Personal bankruptcy Court Procedures In opposition to Lifetime Golf Club Memberships
January 27, 2021
By Pat Johnson
Eco-friendly FIELDS: The Sea Oaks Golfing Club in sunnier days. When it will reopen is up to when the court proceedings are concluded. (File photo by Jack Reynolds)
Atlantic Residences, a claimant in the personal bankruptcy circumstance with Sea Oaks Region Club LLC and Sea Oaks Golf Club LLC, positioned in Very little Egg Harbor, will take possession of the houses for a value of $3 million in addition $200,000 for the liquor license against the $10 million owed to it.
Atlantic Households experienced presently owned 49 p.c of the two constrained legal responsibility organizations when the greatest shareholder sought Chapter 11 submitting in June 2020. The determination by Choose Christie M. Gravelle in bankruptcy court on Nov. 10, 2020 disenfranchised a range of golf club customers.
Oral arguments on Sept. 9 focused on promises by 60 or extra holders of lifetime memberships in the golfing study course acquired in 1997. The claimants ended up told at the time when they handed around $50,000 or $60,000 each and every for the privilege that the life span memberships would also be transferable in perpetuity (to their heirs).
The courtroom discovered this not to be credible.
“Atlantic Residences acquisition has been accepted by the bankruptcy court more than the objection of some users who contended unsuccessfully that their life time memberships could not be eliminated,” explained Atlantic Residences lawyer Timothy Neumann with the Broege, Neumann, Fisher and Shaver lawful agency of Manasquan. “The closing has not happened yet. This is a complicated transaction,” he additional. —P.J.