Press Release

Woodcrest Country Club Selects Bidder

MAY 20, 2013, PHILADELPHIA, PA. Today, Bonnie Glantz Fatell, Chapter 11 Trustee of Woodcrest Country Club, selected Cherry Hill Land Associates as the winning bidder at $10.1 million after a lively and robust auction that included bidding from Camden County, The Union League and WGCA Associates, an entity backed by George Norcross and Ira Lubert. The auction was attended by over 35 people at the Philadelphia offices of Blank Rome LLP.

The hearing to approve the sale will take place in Bankruptcy Court in Camden on Friday at 1:00pm and the Trustee expects to close the sale by the end of the month. According to the Trustee, “the bidding at the auction reflects the tremendous interest in the property. I am pleased that we were able to maximize the value of the Country Club.”

Any questions regarding the auction should be directed to J. Scott Victor at SSG Capital Advisors, the Trustee’s investment banker, at 610-940-5802 or Ms. Fatell at 302-425-6423