Sun National Bank, Vineland, lent the Woodcrest country club, Cherry Hill, $8 million for a fancy new clubhouse. That was in 2002. The debt is now over $10 million, and Woodcrest hasn't been paying. So Sun boss Sid Brown, who's also a Woodcrest member, has taken Woodcrest to court.
But even if Sun gets the club, what's it worth? The nearby Pine Hill club sold for a reputed $3.7 million last year, and that's not nearly enough to make Sun whole. Current Woodcrest President Irvin Richter, founder of Hill International of Marlton, is trying to keep the club going as the case winds through Superior Court down in Cumberland County NJ. More here.