Lake Martin Topics: Wakely's info is accurate, but not all

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	Name:	Catherine -
	Subject:	Wakely's info is accurate, but not all
	Date:	5/3/2012 3:37:46 PM

Most already knew that the cabins at the Ridge were coming, it is just the manner in which the current tenants were treated that many find offensive. These were older cabins, some of the first offered by Russell Corp and leased and maintained by a handful of well-know, relatively wealthy families who paid out of their own pockets for improvements and upkeep over the 5o+ years they rented. Many (myself included) felt they should have been given some respect and appreciation, and offered alternatives/incentives to remain at new locations.

Jim Allen's purchase includes a parcel which Ben did not own, and is rumored to include a handful of lots on Bard's Lane where the tornado hit last April. Jim Allen isn't the bad guy, he just saw an opportunity and capitalized on it. Russell Lands needed cash, he has cash. He wanted land, they have land. Both win in that scenario.

What Wakely didn't address is all of the other tenants, primarily along County Line Road, who have been sent "eviction notices." I have now seen 2-3 of those letters, and while some offer the opportunity to buy the current lot at full price, or relocate to another cabin or lot, some specifically state that the owners will not be allowed to purchase their lots for unstated reasons. Fair enough, there are certainly valid reasons that would necessitate that arrangement.

But again, this is an area that covers MILES of County Line Road, and is far removed from the Ridge cabin project on Robinson Road. The rumors (and that's all they are at this point) all appear to indicate an outside investor (Jim Allen?), due to the insinuation that Russell Land has mortgaged themselves too deeply for the banks to loan them any more money without them paying down what they already owe first. The sudden sale of properties that have historically been "not for sale" (even to current and long-time tenants) does seem to indicate an air of desperation. Perhaps the rumors of heavily burdened lines of credit are true as well?

Again, all of this is speculation and rumor, at this point. But something has changed both in the direction that Russell Lands is going as a company, and in the areas and markets where they are offering their land and homes. Customer service appears to no longer be a priority, many wonder if it is even still a consideration. The Ridge is basically undeveloped and undersold (riding through it is like riding the Blue Ridge Parkway by a lake, 25 MPH speed limit and not a house in sight), as are the two new developments just outside Willow Point. Promised amenities don't materialize. Catherine's Market may as well sell adult novelties (who would know?). The Springhouse is nice, but it is run by folks who ran real businesses in real cities where if you don't make a profit, you close, and even they are still struggling at the cross roads.

With all due respect to my dear friend Kizma, who argues otherwise (and may be right), all the signs of financial trouble are there (at least I see them). A sudden change in direction. Liquidating assets that were once held closely. No attention to previous sales and customers. New customer bases, new products, new markets. Rob Peter, pay Paul, borrow some more from the banker. No discernible plan of development. Willy-nilly. Fire Sale!

Who knows what is going on? But obviously, what they were doing so well 20, 30, 40 and 50 years ago isn't working any more. Maybe they can figure it out. And maybe it is all simply due to the fact that Ben is shutting down, no longer able to deal with the business day to day, (the natural transition always takes a toll on companies when philosophy and leadership change) and there really is no one left to watch the hen house.

But there is no denying that something is changing, obviously and drastically. The company isn't a shell of its former self, and things are happening everywhere at once, with no apparent plan or direction. All we can do is wait and see.