-BROCHURE-2019"] }, { "id": "DIST-03", "channel": "1-2-FLY", "date": "2019-11-25", "evidence": "Club Sei Lanzarote with hotel and flight-plus-hotel controls.", "status": "LIVE_PUBLIC_FACING_RETAIL_INTERFACE", "ceiling": "No availability, accepted booking, payment, commission, revenue, guest stay or exact operator identity.", "source_refs": ["SRC-LOCAL-1-2-FLY-20191125"] }, { "id": "DIST-04", "channel": "AB_IN_DEN_URLAUB", "date": "2019-11-25", "evidence": "Club Sei Lanzarote, C/ Janubio 3 and visible EUR 155 per-person price with offer controls.", "status": "LIVE_PUBLIC_FACING_RETAIL_OFFER", "ceiling": "No loaded inventory, accepted booking, payment, revenue or exact 2019 operator identity.", "source_refs": ["SRC-LOCAL-AIDU-20191125"] }, { "id": "DIST-05", "channel": "LOVEHOLIDAYS", "date": "2020-01-21", "evidence": "Club Sei Lanzarote, Playa Blanca, hotel-only from GBP 137/night and price/availability/secure-booking controls.", "status": "LIVE_PUBLIC_FACING_RETAIL_OFFER", "ceiling": "No accepted booking, guest stay, payment, revenue, opening or exact 2020 operator identity.", "source_refs": ["SRC-LOCAL-LOVEHOLIDAYS-20200121"] }, { "id": "DIST-06", "channel": "CLUB_SEI_IMPLEMENTATION", "date": "2020-10-27", "evidence": "FTI postponed implementation because of COVID-19 and supplied no new date.", "status": "MANDATORY_CONTRARY_EVIDENCE", "ceiling": "Does not erase earlier announcements or interfaces; prevents an opening/operation inference.", "source_refs": ["SRC-TOURISTIK-AKTUELL-20201027"] } ], "controlled_distribution_conclusion": "ANNOUNCED_WHOLESALE_DISTRIBUTION_PLUS_CONTEMPORANEOUSLY_LIVE_PUBLIC_FACING_RETAIL_OFFER_BOOKING_INTERFACES", "distribution_prohibited_inferences": [ "loaded or available inventory", "completed or accepted booking", "payment or revenue", "guest stay", "hotel opening or operation", "commission or management fee", "title, possession or authority over every apartment", "valid management agreement", "illegality or criminal responsibility" ], "meeting_point_bluesea_state": { "verified": { "proceeding": "C/1549/25 - BLUE SEA / MPS", "transaction": "exclusive-control acquisition", "acquirer": "Gestora Blue Sea Partner, S.A.", "target": "Meeting Point Spain, S.L. - Unipersonal", "authorized": "2025-04-23", "source_refs": ["SRC-CNMC-C1549-20250423"] }, "corroborated_media_professional_reporting": { "claims": [ "judicial homologation reported", "Spanish Meeting Point business acquired by BlueSea reported", "BlueSea management of Canary Islands hotel business reported", "bank and SEPI debt treatment reported" ], "source_refs": ["SRC-HOSTELTUR-20260217", "SRC-ELCONFIDENCIAL-20260217", "SRC-FTICONSULTING-SPAIN-202602", "SRC-PORTOBELLO-BLUESEA-20260114"] }, "unresolved": [ "signed homologation order", "plan and annexes", "closing instruments and effective date", "exact shares, assets and contracts acquired", "consideration and financing", "liabilities assumed", "creditor-class treatment", "SEPI/FASEE treatment", "data-room and records handover", "appeal or challenge" ] }, "entity_proceeding_separation": [ {"object":"FTI Touristik GmbH","jurisdiction":"DE","file":"1500 IN 1758/24","administrator":"Axel W. Bierbach","pooling_prohibited_with":["BigXtra Touristik GmbH","Meeting Point legal persons"]}, {"object":"BigXtra Touristik GmbH","jurisdiction":"DE","file":"1500 IN 1801/24","administrator":"Axel W. Bierbach","pooling_prohibited_with":["FTI Touristik GmbH","DRSF combined model"]}, {"object":"Meeting Point International GmbH","jurisdiction":"DE","file":"1500 IN 10126/24","administrator":"Oliver Schartl","pooling_prohibited_with":["Spanish Meeting Point debtors"]}, {"object":"Meeting Point Hotelmanagement Holding GmbH","jurisdiction":"DE","file":"1500 IN 10107/24","administrator":"Oliver Schartl","pooling_prohibited_with":["foreign operating/management companies"]}, {"object":"Meeting Point Hotelmanagement (Canaries), S.L.U.","jurisdiction":"ES","file":"357/2024","administrator":null,"pooling_prohibited_with":["Meeting Point Spain, S.L.U.","German Meeting Point debtors"]}, {"object":"Meeting Point Spain, S.L.U.","jurisdiction":"ES","file":"357/2024 and CNMC C/1549/25 target","administrator":null,"pooling_prohibited_with":["Meeting Point brand","German Meeting Point debtors"]}, {"object":"Meeting Point Investment, S.L.U.","jurisdiction":"ES","file":"357/2024","administrator":null,"pooling_prohibited_with":["other two Spanish debtors"]}, {"object":"Meeting Point 357/2024","jurisdiction":"ES","file":"357/2024","administrator":null,"pooling_prohibited_with":["all German insolvencies"]}, {"object":"CNMC C/1549/25","jurisdiction":"ES","file":"C/1549/25","administrator":null,"pooling_prohibited_with":["signed homologation order","complete closing record"]} ], "lava_verde_reconciliation": { "corporate_presentation_rooms": 279, "club_sei_presentation_rooms": 315, "mixed_complex_fincas": 262, "cam_apartment_holding_claim": "REQUIRES_DATE_AND_SOURCE_SPECIFIC_RECONCILIATION", "required_bridge": "ROOM_TO_FINCA_TO_OWNER_AT_DATE_TO_ACCESS_AUTHORITY_TO_PROJECT_INCLUSION_TO_OPERATING_DISTRIBUTION_AUTHORITY_TO_LATER_TITLE", "corporate_assertion_not_title_proof": true }, "eu_travel": { "status": "UNRESOLVED_ALIAS_OR_TRANSCRIPTION", "repository_exact_occurrences": 0, "silent_conversion_to_youtravel_prohibited": true, "separate_tests": [ "Youtravel brand/commercial perimeter", "YOUTRAVEL.COM LIMITED company no. 05952761", "Meeting Point Youtravel Tourism L.L.C.", "exact 2019 platform and contracting entity", "genuinely distinct EU Travel entity", "original voice/text source" ], "current_terms_back_projection_prohibited": true }, "causal_recovery_matrix": [ { "candidate": "CONTRACTUAL_MANAGEMENT_OR_DISTRIBUTION_RIGHT", "support": ["planned Meeting Point/FTI brand route", "supplier/project evidence"], "contrary": ["project may have remained preparatory", "another legal person may have contracted", "COVID postponement"], "ceiling": "NO_EXECUTED_CONTRACT_PROVED", "missing": ["contract", "mandate", "approvals", "termination", "authority"], "custodians": ["CAM", "exact Meeting Point entity", "German debtor files", "357/2024"], "possible_remedy": "contract claim, damages or declaratory relief only if standing, causation and limitation are proved" }, { "candidate": "INVENTORY_OR_ALLOTMENT", "support": ["retail interfaces", "315-room presentation"], "contrary": ["interfaces may have been placeholders", "279/315/262-finca perimeter conflict", "COVID postponement"], "ceiling": "NO_LOADED_OR_AVAILABLE_INVENTORY_PROVED", "missing": ["room-finca mapping", "allotments", "rate/availability loads", "booking logs"], "custodians": ["PMS/CRS/channel operators", "distributors", "Meeting Point/FTI entities"], "possible_remedy": "preservation, accounting, contractual or restitution route if a right and loss are proved" }, { "candidate": "RECEIVABLE_COMMISSION_OR_FEE", "support": ["commercial distribution architecture"], "contrary": ["no completed booking or service proved"], "ceiling": "NO_QUANTIFIED_RECEIVABLE", "missing": ["invoice", "ledger", "settlement", "bank/payment record", "contracting entity"], "custodians": ["exact contracting entity", "retailers", "administrator/estate"], "possible_remedy": "proof of claim, collection or damages if legally available" }, { "candidate": "BOOKING_OR_CUSTOMER_DATA", "support": ["price, availability and secure-booking controls"], "contrary": ["interface may have held no accepted record"], "ceiling": "NO_CUSTOMER_RECORD_OR_TRANSFER_PROVED", "missing": ["booking logs", "CRM", "payment", "cancellation", "data handover"], "custodians": ["retail platforms", "Meeting Point/FTI", "administrator", "DRSF interfaces"], "possible_remedy": "lawful preservation, production and estate/data recovery" }, { "candidate": "RECOVERABLE_EXPENDITURE_OR_IMPAIRMENT", "support": ["pilot/work/project preparation evidence"], "contrary": ["payer and capitalization may be different", "lawful write-off possible"], "ceiling": "NO_PAYER_ASSET_OR_IMPAIRMENT_ENTRY_PROVED", "missing": ["orders", "invoices", "capitalization", "impairment schedules", "insurance"], "custodians": ["CAM", "suppliers", "Meeting Point entities", "auditors"], "possible_remedy": "restitution, damages, avoidance or accounting correction if proved" }, { "candidate": "PROFESSIONAL_DIRECTOR_OR_INSURANCE_CLAIM", "support": ["2024 notice/investigation and later custody handoffs"], "contrary": ["notice does not prove validity, breach, causation or loss"], "ceiling": "INVESTIGATIVE_LEAD_ONLY", "missing": ["duty", "knowledge", "decision", "causation", "limitation", "policy"], "custodians": ["administrators", "advisers", "357/2024", "insurers"], "possible_remedy": "production, tolling analysis or claim/insurance notice only after separate authority" }, { "candidate": "AVOIDANCE_RESTITUTION_OR_ESTATE_CLAIM", "support": ["large ordinary-creditor deficiency increases recovery significance"], "contrary": ["FTI group insolvency may be wholly unrelated to Sun Park"], "ceiling": "NO_TRANSFER_VALUE_OR_ESTATE_OWNERSHIP_BRIDGE", "missing": ["transaction", "valuation", "estate ownership", "standing", "limitation"], "custodians": ["exact German or Spanish estate", "competent court"], "possible_remedy": "avoidance, restitution or estate recovery only if every element is proved" }, { "candidate": "PUBLIC_CREDIT_RECOVERY", "support": ["WSF and FASEE public-credit layers"], "contrary": ["no Sun Park trace", "no actual DRSF federal-backstop draw proved"], "ceiling": "NO_QUANTIFIED_SUN_PARK_OR_FINAL_PUBLIC_LOSS", "missing": ["source/use", "security", "recovery", "write-off", "disclosure"], "custodians": ["BMF/WSF", "SEPI/FASEE", "DRSF", "exact debtors"], "possible_remedy": "public-credit recovery/accountability through a competent route only if proved and separately authorized" } ], "party_allegation": { "attributed_to": "Gil Marer", "proposition": "Local control, exclusion, project works and pre-title marketing materially impaired or displaced the Meeting Point/Club Sei local business opportunity and affected value, disclosure and creditor/public-funds interests.", "classification": "PARTY_ALLEGATION_AND_EVIDENCE_BASED_INVESTIGATIVE_MODEL", "group_wide_insolvency_causation_proved": false, "transaction_level_causation_and_loss_proved": false }, "criminal_first_chain": [ "actor/capacity", "act or omission", "duty/authority", "knowledge/intent", "exact asset/right", "correct entity/estate", "causal impairment", "creditor/public-funds loss", "standing/jurisdiction/limitation", "remedy" ], "source_manifest": "assets/data/fti-touristik-club-sei-recovery-source-manifest-v1.json" }