Bankruptcy Hearing Update – March 31, 2011
On March 31, 2011 the court ruled in favor of Prudential’s position, which was supported by the CCMA’s attorney, that "all" members should be allowed to vote. This means that all 900 members will have the opportunity to participate in deciding the future direction of the club. This now clears the way for the voting process to begin. The exact timeline for this process will be known within the next few days. The court also ruled that each plan ( Lender: Prudential & Debtor Country Club) will have it’s own ballot, a third party Solicitation firm will be used to conduct the mailings and vote tabulations.
Ford’s Colony Country Club filed for Chapter 11 bankruptcy protection last spring. The Club, Prudential and the Creditors Committee tried to work out a reorganization plan but so far have not been able to agree on a work out plan/
You can view the reorganization plan for Prudential and the creditor’s committee here. View the debtor’s (Ford’s Colony Country Club and Marsh Hawk Country Club) plan here.
The next hearing will be on May 18, 2011
You can read more about the bankruptcy here
| Update May 2011
Affiniti Golf Partners, LLC has announced the addition of Ford’s Colony Country Club to its portfolio of managed golf courses. This represents the fifteenth club in its portfolio of managed clubs. Ford’s Colony is located in Williamsburg, Virginia and is made up of three 18-hole golf courses – Marsh Hawk, Blackheath, and Blue Heron, all Dan Maple’s designs.
Today the club has 897 members and is available for resort play on a limited basis. Ford’s Colony just emerged from bankruptcy, largely due to the recession and the lack of real estate sales. Substantial improvements will be made to return the club to its former condition and elite status within the Williamsburg area. Affiniti intends to improve the golf courses, the members’ experience, and the financial performance of the club prior to marketing the club for sale. “We are very pleased to add such a beautiful, well known club to Affiniti’s portfolio,” said Steve Willy, a Founding Partner of Affiniti Golf Partners. “All of us have heard about Ford’s Colony for years and it’s an honor to have the opportunity to work with this great club. We know we can make a big difference for all concerned.” Affiniti currently owns or manages golf properties in Virginia, Georgia, North Carolina, South Carolina, and the Bahamas. |
Filed under: Ford's Colony, Golf, james city county virginia, williamsburg va |
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