By Rick R. Hsu
FOA wants homeowners to buy the land, minus its most valuable parcel, for $3,300,00.
- FOA paid cash and assumed debt of all golf course assets for $1,972,398 (Source: In re: Aspen Sierra Leasing Co., U.S. Bankruptcy Court Case No. 14-50087, Dkt. Nos. 144, 132-1, 154, 158).
- Dayton Valley Golf, Dayton, NV sold for $750,000 in May, 2010, and Sunridge Golf Course, Douglas County sold for $1,000,000 in December, 2012. The low sales prices were based on the lack of positive cashflow and low net income (Source: William Kimmel & Associates, MAI)
- At the Special Board Meeting on September 16, 2015, Rich Kenney stated it made no sense to have an appraisal of the land because the golf course was not making money.
- FOA has paid its attorneys thousands for representation in the bankruptcy proceedings and loan issues and may have suffered golf course operating losses during the past year to show it will not profit from this purchase. However, FOA is unwilling to open its books for inspection.
Rick R. Hsu