The time for The Ford’s Colony Country Club and its creditors to meet and mediate and has come and gone and where are they now? There does not seem to be a clear answer other than it looks like they are still working on it. Well, trying to anyway.
It had previously appeared that parties had agreed to the fundamental issues and that there was hope to reconciling differences with the current management retaining their authority and proceeding with a plan to restructure. Now it seems that the primary debt holder Prudential is pressing to end the Club’s Chapter 11 Bankruptcy protection status. Does this mean that they do not believe that the Club can successfully reorganize? If Prudential is successful in their bid to end the protection plan, then they (Prudential) would more than likely foreclose and would take over day-to-day operations.
The Club defends their plan and points to “a record of 25 years of experience from which to judge”. They indicate that their “plan provides for continuity of member rights and privileges, compensation to creditors, and a business model based on continued usage of all golf courses (54 holes) and dining venues.”
A positive step has been the establishment of a website where Country Club members can have a venue to express their opinions: email@example.com.
What happens if FCCC does lose its Chapter 11 bankruptcy protection status? Will Prudential foreclose and take over the Club? Could a different management approach be bad for the Country Club? Without knowing what Prudential’s true plans are it is certainly hard to say. The true fear is the fear of the unknown.
What we do know is that the Ford’s Colony Home Owner’s Association is vibrant and strong. With over 5000 residents, the neighborhood continues to flourish and the qualities that have given the neighborhood such a strong foundation have remained and will remain the same. Amenities like the miles of walking trails, pools, tennis courts, 24 hour roving security, as well as the numerous clubs for the residents all continue as usual. The strength of the neighborhood is not defined by the fate of the club.