Bermuda Run C.C. avoids foreclosure
Bermuda Run Country Club is out from under control of a court-appointed receiver after businessman Don Angell reached an agreement with the club’s lender.
Members of the club received a letter dated July 1 notifying them of the agreement with Rhode Island-based Textron Financial, which filed suit earlier this year claiming that Angell put the club up as collateral for a more than $8 million loan that the club’s operating company, WFBRCC LLC, took out in 2004.
The letter did not outline details of the agreement.
“Unfortunately, the speed and depth of the worst recession in eighty years caught us completely off guard,” Angell’s letter said. “As a result, we had to enter into some difficult dealings with Textron Financial, our lender, including a possible foreclosure of the club low fee payday loans.”
Georgia-based Affiniti Golf Partners came in to manage the club under the court-appointed receiver and will continue to run the club. Affiniti, along with club staff, “have worked hard to right the ship and put it back on a healthy course once again,” Angell wrote.
Several of Angell’s other companies have faced financial difficulties including tax liens over the past few months. But Angell wrote that “Bermuda Run CC is one of our proudest accomplishments. We love the club, all the people involved, and cherish the memories we have created together over all these years. Its recent troubles were very painful for us.”