The greedy and white collar macho litigants who have clouded not only the golf course sale to the previous buyer and some even pushed for the frivolous lawsuit against Terrabrook regarding alleged reserve deficiencies are now holding the keys to Arrowcreek golf course and home value survival.

These same people many say are responsible for the near 50% correction in the Arrowcreek home market.  The irony is that the disputed ($ amount)  is pale in comparison to the loss in value they created in their own home (if in Arrowcreek) and the entire community.

The loss of value from this lawsuit and the reserve suit et al has cost the community approximately 80 million dollars + in lost values.  Buyers and Realtors have evacuated the area knowing that these (few in my opinion) type of people and problems exist in what appears to be a beautiful community.

Anyhow, I better stop here as these kooks and other trigger happy litigious morons with attorney’s on speed dial for any stubbed toe have stripped my main listing area’s values, my daughters education and part of our retirement from my own home in Arrowcreek as well (50% down $600,000.+).   As I said, I am stopping here.

ArrowCreek Country Club 
ArrowCreek Update
September 10, 2008

Dear Fellow ArrowCreek Country Club Members:

As you know, ArrowCreek Golf Holdings (AGH), the current owner of ArrowCreek Country Club, has decided to accept the offer to purchase ArrowCreek Country Club made by Golden Gate Golf.  Both companies have now signed a Purchase and Sales Agreement.  However, the completion of the transfer of ownership is contingent upon the pending lawsuits being dropped by all 15 litigants by September 15th, 2008.

Under the terms of the agreement Golden Gate Golf must make a non-refundable deposit on September 15th.  Golden Gate Golf has written to the litigants via their attorney, Mark Gunderson, stating that the pending lawsuits must be dropped by September 15th for them to meet this deposit requirement.  If this hurdle is overcome, then closing is scheduled for October 1, 2008.

We are aware that the litigants’ representatives are exploring alternatives with a rep resentative of Golden Gate Golf.  At this time , however, no agreement to the litigation demand has been transmitted to AGH, nor has any counter-offer been received. 

Your Advisory Board endorses the transfer of ownership between AGH and Golden Gate Golf.  Furthermore the Board urges AGH and the litigants to resolve their differences in an expeditious manner that will ensure the continued operation of our Club and avoid the likelihood of an immediate bankruptcy filing.

ArrowCreek Advisory Board
 
 
 

Filed under: ARROWCREEK