Is the real estate auction still moving forward on Friday? Somehow, the US Trustee has to get paid during this process.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.
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.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.”
That seems like good news...does the word on the street indicate that all candidates want to keep running TL as a ski resort?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.
Haha. I thought you meant Tamarack like the art store with signs for 50 miles in both directions on the WV turnpike. Your link made a little more sense.This Tamarack saga demonstrates that resort can survive near death experiences.
The potential skier market for Timberline vastly exceeds that of Boise. No comparison