RCI and Cascade Make Joint Offer for Resort
Two Orange County firms--RCI Corp. and Cascade Funding Co. Inc.--have made a $15.2-million offer to buy Shangri-La, a 600-acre Oklahoma resort that is being sold in a bankruptcy court auction. The joint offer from the companies was disclosed by bankruptcy trustee Ainsalie Perrault Jr. A spokesman for Cascade, an Orange-based mortgage broker, refused to comment on the offer. Officials of RCI, an investment firm, could not be reached for comment. Perrault said he hopes to receive higher offers for the resort near Tulsa--which he said was appraised at $35 million in September. The resort includes a large convention center, a marina and two 18-hole golf courses.