Hermitage Club lays out restructuring plan during members call
WILMINGTON- Hermitage Club officials presented their operational plan to members in a teleconference Wednesday afternoon, and according to at least one club member, the upshot was a pitch for the payment of club membership dues by September 1.
The meeting follows an announcement by Hermitage Club founder James Barnes of a financing deal with Oz Real Estate to provide, according to sources, $50 million to $60 million in funding to redeem properties in foreclosure and restart club operations. Oz will reportedly receive ownership of about 25% of the company.
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