Newspaper article THE JOURNAL RECORD

Golf Club Leaders Contest Cala Offer, Comments

Newspaper article THE JOURNAL RECORD

Golf Club Leaders Contest Cala Offer, Comments

Article excerpt

There is no valid offer for the purchase of Twin Hills Golf and Country Club, according to officials with the club.

Treasurer Dale Vaughn noted a letter of intent for the Cala Corp. of Oklahoma City to buy the complex was signed in January, but no definitive agreement has been reached with Joseph Cala, president of Cala Corp.

"In the letter of intent, we agreed that a definitive agreement was to be signed later," Vaughn said. "We delivered the definitive agreement, which spells out everything that each of us is expected to do, but so far he has not signed off on it.

"He said he doesn't want to get lawyers involved.

"As far as the board (of directors of the club) is concerned, until we have a signed definitive agreement, we don't have a valid offer."

Cala was quoted Friday in The Journal Record as saying that he submitted a revised offer, which was down only slightly from the January offer.

Vaughn disputes this.

"Our letter of intent was for $6.6 million and in your article (Friday), you said the offer was $3.2 million, which is down considerably," he said. "We don't consider this a valid offer. It's not one that we feel is on the table."

The letter of intent expired Friday, and Cala has "no formal offer on the table," Vaughn said.

"What was reported as a $3.2 million offer is not an offer at all," he said. "Joseph Cala wrote a letter containing the $3.2 million number, but the letter says nothing about the acquisition structure, conditions or terms. His letter is too vague to be an offer."

Cala also has failed to supply requested financial information or a business plan, Vaughn said.

The club's board is expected to meet this week to vote on whether to continue negotiations. "Given the lack of performance and the numerous misrepresentations, I'd be surprised if the board wants anything further to do with Cala Corp. or Joseph Cala."

Several club members also are up in arms over statements attributed to Cala in The Journal Record, statements that the club was mismanaged and a disaster. …

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