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Gaillardia foreclosure proceedings moving quickly

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OKLAHOMA CITY -- A high profile golf and country club is still dealing with serious money issues. Just a little over a week ago Gaillardia's inability to pay their bills was confronted and they were threatened with foreclosure.

The bank asking for their money says Gaillardia is out of time. The club owes over a million dollars to First Liberty Bank and they sure haven't wasted any time taking what they say belongs to them.

In a statement from First Liberty Bank's president and CEO he says, "It’s never easy to foreclose on a property and our concern is that Gaillardia's issues need to be quickly addressed."

They meant it when they said quickly. With foreclosure proceedings filed just a little over a week ago the rumor is that the club is minus a few golf carts and fitness machines today.

Bankruptcy lawyer Saul Olivarez says, "They may not have received or made the revenue that they contemplated making and they're getting behind, obviously. Whatever steps the bank is going to take depends on the agreement between them and the bank."

Olivarez says Gaillardia may have just been short on cash, but members have been paying their bills so they aren't sure how. Members also say they aren't too worried about how the money troubles will affect them. First Liberty has made it clear that it is their 'desire that operation of the golf and country club continue during the foreclosure proceedings.'”

It does seem unlikely that this unfortunate chain of events could happen to such a high profile property, but Olivarez says he's seen it all.

"I do bankruptcies for a living. I've done people who used to be millionaires. I've done lawyers. I've done doctors,” says Olivarez. “Money problems affect everyone. It's not just the poor or the middle class. It's everybody.”

Members say, despite the money troubles, things have been business as usual and if no one ends up taking care of their beloved course and club, then they will.

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