By: Scott B. Riddle, Esq.

Paul Kaplan of the Atlanta Constitution has an article with today’s date (free registration may be required) about the Chapter 11 filing of Tattersall Club Corporation, the owner of Horsheshoe Bend Country Club in Roswell, Georgia.  The Chapter 11 was filed to stop a foreclosure by the club’s secured lender, Textron Corp.  The club is part of the Horseshoe Bend subdivision (see some of the homes for sale here).

Not surprisingly, the property values of the 1200 homes are tied to the club and amenities it provides.  From the article, homeowners are concerned –

"Folks in the community would like to have it operated by someone who would invest in the club and bring it up to a better standard," said Les Hunter, president of the Horseshoe Bend homeowners association. "They’re not expecting to see any improvement unless the ownership changes."
…
That would please Roger Wise, who has lived in Horseshoe Bend for 25 years. Wise said he’s watched the club and course go downhill …  and that his neighbors are "apprehensive and mad" about the situation.

Wise said that [the owner] "took something that was cherished" and let it deteriorate.
…
"I’m disappointed that someone else isn’t going to be able to take this facility and do with it what should be done," Wise said.