One in all Nebraska’s well-known golf golf equipment has filed for chapter, however its proprietor says issues are enterprise as standard and the membership is in no hazard of closing.
Dismal River Holdings LLC, which owns the Dismal River Golf Membership close to Mullen, filed Chapter 11 chapter in January.
The submitting got here shortly after notices of a foreclosures sale have been posted within the Hooker County Tribune. The membership has two 18-hole programs, the White Course designed by Jack Nicklaus and Pink Course by Tom Doak.
Golf Journal ranks the Pink Course third in its rating of Nebraska programs, trailing the close by Sand Hills Golf Membership and the Dunes Course on the Prairie Membership close to Valentine.
Joel Jacobs, who purchased the Dismal River membership in 2017, additionally filed Chapter 11 chapter petitions for affiliated firms J. Jacobs Co., HC Land Co. and DRC III.
J. Jacobs Co., DRC III and Dismal River Holdings all listed each property and liabilities between $10 million and $50 million. HC Land Co. listed property and liabilities between $1 million and $10 million.
Jacobs stated the chapter submitting was as a result of a dispute with minority house owners who he “tried to assist out” with monetary points.
“Since 2018, I’ve had a few minority shareholders with their very own private monetary points I’ve needed to cope with. Within the spring of 2020 I attempted to assist these people out by giving them a redemption settlement to purchase again shares of a privately held funding administration firm and a minority quantity of Dismal River shares,” he stated in an electronic mail. ” I had a partnership lined up on the similar time I put the settlement in place proper earlier than COVID final yr.