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GOLFSUITES PAYMENT DEFAULT ALERT: Jerry Ellenburg threatens retaliation against an investor in GolfSuites Bridge Loans investment platform because he demanded to be paid back after being fed excuses for over a year. Missing Interest payments, No Default interest and no return of the initial investment principal. Listen to the ENTIRE conversation by clicking here.
The opinions expressed here within this informational website are the opinions of John Colaiacovo (Personally) and NOT the opinions of John Colaiacovo, LLC.
As the creator of this informational website and as a person whose corporation has invested in the GolfSuites bridge loan program, I feel compelled to share my extensive personal experience and research into Gerald "Jerry" Ellenburg's business practices and the concerning patterns I've discovered. My research began with my investment experience but has uncovered a history of legal challenges and what I consider to be deeply troubling business practices that potential investors should be aware of.
Jerry Ellenburg has defaulted on numerous bridge loans that he personally guaranteed. Not only has he defaulted, but he continues to offer new bridge loans despite these failures. He has surpassed his net worth of the guarantee of the amount of bridge loans that he has offered and retained. Nepotism appears to be at the core of his dysfunctional companies. In the last three years, GolfSuites and ERC Communities have been failures for their investors.
The situation represents a case study in how not to run a company. Mr. Ellenburg has chased away top talent from TopGolf and Cracker Barrel, and during his tenure has seen revenues decline, judgments rendered against the company, a foreclosed facility, and numerous projects with delayed development. ERC has not had a single home built since its inception. GolfSuites has only 1.5 facilities yet maintains a $200 million market capitalization. Mr. Ellenburg owns non-dilutive shares, making it impossible for shareholders to vote him out as chairman and CEO. His board consists of only two people: his son Ryan Ellenburg and longtime friend Ryan Koenig. He had his ex-wife Kristen Tomczak working in investor relations and managing interest payments, apparently covering for the mismanagement.
The complainant contacted Corporate Counsel Scott Smylie and got a call from him and Mr. Ellenburg. Hear the retaliation firsthand and see Jerry’s true colors—he tried to bully and threaten a disabled veteran.
Complain reach out to Corporate Counsel Scott Smylie and hear the retaliation. List now and see Jerry's true colors. He has tried to bully and threaten a disabled veteran.
LISTEN TO AUDIO OF GERALD (JERRY) ELLENBURG & RYAN ELLENBURG.
Regarding the Bridge Loan Program, my concerns are extensive and well-documented. Based on my research and personal experience, the issues with the GolfSuites bridge loan program include: personal guarantees that appear to be dishonored; interest payments that have reportedly stopped for multiple investors; principal amounts that remain unpaid past due dates; new bridge loans being solicited despite existing defaults; development promises that remain unfulfilled at multiple locations; and the Tulsa location's closure, which resulted in significant revenue loss.
Jerry and Ponzi Schemes run in his blood! Check out his brother that was involved in a $314M Ponzi Scheme involving at least a 1,000 investors.
https://www.sec.gov/news/digest/2001/dig121901.pdf
My investigation suggests several discrepancies between what was presented to investors and what actually occurred. For the Tulsa Location, investors weren't fully informed about potential issues with the Muskogee Nation, the location's closure significantly impacted revenue, and the default resulted in complete loss of the location. Regarding Development Progress, multiple locations were announced but no ground has been broken, there have been significant delays in all new developments, the last successful opening was in June 2022, and there is only 50% ownership in the Baton Rouge location. Concerning Financial Management, bridge loans were apparently used to pay other bridge loans, personal guarantees have not been fulfilled, and there continues to be solicitation of new investments despite defaults.
As an investor who received a personal guarantee from Gerald Ellenburg and Michael Reiner, I feel obligated to share my experience. The investment appeared straightforward initially, but problems emerged when interest payments stopped and my note became due. My attempts to resolve this through proper channels, including sending demand letters to their attorney of record, Scott Smylie, were met with what I consider to be threatening responses.
When investors challenge the management's practices, I've documented a concerning pattern of responses: threats of retaliation, harassment of investors who file complaints, resistance to honoring personal guarantees, and apparent reliance on the cost-prohibitive nature of litigation to deter legal action.
Despite these issues, my research indicates that GolfSuites continues to solicit new bridge loan investments, promote development projects with no visible progress, claim operational profitability while defaulting on obligations, and avoid addressing investor concerns about repayment.
While these observations and opinions are based on my personal research, documented evidence, and publicly available information, I encourage all potential investors to review the legal cases referenced, listen to the published audio recordings, examine the development timeline, consider the pattern of business practices, and conduct thorough due diligence.
All information presented is supported by public court records, recorded conversations, official property records, securities division filings, media coverage, personal guarantees, default notices, and demand letter correspondence.
This information will continue to be updated as new developments emerge and additional investors share their experiences. While these are my personal opinions based on extensive research, I believe potential investors deserve access to this information to make informed decisions.
As the creator of an informational blog and a GolfSuites bridge loan investor, I feel compelled to share my extensive experience and research into Gerald "Jerry" Ellenburg's business practices and the concerning patterns I've discovered. My research began with my investment experience but has uncovered a history of legal challenges and what I consider to be deeply troubling business practices that potential investors should be aware of.
Mr. Ellenburg has defaulted on numerous bridge loans that he personally guaranteed. Not only has he defaulted, but he continues to offer new bridge loans despite these failures. Nepotism appears to be at the core of his dysfunctional companies. In the last three years, GolfSuites and ERC Communities have been failures for their investors.
The situation represents a case study in how not to run a company. Mr. Ellenburg has chased away top talent from TopGolf and Cracker Barrel, and during his tenure has seen revenues decline, judgments rendered against the company, a foreclosed facility, and numerous projects with delayed development. ERC has not had a single home built since its inception. GolfSuites has only 1.5 facilities yet maintains a $200 million market capitalization. Mr. Ellenburg owns non-dilutive shares, making it impossible for shareholders to vote him out as chairman and CEO. His board consists of only two people: his son Ryan Ellenburg and longtime friend Ryan Koenig. He had his ex-wife Kristen Tomczak working in investor relations and managing interest payments, apparently covering for the mismanagement.
Regarding the Bridge Loan Program, my concerns are extensive and well-documented. Based on my research and personal experience, the issues with the GolfSuites bridge loan program include: personal guarantees that appear to be dishonored; interest payments that have reportedly stopped for multiple investors; principal amounts that remain unpaid past due dates; new bridge loans being solicited despite existing defaults; development promises that remain unfulfilled at multiple locations; and the Tulsa location's closure, which resulted in significant revenue loss.
My investigation suggests several discrepancies between what was presented to investors and what actually occurred. For the Tulsa Location, investors weren't fully informed about potential issues with the Muskogee Nation, the location's closure significantly impacted revenue, and the default resulted in complete loss of the location. Regarding Development Progress, multiple locations were announced but no ground has been broken, there have been significant delays in all new developments, the last successful opening was in June 2022, and there is only 50% ownership in the Baton Rouge location. Concerning Financial Management, bridge loans were apparently used to pay other bridge loans, personal guarantees have not been fulfilled, and there continues to be solicitation of new investments despite defaults.
As an investor who received a personal guarantee from Gerald Ellenburg and Michael Reiner, I feel obligated to share my experience. The investment appeared straightforward initially, but problems emerged when interest payments stopped and my note became due. My attempts to resolve this through proper channels, including sending demand letters to their attorney of record, Scott Smylie, were met with what I consider to be threatening responses.
When investors challenge the management's practices, I've documented a concerning pattern of responses: threats of retaliation, harassment of investors who file complaints, resistance to honoring personal guarantees, and apparent reliance on the cost-prohibitive nature of litigation to deter legal action.
Despite these issues, my research indicates that GolfSuites continues to solicit new bridge loan investments, promote development projects with no visible progress, claim operational profitability while defaulting on obligations, and avoid addressing investor concerns about repayment.
While these observations and opinions are based on my personal research, documented evidence, and publicly available information, I encourage all potential investors to review the legal cases referenced, listen to the published audio recordings, examine the development timeline, consider the pattern of business practices, and conduct thorough due diligence.
All information presented is supported by public court records, recorded conversations, official property records, securities division filings, media coverage, personal guarantees, default notices, and demand letter correspondence.
This information will continue to be updated as new developments emerge and additional investors share their experiences. While these are my personal opinions based on extensive research, I believe potential investors deserve access to this information to make informed decisions.
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