mmcshane

Pugski Lurker
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FWIW, the unsecured creditors committee and the bank have filed a motion objecting to the conversion to Chapter 7 as well. Sounds like they believe things will happen most expeditiously and to the best advantage of the creditors for it to remain in Chapter 11. According to court filings, the committee + bank have entered into an agreement with debtors where they are monitoring the marketing + potential sale (as a ski resort)- sounds like potential bidders are in due diligence right now, and final bids are due October 10th. Once that happens, the debtors will enter into something called a "Stalking Horse Agreement" with a potential purchaser, they will have to have an auction + then the court will have to approve the sale. According to the court filing, they hope to have this whole processed finished by the end of the year.
 

Johnfmh

Johnfmh
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FWIW, the unsecured creditors committee and the bank have filed a motion objecting to the conversion to Chapter 7 as well. Sounds like they believe things will happen most expeditiously and to the best advantage of the creditors for it to remain in Chapter 11. According to court filings, the committee + bank have entered into an agreement with debtors where they are monitoring the marketing + potential sale (as a ski resort)- sounds like potential bidders are in due diligence right now, and final bids are due October 10th. Once that happens, the debtors will enter into something called a "Stalking Horse Agreement" with a potential purchaser, they will have to have an auction + then the court will have to approve the sale. According to the court filing, they hope to have this whole processed finished by the end of the year.
Is the real estate auction still moving forward on Friday? Somehow, the US Trustee has to get paid during this process.

FYI for those like me who are not lawyers: “A stalking horse offer, agreement, or bid is a bid for a bankrupt firm or its assets that is arranged in advance of an auction to act an effective reserve bid. The intent is to maximize the value of its assets or avoid low bids, as part of (or before) a court auction.”
 

Todd E

Booting up
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Is the real estate auction still moving forward on Friday? Somehow, the US Trustee has to get paid during this process.

FYI for those like me who are not lawyers: “A stalking horse offer, agreement, or bid is a bid for a bankrupt firm or its assets that is arranged in advance of an auction to act an effective reserve bid. The intent is to maximize the value of its assets or avoid low bids, as part of (or before) a court auction.”
I heard auction going forward but there will probably be a minimum/floor set. I would think unlikely to get amount they want/need as long as the bigger "asset" is unresolved.
 

wgo

Putting on skis
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Feb 20, 2018
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I hear all lots sold for between 40k - 60k each and the word on the street is that the bidder pool has been whittled down to 4 for the resort purchase...including some big hitters.
That seems like good news...does the word on the street indicate that all candidates want to keep running TL as a ski resort?
 

AndyGene

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crgildart

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Nov 12, 2015
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Seen 8 fan guns and towers loaded on trailers heading up H today. Figure they were from Tslime.
Probably stashing them in a shed behind Herz's house before the farm gets sold.
 

RodneyBD

Hatfield made rain for L.A.
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Perhaps a verbal deal has been proposed/agreed to between ownership, the trustee and a buyer ahead of tomorrow's Chapter 7 conversion hearing?
 
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