2015-11-11 / Front Page

Cadles Places Lone Bid At Tuesday’s Sheriff’s Sale To Retain Ownership Of Rolling Meadows

by Michael Stanley
Staff Writer

Rolling Meadows Golf Course, designed by Timothy Liddy of American Society of Golf Course Architects, is in its 20th year of operation. Located south of Gosport at 4120 North Mt. Carmel Road, the course features Bentgrass greens, white sand bunkers, three lakes, and five ponds. (SEW File Photo)Rolling Meadows Golf Course, designed by Timothy Liddy of American Society of Golf Course Architects, is in its 20th year of operation. Located south of Gosport at 4120 North Mt. Carmel Road, the course features Bentgrass greens, white sand bunkers, three lakes, and five ponds. (SEW File Photo)Rolling Meadows will continue to operate under the ownership of Cadles of Grassy Meadows, LLC following Tuesday’s sheriff’s sale held in the lobby of the Owen County Sheriff’s Department in Spencer.

The 10:00 a.m. sale attracted a small crowd of twelve interested individuals, including current members, an employee and Essig Golf, LLC’s Chip Essig. The Newton Falls, Ohio company was represented during the sale by Trevor Wells, partner of Miller-Wells Attorneys at Low of Lexington, Kentucky.

Cadles was the morning’s lone bidder, placing the minimum bid of $800,000 to satisfy the judgement against the property.

Looking back, the court proceedings involving Rolling Meadows began in 2011 and a variety of activity has taken place between the initial suit in the Owen County Circuit Court and Tuesday’s sheriff’s sale.

“We weren’t the original plaintiff, we were originally the defendant on a counter claim against Rolling Meadows Limited Partnership. We were the second mortgage holder, the original mortgage holder was Our Community Bank. They filed suit and named us as a lean holder on the property,” Wells explained. “Cadles purchased that mortgage from another bank (Main Source), so we were a downstream mortgage holder. Rolling Meadows paid Our Community Bank off and so that left us standing. They became deficient on our loan and we foreclosed on that loan. We became the plaintiff, with the only dispute left in the suit between us and Rolling Meadows. We got our claim reduced to a judgement, got to this sale and used a portion of the funds from judgement to purchase the property.”

A receivership is currently still in place from 2014 court proceedings when Cadles received approval from Owen County Judge Lori Thatcher Quillen to appoint Essig Golf, LLC as the managers of the course.

“The course will still have to dissolve that at some point, but that may not be until after the first of the year. As far as I know, the course will continue to operate,” Wells said. “I don’t know what Cadles’ plans are, but I think the community can anticipate the golf course will continue operations under some ownership.”

He said Essig will continue management while the receivership is in place and likely will assume management moving forward.

“There are a few other issues to get through, so until the end of the receivership, we’re definitely going to stay involved,” Essig said. “We’ve had some conversations with Cadles about running it for them, if they were the successful bidder, and try to help them with the sale of it.”

In June of this year, a decision reached in the Owen County Circuit Court II awarded more than $1.6 million in judgement to owner Cadles of Grassy Meadows, LLC against Rolling Meadows Limited Partnership and third-party defendant Don Richards, heir to former owner and his late son, Tim Richards. The amount included a principal balance of $1,322,577.93, accrued interest totaling $111,675.20, late charges of $288 and per diem interest at the rate of 192.88 per day, attorney fees totaling $9,132, and advances Cadles made to property manager Essig Golf Management totaling $178,809.31.

The 18-hole course, designed by Timothy Liddy of American Society of Golf Course Architects, is in its 20th year of operation. Located south of Gosport at 4120 North Mt. Carmel Road, the course features Bentgrass greens, white sand bunkers, three lakes, and five ponds.

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