Augusta National foreclosure letter

[Howard Riefs]

An interesting piece of golf history up for auction as Shackelford reports:

http://www.geoffshackelford.com/homepage/2013/1/4/augusta-national-foreclosure-letter-up-for-auction.html

Additional details from the auction house:

http://www.greenjacketauctions.com/site/bid/bidplace.asp?itemid=9990

          Offered here is a truly significant opportunity to obtain an original December 2, 1935 letter from Augusta National's attorneys to its creditors announcing the foreclosure sale of the most famous golf course in the world. When Bobby Jones and Clifford Roberts decided to build their dream golf course in 1931, they formed an entity called Fruitland Manor Corporation, to own the land that would become Augusta National's golf course.  According to this letter, due to the Great Depression, that new entity could not met its obligations. Therefore, even after the 1934 and 1935 Masters Tournaments were held (then-called the Augusta National Invitation Tournament), the Fruitland Manor Corporation went through foreclosure. The land, which now contained the Augusta National golf course, was purchased at the foreclosure sale to ensure the survival of the course and Augusta National Golf Club, and a new entity was formed - The Augusta National, Inc. This letter to the creditors of Augusta National is from Augusta National's attorney. It relays the above-mentioned events, and goes on to give Augusta National's creditors a one-time option (to expire 3 weeks later) to accept Class B stock in The Augusta National, Inc. or to forever relinquish any right as creditor (due to the foreclosure).

          This original letter comes from the grandson of one of those early Augusta National creditors. It has never been seen publicly before this auction. This letter represents a significant point in the difficult early history of Bobby Jones' Augusta National Golf Club, as it struggled to run a private golf club and golf tournament in the midst of the Great Depression.

[Bill_McBride]

........and stiffed Alister Mackenzie in the process of money owed for his fee.  The letters he wrote to Clifford Roberts are sad to read. 

[Joe_Tucholski]

Bill, where can those letters be read.

[Mike Sweeney]

Somebody who really knows his stuff whenit comes to bankruptcy law and its history should chime in, but a cynic would want to know who the creditors and shareholders were that got stiffed so that ANGC could be bought back on the cheap by the guys who ran it into the ground in the first place...

Do we really need a lawyer? This is golf and common sense.

There are 6-12 original members of Ballyneal here on GCA.com that got the same treatment.

Let's ask them instead.

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