by the Golf Course Watcher
Their photo may say “It Runs True” – but what is True – is…it’s run out of money.
At 5:50PM on Monday, April 18th Clearwater Development, Inc. (a.k.a Brightwater Club) filed for Chapter 11 Federal Bankruptcy protection (Click Here)
Insiders have been hearing rumors about this for months. It became official this week.
Is there any good news to report about this? Yes. Local Alpine Bank is not listed as one of the Creditors in this Bankruptcy proceeding. You just have to read down to page 4 of the bankruptcy filing (see above – Click Here) to read that list of Creditors. Alpine you’ll recall is carefully watching what is happening with their ~$12 Million dollar loan involving the Golf Courses at Cordillera. For the ECT’s earlier report about the Cordillera Golf courses and Alpine’s outstanding loan, (Click Here).