A kind G4G spy sent me the following note regarding the price paid by GolfNorth for Mystic Golf Club, the course near Hamilton that went into receivership and was acquired officially by GolfNorth at the end of May.
My spy said:
You should get a copy of the Court documents for Mystic. It makes interesting reading. One of the things you would noticed is the variance of the bids between GolfNorth and the others. Below is an extract.
Robert, the chart below means that, for example, Bidder # 2 was $4,000,000 less than GolfNorth, Bidder #3 was $6,900,000 less than GolfNorth, etc.. So, the closest bid to GolfNorth was $3,390,000 lower than the price GolfNorth paid. So right off the top you know they paid more than $6,900,000.
Assuming ClubLink’s bid price of $4.1 million is accurate, and they weren’t the second highest bidder, it would appear GolfNorth may have paid more than $10-million for Mistake GC, shocking considering it went into receivership the first go round.
My spy wasn’t kind to GolfNorth:
This is public knowledge as it was filed in Court. The actual price will come out a month from now (apparently sealed by the Court for a month after closing) but I think GolfNorth is a little embarrassed at the price they paid. Looks like they really wanted it at any cost.
The other thing that was interesting. GolfNorth was advertising 2 days ahead of the actual closing that the deal was done. In fact, it wasn’t done until late Thursday. Not a very well organized group. The right hand wasn’t telling the left hand what was happening.
Intriguing that GolfNorth really wanted a flagship course, and maybe Mr. Balsillie, the CEO of Research In Motion, and the money behind GolfNorth, really wanted a tax loss. One thing is clear — by acquiring Mistake, GolfNorth is now playing in another league, and one that is full of bodies.