• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Agreement Reached in Ford’s Colony Country Club Bankruptcy

clubhouseApril 7, 2011  An agreement has been reached in the Ford’s Colony Country Bankruptcy case.  A status hearing was held today at the US Bankruptcy Court , Eastern District Of Virginia in Newport News Newport News Division  and the agreement was presented to the Court.

As part of the agreement, the Debtors are withdrawing their Chapter 11 Plan and Prudential and the Committee will move forward with their Plan. Prudential and the Committee will amend their Plan to reflect some of the financial agreements that were reached with the Debtors.  The Court moved the confirmation hearing up to May 3, 2011.  It is anticipated that the amended Chapter 11 Plan will be sent out next week.  The court still requires a vote to be taken and members will likely have  7 – 14 days to vote for or against the plan  Under the settlement agreement   Prudential is to become the owner of the Golf Club. A new management company under the direction of Prudential will be put in place on May 3, 2011.

The new management will likely be Affiniti Golf (read their management proposal here).

May 3 is also the date set for the court’s confirmation hearing. All Club members are invited to a meeting at 4 p.m. on April 19 in club’s pavillion to hear about the reorganization plan and hear from Affiniti.

The club filed for Chapter 11 bankruptcy protection in 2010, listing between $10 million and $50 million in debt. The bulk was owed to Prudential on an $18 million note. Another $8 million was owed to insiders or affiliates, $400,000 in unsecured debt and $335,000 in equipment leases.

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.

Ownership Makeup of Ford’s Colony Entities ( April 2011)

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psst … I’m a Realtor! Thanks for stopping by my website. I am a Realtor & real estate consultant and would love to help you find a dream home and community in Williamsburg or sell your home in the area.
I post these articles to keep locals and prospective Williamsburg home buyers updated on area events and news.I am local resident and REALTOR,  known around town as Mr. Williamsburg, for both my extensive knowledge of Hampton Roads and the historic triangle, and my expertise in the local real estate market. You can explore my websites, www.WilliamsburgsRealEstate.com  and www.MrWilliamsburg.com  , which were created as a comprehensive resource about living in Williamsburg and Hampton Roads, with the hopes of selling a house now and again. You can reach me here

Best,

John Womeldorf

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