Below is a brief recap of what has taken place over the past month in the Promontory bankruptcy hearings.
As you will see, a reorganization plan that is headed up ny Credit Suisse has been proposed by Pivotal , but nothing has been agreed upon. The agreement will hopefully take place after Thanksgiving. The way it sounds, Pivotal (the original owner of the project) seems to be mostly cut out when it comes to the future of Promontory.
Here is the recap and schedule of future events:
January 31, 2009 - Target date for emerging from Bankruptcy.
December 5, 9:00 am - Continued Disclosure Statement Hearing (if necessary).
December 4, 9:00 am - Hearing on adequacy of Promontory's proposed Disclosure Statement.
December 1, 4:30 pm - Deadline for objections to Promontory's proposed Disclosure Statement.
November 7 - Promontory's Bankruptcy Plan and Disclosure Statement (let us know if you'd like to see these documents as we have them and are happy to discuss) was amended on Monday, November 10
November 3 - Pivotal Promontory TRC, LLC (subsidiary of Utah 7000, LLC, which holds liquor licenses for Promontory debtors) filed bankruptcy for convenience of reorganization plan.
October 31, 11:45 pm - Promontory filed its proposed reorganization plan and disclosure statement. Neither is in final form. The Committee anticipates that both will be amended by November 10. The current version of both documents are posted on this website, above and to the left of this comment.
October 22, 2:30 pm - Hearing stricken: Rescheduled hearing on Promontory's motion to assume Sales Center, Park City, and Deer Valley leases. (Credit Suisse has withdrawn its objection, and Promontory's motion will be approved).
October 20, 7:30 pm - After Committee voted to support Promontory's assumption of the Sales Center, Park City, and Deer Valley leases, Credit Suisse withdrew its objection.
October 16, 9:00 am - Hearing stricken. Bankruptcy Court heard arguments about Promontory's plan to assume Park City and Sales Center Leases on October 22 at 2:30 pm.
October 15 - Credit Suisse objected to Promontory assuming Park City and Sales Center Leases.
October 10, 9:00 am - Hearings stricken. Hearings on (i) Second Lien Lenders' Proof of Claim Stipulation with Promontory, and (ii) Acushnet's Application for Allowance and Payment of $7,910 Administrative Expense Claim. The Stipulation was approved, there being no objections, and the Application was granted.
October 9, 9:00 am - Credit Suisse and Promontory resolved their differences and the hearing on Credit Suisse's Motion to Compel Document Production by Promontory was cancelled.
October 7 - Promontory proposed to assume its leases of (i) Sales Center, (ii) Deer Valley, and (iii) Park City. Promontory also proposed to take more time to decide whether to assume or reject its lease of a Cabins model home.
Feel free to contact us at (Rob) 435.729.0022 or via email robalday@yahoo.com for more information about Promontory in general.
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