District Attorney – No Fraud Charges at this time…

by Clayton Moore

Dateline:  Office of the District Attorney – Colorado’s Fifth Judicial District

D.A. Mark Hurlbert (photo) told the ECT this past week – that after a review of information provided to his Office by concerned Cordillera Homeowners/Golf Course members – no criminal fraud charges will be filed “at this time” against Cordillera Golf Club owner – David Wilhelm.

Allegations of potential fraud…have been circulating in the Cordillera community that based on correspondence sent (over several months) by Wilhelm to current members of his Golf Club – correspondence that essentially/collectively stated (ECT paraphrasing) – that if you pay your recently increased membership dues on time and in full – the Cordillera Golf Club will open all 4 Golf Courses this summer.

Wilhelm has since notified those paying members that he will (only has) opened one golf course – the Cordillera Valley Club, contrary to his earlier communication.  Armed with this information concerned Cordillera home owners approached the D.A’s office and asked for a review of potential fraud charges.

D.A. Hurlbert said his office reserves it’s right to review any new/future information that may be forthcoming from the Discovery process in the current civil litigation initiated by plaintiff David Wilhelm.  (Click Here)

As a matter of Public Record – what to expect next in the ongoing litigation started by Plaintiff David Wilhelm?  Expect to see filed at the District Courthouse – the “Answer and Counter Claim” filed by the Cordillera Property Owners (et al).  Once filed that document will be public record – and ECT readers can expect to find a copy of that document online here at the ECT.  Stay Tuned.

Alpine Bank Update:  Reported to the ECT this week – Alpine Bank’s scheduled Auction of their $12.7 Million dollar Note with the Wilhelm Family Trust – has been called off indefinitely.  New York based Auction company Mission Capital was to have run that Auction scheduled for this month.  (Click Here)

Cordillera GO (General Obligation Bonds) downgraded last week (Click Here)  Representing a total of $15.4 Million these GO Bonds – Series 2002, 2003 and 2006A have been downgraded to ‘A-‘ from their original ‘A’ rating by Fitch Ratings that grades these Bonds.

From that recent Fitch Press Release – RATING RATIONALE:  The rating downgrade reflects the precipitous drop in assessed valuation, the financial uncertainties of the Club at Cordillera -the community’s privately operated golf club (the Club) and primary amenity – and the increased risk associated with the lawsuit filed against the Cordillera Property Owners Association (CPOA), which provides the district with significant operating and financial support.

2 responses

  1. Pingback: Alpine Bank – Backs Off in ongoing Cordillera Litigation «

  2. Pingback: Cordillera Update from the Eagle County Times: Alpine Bank – Backs Off in ongoing Cordillera Litigation « Terry Nolan's Blog

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