Heritage Golf Club - receiver appointed!
Posted 23 December 2010 - 01:29 AM
Posted 23 December 2010 - 01:39 AM
I will save Rapidcat the response, it is not the business model that put it in receivership, as an entity Heritage has been doing fine but it was wrapped up in a number of Ponzi style schemes that went broke and have had the assets liquidated. If you look at the receivership info the Club and course appear to be doing fine but when wrapped with the other investments it was a problem
Golf course in receivership = business model fail.
how can you see the business model being just fine?
Posted 24 December 2010 - 12:32 AM
Posted 24 December 2010 - 01:28 AM
I'll clarify my earlier statement to say - pity about the non-legal behaviour of one of the directors to create a shadow on an otherwise attractive club. I know people who are leasing memberships at Heritage and have decided to move to Yerring because of the shadow cast. From what I experienced and what I've heard I understand their actions, however, I'd rather play at Heritage if it was purely down to the golf and factilities.
To add to your reply, It was the non-legal behaviour of the key Director that motivated ASIC to investigate, force the closure of his investment schemes (50+.. one of which was the Heritage course asset) and to sell-off the assets.
The Heritage club has a long-term lease which the courts intend to respect.
So some entity will buy the asset, investors will get some of their money back and the Heritage continues as a club insitu.
As a club, the Heritage has a healthy trading surplus, plus an attraction to an investor is further land to develop and sell.
Posted 24 December 2010 - 02:03 AM
Posted 24 December 2010 - 02:17 AM
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Posted 24 December 2010 - 05:49 PM
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Posted 25 December 2010 - 06:38 AM
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