by Paul Drake and Della Street
…in a surprise move for some observers…local Alpine Bank ‘rescinded without prejudice’ their legal request for a ‘Limited Receiver at the Eagle County District Courthouse late last week.
As reported last week by the ECT (Click Here) Alpine Bank filed in District Court for a ‘limited receiver’ to be appointed by the Judge…because Alpine’s Note to the Cordillera Golf Club, LLC (read:Wilhelm Family Partnership) was behind in monthly payments due Alpine, according to Court documents.
Late this past week (presumably because Alpine was paid? and Alpine’s loan to the CGC, LLC – is now current?) Alpine backed off their request – from the week before (Click Here) to read the recently filed Court document.
There are still many more ‘unknowns’ in this case than ‘knowns’. Presumably, based on the fact that there isn’t a ‘limited receiver’ appointed by the Court – the Cordillera Golf Club, LLC can legally send their Annual Membership Dues notices to current members and expect to be paid in full during the January 2012 time frame.
It is a well documented fact – that last year at roughly this time – David Wilhelm (owner of the CGC, LLC) made promises (via emails) to existing members – that if they paid their dues on time and in full ALL Cordillera Golf Courses would open at the beginning of the Golf Season (2011) in Cordillera (Click Here from June 12th 2011).
Because of changing financial conditions at the CGC, LLC Mr. Wilhelm did not (as promised) open all the Golf Courses last year – a fact – that is now being litigated against David Wilhelm in a separate legal action – from Alpine Bank’s action.
Insiders at Cordillera believe it’s going to be some time before all these lawsuits are resolved. The ECT folks think so too.