by ronbell
Wow, this is almost surreal; I was contacted by the media twice in regards to the golf course sale falling out and the effect on real estate values. Both times I refused to comment. It is just a matter of time before someone does and the media blows it even more out of proportion . This has been kind of the issue; the rumor mill is way worse than the facts which are fairly sobering to begin with.
In any event, this is hot off of the press/e mail and I am passing it on:
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ArrowCreek Country Club |
Club Update Dear Fellow ArrowCreek Club Member,
I have been advised in my capacity as the Advisory Board Chair by ArrowCreek Golf Holdings their plan for our Club in the wake of the decision by Club Corp to terminate the process for their purchase of the Club.We have been placed on notice that there are two alternatives:
1) Turnover of the Club to Equity Members- AGH has asked the equity members to consider an early turnover of the Club to that group. It has been decided by the AEMA Board that they will lead the effort to evaluate that possibility as their primary function is to represent the interests of the equity members.
2) Bankruptcy- The potential for a bankruptcy filing by AGH remains a real possibility, which is an action that we can not control.
To allow time for AEMA and others to work through option one AGH has agreed to keep the Club open for a short period of time.Additionally, your Advisory Board will be seeking other options to address this situation. As more information becomes available we will keep you informed. In the mean time keep supporting our Club as it only strengthens the viability of the options other than bankruptcy.
Norm Reeder
Chair
ArrowCreek Member Advisory Board
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Here is the Homeowners Associations version of events:
scan0003.pdfscan0003.pdf
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Filed under: ARROWCREEK
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