ISSUE 2:  Several schemes to tie up the property in such a way that any value to any shareholder is reduced to zero have been discussed.  We are currently a for profit corporation and should we dissolve the assets will be divided among the shareholders.  Don't get excited -- the lawyers will steal it all.   

BAD IDEA

Waccamaw Sailing Club depends on 1 thing for its continued future -- CUSTOMERS.  Should the business fail and we are unable  pay our taxes we will be sold at the courthouse.

PRO: There will be no financial incentive to sell your stock shares to the Condo Company.  The value will have been "pre stolen"

Some thinking points:

When the property is "preserved" by the Nature Conservancy, the CCT, or whoever will  they be interested in sailing or their own programs? 

Should the business fail you will get nothing anyway.  The lawyers will get it all following the train wreck.

Do you understand the deal?  Think "credit default swaps".

Who will control the value?  Suprise -- it will not be you?

If the value is tied up it will be very difficult to ever get a loan. 

Stockholders will sue.  This will destroy the club.