Gypsum’s Brightwater – Files for Chapter 11

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).

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5 responses

  1. * Eagle Valley Land Trust? Why? So their Key Officers can go golfing, like Pinnacol executives did? Or….?

    Holy Cross will pass their due bill onto consumers if they are not repaid.

    This likely will to take down more of CA- as many of the monies owed are CA-based. And before people start dancing in the streets, understand that what happens in CA does not stay in CA-

    They owe a few small local Eagle County businesses too–and they owe multiple banks-

    Obama’s game plan is crashing – these are some of those ‘rich folks’ he wants to tax heavier–and this is some of the banks that we bailed out…with China’s money…. that we owe.

    ….and still our county commissioners, our state lawmakers and our schools want to … raise taxes?

  2. Marty:
    Obama’s game plan? What does that have to do with Brightwater’s poor management? Bank bailout? Wasn’t that a bill written by the Bush White House and passed prior to Obama’s administration? Rich folks he wants to tax heavier? You mean the ones that are at the their lowest tax rate since the 1930’s. Yes, weep for them. You say everyone wants to “raise taxes.” Maybe they just want to return some financial sanity to the conversation. You cannot continue to cut taxes forever.

    Leave your politics at home. This is an example of an over-leveraged deal that failed in a bad economy.

  3. Brain, I was talking about our current president, Obama and not his predecessor, the (unpopular) president GWB, who people were happy to see gone from office.

    We voted for Change–not a different president setting A New Record in Spending Money that we Do Not Have.

    “Two Wrongs Don’t Make A Right”- and people voted for Change-not More of the Same. Sadly, we got more of the same-only worse!

    My point is this–there can be NO MORE bank bailouts, not under a ‘GWB-clone’ nor under Obama. Once again our FDIC, which guarantees your bank deposits don’t vanish with the bank(s) went into the red 2 years ago – they are also out of money.

    1) Bush Sr. held the In The Red reins in 1991, the first FDIC in the Red issue.

    2) Obama holds the In The Red reins for FDIC this time around.

    Two Wrongs still Don’t Make A Right, no matter how one adds them up.

    Facts:

    1) Previous National Debt record spending – UNDER GEORGE BUSH Jr – 69.3% of GDP

    The national debt has grown by more than $4 trillion during George W. Bush’s presidency…estimated that next year’s national debt would hit $10.4 trillion – which it said would amount to 69.3 percent of the gross domestic product (GDP).

    It is (WAS!) the biggest increase under any president in U.S history.

    Full story – http://www.cbsnews.com/8301-500803_162-4486228-500803.html

    2) NEW National Debt record spending- UNDER BARACK OBAMA – 97.3% of GDP

    As of March 25, 2011, the Total Public Debt Outstanding of the United States of America is $14.26 trillion – 97.3% of gross domestic product (GDP)

    Starting in late 2008, the U.S. federal government is guaranteeing large amounts of obligations relating to mutual funds, banks, and corporations under new programs….

    THIS IS important –> “Guarantees are off-balance sheet and therefore are EXCLUDED in the calculation of federal debt.”

    Full story – http://en.wikipedia.org/wiki/United_States_public_debt

    In early 2009, FDIC “quietly asked Congress to provide up to $500 billion in Treasury loans to repay depositors. The request was made on the political QT because, amid the uproar over TARP and bonuses, no one in Congress or the Obama Administration wanted to admit they’d need another bailout.”

    In 2010–the FDIC gained unprecedented power –also done quietly under the Obama administration.

    “Transparency and Change”- not?

    And that is (or should be) worrisome.

  4. PS You cannot continue to raise taxes forever.

    You can cut spending but you cannot cut spending that hasn’t been spent yet, like these Budget cuts that the GOP/Dem’s are so excited about making –

    Thus far, we are spending more… not less.

  5. And to close.

    “FDIC insurance is backed by the full faith and credit of the United States government.”
    Read more: http://www.fdic.gov/deposit/deposits/insured/basics.html

    (And about that United States government Credit today)

    ” shock downgrade of the U.S. debt outlook because of the administration’s inability to tackle the massive budget deficit. The Dow Jones opened 0.36 per cent higher, but economists warned that doubts about the country’s creditworthiness could still threaten the dollar’s position as the global currency.”

    Read more: http://www.dailymail.co.uk/news/article-1378176/Stocks-plunge-S-P-cuts-U-S-outlook-negative-threat-credit-score.html#ixzz1KMUlxJQ9

    * Chart tracking U.S. deficit – years 1996 to 2011 –

    Federal U.S. Office of Management & Budget
    Chart of GROSS U.S. GOVERNMENT DEBT –

    –http://www.dailymail.co.uk/news/article-1378176/Stocks-plunge-S-P-cuts-U-S-outlook-negative-threat-credit-score.html

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