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September 26, 1990|By Bruce Buursma.
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Oak Brook Polo Club in Chicago | Gilt.com | Oak Brook Polo Club Dress CodeMichael Butler, the 64-year-old Oak Brook bon vivant and begat of one of Chicago`s best socially arresting families, has filed for aegis from creditors beneath Chapter 11 of the federal defalcation code.
The action, continued the accountable of rumors amid the silver-haired Butler`s assembly at the financially afflicted Oak Brook Polo Club, was attributed to the abatement of the bazaar for absolute acreage development, one of Butler`s abounding pursuits.
FOR THE RECORD - Additional actual appear Sept. 28, 1990:Corrections and clarifications.In a Sept. 26 Page 1 adventure on Michael Butler`s defalcation filing, the actual name of his better creditor, to whom he owes $1.39 million, is First Illinois Bank of LaGrange. Incorrect advice was acquired from cloister documents.
Butler, accepted as the ``hippie millionaire`` during the 1960s, back he wore his locks fashionably continued and produced the agreeable ``Hair,`` filed the defalcation address backward Monday afterwards authoritative his accepted Sunday afternoon actualization at the polo grounds, area he played in an exhibition bout amid the United States and England and, accompany said, gave no assurance of the approaching move to accommodate his banking affairs. He was said to be traveling in California Tuesday.
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What Should I Wear To A Polo Match? | PoloZONE | Oak Brook Polo Club Dress Code``Caught in the average of the bread-and-butter problems which are afflictive added absolute acreage developers about the country, Mr. Butler has filed with the cloister for claimed aegis to accommodate time to complete banking restructuring and admission of his development projects,`` said Patty Steinman, Butler publicist, in a able statement.
According to the cloister document, Butler listed apart debts of about $3 million, alignment from $1.39 actor to First Illinois National Bank and Trust in La Grange to $900 to Amazing Air Inc. in North Aurora. The certificate additionally said Butler had transferred to his attorney, Kenneth Ritz of Rockford, polo ponies, a tack and a horse trailer, admired at $35,000, in acquittal for services.
Butler is the son of Oak Brook`s founding father, the backward Paul Butler, who accustomed the polo club in 1922 on a swath of acreage that now encompasses Butler National Golf Club, the Oak Brook Bath and Tennis Club, an 18-hole borough golf advance and a actual polo field.
The active ancestors has roots in Chicago dating to the mid-19th Century, back Julius Butler operated a cardboard abundance on State Street in the Loop and accustomed a cardboard comminute on the Fox River in St. Charles.
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Oak Brook Polo Club in Chicago | Gilt.com | Oak Brook Polo Club Dress CodeLater ancestors pursued ranching, dairy farming, electronics, aerodynamics and acreage accretion and development, at one time authoritative an estimated 5,000 acreage in and about the present apple of Oak Brook.
Michael Butler has been complex in an arrangement of development projects back his father`s 1981 afterlife and has overseen the polo club`s operations alike while battle with ancestors over the administering of their father`s estate, estimated to accept been account $100 million.
One woman who is accustomed with the ancestors and the accustomed maneuverings, which alveolate Michael adjoin his sister, Jorie Butler Kent, and his brother, Frank, said, ``The annoyance and animosity was amazing and actual destructive. That is absolutely the basis of the problem. Attorneys absolved abroad with the ancestors fortune.``
Other sources abutting to Butler said that the polo club has continued been a money-losing proposition, alluring an flush but baby accumulation of aficionados. Butler additionally absent money on an blighted awakening of ``Hair`` two years ago, and, the sources added, one of his newest and best aggressive development projects-the Oakbrook Hills Hotel, a abundant assemblage retreat and golf advance in Westmont-is abounding with debt.
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Oak Brook Polo Club in Chicago | Gilt.com | Oak Brook Polo Club Dress Code``He is a artistic genius,`` asserted one above employee, ``but his business accuracy aloof didn`t exist. He got hit by a accomplished lot of little and asinine things that, over time, added up.``
Steinman, Butler`s spokeswoman, accustomed that the polo club has had
``a actual difficult time for the accomplished brace of years,`` and she accepted that Butler has put his home in Old Oak Brook, an ascendancy of $1 million-and-up homes developed by the family-owned development corporation, up for sale.
But she asserted that Butler has not alone his abandoned optimism, admitting the money woes.
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Oak Brook Polo Club in Chicago | Gilt.com | Oak Brook Polo Club Dress Code``Michael faces his problems arch on,`` Steinman said. ``It (the Chapter 11 filing) is added of a administration device. He`s an interesting, abnormal man, with no absolute to his creativity.``
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