Terradyne Country Club and residential partners in lawsuit over financial dispute

UPDATED — The partners in Terradyne Country Club and Terradyne Residential are in a financial dispute that has led to a lawsuit against one another.

CS Ventures, which is Craig and Christy Smith, and Terradyne Residential have filed a lawsuit in Sedgwick County District Court against partners Jerry Slack, Earle Evans and Wichita-based BGS Cos.

“It’s just that some of the partners … have not paid their part of the cash calls,” Craig Smith says. “We’ve been patiently waiting and waiting.”

Evans says he and Slack have paid.

“We feel like we’re not getting full credit on it for what we did,” he says.

Evans says the first he heard of the suit is when a reporter told him about it.

“I’m amazed because I talked to Craig Smith … yesterday. He never said anything,” Evans says.

“That can’t be true because he’s signed receipt of it,” Smith says.

Regardless, Evans says he’s not pleased.

“There probably will be some repercussions on that.”

Meaning a possible countersuit?

“Could be. I don’t know.”

A 10-person partnership formed in 2006 to buy Terradyne out of bankruptcy, and Smith and his lawyer, Harvey Sorensen, say initially it did well.

“They had a positive cash flow excluding capital expenditures,” Sorensen says.

“They invested a lot of money in redeveloping the course and redeveloping the clubhouse and getting the residential development ready to go, and then the world collapsed.”

He says, “There are several people who wanted to ride the elevator up but wanted to get off when it started to go down.”

During the difficult times, Sorensen says the club and residential development’s losses were funded through only about half of the owners.

“We have started a campaign to remind the noncontributing members of their obligations. We expect to be in contact with several prominent members of the community who have not paid their fair share.”

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Terradyne Country Club owners hire Hale Irwin Golf Services to assess club’s future

UPDATED — The group that owns Terradyne Country Club has a contract with Denver-based Hale Irwin Golf Services to assess what to do with the club.

Selling is one option. Taking the club to the next level is another.

“I think all the partners are interested in staying with Terradyne, but we need somebody … to help us become profitable,” says Terradyne managing partner Craig Smith. “We all love Terradyne, but writing a check every month isn’t fun.”

The group, which bought Terradyne six years ago, includes local partners Rob Patton, Don Marvin, Mark Wellemeyer, Duke Evans, Chris Stevens and Jeff Bennett as well as two out-of-state investors.

Smith says the partners spent several million dollars in renovations after purchasing the club, and business did begin turning around initially.

“The golf business was great,” he says.

That changed.

“I don’t think it’s any secret that the golf world is a difficult world to live in because of the economy,” Smith says. “All over the country the golf business is difficult.”

Terradyne has a 60-day contract with Hale Irwin for the group to study the club and how to improve it. There’s a chance Hale Irwin may be interested in purchasing the club.

“They’ll consider it,” Smith says. “I don’t know whether they’ll do it.”

For now, Hale Irwin is doing a “thorough review of all the things that we’re doing.”

After the contract is up, Smith says there’s a chance Terradyne will hire Hale Irwin to help make some changes.

“They’ve had great ideas for us just verbally,” he says. “The initial thing is for them to come in and get it profitable.”

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Hereford House to open at Terradyne Country Club

WICHITA — Restaurateur Mike Issa and the owners of Terradyne Country Club confirm it: Hereford House is going to open there.

“The deal is going forward,” Issa says.

The restaurant likely will open in the first week of December.

Have You Heard? reported the news earlier this month, though at that time no one involved would comment.

Even if you’re not a member of Terradyne, you’ll be able to eat at the restaurant. In fact, that’s what Issa is counting on.

“Being in that location, it can serve Wichita and all the surrounding area,” he says.

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