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Golf Resort Linked To Tiger's Apology Files For Bankruptcy, Goldman Implicated (No, Seriously)

Tyler Durden's picture


It's official - Goldman Sachs is the new American Idol. The firm has taken over American public interest and its airwaves (both metaphorically and soon, if Canada is any example, literally... we jest - it is well known that Goldman has very little control over CanWest programming) - after serving as ground zero for the financial system bailout, after facilitating the fudging of EU entrants' books over the past decade, after going after iconic soccer clubs, and after actually rebranding marine wildlife, the firm is now implicated as the key lender, and, after pulling liquidity at the last moment, soon to be owner, of the Sawgrass Marriott Gold Resort & Spa, which has just filed for bankruptcy. The resort, which is home to the associated TPC Sawgrass golf course (which has not filed for chapter 11, at least not yet, and also happens to be the headquarters of the PGA Tour), is where Tiger Woods decided to apologize on February 19 for having sex with "those women." We are positive that the latest reality series to come out of Hollywood brain trust "Who wants to marry a Goldmanaire" is just months away. 

More from Bloomberg:

The course is known for its iconic 17th hole. Architect
Peter Dye, a member of the World Golf Hall of Fame, placed the
green on an island in a small lake. It has since become a magnet
for pro and weekend golfers, who hit some 120,000 balls each
year into the surrounding water.

The course was ranked ninth on Golf Digest’s list of
America’s 100 Greatest Public Courses for 2009-2010.

RQB Resort is the owner of the hotel and cabana club. RQB
Development is the owner of the golf villas, the spa and related
development rights.

“The current economic recession and associated disruption
in the debt and equity capital markets have been extremely
challenging for the debtors,” RQB said in court papers.

And here is the Goldman connection, which these days seems to be everywhere:

In July 2006, Goldman Sachs Commercial Mortgage Capital LP
helped finance the $220.5 million purchase of the 65-acre resort
in Ponte Vedra Beach by RBQ Resort and RBQ Development.

The new owners spent $30 million upgrading the resort,
according to court filings. Sales rose 10 percent in the first
full year. Then the economic decline reduced the number of
conferences, which account for 65 percent of sales. The resort’s
revenue for 2009 was $42.6 million down from $56.7 million the
previous year, according to court papers.

In the third quarter of 2008, the owners announced a plan
to cut costs by $4.5 million. Sales fell 25 percent in 2009,
“resulting in a lack of liquidity for the resort and the
inability of the debtors to pay,” the company said in court

Goldman, which is owed about $192.5 million as of Jan. 10,
hasn’t been paid since August. RBQ met Goldman last March and
told the bankers then that they might have “liquidity issues”
by August.

In June, the owners hired Perella Weinberg Partners LP to
broker a solution with Goldman. In October, Goldman told the
owners it wanted to foreclose.

Some more from the actual Chapter 11 filing (attached below) discussing the relationship between Sawgrass and lender Goldman, whereby it turns out the squid led the soon to be banrkrupt course along, only to screw it over in the 11th hour.

The Debtors have been open and transparent with Goldman Sachs since the Loan Agreement was executed. As part of a proactive approach, the Debtors entered into discussions with the Goldman Sachs to restructure the loan with a meeting in New York on March 16th 2009. The Debtors informed Goldman Sachs that with the economic outlook at the time and the trends in business bookings the Debtors would have liquidity issues by July/August 2009. The Debtors and Goldman Sachs discussed stabilizing the loan with an extension of the payout term by 3 to 4 years and a reduced interest rate to allow the loan to be serviced by the Resort’s operating cash flow. In reliance on Goldman Sachs’ apparent willingness to restructure the loan, the Debtors did not seek alternative financing. The Debtors were compliant with their loan obligations at the time ofthe first restructuring meeting with Goldman Sachs on March 16, 2009 and continued to be compliant until August 2009.

In order to facilitate these discussions, the Debtors asked Perella Weinberg Partners (“PWP”), a leading New York restructuring bank, to assist in the negotiations in late June. Over the course of almost three months of Goldman Sachs negotiation and over twenty turns of a very detailed four page agreement, the Debtors believed that PWP had reached agreement with Goldman Sachs on a restructuring with the exception of an intercreditor issue comprising $2 million of an unsecured swap claim. This term sheet involved no write down in the par value of Goldman Sachs’ outstanding debt, and provided Goldman Sachs with 30% of the equity of the Debtors.

In October, Goldman Sachs informed the Debtors that it instead intended to foreclose on the Resort. When asked in early  November why the restructuring was no longer an alternative, Goldman Sachs stated that its management had changed its mind and preferred to own the Resort. At this meeting the Debtors asked Goldman Sachs for an additional four months to find an alternative capital solution, which Goldman Sachs was prepared to give only in the event the Debtor gave up their rights to file Chapter 11, among other restrictions. At the time, Goldman Sachs told the Debtors that the only other solution would be the introduction of equity in the form of cash to the transaction but that they did not believe that the Debtors were capable of raising additional equity.

Congratulations Goldman, you are now the proud owner of yet another sporting trophy, which ironically was in the same boat as you, needing liquidity, and yet you decided to screw it over. Please remember this next time you come begging at the taxpayer trough. We hope golf players in the South are a little more accommodative and do not mind playing at the course, which will soon need to dig a deep moat around its circumference to protect it from the morts, who will likely not be at all happy that Goldman is the now in charge. Below is an artist's rendering of the type of creatures that will be introduced in the moat.

Full bankruptcy filing (attached).



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Tue, 03/02/2010 - 15:04 | Link to Comment Mongo
Mongo's picture

LOL, the "no, seriously" remark just cracks me up!

Tue, 03/02/2010 - 15:59 | Link to Comment WaterWings
WaterWings's picture

And on a serious note:

Chris Hedges: Zero Point of Systemic Collapse

If we build self-contained structures, ones that do as little harm as possible to the environment, we can weather the coming collapse. This task will be accomplished through the existence of small, physical enclaves that have access to sustainable agriculture, are able to sever themselves as much as possible from commercial culture and can be largely self-sufficient. These communities will have to build walls against electronic propaganda and fear that will be pumped out over the airwaves. Canada will probably be a more hospitable place to do this than the United States, given America’s strong undercurrent of violence. But in any country, those who survive will need isolated areas of land as well as distance from urban areas, which will see the food deserts in the inner cities, as well as savage violence, leach out across the urban landscape as produce and goods become prohibitively expensive and state repression becomes harsher and harsher.

Tue, 03/02/2010 - 22:34 | Link to Comment Hulk
Hulk's picture

Excellent article WaterWings. Thanks
Originally, it was the magical thinking we observed that prompted us to start preparing a
retreat. Folks are assumming that a technolgical miracle will save us from peak oil, not realizing the magnitude of the problem. (For instance, I did a quick calc today on how many 1 GW Nuc plants it would take to replace gas consumption in Ca alone.
(assuming replacement by Electric vehicles
Natural gas powered vehicles would be a better choice)
The answer is 75 1GW plants. Ca uses 20 Billion gallons of gas and diesel a year, which is more than China uses!)

As one of us served in Bosnia, we are well
aware of the seriousness of that situation.
Folks should study Bosnia
closely to fully understand just how bad things can get in a urban/semi country setting
Well worth the time to study Bosnia

We very quickly developed community with the local farmers and hunters even though we were
not native to the area. Being Marines helped
facilitate this quickness, as many of the locals turned out to be vets. One local Vietnam vet even proudly demonstrated to us
how to clear one of our jammed M1A's, by throwing it on the ground and stomping on it
(to our horror!) Worked though!
Interesting how the modern day "survivalist"
is just the opposite to the 1980's style
Ruby Ridge type

I highly recommend that anyone here at zh who can afford land go out and buy some acreage
Consider a caretaker until you can "make it out there" yourself

I think the author of that article is spot on

Long Land
Long Au (original purpose for Au was to pay taxes)
Long training (FrontSight is an excellent choice for those who need weapons training.
Many other excellent choices too)

Wed, 03/03/2010 - 13:32 | Link to Comment WaterWings
WaterWings's picture

Awesome. Loved your response.

One local Vietnam vet even proudly demonstrated to us how to clear one of our jammed M1A's, by throwing it on the ground and stomping on it (to our horror!) Worked though!


Tue, 03/02/2010 - 17:50 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

" where Tiger Woods decided to apologize on February 19 for having sex with "those women."

For once, I would like to hear "those women" apologize for have sex with "that man" which in this case means Tiger Woods.

I would love to hear some woman say on TV "I have no idea what came over me, why I would even consider having sex with "that man". I woke up and nearly had to chew my arm off to get away. Ewwww!! 

Tue, 03/02/2010 - 15:20 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

GS has the midas touch, as LAWrry Summers has as well.  GS stock to zero to commence in 3.....2......1........

Tue, 03/02/2010 - 15:16 | Link to Comment lsbumblebee
lsbumblebee's picture

I'm looking forward to the inaugural Giant Vampire Squid Open.

Tue, 03/02/2010 - 16:43 | Link to Comment faustian bargain
faustian bargain's picture

brings new meaning to the term 'moral hazard'.

Tue, 03/02/2010 - 17:08 | Link to Comment lsbumblebee
lsbumblebee's picture

I keep picturing Blankfein as "Goldfinger", kicking his Schlesinger 4 out of the rough.

Tue, 03/02/2010 - 17:44 | Link to Comment geopol
geopol's picture

I think odd job had a hole in his pocket, or a pocket in his sock...

Tue, 03/02/2010 - 17:50 | Link to Comment lsbumblebee
lsbumblebee's picture

You're right, but I'm rewriting to give it a touch of realism.

Tue, 03/02/2010 - 18:14 | Link to Comment geopol
geopol's picture

It does remind me of,

Judge Elihu Smails

Tue, 03/02/2010 - 21:55 | Link to Comment Mr Creosote
Mr Creosote's picture

You'll get nothing and like it.

Tue, 03/02/2010 - 15:18 | Link to Comment Anonymous
Tue, 03/02/2010 - 22:18 | Link to Comment Rollerball
Rollerball's picture

Par for the course at the AIG invitational.

Tue, 03/02/2010 - 15:21 | Link to Comment swmnguy
swmnguy's picture

With what everyone has learned over the past couple of years, does anyone do any kind of deal at all with Goldman Sachs anymore?  If so, why?  What are they thinking?  What do they expect to happen?

Honest to goodness, it's like if a guy in hockey mask with a chain saw knocks on your door at night (not on Halloween, either), are you going to open it up and see what he wants?

Tue, 03/02/2010 - 17:45 | Link to Comment Anonymous
Tue, 03/02/2010 - 15:28 | Link to Comment Ruth
Ruth's picture

Where Distinct Experiences Create Lasting Memories...

boy, they weren't kidding!

Tue, 03/02/2010 - 15:28 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Is there any financial deal on this planet that Goldman is NOT involved in? BTW, when are they planning to foreclose on the White House?

Tue, 03/02/2010 - 15:55 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

No time like the present.

Tue, 03/02/2010 - 15:58 | Link to Comment WaterWings
WaterWings's picture

Guaranteed with this president.

Tue, 03/02/2010 - 17:23 | Link to Comment Frank Owen
Frank Owen's picture

I don't believe in any religious prophecies but you tell me who this description matches:

The antichrist will seemingly provide for the needs of the people but deny the ultimate salvation.

...working all kinds of counterfeit miracles and signs, and doing all kinds of evil...

 Daniel 9:27 mentions an "abomination that causes desolations" setting itself up in a "wing" or a "pinnacle" of the temple.

The shoe kinda fits Goldman, no?? LOL

Sun, 03/07/2010 - 15:57 | Link to Comment Anonymous
Tue, 03/02/2010 - 15:31 | Link to Comment jc125d
jc125d's picture

That'sa big calamaro. Hungry.

Tue, 03/02/2010 - 15:34 | Link to Comment Anonymous
Tue, 03/02/2010 - 15:46 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

What's next? Blankfein writes  Krona/NKE/GS 3-way swap for Tiger's ex-div (divorce)?

It is agreed that if the krona rises, Nordegren goes down, and NKE makes all Tiger payments in full, then GS shall receive all right, title, and interest to Nordegren in 3-way swap, etc, and so forth...

Tue, 03/02/2010 - 18:06 | Link to Comment Anonymous
Tue, 03/02/2010 - 15:39 | Link to Comment spekulatn
spekulatn's picture

We are positive that the latest reality series to come out of Hollywood brain trust "Who wants to marry a Goldmanaire" is just months away.


Well done, T.D. 

Tue, 03/02/2010 - 15:40 | Link to Comment Anonymous
Tue, 03/02/2010 - 15:43 | Link to Comment Fritz
Fritz's picture

The squid re-trades deals all the time...

but they do it very politely.


Tue, 03/02/2010 - 15:44 | Link to Comment Raymond K Hassel
Raymond K Hassel's picture

live 5 miles away - that news came largely out of the blue as there was very little to no local talk of distress prior to today.

Tue, 03/02/2010 - 15:55 | Link to Comment tip e. canoe
tip e. canoe's picture

followed by "Lifestyles of the Rich & Shameless" starring Laura Blankfiend.

Tue, 03/02/2010 - 15:57 | Link to Comment Anonymous
Tue, 03/02/2010 - 20:13 | Link to Comment merehuman
merehuman's picture

And free condoms with every stroke or put


Tue, 03/02/2010 - 15:58 | Link to Comment Cistercian
Cistercian's picture

 I like the where is my axe?

Tue, 03/02/2010 - 16:01 | Link to Comment No More Bubbles
No More Bubbles's picture

Tiger's really got the touch.  I wonder if GS will end up owning him too.........

Tue, 03/02/2010 - 16:07 | Link to Comment alexdg
alexdg's picture

Reality beats fiction any day!

Tue, 03/02/2010 - 16:08 | Link to Comment Careless Whisper
Careless Whisper's picture

Goldman will bankrupt you, take your real estate, then rent it back to you. Oldest trick in the book.

Tue, 03/02/2010 - 16:09 | Link to Comment Anonymous
Tue, 03/02/2010 - 16:26 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

I guess we know how to direct a alien presence when they arrive.

When it asks to take him to our leader we can call out Lloyd to show him how this little planet of ours works - although it would have to be a very sophisticated creature - with CDOs SPVs CDSs etc it may find life on Earth a tad complicated for your average run of the mill alien.

Tue, 03/02/2010 - 16:29 | Link to Comment callistenes
callistenes's picture

Oh god cnbc has now ripped off the STUPID index from zerohedge.


Tue, 03/02/2010 - 16:47 | Link to Comment faustian bargain
faustian bargain's picture

jeez. that's rather blatant of them. release the hounds!

Tue, 03/02/2010 - 18:05 | Link to Comment Anonymous
Tue, 03/02/2010 - 16:27 | Link to Comment Anonymous
Tue, 03/02/2010 - 18:54 | Link to Comment Anonymous
Tue, 03/02/2010 - 16:28 | Link to Comment BlackBeard
BlackBeard's picture

Let's all sneak onto the course at nighttime and take a massive collective dump on it!

Tue, 03/02/2010 - 16:39 | Link to Comment Anonymous
Tue, 03/02/2010 - 16:44 | Link to Comment buzzsaw99
Tue, 03/02/2010 - 16:50 | Link to Comment buzzsaw99
buzzsaw99's picture

Hey RQB, you want to make $14 the hard way?

Tue, 03/02/2010 - 17:03 | Link to Comment DaveyJones
DaveyJones's picture

downhill lies and hole in none

Tue, 03/02/2010 - 17:05 | Link to Comment Unscarred
Unscarred's picture

This article must have been penned by Marla- I can't see too many men referencing "those women."  It's true, though.

Tue, 03/02/2010 - 17:06 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Don't worry people , it is the function of government to protect its citizens from all enemies both foreign and domestic.

Tue, 03/02/2010 - 17:08 | Link to Comment Anonymous
Tue, 03/02/2010 - 17:52 | Link to Comment Anonymous
Tue, 03/02/2010 - 18:08 | Link to Comment geopol
geopol's picture

Here's more in a long train of delusional wish thinking here in America.


With financial and operational restructuring available under the protection of the United States bankruptcy code, the debtors believe they may protect  and optimize the value of their assets for all stakeholders and emerge from chapter 11 with the stabilization of the economy in 2011..

Tue, 03/02/2010 - 21:30 | Link to Comment mouser98
mouser98's picture

so we can return to consumptive hedonism next year?  Woot.  Guess i will scratch the generator and solar panels and buy that 36' inboard instead !! :)

Wed, 03/03/2010 - 13:35 | Link to Comment WaterWings
WaterWings's picture

With a Ford 350 to haul it.

Tue, 03/02/2010 - 19:03 | Link to Comment williambanzai7
williambanzai7's picture

"after actually rebranding marine wildlife"

very funny!

Tue, 03/02/2010 - 19:14 | Link to Comment dumpster
dumpster's picture

a whole in one

Tue, 03/02/2010 - 19:19 | Link to Comment Anonymous
Tue, 03/02/2010 - 19:21 | Link to Comment Anonymous
Tue, 03/02/2010 - 20:47 | Link to Comment JohnKing
JohnKing's picture

On February 17, 2010, the Debtors learned from Bank of America that Interstate attempted to make a preferential transfer of approximately $1.4 million from one of the Bank of America accounts to Goldman Sachs, contrary to the Debtors’ directions to Interstate.

WTF? Someone at the behest of Goldman tries to heist 1.4 million dollars out of a checking account and no charges are laid and a shoplifter gets 7 years 8 months in prison for stealing some cheese worth $3.99. Only the morts get justice.

I know the SEC is crooked but it seems like the local sheriff should have gotten involved with this attempt to steal funds.

Tue, 03/02/2010 - 21:58 | Link to Comment Anonymous
Tue, 03/02/2010 - 22:03 | Link to Comment williambanzai7
Tue, 03/02/2010 - 22:17 | Link to Comment Jim in MN
Jim in MN's picture

Sandy: I want you to kill every gopher on the golf course!
Carl Spackler: Correct me if I'm wrong Sandy, but if I kill all the golfers, they're gonna lock me up and throw away the key...
Sandy: Not golfers, you great fool! Gophers! The *little* *brown*, *furry* *rodents* -!
Carl Spackler: We can do that; we don't even have to have a reason. All right, let's do the same thing, but with gophers -!

Tue, 03/02/2010 - 22:34 | Link to Comment Anonymous
Tue, 03/02/2010 - 23:53 | Link to Comment Anonymous
Fri, 04/16/2010 - 09:35 | Link to Comment mark456
mark456's picture

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