Advance Golf Partners Two, LLC (“AGP”), the former lessee of the Oakmont Golf Club, has informed its members that AGP will be filing bankruptcy. This reflects that AGP’s liabilities exceed its assets and it will force Oakmont Village Property Corporation (“OVPC,” which OVA created to manage golf course operations) and other creditors to consider whether action is necessary against the bankruptcy estate.
OVPC’s board voted to respond to any bankruptcy filing by pursuing a claim against the bankruptcy estate for damages incurred by OVPC, including legal fees and other expenses, as a result of AGP’s breach of the lease.
OVA and OVPC board President Steve Spanier said AGP’s decision to file bankruptcy was, to put it mildly, an enormous disappointment. “The board is very upset, and we know you are too. I previously said we would be fine. I regret that remark, which was based on AGP’s initial statement that it would make AGP’s members whole. Since then, AGP reversed course and is now leaving everything to the bankruptcy court.”
OVPC is considering all potential options to make its golfing residents whole and will keep you informed as the process moves forward.