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Hawthorns Golf Club in Fishers files for bankruptcy

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The owner of Hawthorns Golf & Country Club in Fishers is seeking bankruptcy protection from creditors and has asked the court to approve a loan that will carry it through the off-season.

Hamilton Proper Partners Golf Partnership LP listed assets of less than $50,000 and debts between $50 million and $100 million in Chapter 11 documents filed Jan. 24 in U.S. Bankruptcy Court in Indianapolis.

Hawthorns is a private membership club within HDG Mansur's Hamilton Proper residential community. It features an 18-hole, 279-acre championship course designed by Arthur Mills, according to its website. Located northeast of Geist Reservoir, the club has about 500 members, club officials recently told IBJ.

The bankruptcy filing comes after a lender filed a $4.8 million foreclosure lawsuit on the club and asked a Hamilton County court to appoint a receiver. The California-based lender, HGCC Lender LLC, recently purchased the loan from Rhode Island-based Textron Financial Corp.

Before selling the loan to HGCC, Textron had granted Hamilton Proper Partners several extensions or forebearance agreements while the golf course owner looked for alternative financing.

Hamilton Proper Partners now is seeking to borrow as much as $200,000 to help fund operations as it restructures, according to court papers. The company said its business won’t be interrupted, and obligations to customers and workers will be fulfilled.

“Due to the fact that the debtor operates a golf course and country club, its operations are seasonally dependent,” the company said in court papers requesting approval of the loan. “The debtor is in its traditionally slow season and as a result is in need of post-petition financing to assist it during this time.”

HGCC is listed in court documents as the largest secured creditor, with its $4.8 million claim. One of the largest unsecured creditors is the Harold D. Garrison Irrevocable Trust, with a $14.5 million claim for "periodic unsecured loans over a period of 20 years."

Harold D. Garrison is the general partner of Hamilton Proper, according to court documents. He also is the CEO of HDG Mansur.

According to court records, the largest unsecured creditor is Boca Raton, Fla.-based Sana Corp., which has a claim for $24.6 million in unsecured loans made over 20 years.
 

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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