I heard through a friend in Shreveport last week that there was a pending lawsuit between SCC original shareholders and recent buyers of the club who had sold a lease to Chesapeake, then donated the surface rights and club to Evangel.
Is this accurate, and if so, what is the status of the lawsuit? Still pending or settled?
The club was owned by an LLC, the LLC took over from the original shareholders (the property was deeded without a reservation to the LLC) and tried to save the club, but it didn't work out. the minerals were leased by the LLC. The surface was then donated to Evangel, (actually to Duron's mistries Winners Circle interneational, inc.)
The original shareholders are upset because they gave up their mineral rights to the LLC. They claim it was done by the board of the original corp, to benefit themselves.
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More