IBJ.com: Hawthorns Golf & Country Club Bankruptcy/Foreclosure

Greg Andrews of the Indianapolis Business Journal has a behind-the-scenes piece about a “a duel for one of the biggest prizes in Indianapolis golf—ownership of the Hawthorns Golf & Country Club.”  Here is a link to the article:  Lender to bankrupt country club puts on suitor’s cap.  This appears to be a so-called “loan-to-own” matter in which a developer may have purchased the commercial mortgage loan from the original lender for the primary purpose of foreclosing and ultimately owning the subject real estate, in this case a country club.