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Fairfield Harbour POA Will Continue To Insist Upon MidSouth Golf’s Compliance With Its Obligations Following Announcement Of Chapter 11 Filing

Bookmark and Share New Bern, NC - January 02, 2014 -

NEW BERN, N.C., Jan. 2, 2014 – Fairfield Harbour, a residential boating and golf community located 15 minutes from historic New Bern, announced the Fairfield Harbour Property Owners Association (POA) will continue to insist upon MidSouth’s Golf’s compliance with its obligations, including the payment of an outstanding judgment in favor of the POA, following MidSouth Golf, LLC’s decision to file for a Chapter 11 Voluntary Petition. According to MidSouth, it’sfiling is expected to have minimal influence over Harbour Pointe Golf Management or Billy Casper Golf, who began management of MidSouth in May 2011.

Harbour Pointe Golf Management and Billy Casper Golf have made several improvements to the facilities since 2011, but despite the encouragement MidSouth received by the positive momentum, MidSouth has determined the best process moving forward is to file a Chapter 11 Petition. Since 2011, the POA and its Board of Directors have actively pursued alternatives with MidSouth to insure payment of a judgment that the POA obtained against MidSouth in 2010 by reason of MidSouth’s failures to comply with its obligations under the covenants for Fairfield Harbour, and to otherwise fulfill its obligations to the POA. Active collection efforts on the POA’s judgment began in the summer of 2013, with additional litigation imminent because of continued deterioration of the amenities and facilities owned and controlled by MidSouth. While the POA remains hopeful that MidSouth’s efforts at reorganization will be successful, its Board of Directors are insistent that reorganization efforts not result in non-payment of its judgment and continued deterioration of the amenities and golf courses.

QUOTES:

“The POA Board has been quite vigilant in not only attempting to collect the judgment against MidSouth but in trying to work with MidSouth to find a way to do that and comply with MidSouth’s continued obligations under the various covenants and agreements in Fairfield Harbour”, said POA attorney Gary K. Shipman from Wilmington. “So far, the POA’s efforts have been unsuccessful, largely because of MidSouth’s refusal or inability to provide a plan for doing that. Nevertheless, we look forward to receipt of MidSouth’s required plan of reorganization that must assure that its operations will not only pay the POA, but otherwise comply with its ongoing obligations”, Shipman said.

“Harbour Pointe Golf Management and Billy Casper Golf have gone to great lengths to improve MidSouth, but unfortunately the amenities continue to fall short financially to meet the operating costs, debt service and the POA judgment,” said Larry Knapp, president of the Fairfield Harbour board of directors. “Fairfield Harbour supports Harbour Point Golf Management and Billy Casper Golf, but we remain concerned about MidSouth’s ability to continue to own this property and not only pay the POA what is owed, but operate the property in accordance with the restrictions and covenants, that exist for the benefit of the entire community. It is our goal to work together to ensure this property is something the entire community can enjoy.”

ABOUT FAIRFIELD HARBOUR:

Established in 1975, Fairfield Harbour is a boating and golf community located 15 minutes from historic New Bern, North Carolina. Residents living in this recreational, resort and retirement community have access to numerous social networks as well as a 75-acre manmade harbor along the Neuse River that lies only 18 miles from the Intracoastal Waterway. Fairfield Harbour is located on more than 2,000 acres and includes more than 1,300 privately-owned single family homes, 144 condominiums and 24 townhouses. Dedicated to giving back to the community, Fairfield Harbour and its residents actively support more than 75 nonprofit groups in the region, including the Wounded Warrior Project, Tryon Palace, Neuse Riverkeeper Foundation and Coastal Women’s Shelter. Community Association Services (CAS, Inc.), which is led by John Stone, president, serves as the professional management company for Fairfield Harbour. Fairfield Harbour was most recently named “Community of the Year” by the Community Association Institute of North Carolina. For more information about Fairfield Harbour, visit http://www.fhpoa.com.

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