Situation In 2010 The Cliff Communities (“Cliffs”) obtained $64 million of financing from its members under a secured note offering.  In early 2012, Cliffs was a conglomerate including six premier residential golf and country club developments situated in upstate South Carolina and southwestern North Carolina.  Two additional communities were under development.  The master plan included 23,000 acres and over 9,000 residences. By early 2012 CCHG had been in default of the indenture governing its senior secured notes for several months and was in discussions with buyers to sell itself through a Chapter 11 plan process. Action GGG Partners took the role of Chief Restructuring Officer (“CRO”) along with supporting interim CFO functions to bring the Cliffs through the [...]