Clearview at Horn’s Point is a 130-plus acre plot of land overlooking the Choptank River in Cambridge, Maryland, complete with an 18-hole golf course, two pools, and a restaurant. Clearview was also sold at a foreclosure auction recently for just under $1.5 million. “It’s another example of the economic downturn,” said Offit Kurman bankruptcy attorney Joseph J. Bellinger, who represented Clearview in the foreclosure proceedings, in the Daily Record article “Recession, Legal Woes Lead to Clearview Sale.” People are more mindful of their budgets nowadays and less willing to spend money on luxuries, like golf. Clearview was estimated to be worth somewhere between $1.5 million and $2 million. However, “the golf course was so severely underwater it wasn’t worth attempting to salvage,” said Bellinger. The defaulting owner, BSJ Partners LLC, a sister entity of Bay Country Communications Inc., owned by Scott and Jeff Shilling, took out a $3 million loan from what was then the Bank of the Eastern Shore to own and operate the golf course. A second loan was later taken out in the amount of $150,000. Both loans were guaranteed by Bay County. After BSJ Partners had “certain defaults,” the bank turned to Bay County for payment under the guarantee. The company filed a Chapter 11 bankruptcy petition on August 2nd. The bank then filed a confessed judgment against BSJ Partners for more than $3.1 million in unpaid loans. Foreclosure proceedings began on August 15th. The bank dismissed the confessed judgment against BSJ Partners when Bay County agreed to pay the bank $525,000, dismiss the Chapter 11 proceeding, relinquish any rights to the golf course, and not interfere with the sale of the property. As we mentioned earlier, Clearview was also sold at a foreclosure auction recently for just under $1.5 million. “It (Clearview) certainly can be an economic engine if run properly,” said Allen Nelson, a club member and former executive director of the Dorchester County Chamber of Commerce. If you have any questions about Bankruptcy Proceedings, please contact Offit Kurman bankruptcy attorney Joseph J. Bellinger at 410.209.6415 or firstname.lastname@example.org. Mr. Bellinger also serves as Chair of the firm’s Bankruptcy and Restructuring Practice Group. Offit Kurman Bankruptcy and Restructuring Practice Group The attorneys in our Bankruptcy and Restructuring Practice Group are ready to represent you in bankruptcy proceedings, state court receiverships, and other insolvency proceedings, as well as out-of-court restructurings and workouts. Our objective is always to achieve the best net return for you by utilizing practical and business-oriented legal strategies. If you would like to learn more about Offit Kurman’s Bankruptcy and Restructuring Practice Group to see what we can do for you, please fill out our contact form to access the sound legal guidance that our experienced bankruptcy attorneys offer. You can also connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn.