Lakeridge Golf Course owners seek Chapter 11 reorganization
Two businesses that own and operate the Lakeridge Golf Course in southwest Reno have filed in federal bankruptcy court for Chapter 11 reorganization.
The course and the clubhouse remain open and in full operation, a spokesman said, and plans to reorganize financial operations are under development.
Hash Lane Holdings LLC, which does business as Lakeridge Golf Course, said in a filing in bankruptcy court in Reno that it owes $6.3 million — including close to $6 million under mortgage loans from Heritage Bank of Nevada — and has assets of about $5.2 million.
The company says it posted profits of $2.07 million in 2012 and $2.2 million in 2011.
Hash Lane Holdings is 99 percent owned by Blackwood Canyon LLC. State records show that Blackwood Canyon LLC is managed by Byron Topol and David Topol of Reno. Byron Topol is managing partner of Hash Lane Holdings.
The other 1 percent of Hash Lane Holdings is owned by longtime developer Nathan Topol of Reno.
Also filing for Chapter 11 reorganization was Club Lakeridge Inc., the holder of real estate at the golf club.
Its filing in bankruptcy court shows that it owes about $2.2 million to Summit Investment Management LLC of Denver, the holder of first and second mortgages on the properties.
Nathan Topol is the president of Club Lakeridge Inc.
Both of the golf course-related filings came on June 6. A meeting of Hash Lane Holdings’ creditors is scheduled for July 15. A meeting of Club Lakeridge creditors is set for July 7.
Attorney Alan R. Smith of Reno represents the two companies.
Despite ongoing difficulties, Northern Nevada’s office real estate market will endure, experts predict
IGT’s decision to list its 1.2 million sq. ft. campus for lease this month and the recent $3.8 million sale of Harley Davidson’s 3-story financial services building in Carson City are the latest examples of companies no longer needing larger-scale office properties to maintain productivity levels and meet customer needs.