Another one bites the dust--Kyle Phillips' Morgan Creek Golf Club goes BK

[Jed Peters]

Yep, another one bites the dust.

Morgan Creek goes bankrupt. Reciever took over my club today.

It's located in Roseville, CA (Sacramento, CA area) and has been burst by the Real Estate bubble.

At least it'll be public now.

GGGGGGREEEEAAAATTTTT.

(At least I didn't fork over the $75k that Winchester Golf and Country Club members forked over and subsequently lost!)

[cary lichtenstein]

I wonder how many other golf clubs are going to do this?

[David_Tepper]

Jed -

Has there been an article in any newspaper about what is happening at Morgan Creek?

DT

[Mike Benham]

What is/was  the structure of the club?  Equity ownership? 

[Jed Peters]

Jed -

Has there been an article in any newspaper about what is happening at Morgan Creek?

DT

nope, i just got a letter from the GM.

[Jed Peters]

What is/was  the structure of the club?  Equity ownership? 

Semi. If you get out you get 65% back.

Edit: Sorry, if you got out before this, you got 65% back.

[Adrian_Stiff]

I wonder how many other golf clubs are going to do this?

I think it might be many. I really think there may be a big lull in new golf courses being built over the next few years. I dont think banks will help, real estate values have gone south, the general economy is very weak throughout the main golfing countries, plus anyone who wants a course will be able to pick one up cheap. Lean time for golf course architecture probably.

[John Kavanaugh]

This is the copy of the current membership drive http://www.morgancreekclub.com/annualmembership.pdf I can't see how anyone gets hurt in this.

[John Kavanaugh]

I love this picture from the website.  The sign "Reload" says it all.  http://www.morgancreekclub.com/words_wisdom2.html

Found these quotes on their words of wisdom, hmmm...

"You don't know what real pressure is until you play for five bucks with only two in your pocket."
--Lee Trevino

"The income tax has made more liars out of the American people than golf has."
--Will Rogers (1879 - 1935)

"Although golf was originally restricted to wealthy, overweight Protestants, today it's open to anybody who owns hideous clothing."
--Dave Barry

"If there is any larceny in a man, golf will bring it out."
--Paul Gallico

[Jed Peters]

This is the copy of the current membership drive http://www.morgancreekclub.com/annualmembership.pdf I can't see how anyone gets hurt in this.

This would be the first month the club operated in the black as well since opening.

Hopefully the club will be bought by a company wishing to keep it private. They don't owe $52m like Winchester, so that's a good thing.

The annual deal rocks, but i feel sorry for the people that had to pay in almost 2 years ago.

And, you lose if you've been there for a couple years, gotten used to it, and now they're opening it up to public play and the subsequent long ass rounds!

[SPDB]

I'm confused. is it in bankruptcy or receivership?

[Jed Peters]

I'm confused. is it in bankruptcy or receivership?

recievership as of today. The bank will foreclose any day now.

[Tim Leahy]

what does that do to your access? I know of a private nine holer that offers an inexpensive membership that might help, ever hear of Sunrise GC?

http://www.golflink.com/golf-courses/course.asp?course=110445

[Jed Peters]

what does that do to your access? I know of a private nine holer that offers an inexpensive membership that might help, ever hear of Sunrise GC?

http://www.golflink.com/golf-courses/course.asp?course=110445

I'm good. Thanks for looking out for me, Tim.