A court this week ordered Pointe Properties’ Chapter 11 bankruptcy case to be converted to Chapter 7 bankruptcy, which would result in the company’s assets being liquidated to pay creditors.
Pointe Properties, LLC, the company that operates Eagle Pointe Golf Resort in Bloomington, filed for bankruptcy at the beginning of September. Doug Thomas owns Pointe Properties and operates the golf resort.
According to court documents, Pointe Properties owes at least $465,000 to creditors, not including its mortgage, as of early September. 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 Indiana Department of Revenue has twice shut down the resort for failure to pay income and sales tax. According to court documents, Thomas also owed employees $5,000 in unpaid wages as of the beginning of September.
Eagle Pointe representatives could not be reached for comment.