Although, to be fair to Mr. Curlander, there are a lot of members who wouldn't be happy with the percentages you propose, either.
Tom,
That was based on my understanding that the membership put in $5.0 million, but I was corrected that it was closer to $7.0 million
Either way, it is pretty simple to solve that difference. The numbers are conceptual, but the solution is:
His best sales force is the old membership. Start them out as 15% ownership. He can put himself in as a preferred (stock or convertible debt, I don't know enough details) so that he is the first to get his money out, which I am told is his goal. As the new membership grows, the equity that the members own grows. New initiations pay him off. Give the old members the incentive to build equity in the club. He gets paid out over time, his equity is reduced as the preferred is reduced.
So one has to wonder why many are prepared to walk when sticking it out and at least kicking the tires seems like the logical next move. I haven't decided what I'm going to do yet. It's a complicated issue.
I encourage you to be logical. You joined for the golf course. It's still there.
Sarge,
Based on Jim's good deeds last summer, I think he can play just about anywhere. I think he joined Ballyneal for the golf club that had a great golf course. Jim can correct me.