The twit theatre continues. Last night the Trustee for the Bankruptcy case met with the residents to provide some information and answer questions. If I hadn't been there myself I wouldn't believe what was said. I wondered on more then one occassion if the stage at the Civic Center was too high and the man was suffering from a lack of oxygen.
1. The Trustee openly admitted that his greatest source of information was Ken Debusk. Ummm, hello????? Why would you accept counsel from the business who failed in it's performance? Considering the animosity the prior owner has for the residents how can the Trustee in all good conscience consider this man his best source? When speaking of a future owner the Trustee said on one or more occassion "you people" "you people" to the residents. The implication was so obviously there that the Trustee's mind has been poisoned.
2. The Trustee stated that they are seeking to sell the Ravines for enough to cover all the debt. Somewhere in the neighborhood of 3-4 million. If Jacksonville Golf is to be believed that they could not keep the business running with even half of that debt service then does that not stand to reason after 18 months of deterioration that the course is not worth even what was paid for it let alone the rest of Jacksonville Golfs debt?
3. The Trustee stated that if the property has to be broken up to pay the debt then that is what will happen. Buyer Beware! What you buy it for and what you can legally do with it may be two different things. Broken into pieces he is estimating the value to be close to 10 million dollars. Considering the fight any developer would have on their hands with the laws that exist and cannot be ignored, and the residents who would fight it to the bitter end that would hardly be money well spent in todays market. Who in their right mind is going to buy a chunk of condos when there is no resort? Anyone want to buy a pool that probably costs more to repair then what its worth or can be recouped when there is no resort? Heyyyy how about some land in a built out PUD that zoning would have to be changed on in todays market with the entire community against any further development? That would take someone with more money then sense, maybe Brittney Spears or Lindsay Lohan can be convinced to come to Middleburg.
In order to determine "Highest and Best use" it has to be LEGALLY PERMISSABLE. To try to attach a value on it based on something that is not legal...........is not legal. Any Appraiser with a brain knows this. The Trustee is pulling figures out of somewhere rather then consulting with professionals meaning Appraisers about the value of that course. He openly admitted that the cost to put the resort back up does not figure into his "value". There is not a lender out there who will loan money on something at a over the top market value when it is in inferior condition without taking into consideration what it will cost to bring it up to top of the market condition.
4. The Trustee let us all know that Judge Procter "will defer" and those are his words not mine. Judge Procter "will defer" to his recommendations. Does Judge Proctor not think for himself at all?
5. Bank of America has filed for a lift of stay that is supposed to be ruled on this week and the Trustee is against it of course. It is in the best interest of any and all residents of Clay County to be in favor of this lift of stay. The revenues to the County that are being lost, and the values to the homes in the Ravines is large enough it does impact the County as a whole.
The Trustee has no concern at all for the community, not that I am saying he is obligated to, this is all about the money for him. If there is not an offer to cover the debt it will go to Auction. If they cannot get what they want at Auction they will withdraw it. This will indeed last for a couple of more years because they're never going to get such ridiculous amounts of money for this course.
The conduct of the Trustee would leave one to believe that he is nothing more then a Puppet for the former owner of the Ravines.