Sea Island: Sold!
According to The Wall Street Journal's Carrick Mollenkamp and Lingling Wei, Sea Island finally has new ownership:
As part of a pact expected to be announced on Wednesday, funds managed by Oaktree Capital Management LP of Los Angeles and Avenue Capital Group in New York have agreed to pay $197.5 million in cash for Sea Island. Under the deal, Sea Island also is expected to seek bankruptcy protection on Wednesday.*
*As part of the deal, about 2,500 Sea Island members as well as some 360 members of private Ocean Forest Golf Club will be transitioned to a new membership structure that is similar to the current one. Oaktree and Avenue plan to retain Sea Island's employees and management, including Mr. Jones.
Oaktree is the former owner of Turtle Bay on Oahu. Oaktree recently got out of the mess with the locals on the North Shore who were against expansion ("Keep The Country Country!"). Oaktree walked away from Turtle Bay and stepped into Sea Island.