Crescent Bankruptcy Reorganization Plan Revised – Disposition of Golf Courses now Unclear

Some contracts with Hampton Golf have been removed from the list of contracts to be assumed by the reorganized Crescent.

Palm Coast, FL – May 18, 2010 – Last Thursday, GoToby.com published a story about Crescent Resources’ plan for reorganization for exiting Chapter 11 bankruptcy. The story focused on a list of "contracts…to be assumed" by the reorganized company. That list has been revised by a CORRECTED THIRD AMENDMENT TO PLAN SUPPLEMENT IN SUPPORT OF THE DEBTORS’ REVISED SECOND AMENDED JOINT PLAN OF REORGANIZATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE.
The original plan listed several contracts affecting the operation of four Crescent-controlled golf courses in Palm Coast. The Grand Haven Golf Club is a private course located in Grand Haven. The Grand Club is comprised of three semi-private courses; Pines Course, Cypress Course, and the closed Matanzas Course. All courses are operated by Hampton Golf, Inc.
The original list gave heart to members of four courses, but the revision raises questions about their final disposition. It deleted several contracts affecting the local courses.
Original list with deletions in RED:
Grand Haven Golf Club – Landmar Group LLC – Operating Agreement [Deleted]
Grand Haven Golf Club – Landmar Management LLC – Operating Agreement [Deleted]
The Grand Club – Landmar Group LLC – Operating Agreement [Deleted]
The Grand Club – Landmar Management LLC – Operating Agreement
Hampton Golf Inc.  – Landmar Group LLC – Operating Agreement – Grand Haven Golf Club [Deleted]
Hampton Golf Inc. – Landmar Management LLC – Operating Agreement – Grand Haven Golf Club
Hampton Golf Inc. – Landmar Group LLC – Operating Agreement – The Grand Club [Deleted]
Hampton Golf Inc. – Landmar Management LLC – Operating Agreement – The Grand Club [Deleted]
Hampton Golf Inc., 20% – Landmar Management – Joint Venture Agreement – Grand Haven Golf Club [Deleted]
Hampton Golf Inc., 20% – Landmar Management – Joint Venture Agreement – The Grand Club
The Confirmation Hearing to affirm the reorganization plan is scheduled for May 20 and May 21. These last minute plan changes are fuel for speculation. It appears the changes clear the way for the sale of some or all of the courses while reaffirming the members’ interests and investment. The corrected amendment states "Membership Agreement and Golf Club Membership Deposit Refund Programs" will remain intact at both the Grand Haven Golf Club and The Grand Club.
1 reply
  1. George Meegan
    George Meegan says:

    Mirrors broken by court, for clear titles

    I think all we have here is the court cleaning up the books that were sending profits to a third party. The vertical and horizontal intergation was toppled so Crescent is in control, as they were and still are the mother corporation. The contracts that were good stand and the ones set up for funneling profits, and tax advantages were illiminated. That way any further bankruptcy filings would be unclouded, and yes, a clean title could be had for a sale.

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