Bankruptcy Judge John Waites on Monday authorized lawyers for the Golf Club at Briar’s Creek in South Carolina to send the course’s sale proposal to current and former club members who are expecting to recover less than half of $13 million in owed refunds, the Wall Street Journal reported today. The proposal would sell the club to investors for $7.4 million in cash. Under the plan, investors — led by Houston Texans football team owner Bob McNair — would take over the private, 18-hole course near Charleston. Judge Waites promised to look over the voting results from members and other creditors at a May 13 bankruptcy confirmation hearing. The course, which employs about 50 people, filed for chapter 11 bankruptcy protection on Feb. 9, saying that it hasn’t been able to persuade more than a handful of people to build homes on its lots. The community, spread over more than 900 acres, has only eight developed housing lots, according to court documents. The club, which has about 210 members, also saw its membership shrink during the economic recession.
