Woodcrest Country Club, Cherry Hill, a historically Jewish club that traces its roots to the 1920s, has filed for federal bankruptcy protection.
The move follows Woodcrest's failure to secure court approval to delay a scheduled sheriff's sale scheduled for May 9. Club officers saw bankruptcy as the only alternative, notes Alan Fellheimer, who represented Woodcrest in a dispute with its lender, National Freight/NFI Logistics owners Bernie and Sid Brown's Sun National Bank.
Woodcrest owes Sun more than $10 million, twice the property's estimated value. The bank had financed an ill-fated clubhouse expansion. Longtime Woodcrest officers including Hill International chairman Irv Richter had been negotiating with the Brown family over terms for several years - see my 2010 story - but couldn't reach a compromise.