On June 26, 2012, the Cordillera Golf Club filed for bankruptcy. A quote from the press release states that “We had hoped to avoid filing Chapter 11, but we were unsuccessful in reaching a mutually agreeable settlement with certain stakeholders in the community, said David Wilhelm, Chairman of the Club at Cordillera. The process will allow the Club to operate its ongoing business while it resolves the outstanding conflicts and prepare a plan of reorganization to emerge a healthier company.”
Click on the link below to see the full press release.
What does all this mean? I’m certainly not one to predict the ultimate outcome but I would be concerned about my Club membership fee and if I will ever see any value returned to me.
There were other documents included with the press release including a Q&A and Inquiry Guidelines. Click on the links below to see each of those documents.
This is such a sad situation. Three of the Clubs golf courses are closed and who knows what condition they will be in if and when they finally reopen. There are lots of questions regarding property values and how will this impact the real estate market in Cordillera. So far sales in 2012 are up compared to 2011. There were only 3 sales between 1/1/11 and 7/4/11. However, YTD there have been 8 sales. It will be interesting to see what happens to sales over the next few months. I talked to a fellow real estate broker who just had a client put a CVC property under contract the day before the bankruptcy announcement. The client was reconsidering their purchase in light of the announcement.
Stay tuned. Who knows how this will all turnout.