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anon;143-04q3
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 Posted: Fri, Jan 23 2015, 8:43 pm EST Post subject: Cranbury Swim Club Files for Bankruptcy? |
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| Did anyone hear that the Cranbury Swim Club has filed for Bankruptcy? How will that effect the sale of the property and the bond holders? |
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anon-310p
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| Posted: Sat, Jan 24 2015, 12:43 pm EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| The for-sale sign has been there for a while now. What's the asking price? |
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formermember-0q48
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| Posted: Sat, Jan 24 2015, 4:20 pm EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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If you are a bond holder (creditor) you should have received a letter from the US Bankruptcy Court District of NJ with a date of a Meeting of Creditors. They are asking for a discharge of debts which means that the creditors may never try to collect the debt. I'm not a lawyer, but the way I read it is that if you do nothing, the debt to you as a bond holder will be discharged. Even if you file an objection, you may still not get any money back if and when the property is sold. I think a large mortgage was still held on the property and the bank is probably first in line to receive any proceeds from the property sale.
Thanks to all past and present (?) pool board members - we enjoyed our years at the pool! |
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anon143-o4Q-04q3
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| Posted: Sat, Jan 24 2015, 4:39 pm EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| The listing price is $350,000. on ReMax listing |
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anon-276p
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| Posted: Sat, Jan 24 2015, 7:04 pm EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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Apparently just filed after no one bought the club. There is virtually no chance of bond holders getting any money back, as the by-laws defined us as shore holders who have equity in the club.
Given how hard the last Board worked to save the Pool, I assume this was an action of last resort. |
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anon-257q
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| Posted: Sun, Jan 25 2015, 11:50 am EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| anon-276p wrote: | Apparently just filed after no one bought the club. There is virtually no chance of bond holders getting any money back, as the by-laws defined us as shore holders who have equity in the club.
Given how hard the last Board worked to save the Pool, I assume this was an action of last resort. |
The problem wasn't the last Board, it was the Board before them who unscrupulously dipped into the bond money to subsidize ongoing operations then took out new mortgages on the property to do the same. What should have happened is if they couldn't make ends meet with annual operating revenue they needed to raise the rates or close the pool before stealing the bond money and putting the property in debt. But this way they hid the problem for a few years while enjoying use of a pool they couldn't afford and kicked the can down the street a little. I knew where this was all headed 4 years ago when I quit the club and never got my bond money back. I couldn't even get them to return my calls or email or letters. |
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anon-0rrp
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| Posted: Mon, Jan 26 2015, 1:47 pm EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| Wondering if our town had considered buying the property. Would make a nice addition to the park next door. |
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anon-sp0n
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| Posted: Wed, Jan 28 2015, 1:00 pm EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| anon-0rrp wrote: | | Wondering if our town had considered buying the property. Would make a nice addition to the park next door. |
In addition to the cost to acquire the site it would take meaningful $'s to restore it (either to open space or a pool again). It frequently floods and there is a creek that runs right through it. And it's actually pretty small acreage so in terms of buying it to add to protected open space it would be a very high cost per acre. |
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Underwater library?-052s
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| Posted: Sat, Jan 31 2015, 9:05 pm EST Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| How about making it an underwater library? |
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anon-n309
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| Posted: Tue, Jun 9 2015, 3:38 pm EDT Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| anon-257q wrote: |
The problem wasn't the last Board, it was the Board before them who unscrupulously dipped into the bond money to subsidize ongoing operations then took out new mortgages on the property to do the same. What should have happened is if they couldn't make ends meet with annual operating revenue they needed to raise the rates or close the pool before stealing the bond money and putting the property in debt. But this way they hid the problem for a few years while enjoying use of a pool they couldn't afford and kicked the can down the street a little. I knew where this was all headed 4 years ago when I quit the club and never got my bond money back. I couldn't even get them to return my calls or email or letters. |
It's listed as a short sale at $249.9 K so nobody is getting his money back. They must have taken out some hefty loans but the capital improvements when I was last there 5 years ago or so didn't look that extensive.
I didn't see any other swim clubs in the nearby towns fail so it looks like the board did a really poor job and also had no compunction about using their neighbors' bond money instead of raising dues as they should have. |
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Question-4670
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| Posted: Tue, Jun 9 2015, 4:38 pm EDT Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| I have not followed closely. Is an audit available that shows how money was or was not segregated? Also was any money disbursed in the months prior to its closing? If so - how. Is this information available? |
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anon-sp0n
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| Posted: Wed, Jun 10 2015, 11:42 am EDT Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| Question-4670 wrote: | | I have not followed closely. Is an audit available that shows how money was or was not segregated? Also was any money disbursed in the months prior to its closing? If so - how. Is this information available? |
Nope. It just disappeared. No third party oversight. |
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anon-sp0n
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| Posted: Wed, Jun 10 2015, 11:45 am EDT Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| anon-n309 wrote: |
I didn't see any other swim clubs in the nearby towns fail so it looks like the board did a really poor job and also had no compunction about using their neighbors' bond money instead of raising dues as they should have. |
At least a couple community pools in East Windsor failed only a couple years before Cranbury. The Cranberry pool even tried to recruit their former members as part of their membership drives as their finances were failing. |
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dgreen-n53o
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| Posted: Thu, Oct 15 2015, 3:24 pm EDT Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| So now that the pool is closed where are families going? We are looking to move from Metuchen (which has a town pool) and wondering where people go during the summer. |
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CranburyB-4101
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| Posted: Fri, Oct 16 2015, 8:13 am EDT Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| Hello and welcome to Cranbury! A lot of families either go to Waterworks in West Windsor or Nassau Swim Club in Princeton |
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anon-pp98
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| Posted: Fri, Oct 16 2015, 12:02 pm EDT Post subject: Re: Cranbury Swim Club Files for Bankruptcy? |
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| CranburyB-4101 wrote: | | Hello and welcome to Cranbury! A lot of families either go to Waterworks in West Windsor or Nassau Swim Club in Princeton |
or have their own pools |
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