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A Little News on Promontory Bankruptcy

Alright folks, we seem to be at another lull in the Promontory bankruptcy hearings. Last week the Judge ruled that Promontory’s plan to sell the development via a 30 auction was not feasible and a sale would certainly take longer than 30 days. The hearing is scheduled to continue on December 11, and an agreement between Credit Suisse and Promontory on how the club will run after Jan. 31, 2009 will need to take place, because we are getting close to that date…..so it looks like the DIP financing will need to be extended, and possibly a longer auction period could be agreed upon.

We will keep you posted….other than that, our market is slow as everyone is preparing for ski season. Deer Valley opened this weekend and what better way to enjoy the world-class groomers than a blue-bird Utah day! We are getting snow as we speak (3:18 on Monday 12/8/08), this storm is to give us 6 to 9 inches and then we are expecting 12 to 16 inches over the weekend….THINK SNOW!

Look for a market update tomorrow.

Posted by Rob Alday & Rachel Peterman on 12/08/2008 04:57 PM

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