Club members at the Bonita Bay Club, in Bonita Springs, Fla., will file a class-action lawsuit and support legal battles already under way by two members to get control of the community’s golf course and other clubs from the developer, according to a statement by the committee that’s been representing members in talks with Bonita Bay.
According to The News-Press, Bonita Bay owes $120 million to a consortium of banks headed by KeyBank, which holds a mortgage secured by the clubs and other property. The high-end developer has been talking since May with committees representing the clubs in its Southwest Florida communities, looking for a way to remedy the financial problems.
But now lawsuits are replacing those discussions. And two other communities are also moving toward litigation, while a third is looking to cut a deal.
The Verandah community’s Board of Directors told members that Bonita Bay Group’s chief restructuring officer, Tim Boates, “summarily dismissed” the Board’s proposal. The committee is now “acting quickly to begin necessary legal actions” to prevent the closing of the golf club.
Meanwhile, a class action filed on behalf of Twin Eagles CC club members in that southeast Collier County golf course community is trying to get two golf courses at the property reopened.
And finally, a committee negotiating on behalf of members of Shadow Wood CC reached a tentative agreement to buy that club and the Country Club at The Brooks. The exact terms have not been made public.
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