How a $400M Jewish Summer Camp Empire Fell Apart — and Left 120 Families Pleading to a Judge

Executive Briefing

• Brothers Michael and David Shabsels filed Chapter 11 bankruptcy after defaulting on $214M owed to Israeli bondholders
• Michael allegedly transferred $32M from company accounts to a personal account, triggering missed bond payments
• Total liabilities estimated between $500M and $1B, fueled by high-interest Merchant Cash Advance loans and rapid expansion
• DOJ launched an investigation into Simad Holdings, the brothers' summer camp holding company
• Warner Bros. Discovery CEO David Zaslav bid $68M for Mohawk Day Camp, where his own children attended
• Over 120 parent letters were sent to the bankruptcy judge pleading to protect children's ongoing summer sessions