The Ford’s Colony Country Club (FCCC) bankruptcy is moving forward and all parties appear to be working together to solve the problem. The Ford’s Colony Home Owner’s Association (FCHOA), which is not a part of the FCCC, has an obvious and vested interest. The FCHOA president sent a message to homeowners this morning.
Mr. Bowlin stated:
On Thursday, October 28, 2010, the Creditors Committee, Prudential and FCCC participated in judicial mediation. The purpose of the mediation was to resolve the various matters in dispute among the parties. As most of you know, the Creditors Committee’s has focused on the:
- Possibility of some return to unsecured creditors, most of whom are members or former members
- Objective that the Country Club which emerges from this process is well run and financially sound.
After many hours Thursday, it appears than an agreement has been reached capable of achieving both results.
Counsels for each party are scheduled to provide a status report to the court on November 4. The objective is to move as quickly as possible to work out the details of the framework resulting from the mediation. Once the final terms of the agreement have been reached, they will be circulated to you as well. In the interim, we wanted the membership to know that FCCC bankruptcy once again appears to be moving forward.
Bottom line: No one benefits if the Country Club fails. Strong leadership and effective communication are key to resolving the problem. It appears that those pieces are in place. We will see on Thursday (November 4 ) what else is needed. Interesting times indeed.
Thanks to Mr. Bowlin for updating the Ford’s Colony Homeowners on the status of the Country Club negotiations.