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April 15, 1993|From Times Staff and Wire Reports

RTC to Auction Golf Courses: The Resolution Trust Corp. said it will auction six premier golf course and resort properties owned by Landmark Land Cos., a subsidiary of the failed Oak Tree Savings Bank of New Orleans. They include the Mission Hills Country Club in Rancho Mirage, Carmel Valley Ranch Resort near Monterey and the PGA West and La Quinta Hotel Golf & Tennis Club in La Quinta. Landmark placed the properties in bankruptcy in October, 1991, to protect them from federal seizure, but a U.S. appeals court later ruled that a failed thrift may not use bankruptcy to shield its assets from the government. The six properties have a combined book value of $740 million, the RTC said.

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