As part of the DCC Plan Of Restructure, Club Properties, LLC has been formed to pay off the current Wachovia Mortgage, own the current DCC property, and lease the property back to the club under a long-term lease with terms very favorable to the club. The four members who agreed to be the face of the LLC during its formative stages are John Eyster, Jr., John Cook, Jr., Clint Shelton, and Em Barran.
Because the LLC will have more than 10 participants, it must meet the requirements of state and federal securities laws. The LLC has engaged Matt Franklin of the law firm Haskell Slaughter Young & Rediker, LLC to prepare the necessary documents to satisfy these securities issues.
Mr. Franklin requires a $20,000 retainer to begin this work. Until the LLC has satisfied these securities issues, it cannot be funded, and thus has no cash resources to pay this retainer. We are asking any member willing to help, regardless of whether or not they have paid the assessment, to make an interest free loan in the amount of $1000 to the LLC until March 2011. At that time the loans will be repaid or applied towards an investment in the LLC.
If you are willing to help your club survive and rebuild by making a $1000 loan to the LLC, please contact John Dupes (256-353-3039), John Peters (256-318-0020), or Larry Weaver (256-350-1109).
Thank you for your consideration of this loan. We need to begin this work quickly to fund the LLC and eliminate the Wachovia mortgage to stabilize our club's finances and future.
John Peters
DCC President
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