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Scott Smylie (In house counsel) GolfSuites
This is the letter that was drafted from my offices to the Attorney on Record for GolfSuites. Below are some interesting questions that you should keep in mind:
possible disclosure issues
not disclosing Tulsa litigation
not disclosing interest default to preferred shareholders
not disclosing clearly the non-dillutive holdings of management
The response from Scott Smylie (via email) is also posted on this page. Please keep in mind that no threats of violence were made, only threats of litigation and complaints. Also, official correspondence is done through the U.S. Postal Service, NOT EMAIL.
Date: December 9, 2024
To:
Scott Smylie
Re: GolfSuites - Notice of Default and Potential Securities Violations
Dear Mr. Smylie:
This letter follows my previous correspondence regarding GolfSuites' default on the Bridge loan. I am writing to address several serious concerns:
1. Continued default on debt obligations and personal guarantees
2. Potential fraudulent misrepresentation in investor webinars
3. Material omissions in the Private Placement Memorandum (PPM)
GolfSuites represented in multiple webinars that their entities were cash flow positive. However, they failed to disclose in the PPM both the potential eviction from the Tulsa location and the fact that rents were not being paid at this location - material facts that significantly impact operations and risk assessment.
Furthermore, I have learned that GolfSuites is soliciting additional Bridge loans with personal guarantees from Gerald Ellenburg, despite his failure to honor previous guarantees. This raises serious concerns about potential securities fraud.
If you were aware of the risks related to the Tulsa location, including the non-payment of rent, while preparing the PPM and failed to ensure proper disclosure, this may constitute complicity in the alleged fraud and misrepresentations. In such case, I will also file a complaint with the Florida Bar Association.
If I do not receive a satisfactory response within seven (7) business days, I will file formal complaints with:
- Securities and Exchange Commission (SEC)
- New York State Department of Financial Services
- Florida Bar Association
Please contact me immediately to address these matters.
Sincerely,
(Signed Electronically)
Mr. John Colaiacovo,
Legal Respondent
This was Scott Smylie's response:
(Personally identifying information has been removed to protect the security and privacy of Cola Family)
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