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Thursday, March 1, 2012

Fazio, Tulsa propane exec top list of bankrupt Cliffs Communities' creditors

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     A total of 50 businesses and individuals on the list of Cliffs Communities creditors are owed more than $230,000 each, according to bankruptcy documents filed on Tuesday.  Topping the list is TJF Golf Inc., the company founded and run by golf architect Tom Fazio.  Fazio designed two of the six golf courses in the Cliffs portfolio.

        Most of the rest of the creditors are individual members and property owners at the Cliffs who were part of the 2009 $64 million loan to Cliffs founder Jim Anthony.  Mike Krimbill, a Tulsa businessman in the propane gas business, is owed $750,000.  Number three on the list is Kent Smith, who was involved in the development of the Cliffs at Walnut Cove as well as another upscale Asheville-area community, The Thoms Estate, which was sold in foreclosure proceedings in 2010.  Smith kicked in more than $460,000 for thee group loan to Anthony.

        Harrell’s, an Atlanta based fertilizer company, is owed more than $450,000, as is Medalist Golf, which sells such heavy equipment as bulldozers used in golf course development.  Other suppliers owed hundreds of thousands of dollars include a company specializing in agronomy, another that supplies turf to golf clubs, and a concrete firm.

        For the complete list posted at the Wall Street Journal online, click here.

Read 4107 times Last modified on Friday, 27 September 2013 11:29
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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.


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