Sarissa s President has obtained experience through the years as to how to deal with uncertain Business situations (newspaper story below). Several years ago the Golf Club that he was President of for a number of years experienced severe Financing and Funding issues. He led the Club through the situation that ultimately led to the Bank auctioning off the Land and the Club declaring Bankruptcy for the balance owing.
Whether it be the variable Communication methods learned, dealings with Lawyers / Suppliers / Financial Agents and presumably Stakeholders he does bring a certain experience to the Company during this difficult time.
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Future uncertain at Normanside Country Club
Times Union Newspaper
January 27, 2011 | By Michael Huber
By Business reporter Larry Rulison.
BETHLEHEM — The future of the Normanside Country Club appears in doubt as its members scramble to save the private Delmar golf club from financial problems and possible foreclosure.
The picturesque club on the banks of the Normans Kill had been in intense negotiations with potential buyers for months in an attempt to keep the course open this year, club president Dan Byrnes wrote members last month.
“The situation has been one in constant flux. We have experienced many starts and stops and changes in direction,” Byrnes wrote. “Interested parties have come and gone.”
Reached by phone Wednesday, Byrnes declined to talk about the situation, saying the club’s plans to reorganize are “still in process.” But he sounded hopeful that a solution could be reached in the near future.
“We’ve worked very hard to find a good caretaker and keep it a golf course and believe that is going to happen,” said Byrnes, who declined further comment.
The property that makes up the club is owned by an entity called Normanside Corp. Records filed with the Albany County Clerk’s office show that Normanside Corp. has a $3 million mortgage through Bank of America. It appears that the club has been trying to find a new owner to avoid having the bank take over the property.
Shirley Norton, a Bank of America spokeswoman, confirmed Wednesday that the bank is working with Normanside, but she declined to provide additional information about what’s going on behind the scenes due to customer confidentiality rules.
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Four days after this newspaper story appeared, at the end of January 2011, they closed the doors resulting in the Bank auction re opening the following year under private ownership.
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