A Silicon Valley investor has secured the deed from a bank for
Ridgemark Golf
&
amp; Country Club’s property and he has threatened the
corporation with foreclosure, according to a letter recently sent
to shareholders and members.
A Silicon Valley investor has secured the deed from a bank for Ridgemark Golf & Country Club’s property and he has threatened the corporation with foreclosure, according to a letter recently sent to shareholders and members.
Ridgemark President Mark Davis informed shareholders and members that John Kehriotis, who owns Santa-Clara based JMK Investments, in April purchased the corporation’s promissory note from Fremont Bank. Kehriotis also is a minority owner of the Sacramento Kings and Arco Arena.
Ridgemark, after many years experiencing financial problems, for the past two years had been particularly aggressive in such resolutions as selling the corporation, joint venture arrangements, equity infusions, refinancing and, since January, Chapter 11 bankruptcy.
The Ridgemark board of directors in March voted to approve pursuit of bankruptcy shortly before being informed Kehriotis had purchased the promissory note on the corporation’s mortgage with Fremont Bank, said Ray Mariottini, a Ridgemark board member.
Kehriotis had demanded payback for default payments and informed Ridgemark the interest rate had kicked in on the note set to expire in 2013.
Ridgemark, however, has negotiated a settlement agreement that would prevent foreclosure proceedings.
Look for the full story in The Weekend Pinnacle on Friday and look for updates online at www.freelancenews.com.
