Nickent Golf is Out of Business

In the beginning of the year, we told you here about a massive write down in the value of an $8 million private equity investment in Nickent Golf.  That was eventually written down to 2% of its value by the equity owner - indicating that they perceived Nickent to essentially be worth zero.

Credit: Dave Martin/Getty Images

When we contacted them for comment, they declined.  Now, they're out of business, according to Golf Digest's Michael Johnson.

The company, which was put into receivership in May, terminated its employees last Friday and will begin the process of liquidating its assets immediately, according to an e-mail from a Nickent employee that was obtained by Golf World.
 
According to the e-mail, a number of groups -- including the Nickent management team -- tried to craft a bankruptcy/buyout agreement with the bank but were not successful, leading the bank to pull the plug on the company.

That's sad news.  I enjoyed their hybrid clubs and they sponsored one month of our fantasy golf league.  But, we knew this day was coming.