By Bob Walsh
The Stockton Golf and Country Club has just filed for Chapter 11,
effectively halting the sale of the club. The filing was made the same
day the notice of public auction was filed. The club has been valued at
about $4 million (depending on who you ask). Offers have maxed out at
$5.7 million. They owe about $8.2 million. There is a significant
difference of opinion between the bank and the club about the actual
worth of the property. That I guess is what bankruptcy court judges are
for.
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