FAC Fallout Continues

Whispers has learned Bob and Katherine Shoulders no longer are part of Fayetteville Athletic Club.

This comes after a March reorganization plan that cleared FAC to emerge from Chapter 11 bankruptcy and leave the Shoulderses with 10 percent ownership. The remaining 90 percent was assigned to SM-WLJ Asset Owner LLC of Coral Gables, Fla.

FAC’s business entity, Athletic Clubs of America LLC, was forced into bankruptcy when SM-WLJ bought outstanding loans against it and filed foreclosure on the club in 2009. SM-WLJ bought the loans while they were being marketed by the Federal Deposit Insurance Corp. following the 2008 closing of ANB Financial.