[/floatr]Bloomberg: Narita Golf Club Plans Legal Fight With Goldman Sachs
Narita Golf Club members are threatening Goldman Sachs Group Inc. with a legal fight after the investment bank took the club into bankruptcy protection that voids 34 billion yen of membership deposits. The club held a creditors meeting in Tokyo on Dec. 13, in which 180 members unanimously voted against Goldman's revitalization plan...Goldman...filed for rehabilitation of the Narita club with the Tokyo District Court on Oct. 3, invalidating the deposits of 509 individuals and 313 corporations. The filing left intact the investment bank's own claim on a 3 billion yen loan to the club..."It's dreadful what Goldman did," said Takeo Matsumoto, a 51-year-old Narita Golf member who attended the Dec. 13 meeting and says he will fight the investment bank's plan. "They bought the course on the premise of revitalizing it, and now they've forced it into bankruptcy and still want to collect on a loan"...more...
