Wed October 24 2012
Golf has been sucha big susiness in Texas that the number of courses have been over built. A case in point is the Woodlake Golf Club on the east side of San Antonio.
Today it is a public course. When my friend built a house in that area it was a private country club. As the noteholder remarks, with no re organization plan, there is nothing left to do but foreclose. A read of the first linked article indicates it is losing about $1,000 a day. If that is the case it is hard to see how the note holder will do any better. so theproperty might be sold for some other type of development.
My point here is that there are other courses in trouble. Understanding cost accounting and break even analysis is important in crafting a successful re-structuring plan for such an organization.
Professor Elam 
Leave a comment