Members of the Bonita Bay Club have received their "term sheet," spelling out what it will take for them to buy their club.

The offer from Bonita Bay Group, the developer, came Tuesday night, according to a report by the Bonita Bay Club Turnover Committee.

In many ways, it's similar to the ones received by Mediterra and Shadow Wood last week. But the committee has decided not to distribute the term sheet to the general membership, having "concluded that doing so will not help our prospects of negotiating the best possible deal for our members and may, in fact, hurt this effort," it said in its communication.

The committee made an offer to acquire the Bonita Bay Club on May 18. But there have been no "meaningful negotiations" since then, it said.

Tim Boates, Bonita Bay Group's restructuring officer, is leading talks with club members. The developer is looking to sell off all of its clubs as quickly as possible as it fights to avoid bankruptcy.

Boates has declined to talk to the media.

"We believe that we can have a more effective negotiation with Tim Boates if both sides feel they can make concessions and tradeoffs without public scrutiny or potential loss of face," the committee said.

Mediterra and Shadow Wood have both publicly distributed their term sheets. Those terms sheets would require members to put up anywhere from $6 million to $8 million in cash and assume all the debts and liabilities associated with their clubs, including member deposits. The debts and liabilities are in the multimillions.

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