UPDATE ON PROMONTORY BANKRUPTCY SITUATION
Late last Friday night the attorney's for Pivotal Group, the developer of Promontory, filed their plan of reorganization with the Bankruptcy Court. Because we know you do not want to wade through the 175+ pages of legal jargon, here are the highlights:
-A new entity will be formed to take over the development
-The new entity will be headed up by Credit Suisse.
-The original development plan will stay in place. This means the 2 to 3 remaining golf courses and other amenities will still be part of the plan.
-Certain employees will remain.
-Lot sales will resume and sales prices must be at a certain level....no fire-sale....good for all us members!
That is the basic jist of it. The creditors have the next month to look at it, then their objections will be heard around Dec. 4, 2008. Promontory looks to emerge from bankruptcy in January 2009. The next few months will be prime buying time, if you are looking to get involved in the development long term! It truly is a spectacular place!
The questions that remain are:
-What will Pivotal's role be moving forward?
-What entity will run the clubs operations?
Stay tuned for more information.
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I'm not familiar with that development but I have driven I-80 through Park City many times, and love it! I hope that this situation gets resolved without too much pain for the members like you. Good luck!