OTHER NEWS - May 28, 1993

Group Bids $22 Million for Golf Complex: A group of PGA West golf club members and homeowners have pooled $22 million to bid on the 72-hole golf complex and master-planned community in La Quinta when it is sold at auction by the Resolution Trust Corp. in Dallas on July 14. Now in the midst of bankruptcy proceedings, the complex was developed by Landmark Land Co., a real estate subsidiary of defunct Oaktree Federal Savings in New Orleans. So far, 1,100 of the development’s 1,650 homeowners and golf club members have put up $20,000 each to make the bid.