Lake Martin Topics: Heads rolling at Russell Lands

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	Name:	Catherine -
	Subject:	Heads rolling at Russell Lands
	Date:	10/11/2008 7:22:14 AM

He didn't agree with taking out such a huge loan at this point in time (Russell Lands leveraged most of their land a few years ago to finance new developments: Ridge, Glynmere, Pitchford Hollow...and more *were* on the books). Gene saw the economy coming, but no one would listen. He called it almost to a "t." I am told several folks much brighter than Russell Lands current management told them it wasn't the right time, but they were hell-bent on doing it, and Ben doesn't pay attention and doesn't care anymore, so they pushed it through anyway. I wonder if they're getting tired of hearing "I told you so" yet? LOL....

Marinas have been hit first, mostly at the Ridge. The rumor is the layoffs will include every branch of Russell Lands, except of course, upper management (Lord knows you can't have enough VPs making 6 figures!). As always, it is going to be the line people who get the axe first, the ones who actually do the work. When executives start to go (one or two were fired in June, but with cause), that will signal the end. I don't think we're anywhere near that, but if you have buddies you deal with at Kowaliga, you might want to thank them while you can still find them. The assistant at the Ridge was let go.I hear Kowaliga is next, and Willow Point has been losing money since reopening after the renovation of the course.

The economy caught up with them, but they grossly magnified the problem a few years ago when they took out "the loan." Without that loan, this economy is nothing but a blip on the radar to Russell Land's checkbook. With the loan?.... well....employees must be fired!

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Heads rolling at Russell Lands - Catherine - 10/10/2008 10:01:17 AM

Heads rolling at Russell Lands - CAT BOAT - 10/10/2008 5:09:36 PM

Heads rolling at Russell Lands - Catherine - 10/11/2008 7:22:14 AM

Ole Ben can sale his Bridge to - Pontoon - 10/11/2008 10:04:36 AM