With a standing room only crowd and a lot of the seats filled in the back nine tent, Norm Reeder (Member President) held court and did a superb job.  He was able to deliver a message, had members hold questions that were not topical and maintained the peace.

Both Gail and Craig Wilcot gave excellent presentations of the options and possibilities; Bankruptcy, Member buyout or a third party buyout.  Tom Motherway who has participated in a number of lawsuits in the community made it clear that he was not going to buy it or had no buyers as rumors had implied.

The Five Million Dollar price that a third party would pay would be more or less subject to a cleaning up and de-mystifying of the existing golf contracts.  Back in the day when we were slinging Developer lots at the Dickson Arrowcreek Sales Office, they would make a lot of concessions with the golf memberships to turn the lots.  It has now come to haunt Arrowcreek Golf Course as there is confusion and many types of membership terms out there.  The general consensus is this is why the Club Corp deal fell out et al reasons that were not as significant.

The reality is that sacrifices will have to be made with some of these memberships (a unified/simple contract) in order to avoid bankruptcy.  It was mentioned in some ways bankruptcy may be the only way to clean this mess up if members can’t unify their member contracts.  It was also pointed out that it is a difficult stigma to overcome for both the Arrowcreek Golf Course and the Arrowcreek Home values.

I stayed fairly quite except for expressing concern that they may want to find an expert in golf course sales; the last I checked, Craig’s List did not have that classification.

That’s really about it, it was fairly straightforward, anyone take anything else from it, please comment.

Ron

Filed under: ARROWCREEK, SO. RENO 89511