The company that operates Bloomington’s Eagle Pointe Golf Resort is filing for bankruptcy.
Pointe Properties, LLC, managed by owner Doug Thomas, filed chapter 11 bankruptcy in early September. A federal bankruptcy judge is allowing the golf resort to continue operating.
According to court documents, Pointe Properties owes at least $465,000 to creditors, not including its mortgage. The debts include more than $100,000 owed to a turf company and about $13,000 owed to the Indiana Department of Revenue in back taxes.
Court documents say several things happened after Pointe Properties purchased the golf course in December 2016 that contributed to the financial problems. Among the issues, the owner claims the seller didn’t disclose all liabilities before the sale. Court documents also say the owners had to make upfront payments to improve the golf course, which is tied to annual $200,000 contributions from the neighborhood association.
The resort employs six full time and two part time workers. The judge is allowing Thomas to use available cash to pay those eight employees.
In court documents, Thomas estimates as of September 7 he owes about $5,000 in unpaid wages to current and former employees. The Indiana Department of Revenue has twice shut down the resort for failure to pay income and sales tax.
The court documents estimate the golf resort brought in about $55,000 in revenue last month and incurred about $51,500 in expenses.
Thomas says although he continues to work in the day-to-day management of the golf resort, he is not collected wages for that work.
Thomas could not be reached for comment. Calls to his attorney were not returned.