| President's Comments - August 7, 2010 |
Dear DCC Members:
We still need more of our members to consider paying the $10,000 voluntary assessment and becoming Class A One voting members of Decatur Country Club. Following is a brief update on the status of our dealings with Wachovia to help you decide if you might wish to pay the assessment and become a voting member, helping to save and rebuild our club to its former status in the Decatur community.
We are very close to reaching a forbearance agreement with Wachovia.
While it is not ideal, it will allow us to save the club and rebuild it
to its former stature in the next 12-18 months. There is also a group
of members trying to buy the mortgage at a discount, which will save a
lot of our assessment money, remove Wachovia as a threat to DCC, and allow us to
regain profitability much more quickly. If they are successful, the
assessment monies will be used to pay them interest on their investment
until it is rolled into the LLC. This is far more favorable than
having to pay interest to Wachovia.
We currently have 33 members who have paid the assessment (names are on
the web site). To make the forbearance agreement work with minimum
risk, we need at least 40 members to participate. In addition,
we need a much larger portion of our membership to be Class A One
members with voting rights helping us bring our club back to financial
and managerial stability. I know each of you have a strong interest in the
club and the Decatur community, and I urge you to strongly consider
joining those who have already stepped up to help save Decatur Country
Club.
We have a page ( DCC Talking Points ) on the Members Only section of the DCC web site that we think gives a good description of the major talking points of the DCC plan of restructure. Please visit this plan and read this material. There have been many misconceptions and misunderstandings about the assessment and the subsequent formation of the LLC. Hopefully this information will make our entire plan clear and you will see the benefit to you and to DCC if you choose to participate. We need your support to save and rebuild our club.
Thanks for your interest. If you choose to participate, you can bring a
check to the DCC office or to Larry Weaver's office. Checks are made
out to Wilmer and Lee Trust Account. I have also included a link to an
Assessment Agreement that needs to be filled out and submitted with
your check. Please know that absolutely no assessment money will be spent for any purpose until we
have a satisfactory forbearance agreement with Wachovia and it has been
approved by your board of directors.
Feel free to call me any time if you wish to discuss this in more
detail or to ask any questions you might have.
Regards,
John Peters
President
Decatur Country Club
256-318-0020
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