LAWSUITS NEWS & LEGAL INFORMATION
Golf Course Liquidation
Charleston, SC: (Feb-01-08) Golf Trust of America, Inc. brought charges against Larry Young, Danny Young, Kyle Young, The Young Family Irrevocable Trust, and The Legends Group, Ltd., collectively known as GTA. Records stated that Golf Trust of America was formerly a real estate investment trust. From May 22, 2001 to November 8, 2007, the company was engaged in the liquidation of its interests in golf courses in the United States following a plan of liquidation approved by its stockholders. Sources close to the case stated that the parties had agreed to settle disputes and resulting litigation by entering into a settlement agreement.
Under the deal, Golf Trust of America, Inc. will receive consideration from Larry Young in the form of rights to full ownership and unencumbered title to 118.67 acres of land in Charleston County, South Carolina. It will also get from him a promissory note in the principal amount of $3,876,856, which outstanding balance will be considered satisfied in full upon timely remittance of the initial $500,000 of scheduled payments. Company sources said that the current management is committed to expeditiously resolving legacy issues as it focuses on future growth. [FOX BUSINESS: LIQUIDATION LAWSUIT]
Published on Feb-4-08
Under the deal, Golf Trust of America, Inc. will receive consideration from Larry Young in the form of rights to full ownership and unencumbered title to 118.67 acres of land in Charleston County, South Carolina. It will also get from him a promissory note in the principal amount of $3,876,856, which outstanding balance will be considered satisfied in full upon timely remittance of the initial $500,000 of scheduled payments. Company sources said that the current management is committed to expeditiously resolving legacy issues as it focuses on future growth. [
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