Marbella Country Club Members Near Deal on Bankruptcy Terms
Members of the Marbella Country Club are resolving their differences and will ask for a five-day extension in bankruptcy court today so that talks can continue, the club’s president said Monday.
“All the groups have gotten together, and we think there is some light behind that cloud,” said Stan Sanderson, president of the golf course resort in San Juan Capistrano. He said the pact is “99%” complete.
The founding members of the club had vowed to appear at a U.S. Bankruptcy Court hearing to challenge a plan that would have forced them to pay monthly dues, which has never been required of them since they made substantial early investments in the project.
The country club filed last year for reorganization under Chapter 11 of the U.S. Bankruptcy Code after the membership was unable to reach agreement on how to cover a $50,000 monthly shortfall.
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