Bananana

Booting up
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Aug 6, 2019
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Atlanta, GA
The latest document I see is "Wednesday, September 18, 2019 9:58AM Certificate of No Response to Filed by DANIEL S. SIEDMAN on behalf of Long Run Realty, Inc. d/b/a Timberline Four Seasons Realty Related"

Maybe one of the attorneys here or someone with access to a PACER account can interpret what that means.
 

mmcshane

Pugski Lurker
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Dec 21, 2018
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The latest document I see is "Wednesday, September 18, 2019 9:58AM Certificate of No Response to Filed by DANIEL S. SIEDMAN on behalf of Long Run Realty, Inc. d/b/a Timberline Four Seasons Realty Related"

Maybe one of the attorneys here or someone with access to a PACER account can interpret what that means.
So there were 2 separate motions scheduled to be heard yesterday- 1) extension of time to assume or reject certain leases and 2) the conversion from Chapter 11 to 7. The Certificate of no response is related to the first issue. Basically Timberline's lawyers filed a motion asking for an extension of time on the lease issue and no one (neither govt nor the unsecured creditors committee) filed a response objecting to that. So Timberline's lawyers filed a the certificate of no response and asked the court to grant the extension since there were no objections.

With respect to the conversion hearing, the only info in PACER is the filing of the operating reports from Timberline that they were supposed to be filing all along (and which their lack of filing was one of the reasons the govt asked for conversion to Chapter 7.) There is no final order entered (yet) from the Judge about whether she granted or denied the conversion. My guess is that because Timberline is in real negotiations with real buyers and those buyers have until October 10th to complete due diligence, she did not convert it and will let that process play out. What should happen next if that is the case is that Timberline will file a motion asking for the court to approve conditions for a sale/auction and whomever is the buyer that Timberline has made a deal with will set the the floor for the bid at auction, and in reality, unless someone comes along and swoops in at auction with a higher bid, that initial minimum bid to that buyer will be the sale price. I'll be on the lookout for anything additional that gets filed with the court.
 

The Colonel

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So there were 2 separate motions scheduled to be heard yesterday- 1) extension of time to assume or reject certain leases and 2) the conversion from Chapter 11 to 7. The Certificate of no response is related to the first issue. Basically Timberline's lawyers filed a motion asking for an extension of time on the lease issue and no one (neither govt nor the unsecured creditors committee) filed a response objecting to that. So Timberline's lawyers filed a the certificate of no response and asked the court to grant the extension since there were no objections.

With respect to the conversion hearing, the only info in PACER is the filing of the operating reports from Timberline that they were supposed to be filing all along (and which their lack of filing was one of the reasons the govt asked for conversion to Chapter 7.) There is no final order entered (yet) from the Judge about whether she granted or denied the conversion. My guess is that because Timberline is in real negotiations with real buyers and those buyers have until October 10th to complete due diligence, she did not convert it and will let that process play out. What should happen next if that is the case is that Timberline will file a motion asking for the court to approve conditions for a sale/auction and whomever is the buyer that Timberline has made a deal with will set the the floor for the bid at auction, and in reality, unless someone comes along and swoops in at auction with a higher bid, that initial minimum bid to that buyer will be the sale price. I'll be on the lookout for anything additional that gets filed with the court.
Back to my earlier question, do all the apparent 4 bidders have deep pockets, especially the current most likely bidder/buyer?! The Colonel
 

Johnfmh

Johnfmh
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Aug 20, 2018
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271
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Arlington, VA
A reputable poster on Timber-lies claims that Griffin Financial is trying to qualify a stalking horse bidder—hence the delay. He thinks the situation will be resolved by Thanksgiving.
 

mmcshane

Pugski Lurker
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Dec 21, 2018
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Alright, big news. Filed yesterday in court is the motion to approve of bidding procedures and schedule an auction then court approval of sale. Hearing on October 2nd to approve of the auction procedures. Asking that sale be approved by October 31. Attached to all their court filings is the current highest bidder offer....$2,500,000. Timberline Land Holding LLC (out of Nashville). And no, there is no relation to current ownership ( if it were my LLC, I might have chosen a different name, but whatever). Basically what happens next is they go to court on October 2nd, the judge hears what they propose to do for the auction and then she approves of the auction procedures. Then there is an auction held. If someone comes along at the auction and bids 2,600,000 or more, then they get it, but that is highly unlikely. Once there is the auction, assuming Timberline Land Holding LLC is the highest bidder, then they ask for judge's final approval of the sale. So, based on what was represented in the court filings, this is all finished by the end of October.
 

ksampson3

Giving 80% effort 100% of the time
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Apr 25, 2017
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151
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Ice Coast
Interesting info at the top of Page 4: Included in the sale is a 222 acre plot of land adjacent to the ski resort. The document states that the parcel of land "provides significant development potential for buyers (e.g. further development of the resort and/or additional residential properties)".

Does anyone know who the buyers are, as in do they have any experience running a ski resort? What if they're just real estate developers and have no interest in sinking big bucks into getting the ski operation running again but are just interested in building houses on 222 acres of untouched land? I'm just speculating, but it doesn't seem that far fetched that someone might only be interested in the real estate and not the ski operations.
 
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TS
Dr. Bighair

Dr. Bighair

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It will be ski area again, but much better without Herzs in the picture. How do you like them apples Mike Doble @ skisoutheast?
 
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jimmy

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Nov 12, 2015
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West Virginia
Getting to walk away from the mess they created is worth something, ya?
Now that the price is tested maybe there will be a couple of bidders at the auction?
Will phreddy get another new suit?
Only the Shadow knows.
 
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