The beloved Covington Athletic Club is in the process of foreclosure and all of the exercise equipment has been sold.The CAC closed on Dec. 4, and Owner Phil Johnson, a local lawyer, said his bank sold the equipment and bankruptcy of the club company is a possibility. Johnson had hoped to sell the club and equipment and use the proceeds to pay CAC customers who had paid monthly membership dues in advance, but he said Friday that wasn’t going to happen.A group of former CAC members had hoped to join together and buy the club, but now no buyer is likely to move until the club is foreclosed.