There’s still no plan announced for the former Quentin Riding Club property, but while the memories will stick around with the community for a long time, the organization itself is not long for this world.
Read More: Riding back in time at the Quentin Riding Club
The property sold at auction on July 13, 2019, for $2.1 million. With five years of delinquent taxes to address, the club’s balance quickly dwindled, with about $900,000 remaining at this point according to the filing.
The Board of Directors has voted to dissolve the non-profit corporation and now seeks court approval to distribute a significant portion of the remaining balance to members. The club’s bylaws do not require the club to assign its principal to another nonprofit as part of dissolution.
The Board is requesting court approval to pay $700,000 of the remaining sum to each valid voting member on a per capita basis, working out to about $6,500 per member. In procedures such as this, the judge’s duty is to protect creditors and members. The filing details how secured creditors – creditors with a judgement note or a mortgage on the property – have been made whole already.
The filing states that QRC has a few outstanding claims, some of which it says aren’t backed by a mortgage or judgement note. The club said that between the debt claims and a few contested memberships, it expects potential liabilities to be capped at about $100,000, with the club seeking to hold double that amount as insurance until the claims can be fully resolved.
The petition – formally a “rule to show cause” – involves the filing itself as well as public advertisement in legal classifieds. Timothy Engler and Kenneth Sandoe, both of Steiner & Sandoe, are representing the riding club.
The deadline to respond is expected to be around June 5, but the exact date is contingent on when the final legal ad is published. Legal ads are required as part of the process to ensure other members or persons with claims have adequate time to become aware and respond to petitions.
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