Deeds and WeedsJune 1, 2009

Ohio's Tartan Fields in Receivership

Another story about a golf club going to receivership -- in this case, Tartan Fields GC in Columbus, Ohio. (The story is from the Columbus Dispatch.) The report says the 10-year-old facility -- which hosted the LPGA's Wendy's Championship for Children until 2006 -- defaulted on $11.5 million of its $13.3 million loan, according to its lead lender, GE Capital.

A Tartan Fields representative, Bill Stevenson, is angry about GE Capital's decision, saying the management staff at the club thought they were still trying to work out a loan "modification" with GE Capital, and weren't notified of the filing beforehand.

But what really caught my eye was a passage quoting one of the attorneys working on the case, A.C. Strip:

"We expect more [courses] to shortly surface and fail," said Strip, who said central Ohio "appears overbuilt in golf courses."

-- G.R.