SAN DIEGO – Telesis Community CU and Citizens Development Corp., owner of the Lake San Marcos Resort & Country Club 30 miles north of here, appear to have resolved a seven-month dispute over the company’s preliminary Chapter 11 bankruptcy reorganization.
Telesis, which holds a lien on the country club, lent CDC $4.74 million on July 29, 2008. The loan matured in August 2009 and CDC could not repay it. Telesis then filed a lawsuit in the San Diego Superior Court on April 5, 2010, seeking repayment, leading to CDC’s bankruptcy petition.
Under a plan approved in U.S. Bankruptcy Court last week, CDC can use the cash collateral of Telesis through Feb. 29 as long as the debtor files a new plan with the court by Feb. 17. Telesis will have a $5.3-million claim allowed, $4.7 million of which will be secured.
In exchange for its claim, Telesis will receive a loan that will accrue interest at 5.25% and mature Nov. 30, 2016.
CDC owns and operates the Lake San Marcos Resort on the shore of 80-acre Lake San Marcos, north of San Diego. The 252-acre resort includes a 139-room hotel, two 18-hole golf courses with a clubhouse, a fitness center, four tennis courts, two outdoor swimming pools and three restaurants.
California CU holds a lien on the country club from a $6-million secured loan. The loan was made to LSM Country Club, a separate entity involved in the development, and is not in default.
