A note from Mary Cain (for those who don't know it's Wallace's wife)

Wallace bought shares of Plantation Oaks GC, Inc. with the idea of selling the 8 acres around the clubhouse and pool for development of condo’s which would pay off debt and bring in more members for the pool and golf course.  Getting the lots rezoned was a long process and when it was finally passed, the bottom fell out of the real estate market and it was too late.  In addition the county bought an adjoining 300 acres that was to be developed for additional residences which would have potentially generated more memberships for Plantation Oaks.  But then the county closed off the property and took it off the tax rolls.

So for the next few years Wallace poured our personal money into keeping the course open.  The course, at times, generated enough money to keep itself running but as with everything else in the economy, it became harder and harder to maintain itself.  Wallace always took up the slack.  The other owners who have 44% of the stock in the course were for various reasons unable to chip in and help keep the course going.  The course was starting to look unkempt, the sprinkler system needed a lot of attention and the maintenance equipment was wearing out.  More and more money was needed and that money came from Wallace.

A lot of people in the community are unwilling to contribute even a small monthly amount towards helping to keep the course open.  Even though, in my opinion, a closed course decreases the value of their property.  Even those who do not live directly on the course are affected by it.

There are a few rumors flying around that I would like to address

1.       Wallace has never made a cent on the golf course.  We have poured hundreds of thousands of dollars into this course and never took a cent out.  Wallace has always paid his membership fees and other charges.

2.       There are not two sets of books.  The accounting books have always been open to anyone who wants to look at them.  The office staff has more important things to do than creating a false set of books.

3.       Wallace does not have cancer.  At least we don’t know about it yet.  What kind of person would start a rumor like this!

4.       Wallace is not taking this action to trick or pressure people into joining the club.  He is not making foolish idle threats.  That is not the way he does things.  He is not laughing at people thinking that everyone out here is a bunch of fools.

Wallace is sad that the course is closed.  We moved here thinking that we would live here the rest of our lives and that he would play golf on his favorite course.  We love looking out our back door seeing beautifully maintained course with golfers enjoying themselves every day.  He misses playing with his friends and stopping at the sports bar afterwards.

Now we see people fishing and walking their dogs on the course but this will not keep your property value up.

Here’s what I know for sure about Wallace Cain.

                He is not going to re-open the club again.

                He will never be involved in managing the club again.

    He would like to sell his controlling interest (56%) to the Homeowners Association or any other legitimate buyer and he would be willing to work with them regarding financing.

Mary Cain