I do not know anything beyond what the article reports. Albert Murdock, the golf director, is a friend and it was a blow to him to get a very quick dismissal notice a few weeks ago.
My understanding is that Compass Bank is left holding the debt should no one be able to pay it back, but I am not 100% sure of that. From that perspective, the City seems insulated ... but they would still be left with no management unless someone replaces the AGA or the proposer who put forth the plans, commitments, etc.
Not having a clubhouse is certainly a drawback. I was sad to see the old building razed as it had been designed by David Shoulder, an architect who in 1966 created my father's building (2201 West Desert Cove Road) ... now home to Ping Golf Clubs/Karsten Manufacturing.
------
Wish I could add more. My best thoughts are for the course, which has been through a lot and still seems to have areas that need work.