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Old 04-09-2015, 09:40 AM
 
126 posts, read 147,986 times
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Hello
I am in contract to purchase a condo on the Northwest Creek Marina. And have been browsing Fairfield Harbour to understand the financial strengths / weaknesses of the development.
I am coming across bits and pieces of a "Mid South" bankruptcy. What is it about and how will it affect me if I close on the sale?
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Old 04-09-2015, 09:57 AM
 
Location: Southport
4,639 posts, read 4,821,112 times
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You're asking a legal question, with, I assume, potentially large financial consequences. If it were me, I'd ask a competent, knowledgeable attorney, not random strangers on the internet.

Last edited by carolinadawg2; 04-09-2015 at 10:09 AM..
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Old 04-09-2015, 10:02 AM
 
126 posts, read 147,986 times
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Interesting.
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Old 04-09-2015, 10:24 AM
 
Location: Southport
4,639 posts, read 4,821,112 times
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Quote:
Originally Posted by 85SL View Post
Interesting.
I'm not sure what you mean by that. I'm in no way implying there is an issue, I'm merely saying a real estate purchase is (usually) a big investment, and you should get the best possible information and help you can.
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Old 04-09-2015, 11:46 AM
 
126 posts, read 147,986 times
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Just looking for some background on who and or what is "Mid West" and why their bankruptcy would have an impact on Fairfield Harbour.
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Old 04-09-2015, 01:39 PM
 
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Fairfield Harbor has had some problems.
http://www.topretirements.com/blog/a...d-harbor.html/
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Old 04-09-2015, 05:00 PM
 
Location: Southport
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Harbour Pointe to continue operations, improvements - Business - Sun Journal
FAIRFIELD HARBOUR PROPERTY OWNERS ASSOCIATION INC v. MIDSOUTH GOLF LLC - FindLaw
MidSouth Golf, LLC Triple-Bogies in North Carolina Courts
When Bad Things Happen to Good Communities

A poster named "Pete Drez" posted this on another thread:

"Escapenc, I thought I was clear on the facts to back up my opinion of your posting, but I will try again. Let’s start with the bankruptcy of Fairfield Harbour. Fairfield Harbour, the Property Owners Association or anything else with a name that includes Fairfield Harbour is not in bankruptcy. And to my knowledge there has never been a bankruptcy filing in the past 40 years by any entity with Fairfield Harbour in the name. The entity that did file Chapter 11 bankruptcy the first of this year is MidSouth Golf LLC, a single purpose North Carolina LLC. This LLC owns the two local golf courses, one operational and managed by Billy Casper Golf, the other shut down. Mid South Golf also owns two small marinas on the inner harbour, a tennis court, and other small limited value parcels. So, fact one, correction one to your posting is: Fairfield Harbour is not in bankruptcy and has never been."

Fairfield Harbour POA Will Continue To Insist Upon MidSouth Golf?s Compliance With Its Obligations Following Announcement Of Chapter 11 Filing - NCHeadlines.com
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Old 04-09-2015, 05:49 PM
 
126 posts, read 147,986 times
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Thanks carolinadawg. Now I got it. I knew Fairfield Harbour was in good shape. I also knew the golf course was in trouble. What I didn't understand was that the golf course and Mid South was one in the same. I was concerned it had something to do with Northwest Creek Marina.
Thanks again.
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Old 04-09-2015, 06:00 PM
 
Location: Southport
4,639 posts, read 4,821,112 times
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You're welcome!
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Old 04-09-2015, 06:14 PM
 
126 posts, read 147,986 times
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I just read the links you posted. Now I have to investigate what this MidSouth golf assessment is all about.
How do you say it? This was not explained to me.
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