Sea Island Auction Looms As Tour Event Is Played Before Invisible Gallery

One reader likened it to a "club invitational-sized" crowd for the McGladrey Classic. I thought that was kind. But they certainly do seem to be sticking to their 7500-a-day gallery limit!

Meanwhile, Monday is auction day for Sea Island, as J. Scott Trubey reports. Just all around good vibes!

After two years of doubt, a measure of clarity should come Monday for Sea Island in the form of a bankruptcy auction.

The remaining assets of the bankrupt Sea Island Co. — the five-star Cloister and Lodge hotels and four celebrated golf courses among them— will be sold to the highest bidder at the headquarters of Atlanta law firm King & Spalding.

Walter Driver's old stomping grounds where diversity makes for prime Awkward Family Photos material!

But an auction is required by bankruptcy law, and a competing group of bidders has brought drama to a community known more for tranquil marshes, elegant hotels and plush service.

“We’ll be holding our breaths on Monday,” said Jane Fraser, a Sea Island member and resident.

The partnership of Oaktree Capital Management and Avenue Capital Group won a lengthy bid process to acquire the storied resort for $197.5 million. Its offer, known as a “stalking horse bid,” is said to honor Sea Island memberships, keep Sea Island’s 1,400 employees and retain Sea Island Co. scion A.W. “Bill” Jones III as chairman and CEO.

A competing team made up of Starwood Capital and Anschutz Entertainment is also cleared to bid at Monday’s auction.

Comments

[Mount Gay Southside]

The impending bankruptcy has been evident for years to all who were even remotely paying attention -- why would the Tour get involved in a situation like this since they also had to have known?

[MRP]

To draw attention to the place, raise the awareness, bump up revenues and to get some wind behind its sails so it becomes more attractive to a buyer.

That is my guess.

[digsouth]

They got in bed with triton hear in Austin at what was the Kinkos FedEx Champ event, and Triton is up for criminal charges, less than a year after the first of 3 event....the year2, 3 obviously not taking place..... and the PGA had to pay a chunk of Triton's first yesr obligations.....

Slick Timmy walkin' the line... look at the Ginn stuff.

tour boys may start wanting cash in wheelbarrows. note how they don't even give out the big check anymore...lol...

[digsouth]

hear=here

typo king

[Mount Gay Southside]

MRP, those are all reasons that Sea Island would want to host a PGA Tour event. What I'm trying to figure out is why the PGA Tour would want to get involved with a place that is square in the middle of bankruptcy and if media reports are to be believed, a place that is down to mere weeks of operating cash on hand.

[Wisconsin Reader]

Sorry. . . I am a golf fan and not all that interested in the Wall Street "masters of the universe" who will ultimately buy Sea Island, PGA WEST or Bernie Madoff's house in Palm Beach - and that maybe Davis Love III and Zach Johnson and Matt Kuchar may pay dues (tax deductible?) . . . I don't care if Mr. Jones gets a golden parachute at Sea Island unless my tax payer money is helping out - which of course is very likely since we ARE talking about rich folks here and they usually get our help. . . My current issue is the coverage of this event by the Golf Channel. . .

I was trying to come up with a term . . . I settled upon "television commentary for the blind." (Please, no disrespect for the visually impaired - whom I would hope are listening to the excellent XM radio coverage on channel #146.) . . . But, really how bad can these guys get? . . . I too like "Oosty's accent" but, please, is this mailing it in or what? . . . Who is Terry Gannon and what the hell is he doing? . . . Please explain to these folks that we CAN SEE where these shots finish. . . We KNOW a player NEEDS to make a putt for birdie on #16 when he is 3 shots behind. . . And, this stuff about position on the money list . . . This is NOT the last tournament of the Fall Series, or is TGC trying to become the ESPN of golf - hype, not coverage?

[Ky Laffoon's Ghost]

WR: I have to admit to watching about the last hour and a half, for the views of my old fishing grounds as much as anything. The mute button was very useful, as I was also reading. Anyway, in answer to your last question: Yes. OT: I did see and hear the new Kia commercial with Michelle Wie, which was about the best thing on the broadcast. That young lady has grown up!

[fatgoalie]

First, I also feel TGC bothers the hell out of me.
A full blown channel, devoted to golf, and the live coverage NEVER keeps me from changing the channel.

I do like the money list updates though. As a player, most are playing for a position on the
money list, as it determines their job for next year.
top 150 exempt to finals
top 125 exempt on tour except majors,WC,and invitationals
top 70 exempt to invitationals
top 30 exempt in about everything

So, money list IS the driving factor for all but 3 guys (whoever wins last 3). Now, I also believe
that winning the event IS the goal, but position on the money list is an important side story for many