Homeowners Share Thoughts on Ford's Colony Bankruptcy

Thursday, January 13, 2011

The homeowners association at Ford’s Colony has weighed in on the Ford’s Colony Country Club bankruptcy reorganization plan, echoing calls for transparency and sound financial management that Club members called for last week.

Ford’s Colony Country Club filed for Chapter 11 bankruptcy protection last spring. The Club, Prudential and the Creditors Committee are now working on a reorganization plan. The judge in the case requested input from Club members, and because many of those members are also part of the homeowners association (FCHOA), that group has decided to offer input on the process based on the needs and desires of homeowners.

More than 750 of the lots in the community front the golf course, so association members believe “it is of the utmost importance to FCHOA that the Club continue to be part of the Ford’s Colony community,” according to a recent letter from the association to the organizations involved in the case.

The association is interested in the continued operation of the Club because it “is vital to the Ford’s Colony community… many homeowners made Ford’s Colony their home based on the availability of the country club and golf course amenities while other homeowners purchased lots bordering the golf course or with a golf course view.

“Homeowners in Ford’s Colony have made substantial investments in their homes because of all of the amenities that are part of the community, including the Club.”

The association members request that any future owner or manager of the Club be “well-financed with adequate working capital.”

Members believe the Club “must be financially viable and provide full disclosure of all financial and operational data.”

Also, the FCHOA members believe the owner or manager should follow established business practice as well as maintain independence from any other individuals or entities or their affiliates.

Association members want the Club to remain full-service and continue to be highly rated.

All these requests mirror those set forth by the Club members association last week (read the previous story here).

Additionally, the homeowners association stresses the importance of the Club maintaining the pedestrian and golf course paths, trails and easements.

The group wants the Club to expedite the reorganization “as the continued unresolved bankruptcy filing is an unnecessary impediment to real estate sales in the community.

“FCHOA believes that if the debtor does not address the above issues, the community may suffer at-large, which ultimately affects the membership in the Club, the Ford’s Colony homeowners’ property values, and the overall appeal of the Ford’s Colony community.”

On January 18, the Court will receive a status report on the reorganization plan progress.