EL CAJON, CA, May 05, 2011
/24-7PressRelease/ -- Premier Golf Properties, L.P., doing business as Cottonwood Golf Club in the Rancho San Diego area of East County, filed for Reorganization in the United States Federal Court Monday, May 2, 2011. Daryl Idler, President and Managing General Partner of the business, announced the filing shortly after submission of all requisite documents.
"This course of action will insure the preservation and integrity of the golf course operations while moving forward with plans for a new clubhouse, active adult community, and other substantial improvements to the property," Mr. Idler said. He added, "During the past 18 months, we have been actively working and negotiating with our lender to extend or renew our short-term bridge loan; however, we have been unable to reach a workable solution with them. While we all understand these have been tough economic times, Cottonwood, with hard work and the help of its loyal customer base, has actually increased its rounds of play, completed substantial renovations to the Lakes Course, and continued with our clubhouse and active adult plans," said Mr. Idler.
The lender was subject to a Cease and Desist Order in March of 2010, issued by the Office of Comptroller of the Currency of the United States. [The full text of the Order can be viewed at http://www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-43.html, the official OCC website.]
"Unfortunately, we had to resort to litigation with the lender to seek recompense conduct which we believe to be wrong, and as a result, on January 28, 2011, we filed suit in Superior Court of San Diego County against our lender." [The filing can be reviewed by reference to Case Number 37-2011-00065341-CU-BT-EC.] Mr. Idler further stated, "The Superior Court case against the bank will continue during the Reorganization, and we expect the rules and procedures of the Federal Court will insure continuation of business as usual while Cottonwood continues with its short- and long-term plans of improvements to the facility and property, and, in the end, Far East National Bank will be paid that which is due.
Mr. Idler added, "We have had our development plans on hold for too long, and we are very pleased to be able to move forward with our improvements. The Reorganization allows us to proceed in a positive and uninterrupted manner. We have already made formal application to the County to modify our Major Use Permit to move the process along. Everyone in the golf community and business environment who knows anything about Cottonwood understands that after nine years of operations of the course, we are not going to just sit back and let the course conditions deteriorate. Our plans include substantial changes to the course itself over time. In the short term, a large clubhouse and active adult component is planned with more opportunity for community use, substantial open space dedications, and significant environmental enhancements benefiting the wildlife refuges adjacent to the property. With almost 300 acres, Cottonwood has considerable opportunity to bring benefits to all of its stakeholders. Cottonwood is locally owned and we intend for it to stay that way."
Cottonwood Golf Club is a forty-eight-year-old 36-hole public course well known in the Southern California region. It is host to numerous charity and business tournaments, public events, and private functions in its Pavilion.
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