by Paul Drake and Della Street – Sunday, December 4th 2011
Local Alpine Bank – files in District Court against Cordillera Golf Club, LLC (read:WFP, Wilhelm Family Partnership et al).
Recent public record Court Filings (Click Here) show that the owners of the Cordillera Golf Club took out a Note with Alpine Bank for $13.7 Million on 26JUN2009. This loan from Alpine Bank was a performing loan right up until, October 26th 2011, when CGC, LLC failed to make the monthly payment due Alpine on that date.
Court documents show – per the loan agreement Alpine wasted no time notifying the borrower of their obligations and notifying borrower of what Alpine’s legal remedies are per their signed 26JUN2009 loan agreement.
Since the CGC, LLC has since failed to pay…on November 25th 2011 Alpine filed in District Court with a legal request to put the Cordillera Golf Courses in (limited receivership) as is Alpine’s right per their agreement Court documents show. Alpine’s loan to CGC, LLC was secured in part by the condition and existence of all Cordillera Golf Courses…not to mention the annual membership dues paid by Golf Course members.
As of December 4th 2011, the District Court Judge – Thomas Moorhead has not ruled on Alpine’s request for limited receivership.
What we also know…Last month (in a separate/different civil case – 2011CV552) the Cordillera Golf Club membership litigation was Granted “Class Action” status by District Court Judge Fred Gannett for a lawsuit against the Wilhelm Family Partnership, who are the current owners of record for all Cordillera Golf Courses.
Further, the legal request filed by WFP to remove the individual lawsuit against (son Patrick Wilhelm) was denied by Judge Gannett as well. Bottom line, the WFP and it’s owners continue to be sued individually.
What else do we know? Traditionally, the Cordillera Golf Course would send out it’s annual membership dues bill that was due no later than January.
What we don’t know (yet)…is plenty
Will the WFP and it’s owner David Wilhelm file for Bankruptcy protection? Don’t know yet.
Will the District Court Judge grant Alpine’s request for Limited Receivership? Don’t know yet.
Will Alpine Bank – file – in order to start Foreclosure on all Cordillera Golf Courses currently owned by the WFP? Don’t know yet.
Last years Cordillera Golf Course membership dues paid in January was ~$8 Million dollars in total.
What possible legal claim could the WFP make – should Judge Moorhead rule and grant a Limited Receivership? Legal Claim that is, that the Annual Golf Course membership dues be paid to the WFP as opposed to the Receiver should one be appointed by Judge Moorhead?
BREAKING NEWS Sunday, December 4th 2011 – Plaintiffs – Cordillera Golf Course membership (et al) file in District Court to have a “Contempt Citation” Issued against Wilhelm Family Partnership, LLC and against David Wilhelm personally. (Click Here)
On June 24th 2011, District Court Judge Fred Gannett entered a TRO (temporary restraining order) that further defined “what” the Owner (WFP) could spend Cordillera Golf Course Membership dues on (Click Here). In short, exclusively for the care and maintenance of the Cordillera Golf Courses and Club Houses. According to the (just filed) District Court Documents, Plaintiff’s claim WFP has ‘violated’ that TRO issued last June by District Court Judge Fred Gannett.
In their filing the Plaintiffs document several instances they claim have constituted a violation of that TRO, where the WFP has spent thousands on items and personal compensation not allowed (they claim) under Judge Gannett’s TRO.
We’ll all have to wait and see what happens next.