If you want further info on the soap opera that is Broken Top, and the sale of the golf course, you've gotten till 3PM today!
http://brokentnews.blogspot.com/
They're closing their blog at that time and making it private, so the dirty laundry doesn't bring down home values anymore! What a mess. I smell a deal put together by lawyers, so that lawyers could unilaterally make more money for... LAWYERS! They, AS USUAL, are the only winners in this thing.
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Man, I go offline for the afternoon, and miss getting in on this.
If anybody's reading this and can get me in there, I'd love to :-)
from the BT fun hole . .
Sunday, January 14, 2007
More Questions than Answers
The secretive behavior and poor introductory communications style of the new owners of BTC raises many unanswered questions. The answers to these questions will help unwind the mystery of what has happened and what will happen to the BTC and the community at large.
Why won’t the new owners identify themselves?
Who are the principle beneficiaries of the trust that bought BTC?
Why is a real estate financing company taking on the active management of a country club, golf course and large development project?
Why did so many people around town sign Non Disclosure Agreements about this transaction?
Why would the new owner use an extremely poor introduction communications strategy?
Why wasn’t the right of first purchase offered to members?
Why are these eight words in the CEM documents? “If and when the Club Owner desires to offer the Club or Club Facilities constituting ninety percent (90%) or more of the value of all Club Facilities for sale to a third party other than an Affiliate of the Club Owner, it shall first deliver a written offer to sell the Club or such Club Facilities to the Members”
What is an “Affiliate”? From the CEM documents: Afiliate shall mean the officers, directors, shareholders, an partners of any Person having any ownership interest in or otherwise controlling any entity which is a shareholder of the Club Owner, or any entity in which the Club Owner holds 10% or more of the ownership interest, or which is now or in the future otherwise affiliated with or related to the Club Owner.
or which is now or in the future otherwise affiliated with or related to the Club Owner".
How did the new owner plan a $120 million development project in the 2-4 weeks (over the holidays) as reported at the member meetings?
Why would the new owner take such a significant risk by closing the sale, and announcing their development plans, when the appropriate land use approvals appear to be extremely difficult, if not impossible to obtain?
Some questions we should think about:
Should we buy the remaining memberships and gain control from the owner?
Will the new owner buyout convertible equity members or dissolve the BTC altogether?
Should the CEM’s that choose the payment plan option to purchase their equity membership continue to make their payments?
Did I miss any? Email me the questions you’d like added to the list.
This may be the crux of the entire BT Club Deal..
Declaratory Ruling as to Commercial Use on Broken Top Drive. Notification has been received from the City of Bend of a public meeting before the Hearings Officer on January 25, 2007 at 7:00 pm in the city of Bend Council Chambers, 710 NW Wall Street in Bend The applicant BTCA (Broken Top Community Association) has requested a Declaratory Ruling by the City of Bend as to the lawfulness of the commercial use of the premises located at 61999 Broken Top Drive. All persons wishing to be heard are invited to attend the public meeting or to mail written comments to the City of Bend Planning Division. PO BOX 431, Bend, OR 97709, attention Heidi Kennedy, Senior Planner; comments must be directed toward ordinance criteria that apply and refer to File Number 06-683.
The declaratory ruling hearing notice relates to the Sotheby's office just inside the gate at Broken Top.
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