On Saturday morning, The Wall Street Journal published its second article about Tanner & Haley – this time featuring the destination club’s Chapter 11 bankruptcy filing front and center on page A1 (subscription required).

Beneath photos of Tanner & Haley properties in Colorado and New York, the article, titled “Vacation Club’s Woes Are Bad Trip for Rich,” includes comments from members, former employees, and statements from Tanner & Haley CEO Rob McGrath.

David Latko, a Tanner & Haley member whom we interviewed last week, explained his personal experiences with melting Oreos and portable space heaters. Kurt Strauss, a former Tanner & Haley general manager in Florida, discussed fears of member redemptions within the organization and the club’s inability to pay the bills.

With a loss of $64 million last year and over $300 million in liabilities, Tanner & Haley clearly had a business model that was not sustainable. Real estate assets of $130 million are insufficient to fulfill the membership deposit obligations of the club’s 874 members, of which over 100 have asked to leave.

In the course of researching our Decision Guide to Destination Clubs, Helium Report made repeated attempts to contact executives at Tanner & Haley, always without success. The first hint of problems was the sudden removal of membership pricing information from the club’s website in late January this year.

Other destination clubs were far more forthcoming in interviews and disclosure. We’ve published communications from several leading destination clubs to their members (Exclusive Resorts, Dream Catcher Retreats, Private Escapes, BelleHavens). We’ll continue to highlight the differences between their business models and the failed strategies that Tanner & Haley pursued.