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FitzWalter Capital Partners Outbids David Zaslav to Acquire Mohawk Day Camp in High-Profile Bankruptcy Auction

FitzWalter Capital Partners emerged as the winning bidder for Mohawk Day Camp in a bankruptcy auction, outbidding a personal investment bid from Warner Bros. Discovery CEO David Zaslav. While David Zaslav offered $68 million for the property, FitzWalter Capital Partners secured the assets for $120.8 million. The auction was part of a broader liquidation of the Simad Holdings portfolio, which includes 30 summer camps across the country. The bankruptcy was triggered by the Shabsels brothers, Michael Shabsels and David Shabsels, who defaulted on over $200 million in Israeli bonds and faced a criminal investigation by the Department of Justice. The auction resulted in the sale of 23 camps for a total of $368.3 million, with several other properties sold through private sales. The liquidation process highlights a complex legal battle over merchant cash advance funding. The administration announced that the bankruptcy court will address whether these high-interest funding arrangements are true asset purchases or disguised loans, which will determine the payment priority for various creditors.

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