It shouldn't be surprising that the PGA Tour would file suit for breach of contract on the part of Ginn Resorts, which was announced today

This could easily be characterized as hitting a guy when he's down - I expect that has already be discussed and resolved in Ponte Vedra and they are already girded for the upcoming skewering. Listen for, "we really hated to do this, but business-is-business".

In the stress that permeates the high-risk resort real estate business that is almost entirely dependent on discretionary disposable income, Ginn certainly already has both a balance sheet and an income statement that would demonstrate their inablity to honor the contract.

The road to the final resolution will be an interesting journey. The PGA Tour will rightfully stress the importance of contract law and fairness to others who are honoring their contracts with the PGA Tour. Ginn will demonstrate an honest inability to pay due to outside influences beyond their control.

The PGA Tour could possibly accept a Ginn property as compensation.