A federal bankruptcy judge is considering whether to let a Texas company take possession of a golf course at resort community outside Las Vegas.

U.S. Bankruptcy Judge Linda Riegle took a step Monday toward letting Carmel Land & Cattle Co. foreclose on a $15 million loan for the Falls, one of two golf courses at the Lake Las Vegas resort.

But Riegle postponed a final ruling until at least Jan. 15, amid concerns that the property includes a water pumping station needed at the eastern Henderson development.

Foreclosure on the Falls could cost Ron Boeddeker, the previous owner of Lake Las Vegas, several million dollars because he personally guaranteed the $15 million loan.

Frederick Chin, president of Lake Las Vegas Joint Venture LLC and affiliated companies, said the golf course is worth less than half the $15 million owed on the loan.

David Stern, an attorney for Lake Las Vegas, called the course inconsequential to the bankrupt companies, and said keeping it was a financial burden on the debtors.

The Falls was designed by former pro Tom Weiskopf and cost $30 million to build. It is projected to lose $2.9 million in 2009, up from $1.9 million in 2008, according to a document filed by Robert LaForgia, executive vice president of Lake Las Vegas.

However, John Plunkett Jr., director or real estate transactions and developments at Boeddeker’s Transcontinental Corp., testified that the course was making money based on his calculations of club dues and other financial adjustments.

Transcontinental lawyer Byrm Lee Jr., said abandoning the golf course would cost jobs and undercut chances of a successful Chapter 11 restructuring of Lake Las Vegas finances.

The Lake Las Vegas community covers more than 5.6 square miles about 17 miles southeast of the Las Vegas Strip. It features two hotels, a casino and 1,600 completed residences.

Lake Las Vegas Joint Venture sought Chapter 11 protection in July, reporting debts totaling between $500 million and $1 billion, and assets between $100 million and $500 million.

The company employs 260 workers, mostly at the Falls and Reflection Bay golf courses.