Almost all of the 25 proxy voters who supported selling the Old Colony Club?s property to the Argus Group are now writing letters to retract their support, has learned.

It is understood that they are alleging that members who solicited their vote did not give them the necessary facts to make an informed decision.

Last month, members of the Old Colony Club voted to accept the Argus Group?s $10 million cash offer for the club?s 0.7 acre property on Trott Road.

While those who voted in person at the club?s Special General Meeting were divided on the sale, the votes of 25 people approving the sale by proxy gave the OCC the mandate to sell to The Argus Group.

However 21 of those 25 proxy voters have since told opponents of the sale that they plan to write the OCC to ask that their votes of support be withdrawn.

They have complained that those who solicited their votes did not give them all the details surrounding the sale.

The sale?s opponents have told this newspaper that a group of members who wanted to sell the property for $10 million made an organised effort to solicit support for the sale by visiting voters at their homes and even tracking some members down while they were on vacation or living abroad in Canada, South Carolina and Australia.

However, during their bid to get voters to sign over their approval, the proxy voters said the solicitors did not tell them that an appraisal had been done on the club?s behalf which valued the property at $15 million.

If sold at that price, each of the club?s 120 members would receive $100,000.

The Argus deal would give them $80,000.

Had they knowledge of the higher valuation, proxy voters have since said they would never have voted to sell at a lower price.

Proxy voters also allege that those who solicited their vote made them believe the Argus offer was the only one on the table and they were not told that the club property had never been advertised on the open market. Nor had they been told of the club?s plans to put the property out to tender on the open market in a bid to attract a sum of not less than $12.5 million.

Members who support the sale to the Argus Group argue that the proxy voters were also not told about a lower valuation that was done on the club?s behalf.

While the first valuation on The Argus Group?s behalf placed the property?s value at $8-$10 million, a second valuation on the OCC?s behalf placed the property?s value at $15 million.

The club asked a third realtor for a third opinion, however, this newspaper understands that the club?s management did not consider that valuation of $7 million valid because the realtor based it on a much smaller development of 90,000 square feet over four floors on the basis that the realtor did not believe a larger development would be permitted under the City of Hamilton Plan. The other valuations were based on developments twice that in square footage.

The club asked that realtor to re-do the valuation based on a similar sized development, but it withdrew its request when the realtor asked for an additional fee.

Just days later, the group which supported the sale to the Argus Group posted a requisition notice on the club?s bulletin board asking members to support a vote of no confidence for the club?s management and asking them to vote in favour of selling the club for $10 million.