Court Appoints Receiver for Linger Longer (Reynolds Plantation)

Andrew Bolnick of Clearwater, Florida, an independent professional Court Receiver will assume management control of Linger Longer Development Company’s assets.

Reynolds Plantation Property Owners & Employees:

A positive step toward the preservation of our community lifestyle at Reynolds Plantation occurred yesterday when the Superior Court of Greene County appointed a Receiver to assume management control of Linger Longer Development Company’s assets. The court selected Andrew Bolnick of Clearwater, Florida, an independent professional Court Receiver with over 30 years of experience, to preserve and protect the value of the development properties, amenities, and other assets. The Receiver’s function is to maintain the quality and value of the assets and to manage the amenities on an interim basis, while minimizing the impact to the welfare of the existing communities, residents and employees.

Mr. Bolnick was appointed without opposition from Linger Longer Development Company at the request of the project lenders. With the Receiver in place, operations can be maintained at a high quality level that would not otherwise be possible. This step will enable the Receiver to maintain employment staffing and management at levels reasonably necessary to sustain the quality of services, which has made Reynolds Plantation into the exceptional community that we have enjoyed for many years. While this is not a result which was ever anticipated for our community, it clearly is the best alternative available under current circumstances.

Rabun Neal, Tim Hong, and the other key management personnel will remain in place at LLDC and will report directly to Mr. Bolnick as the Receiver. All employees will continue to report through the existing management structure. Mr. Bolnick, Mercer Reynolds, Mr. Neal, and Mr. Hong will be arranging follow-up communications with management and employee groups and community advisory boards to further review and explain the Receivership process. The Receiver intends to continue the planned events and to honor the existing commitments to the best of his ability.

This new arrangement follows the recent failure of the proposal for the club members to purchase the amenities at Reynolds Plantation. Mr. Reynolds has joined in this communication with the Receiver and supports this interim step to stabilize the community while other alternatives can be explored to ensure an optimal resolution of the LLDC debt situation. While the time commitment made to provide the members with the opportunity to control the future of the amenities was worthwhile, notwithstanding the outcome of the vote, it limited the time available to LLDC to discuss other alternatives with its lenders. The Receivership is advantageous to the lenders, LLDC, and the community because it now will provide such additional time for all parties to look at other potential solutions in a deliberate manner.

In closing, Mercer, the Reynolds family and LLDC will continue without rest to seek a resolution of this situation and they remain devoted to the future of Reynolds Plantation. Mr. Bolnick similarly has pledged to do his best to maintain the prestige of Reynolds Plantation during his interim appointment and to assist all parties in this undertaking.

Andrew Bolnick                                                           Mercer Reynolds
Receiver                                                                      Chairman