Credit crunch costs Anderson four projects

Golf course community developer Lyle
Anderson Cos. has turned over control of four of its largest
properties in the U.S. and Europe to the lender.

Loch Lomond Golf Club in Scotland,
Hokuli'a in Hawaii, Superstition Mountain in Arizona and Las
Campanas in New Mexico all have been taken over by the Bank of
Scotland, which had partnered with Anderson on the developments.

Scottsdale, Ariz.-based Anderson had
attempted unsuccessfully to negotiate a restructuring of the debt
that would have allowed the company to maintain control of the
developments. Operation of the properties has been turned over to a
management firm, Oasis Management Resources.

The Bank of Scotland's parent company
has been hit by heavy losses because of its exposure in the U.S.
subprime lending meltdown and is merging with Lloyds TSB Group.

Chairman Lyle Anderson, who previously
has developed projects such as Desert Highlands and Desert Mountain
in Arizona, said that he would work with the bank in hopes of either
finding new owners for the projects or arranging for new financing
that would allow his company to maintain ownership.

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