Update: CrossHarbor Gains Edge in Yellowstone Club Auction
By Jonathan Weber , 5-14-09
Update, 10:30 p.m. MDT: The bids from Credit Suisse and CrossHarbor have been evaluated by the club and the committees that have been empowered to weigh in (the unsecured creditors committee, the ad-hoc members committee and the B shareholders). Sources say that even though the Credit Suisse bid (which includes a so-called credit bid component) has a higher dollar figure, it calls for a radical increase in member dues and includes limited working capital, and thus the CrossHarbor bid has been judged to be superior.
A hearing on this before Judge Kirscher is likely to take place Friday morning. Settlement discussions have been ongoing over the past two days but no agreement has been reached, according to multiple sources with direct knowledge of the situation.
If the CrossHarbor bid is chosen and no settlement is reached, Credit Suisse has indicated that it will continue to fight at the plan confirmation hearing scheduled for Monday. The initial court filings for that hearing show that Credit Suisse plans to argue yet again that the CrossHarbor engaged in an unsavory conspiracy with Edra Blixseth to get the club on the cheap - an argument the court has already repeatedly rejected.
The long-awaited auction for the Yellowstone Club is bogged down in a pitched battle between Credit Suisse and CrossHarbor Capital Partners - a battle that involves not just the price to be paid and the structure of the deal but, perhaps more importantly, what the plan is for the club going forward.
The parties were back in court twice on Thursday arguing over whether the proposed Credit Suisse bid was a "qualified bid." and Judge Kirscher ultimately determined that it was. A strict instruction on confidentiality by the Judge, including a threat of sanctions, means that relatively little information is available. Credit Suisse was authorized to "credit bid," meaning it could use what it's owed as part of the purchase price, but it must provide $43 million in cash plus a $14 million note for the benefit of unsecured creditors. One of the major points of contention is said to be how much money the Credit Suisse group will put up for club operations going forward.
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Comments
Seems we are DEALYED? Why don't you tell everyone in the article that Sam Byrne hates the fact CS is prepared to pay more for the club and can give money to the operations. Sam Byrne is so full of himself that he has managed to convince everyone he has money!
JW, where is my reporting from you on the Mortgage on Sunrise ridge and the 4 houses? Fair reporting? SB/CH owe a tn of money to banks on those assets in the club, well over 100m in loans already and its not SB/CH money in the deal its their investors. Anyone thought to call CH investors and ask them for a comment? Since when does CH have more money then CS? Please is everyone just stupid or you do not see poor SB is getting his butt kick montana style and he is trying to convince all of you his firm which is made up of other investors money that he is stronger than CS? PLEASE lets wake up Montana. SB is and has been full of CRAP since he failed to raise the money the first time. He just did not count on everyone figuring him out. GO home SAM and realize your a small person in the world of Wallstreeters! Or SB pony up real money. You thought you would be 'in and out in 30 days' remember that quote? How about the quote that 'I think we BK this and screw GL and the B's, so much for that 'Brilliant Plan'. Those were your words SB. Really, do you believe even if you win this you have the support of the club having driven the BUS twice over GL. Creditors and Tradesmen, wake up, call GL and get his point. do not believe me but SB is trying to shaft everyone and now is upset the bid is more than 100m. May I remind the creditors, the employees and the YCW members, CS WANTS TO PAY MORE WHICH MEANS MORE FOR YOU. CS AFTER ALL LOANED MONEY ONCE TO THIS CLUB SO CLEARLY THEY CAN PROVIDE MONEY FOR THE FUTURE. Sam, you lawyers are getting their butt kick by Skaden Arps, but they are a real law firm. Do me a favor SAM, walk before you and EB become best friends and being sued by everyone around this transaction. These are BLOCCKHEADS FAIR AND BALANCED COMMENTS BUT REALLY, JW where are my facts? How much money is CH.SB loaned against Sunrise Ridge and the 4 houses? He even borrowed money against the golf lots! He did not pay cash ok! Where is your support for increasing the offer to take care of the creditors? I want to know NEW WEST poistion as to why CS bidding more money is wrong and why NEW WEST does not believe CS has money to run the club and some silly FUNDS from boston who operates with Other Investors Money is a better bet? PLEASE share your 'Brillian wisdom with all the readers on those specific questions.
I approve of the last message! I am Blockhead and I am running for Presdient.
MEMBERS, listen to the man above! Put your money in and do the deal, better yet, do it with CS and wake uo! YR, GD, BS, BG time to step up to the plate or fade away!
New blogs on JW lack of information update. Can people please ask JW to tell us REALLY how much debt SB/CH have on sunrise ridge, the golf lots and the 4 unsold houses? JW, come on it take 15 minutes of your time to get the mortgage docs on those pieces of land! Sure would be nice to see you do some fair reporting! SB is oer his head and using his investors money like its his! In school we called this investor misrepresentation! SB says his investors and banks are ready to rock and roll....who are his banks and who are his investors foolish enought to follow him in to the dark side? JW, please go to the county records and tell us the amount of borrowings! IT goes to the very nature ofthe argument in court! Who has the money and who does not! You are going to be shocked when you see how much Sam Byrne's group called Cross Harbor has borrowed against those properties and it may make you question one simple thing, who BSed who in court! Do your homework people! SB needs this club so much or he risks loosing his investors for good! SB, want to do another interview with JW? THree questions I have for you and I cant even get Montana's favorite blog site to even pick up a phone and get such simple information for its readers on your borrowings. THey are reckless borrowings against sunrise ridge, golf lots and the 4 houses but know one is looking at this! WAKE UP MONTANA, you are getting shafted just like GL. If you prove me wrong then I will go away but I know you can not. Someone prove me wrong! SB owes a lot of money to the banks on his YC investments and nothing is selling! PROVE ME WRONG before its too late! Let CS get the club, at least they have more money then SB and everyone gets paid thanks to the judge! Think about it. EDRA did not listen to me and now she faces IRS questioning, banks calling in her phony financial statements and illegal use of loan proceeds!
CS needs to show at least another 60m for the next three years to carry the club and make some improvements. ask youself this, do you want a large bank or little Cs who is over leveraged on sunrise ridge, 4 house and gold lots using oher investors money, whom by the way will walk soon despite the fund committments or take CS, a real bank, wth real money who will pay more for the club (higher value for you SB lovers), insure money to keep members happy and in most cases sell out to the members in a year or two. VOTE CS and it a VOTE for more money and less BS from SB! EB is looking to wear ORANGE jump suits and do a Martha Stewart at this stage. Love to be te fly on the IRS investigation and 2004 exam of EDRA tomorrow! Squeel EB the ruth against SB.
Though I have to say there is 1 VP who is worth his weight in gold!
And THANK GOD it would be GOODBYE to DLC!!
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF MONTANA
In re:
YELLOWSTONE MOUNTAIN CLUB, LLC, et al
Debtors.
No. 08-61570-11
Jointly Administered
MOTION TO ALLOW CLAIMS FOR VOTING PURPOSES (CLASS 4) AND OBJECTION TO PLAN
COMES NOW Angus A. MacNaughton, Edgar A. Rainin, Thomas W. Hook, and Yoav Rubinstein, by and through their counsel, Ford Elsaesser, of the firm Elsaesser Jarzabek Anderson Marks & Elliott, Chtd., and moves for temporary allowance of claims for voting purposes with regard to the following claims:
Angus A. MacNaughton $1,750,000.00 - Claim #427-2
Edgar A. Rainin $1,750,000.00 – Claim #690-1
Thomas W. Hook $400,000.00 - Claim #691-1
Yoav Rubinstein $1,750,000.00 - Claim #697
FORD ELSAESSER
ELSAESSER JARZABEK ANDERSON
MARKS & ELLIOTT, CHTD.
104 South Euclid Avenue, Suite 307
P. O. Box 1049
Sandpoint, Idaho 83864
Telephone (208) 263-8517
FACSIMILE (208) 263-0759
08-61570-RBK Doc#: 890 Filed: 05/14/09 Entered: 05/14/09 14:02:19 Page 1 of 3
MOTION TO ALLOW CLAIMS FOR VOTING PURPOSES
(CLASS 4) AND OBJECTION TO PLAN - 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
All of the claims listed above do not arise from membership in the Yellowstone Mountain Club, LLC, but rather, arise from claims against the Debtors’ related to the deposit and purchase of memberships in Yellowstone Club World.
The above claimants were not mailed ballots, but have submitted ballots to the balloting agent. However, such ballots should have been in Class 4, which ballots balloting agent would not provide.
These claims do not related to any rejection of memberships, as those types of claims are described in the Court’s recent memorandum decisions concerning subordination and membership claims generally. If allowed, these claims are, rather, claims against the Debtors for damages resulting from the sale to claimants of memberships in Yellowstone Club World, LLC, and if allowed, would be simple, general, unsecured claims against the Debtors.
WHEREFORE, for the purposes of voting only, the above-named creditors move that their claims be allowed for voting purposes.
Further, with regard to the treatment of unsecured creditors generally, the above-creditors join in the objections to confirmation of the Second Amended Joint Plan of Reorganization, dated April 3, 2009 (Docket #851), which objections were previously filed by Yellowstone Club World, LLC, (Docket #852), and Greg LeMond, Jorge Jasson, David Morris, Sacia Morris and Sacia Enterprises, Inc. (Docket #857), with regard to the issues of classification and the preferential treatment of the “trade creditor fund.”
Respectfully submitted this 14th day of May, 2009.
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF MONTANA
In re
EDRA D. BLIXSETH,
Debtor.
Case No. 09-60452-11
O R D E R
At Butte in said District this 14th day of May, 2009.
Pursuant to the Motion for Rule 2004 Examination filed herein on May 13, 2009, by the
creditor Western Capital Partners, LLC (“Western Capital Partners (Docket No. 143), it
appearing that said examination is authorized by F.R.B.P. 2004, and good cause appearing
therefor:
IT IS ORDERED the Motion for Rule 2004 Examination filed May 13, 2009, by
Western Capital Partners (Docket No. 143) is granted; and:
1. That Jack Scalia SHALL appear and be examined by the moving party at the time and
place described in Western Capital Partners’ Motion for Rule 2004 Examination, to be
coordinated with the witness and Debtor’s counsel;
2. That Jack Scalia shall produce the documents for inspection and copying in connection
09-60452-RBK Doc#: 147 Filed: 05/14/09 Entered: 05/14/09 09:39:48 Page 1 of 2
2
with said examination held pursuant to F.R.B.P. 2004 at the time and place described in the
Motion for Rule 2004 Examination;
3. That subpoenas duces tecum may be issued pursuant to F.R.B.P. 9016, as necessary
and appropriate; and
4. That the moving party shall send a copy of the Order to all parties in interest.
I think its important for members, employees and others to know how much SB/CH have borrowed on those developments so there are no surprises to everyone when SB says he is out of money! WE deservve the truth JW. Pull the mortgage documents today is the vote is yes!
Vote YES for pull the mortgage docs
Vote NO for coering up the loans on Sunrise ridge!
Cast your votes now so JW can listen to the readers of this BLOG. How can you not want to know and who gave the loans!
Lets see all the cards on the table. Boy Blockhead, you sure now how to stir a pot!
Sure, I'd like to see a snapshot of CH's position to see how levered it is, why not?
For Blockhead - or Mike Flynn, TB's attorney (or one of his staff), it really doesn't matter. What matters is that one credible bidder with a plan to operate the club comes forward.
what i would predict, however...
GL will be more aligned with CH/SB.
CS is going to have to decide whether they commit another 150M to the club, and then figure out how to protect their initial stake. It will be difficult. the inside CS discussion now is whether they know how to make money if they take over the club, and whether they can convince their internal management committee that the idiots that did the iniital loans to Tamarack, Promontory, and YC with NO DILIGENCE WHATSOEVER should be allowed any more rope with which to hang themselves.
the fantasty that BH is spinning is that CS actually views this as part of their core business. they do NOT. The reality is that the masters in Switzerland (aka - the gnomes in Zurich) want NOTHING more to do with deals like this. They hate the work their team did, they hate the publicity, and that is the reason it is so difficult for them to put something together.
on the balance sheet they have billions...but the group responsible for this business doesn't have access to that money.
everything they are doing now is defensive.
i would bet that CS and their attorneys (Skadden Arps) are doing everything they can to delay. In fact, Skadden will wind up being the reason a settlement can't be reached. They have the "win at any cost" mentality that sits well on the east coast but may not play quite as well in this court.
i have to think the Judge wants this to come to a close. CH has over 60 members participating in its financing plan. CS is bidding with moiney from hedge funds (or so they say) - Blockhead, is this the group that TB, Yoav, and Burch/Everlands are trying to partner with? yes, i believe that TB has thrown his lot in with Yoav and the "Protect the Powder" group if he has any bid at all.
if there is another bidder appearing, seems like that is too late now? i think Blockhead (aka Blixseth/Flynn/et al) need to revise their liklihood of who wins...50 - 50 between CS and CH?
"Highest and Best" are the rules for the auction. So even the highest price doesn't win unless it meets some requirements that the Judge deems necessary in the bid.
You seem to have gone awful quiet on it.
Everything, everything Blockhead does is intent on prolonging Tim Blixseth's cause even after Blixseth hasn't even 'man' ebough to bid his 'money in the bank'.
News flash on Edra...she was married to Tim during their first bankruptcy...do you think she didn't learn a thing or two on hiding assets from Tim himself? He wrote the book!
Nice to see your SPIN in CH/SB but once again these are not the facts. Who was your source stating they have the upper hand and where does it say in the CS plan to increase dues? SB stated clearly in 6 months he doubles the members do and the 60 members (1/4) of the total members are backing SB on false promises. Once again SB will use and abuse those members just as he did with GL. GL, the settlement proposed is the same as EDRa proposed to you and they have no intention of paying you. How many times before you learn CH/SB maniplulated the entire process and EB payed into their hands! Time for SB/CH to go back to the rock he crawled underneath! Bottom feeding predators is what CH is all about in this GREED world
NOW, JW it appears the readers want to know HOW MUCH MONEY sb/ch HAVE BORROWED AGAINST THE SUNRISE RIDGE, 4 HOUSES AND GOLF LOTS! OVER 100M UNLESS jw PROVES ME WRONG.
WHY is this important? It goes to show that SB/CH have over leveraged the investment, sales are next to ZERO. They not only have to cover the running costs of the club which are estimated at over 15m per year, plus they must cover the capital expenditures as their plan calls for and even pay for the 70m in prom notes at a rate of 5% per year. So what does that mean? Well, same thing TB was doing, making deals to sell land which all of you fail to get! This club is about selling real estate to pay loans! nothing more.
100m running at 4% per year is 4m in interest alone. Assume 6% of principal a year to return on this loan at a minimum which is about 6m a year so just on this loan CH/SB need to find 10m a year to cover the Sunrise ridge. Now add in another 2 to 4 m in payments for the golf course lots, the houses and you are at 14m a year. Now add in the fact he needs money to develop that which is even more money!
Are you keeping up with me folks of Montana? Add in 70m note running at 5% and that is another 3.5m. We are now at 17.5m a year plus the running costs of 15m a year and we are at a grand total of 32.5m a YEAR!
So, ask youself this. CH is only a MANGER of other peoples money! They have as they stated well over 200m invested. What type of return is this getting the investors? NONE. Most likely SB/CH are running a PONZY Scheme raising one fund to cover another as there is no way they are making a return on 200m invested into the club. SB needs this club to maintain his company. He has promised his investors they will own the club just to buy him more time with Investors questioning his motivations on this EGO purchase.
Do the math, 35m a year. How many condo sales is that a year? At last count around 9 per year! how many condos have sold in that time period since he built them? Someone above claimed many made money on the condo project, ths is true, they were flipping condos before they were built on loans / mortgages which were no different than the loan CS gave YC originally.
Why is Sam fighting to keep CS away and stating CS wants to increase member fees? How exactly does CS do this without members voting? The answer is they can only ask. At least CS is upfront about it as CH/SB have every intention of going to the members in 6 months and doing the same thing! The fees are lower than at one of DLC's properties, thus its normal if you want private skiing and most members would pay another 20K a year to keep it this way.
What is shocking is that people like YR et all are not getting behind CS and throwing money at CS as they know all to well that CS will sell it back to the members in 1 to 2 years! Wake up members, SB/CH is a bad thing. After all they do not want to see a higher bid as they cant affoard to pay more than the 100m on the table. SB is trying to control this process still and if you believe he has the intention to be your friend just pick up the phone or write to EB and GL who both were shafted by SB/ CH actions.
JW, you state the court ruled on that SB/CH did not manipulate the process, in fact the Judge said on the opneing day that such arguments were for another day in court. You are very slanted in your writing as the Judge only wanted to hear about a loan and through out the arguments of why this club was in BK. The truth is that SB/CH put this into BK with the help of the now discovered fact that EDRA over-leveraged her personal position to the tune of 157m, of which SB/CH put the crippling amount of 35m over her head and told the greedy little woman what to do. These are the facts and they will be argued in court. Quit hiding from these facts and writing that the judge ruled on these facts. THey were not debated in court, they are for a day very soon. CH/SB will have multiple suits against them and they better hope that EB keeps her mouth sewn shut as if she squeels its a slam dunk against SB/CH. I am entitled to my opinion, its not a conspiracy, its based on relevant facts you prefer not to write about and its about the fact you still refuse and I can only imagine WHY you will not investigate the amount of loans on Sunrise Ridge. You claim big loans are bad. What are you hiding and not telling the readers of your paper? WHY do you refuse to do this simple investigation and disprove what I am writing. Prove me wrong about Sam Byrne's borrowings. Everyone at YC, employees, contractors, members, etc have a right to know the TRUTH. Sam Byrne claims TB engaged in over leveraging. Prove this point JW and tell me what are the financial forecasts of Sunrise Ridge. Smoke and mirrors.
CS, increase the bid a little more and continue to expose why we are in BK. If everyone is not careful SB/CH will BK the club in 6 months from now!
Now how about that promised thrid 'mystery' bid?
THe auction just started after the DELAY (my choice of words not JW). The judge will consider any last minute bid and money TALKS my dear little confused friend. Ever done an auction as you said you have had multiple companies in the past. I am right here and based on my blogs I think I am not so silent but appreciate very much you feel I am. I still want whats best for the club and CH/SB is not in that equation. Sorry, I am entitled to my opinion based on facts you fail to understand or appreciate. I suggest you do what I have askeed JW to do and that is go to the county register and get the loan / mortgage over all SB/CH investments. But do not stop there, you may want to go to boston as SAM is great at borrowing money against a fund and not declare the postion. His investors know the truth and this is the pressure SAM has on his head at the moment. Can you imagine being an investor in his funds when he admits on the witness stand he was never aware of the 375m loan. What a sham. Spent millions doing Due-diligence and failed to look at finding the mortage. Wreckless investing if he was telling the truth on the witness stand. If he now admits he knew about the loan that would be pergury so we must assume he told the truth.
It just shows how poorly researched any of your half baked investigations are.
Here is something you can look up and ask how this investment went for CH. Again CH WERE big players but they reley on Banks to do TURBO LEVERAGING on all the real estate investments. This is a great example for you. Can you honestly state CH is not effected by the Real Estate Market. Make a few calls on this investment and others of CH. Many problems out there and CONDO sales and the forecasts not even happening. You have to laugh how people do not look into the group who put YC into this BK. Here is the 2007 press release on this investment.
Miller-Valentine Group Forms Joint Venture
with CrossHarbor Capital Partners, LLC
$66 million of equity committed to develop over $450 million of luxury apartments
Cincinnati, Ohio (November 28, 2007) - Miller-Valentine Group and Boston based
CrossHarbor Capital Partners, LLC, have committed $66 million of equity to jointly
develop over $450 million of luxury apartment communities throughout the United
States, with a primary focus in the Midwest and Southeast over the next three years.
The venture provides privately held Miller-Valentine Group increased financial support
and offers CrossHarbor an opportunity to capitalize on the development firm's team of
professionals in the Midwest and Southeast.
“To compete with the public companies, private developers are going to have a couple of
choices to make," said Mike Green, senior partner and CEO, MV Residential. "They can
be bought by a public company; form a strategic alliance with one; or access large pools
of private capital via investment funds. As developers themselves, the principals of
CrossHarbor have an excellent understanding of active development. Partnering with a
private equity group like CrossHarbor who is highly experienced in the development
process will aid us in our growth objectives.”
The luxury apartment communities will range from three-story walk-up buildings to town
homes with private garages. Each apartment community will contain a full range of
amenities including club houses, fitness centers, swimming pools, and walking trails.
Groundbreaking on the first of these communities, which is located in Charlotte, North
Carolina, took place this summer. Groundbreaking on a second community in Ada,
Michigan is expected this winter.
###
About Miller-Valentine Group
Miller-Valentine Group offers total real estate solutions in the areas of
Design/Build Construction, Development, Management, and Financing for both
commercial and residential markets and also provides Renovation, Brokerage, and
Leasing services for commercial markets. All of Miller-Valentine Group’s divisions have
combined to provide customers with more than 50 million square feet of commercial
space and over 8,000 residential housing units. Miller-Valentine Group, founded in 1963,
operates offices in Dayton and Cincinnati, Ohio, and Columbia, South Carolina.
Miller-Valentine Group offers a wide range of commercial products, including
office, retail, lodging, healthcare, manufacturing and distribution facilities and an
equally wide range of residential products, including multi-family, single family, active
adult, and military housing throughout the Midwest and MidAtlantic regions.
Miller-Valentine Group has been awarded the prestigious national “Developer of
the Year Award” by the National Association of Industrial and Office Properties
(NAIOP); Miller-Valentine Construction has been awarded OSHA’s Voluntary
Protection Program “STAR” designation – the first general contractor to receive this
designation at a statewide level.
About Cross Harbor Capital Partners, LLC
CrossHarbor Capital Partners LLC is an alternative investment management company
that specializes in commercial real estate. The firm invests in a wide variety of
opportunistic and value-oriented transactions where the conditions exist for exceptional
risk-adjusted returns over a short and medium duration. CrossHarbor invests in single
property transactions, multiple property portfolios, real estate-related operating
companies, and all forms of real estate debt and equity securities. The firm invests
extensively throughout the United States and selectively considers transactions in other
countries and provinces. CrossHarbor's investments are structured in numerous capital
forms including equity, preferred equity, mezzanine loans, and transitional mortgages.
Since 1993, CrossHarbor has committed $1.7 billion of invested capital to more than 140
transactions and $8 billion of underlying real estate.
they have been in business since 1993, have invested billions of EQUITY, not just debt in many deals, and have had what is viewed as top quartile (that is top 25%) performance over the period.
so cut the nonsense. if you want to make up slander about someone, make it so people can't check the facts. whether SB/CH have debt on part of the YC property - who cares? they have a TRACK RECORD of completed projects and OUTSTANDING RETURNS to their investors over a 16 year period.
get a grip. its entertaining to hear the gossip, its entertaining to hear the opinions, and its just sickening to hear lies and untruth.
go on and speculate about SB/EB/TB/CS/JW everybody you want - but if you start to make up lies about things, go back under a rock.
However, the fact stands that Tim Blixseth is responsible for the YC bankruptcy.
He shafted LeMond and caused the rot of bad publicity. He dumped his half for $35 mill, valuing the club at 70 mill, contrary to the $400+ mill offer he claimed. His words should be taken for the hot air it is. He now sits with Yellowstone Club World assets (like his Turks island he is trying to dump) bought with tainted money. Whatever you say about Edra may be true, but they are two peas in the same shameless pod.
You can paint a fancy picture any way you wish, but your glaring omission of Tim from scrutiny shows just how rose colored your glasses are.
I think any arrangement without the seedy Blixseth (either of them) cloud is a positive move. Even a further bankruptcy would be less sordid than this Blixseth-esque melodrama. Excise this cancer.
I am surprised you have not put in a bid! CS cant cut and run fools what would be the point? Come on at least come up with a good argument.
TB built the club, EB/SB destroyed the club. How easy is it to pick on TB. Must be nice to be a dreamer bloggers of support the SB crowd. It would be so funny to see b pay more for the club and in the end shaft all of you followers! No leaders I can see. Pioneer what?
As for the people under the SB payroll who blog, dust off the CV, pack your bags as CS is here to stay. DLC is going to Ohio to sell the unsold luxury condo's SB's firm has not sold yet and the ones in S. Carolina. Good luck its a great market out there for condo buyers!
So seems everyone is evading my question and even JW. What is the size of the mortgage on Sunrise ridge, Golf Lots and 4 houses? Come on everyone. Get a copy of Sam's forecast he did in late 2007 he presented to his investors. Guess what? It looked like the YC forecast, which is at the time achievable and then the market fell away and then Sam pulled the deal as he could come up with the goods to close. Serious, someone get the county records on SB. I can list the houses for you as well as company names Sunrise ridge falls under if it helps. Let me know cause all of you have to prove me wrong. I already know the answer but want everyone else to see the true nature of CH/SB
Does that mean they are already spreading their toxin out there?
Destroy another beautiful spot, take it away from the middle class locals and turn it into an exclusive "resort" that only a select few can afford?
Dave D
So being late on payments is ok? That's odd. Stealing money from your employees is ok? Even more weird. He may have built it but he also lost it at the expense of the community, members, etc. Didn't the judge mention that he should have paid bills with his own money instead of other people's money? Tim and Edra's ship is sunk so we're wondering why you're trying to bail Tim's out. This battle may never be over but at least move on and admit this whole fiasco is the result of tb. If things were going so well under tb then how did eb finish it off so fast? I could care less who gets it, I just want to see some kind of improvement. The community has come to rely on it somewhat which shows how bad the economy really is. You must be bb. Not sure who else would have inside info so fast and dislike eb so much. tb can do no wrong in your eyes. We get it.
The YC was a failed business model from the beginning, but people bought in based on the hypes and "names" the owners and sales staff loved to drop. All a house of cards. Who would want to own it now anyway, it's as "troubled" as an asset gets, and its reputation is terrible. Very sad for all those that got roped in.
In regards to employees? Who ER? He made a fortune and TB built ER to his financial status and he played EB and TB the entire time. Typical of such a person. GREED. How much was ER worth before TB? Good question huh and to think he was mentioned in court. sues one, despite cutting a deal with EB and only to learn EB was responsible for the debt and then shafted him. What is that for fair play?
Who else, HK got paid in full. DH got paid in full. BS got paid in full. Charlie got paid in full. who are you referring t as the employee who got stiffed by TB. Be clear as if its only ER you are talking about you will notice the judge reversed the demand to pay in that VERY PUBLIC filing. so who got stiffed. Last time I check the employees were paid until EB/SB/DLC took over correct? Besides, your on the payroll for SB/CH at sunrise ridge and now you want to act like you support them. Sb/you/EB/DLC got rid of people once EB/SB/DLC/you took over is that not correct? Call a spade a spade but who are you referring to my dear little NANCY? Speak clearly and let that employee know you speak for them as you are responsible for payment as you provided the DIP LOAN which was nothing more than lining the pockets of FTI, Goustons, Seattle lawfirm and others employeed to insure getting YC on the cheap! Clearly the DIP could have paid for the lifft operators and other salaries but then again you did not care about the employees did you. How much are you earning to blog for SB/CH? Afterall you are in charge of the condo's at Sunrise Ridge and that appears to be not selling these days or did I miss something. You are right aboutone thing, TB did not pay peopleto sit on their butts and complain, you either did you job or you did not. Some were working against TB when he made them money! GREED in all cases! Nancy, WHERE IS THE MORTGAGE ON SUNRISE RIDGE? CAT GOT YOUR TONGUE?.
JW, your the number one blog site and I bet your hit list for the site is huge. I think this is a great forum to express our opinions and glad we have this type of forum as opposed to fighting in the streets or using lawyers. What a cost savings to all and debates are the best as it allows people to think and decide for themselves. This is what is great about communication. Its not libel if its true, hense writing facts is correct. I am sorry some do not like my opinion but its just that, MR BLOCKHEAD'S OPINION. I can write my facts and open myself to be attacked by all of you. I am not crying over the daily punishment from everyone who thinks CH/SB is a hero, I just know the real facts. AGAIN, WHO IS GOING TO LOOK UP THE MORTGAGE (S) BECAUSE IF I were to publish it you would all say i am lying. Go on bloggers, prove me wrong that SB over-leverage his positions in YC and will do ANYTHING TO GET THIS CLUBON THE CHEAP.
finally, you probably heard SB filed another motion 3 hours ago claiming another reason Cs should be bared from the bid! WHY? Put your money where your mouth is and pay more money, that i if you even have the cash to do it. At this stage I think CH/SB must prove they have the other 75m in hard cash in their offer to run the club and the operations. THIS we know they do not have. Let aone more cash to meet the offer of CS. What a joke!
CS because the judge ruled they come last!
no one else apart from the mystery buyer who will still come in at the last minute with a CASH OFFER. Still an option but again you all believe it cant
Who cares about the mortgage on sunrise
If it goes ass up then SB will show his true colors.
I think that somehow in your past you were not named most popular at your prep school and you are damaged because of it.
TB is a crook and EB is incompetant
Later
CSM
Will you ever reveal your true identity?
Sam snaps his fingers and 75m is there huh? CS can snap their fingers and get 1 billion! So what the hell is your point! Believe Sam and if he is wrong then what? Lets see, A Bank of over 100 years or SB from 1993 who is over leveraged and major signs of cracking. Remember Madolf, al ooked good and then those who got shafted said, Shit, I wish I would have done my homework. We all know who CS is but just who in the hell is SM/CH? What is the financial position of the company? Go one where is the proof they are on sound financial footing? WHERE are your facts? Give me one solid shread of Evidence Cross Harbor is sound? Please give me their earnings reports and investors reports from July 2008 to today! I want to see how great this company you all believe in. Only point is they are private, just like Madolf! CS is public, we can see their money? SAM never shows he has money, he is all talk? sure he loaned 20m for the DIP loan, sure he loaned Edra 35m. big deal, it was not his money and that was months ago. Where is the real money? WHERE? How much is SAM in the hock to the banks? No one believed me when I said EDRA owed a lot of money, she was so sweet I heard not like TB, she has a heart, she is honest, she is the greatest heart and sole of the club. Well folks that lying XXXXX took the banks, her friends, members and others to the tune of 157m. Thats right 157m personally, nothing to do with YC, but she took the club anyway promising the world, remember the news article about new this and new that in august and all of you were like YEAH, TB is out of the club and our heros EB and SB arrived with DLC, months later you are in BK and the BXXCH owes 157m. This is why I am saying do your due-diligence! Sam complained he did not know about the CS loan otherwise he would not have invested (We all know he lied under oath on that statement or is a complete fool to admit it) so why not learn from his Screwup as he likes to say. HOW MUCH DOES SAM BYRNE AND CROSS HARBOR OWE ON THEIR PROPERTIES IN YC? Better yet how financially sound is CH/SB. WAKE UP Montana because if yo think SB /CH is more financailly sound then CS you are all smoking way to much weed! CS as you all stated can afforad to write off their clients 300m loan so if they can do this I think they have money to buy the club and run it! welcome to reality! PLEASE CAN SOMEONE JUST PROVE ME WRONG AND I WILL SHUT UP BUT THE FACT IS NO ONE IS WILLING TO CALL MY BLUFF ON THE FACT SAM BYRNE HAS BORROWE FROM BANK OVER 100M AGAINST THE YC PROPERTIES AND HIS COMPANY IS ALL ABOUT TAKING LOANS FROM BANKS! GO ON, I DARE ANYONE TO PROVE ME WRONG ON THE MATTER. DO YOU WANT ME TO POST THE FINANCIAL BALANCE SHEET OF cs TO COMPARE TO ch/sb? I can but it will be a big blog!
CH/SB where is your financial strength. Show how great you are. JUST SHOW US THE MORTGAGE IN YC AND THAT WILL TELL EVERYTHING. WHY OH WHY IS NO ONE WANTING TO SEE THE TRUTH? Sam has borrowed over 100m againt sunrise ridge, golf lots and 4 houses on inflated financial forcasts and guess where he borrowed the money? USA bank or Germany? Go on people prove me wrong. I await a real reply with facts on CH/SB and someone to go to the public records and get me the mortgage amounts on all SB/CH mortgages. I just love our little debate dont all of you? I ask for information and yet I get attacked and everyone tries to get off the subject of Basic Due-Diligence!
A few things to keep in mind: Credit Suisse as an institution has no interest in the Yellowstone Club and is not going to finance anything. Remember in the fall it wouldn't even put up a $20 million DIP loan? CS is depending on the noteholders to put up cash and the noteholders are wary (and angry). It's not even CS that is on the hook for the losses, the bank is just trying to protect (i.e. avoid lawsuits from) its customers.
CrossHarbor is a private equity firm that gets its money from large institutional investors (insurance companies, pension funds etc.), I believe its largest investment partner is MassMutual. The mortgage on Sunrise Ridge is around $35 million from what I understand, with additional money that is essentially an intra-company loan. I will get more concrete information on this when I can (though in Montana it's not as simple as looking up a record). There has never been evidence that i have seen (as opposed to rhetoric from Blockhead and the assertions of Tim Blixseth relating to the failed deal last year) that CrossHarbor lacks the cash to close a deal and run the club. In any case it's clearly not the issue in the auction.
Whether it's a good deal for CrossHarbor or anyone else (and at what price) is a different question, but one that is certainly more to the point in regard to the auction and the future of the club.
I expect to have some actual news soon, stay tuned.
Nice BH say hi to "timmmah" for us
ARF ARF lap doggie
Many thanks. I do get a few nuggest and a few things wrong. The 35m was on PC on SR but apprecaite very much you digging. In regards to MassMUtual and pension funds, Madolf had those as well but look at those guys now. Transparency as I do not think you have seen the financial picture of Cross Harbor have you? Can you actually claim to you readers that they are financially sound? I would hate for readers to take you as if you can vouch for them as this woul be very misleading. Have you investigated the financial picture of CH or are you merely goging off what CH told you? be careful as others coul take your comment to mean CH is financially sound when they may not be.
CS is putting skin into the game and so are the NOTE HOLDERS and yesto save face! ITs the same reason SB/CH need to buy this club and that is to save face. We agree they both use 'OTHER PEOPLES MONEY' as its not Cross harbors money either. So they both have a reason to own the club and for the very same reasons. The winner will save face with their investors and the losser not only looses the club but will be sued by their investors. Its a great point you make but both CS and CH sahre that same issue! Again, thanks for looking up the mortgage and please do not report informmation on CH unless you verify their financial situation. Call up Sam since you know him and ask for you too see thei investors report. then you can write in good faith you have seen it and verify they are sound. Its not correct to write CH is a big successful institution as WSJ and FORBES did this on Madolf and many loyal readers believed it but the news papers helped build the image of a crook as we now know. Only a piece of advise as I know you have no clue yet what the financial position of CH/SB nor the loan. If TB told you he only had 35m on the club would you believe it? The answer is NO, you would dig and dig until you had the right number which would have been 375m. You see Sam did not do that, he said Tim tod him there was no loans andbelieved him right? Then to his amazement he realized in the press of all places that tim had 375m in loans! Wow! So before you spot off stating Sunrise Ridge only has 35m in loans, verify your facts as others actually believe what you write, some of which I do too but I also verify those facts. I do appreciate your reporting, do notget me wrong, I just want you as a journalist who owns this paper to give your readers FACTS which you verified. You proved me wrong on other things and I hope you can try and prove me wrong on this but I know you cant, thus I wat you to investigate the truth. Thanks for this JW. I respect your comments and opinion but like a good debate!
So DD, whats the outcome. Paint me the picture? SB or CS. Did you do your homework on CH/SB? I suggest you do as you seem to play follow the blind man to the cliff?
By the way, you must be SHARK BAIT huh. I recognize your style of writing. I noticed you quieted down since why is that. SHARK BAIT Shark Bait where did you go?
NEWS FLASH from bloomberg: go to this website ASAP
http://www.bloomberg.com/apps/news?pid=20601087&sid=adnmMNZHfP7E&refer=home
U.S. Bankruptcy Judge Ralph Kirscher in Butte, Montana, began a court hearing today to decide whether Credit Suisse or Boston private equity fund CrossHarbor Capital Partners LLC made the “highest and best” bid for the club, said a person involved in the case. The person declined to be named because he has not been authorized to speak about the case by his employer.
Have a great weekend off to the YJC.
Dave D
DD: how about Sunday at Bucks T-4 and we swap stories. Would be geat to meet you. ARF ARF. I will be wearing a t-shirt saying BLOCKHEAD. You cant miss me!
I salute your complete coverage of this matter and the journalistic integrity of your site.
I appreciate what you say relative to CS's position. It is a little convoluted, I guess, but lots of people really don't understand how the structure of these loans worked, as they were made, repackaged as investment vehicles, and sold.
Recently, some managers of well-regarded institutional capital funds described to me a scenario where in fact, these loan products (Tamarack, YC, etc) were "home runs" for CS, at the time, as they barely touched their balance sheet before they were sold, with tens of millions of dollars earned in fees.
When I say "home run", certainly that was then, and this is now. In retrospect, even though CSFB has supposedly not been damaged financially, these practices have become an embarrassment to them and may become more, as litigation by investors harmed in the meltdown of these 'exotic' investment structures certainly looms.
That may be the next chapter of this saga.
DISCOVERY,
Need not return to the YC, the existing management and staff of the YC are completely capable of running the show. No one has mentioned or given any PROP's to the new team of Management who has done a fabulous job of raising the bar in operations of the Club over the past winter. This was accomplished by newly placed senior management and the removal of excess VP positions. PLEASE do not repeat the same mistakes of the past by placing to many "VP's" at the Club again. The current GM is very very capable and very well respected by employees and members. He lets his managers do what they do best and DOES NOT micro-manage his team. He will lead the YC into a successful operation and continue to exceed the expectations of members, existing and new. What the Club does not need is a babysitter and outside management teams, who do not understand nor embrace the "Montana Family Lifestyle" Which thankfully Judge Kirschner understands. A huge THANK YOU to you Judge! You're welcome to visit the YC anytime. Which if this ever gets resolved and the Club continues to be operational, our membership should offer you an "Honorary Membership". Security should put up a sign at the gate which states "NO LAWYERS/ATTORNEYS ALLOWED"
Money never sleeps
Nice job
Dave D
Kirschner village.
DLC is out, SB/CH goes back to figuring out what to do with the condo's and the employees have a new owner and a bank who cares to pay more than the group who caused the BK with EB.
Well put NEW GUYS. You are right on the mark!
come on, i will buy you a shirley temple at bucks t-4. We can sing cry me a river.
Marshmellows at PC? Good idea huh? We can see Archer Capital towing away the Rolls Royce and Astin Martin. And if we are lucky we can see the delivery truck dropping off a case of Prozac for its new owner!
anyone see anything out on that? or is it being drafted on BH's napkin down at Bucks? ;-)
"The Yellowstone Club mission is to provide Members, their families and guests, an exclusive and secure opportunity to enjoy a Montana lifestyle with unmatched recreational amenities in a community that embraces families and the cultivation of new lasting friendships. We believe it takes quality employees committed to a team concept to accomplish this mission." --YC Mission Statment
Please be sure to note the part that states: "it takes quality employees COMMITTED to a TEAM concept to accomplish this mission"
The TEAM is in place! YC does not need yet another team (Discovery) to interupt, second guess, over-step and re-invent the club. Many of you may not realize it but, most of us have seen the most amount of money spent by "outside management" who are here to 'assist' the Club. While existing management were telling them, "hey we tried that before, it doesnt work" but had to go along with it anyways.
Now please, let the existing team work with the members. Lets create what the Mission Statement says and cultivate a community of lasting friendships, between the members and employees (existing Team) and the Club's surrounding communities. Montana IS Family, and if the Member's and their Club want to continue they need to realize this. The Club is much bigger than just the Club itself, it has the ability to positively affect the entire state and the people who are proud to be a Montanan. Who, in case you didnt notice, will welcome you with great and genuine hospitality. But steal, cheat, and lie to us and we'll run you out quick and fast, with a boot in your ass.
nice one new guy, that covers most of DLC right there
BT4 it is and I will come if everyone else agrees to where your blog name on your chest. Count me in and JW, you and the staff drink for free. No hardships, no regrets, lets set aside the ego's and have a drink that its finally over! A good battle but the good guys won. NEW GUY not DLC is the best for the club!
They are not in the resort business they are in the shuttering business.
Credit Suisse Resorts, closed or not open until further notice.
Just going by the track record.
Closed or not we still Celebrate, if not for the Club for each other. What Credit Suisse doesnt get is the Club (Members and Employees and Vendors) will continue one way or another. Why, because we watch out for each other, we hold ourselves accountable and we'll call you out if you dont.
Besides, if you have read any of the liturature, Judge Kirschner will not allow the dissolving of the Club as he understands its importance to the economical viability of the State of Montana.
BH -- You're a good sport! I think the employees would love to see a fund raiser for a staff bonus - the employees have sure been through hell and back again!
I say the Blogger Party is a must, I envision various blogs being played on the video screen, the dunk tank, a huge BBQ, and all being set up and served by the fine folks of DLC -- who better to show US a good time?
OH and they must all be wearing sweaters over their shoulders or V-Necks with white shirts and Pink Ties.
Discovery Land excells at what they do, and at their resorts. They are good people - overall - and I dont mean them any disrespect. Networking with other resorts can be benificial and we probably got a few "nuggets" from them while they were here. Opposedly they probably went back with a few MORE "nuggets" from the YC.
My overall point is not that DLC is not incapable or not up to the task. Its that there is an EXISITING group of TALENTED people already on the TEAM who have repeatedly surpassed the expectations of the members, providing UNMATCHED recreational aminities for the Club's membership. We've built this place, we know this place, we know who can get the job done and who can't and we have the vision and the dedication to see the Club mature into its full potential. I can not even begin to tell you the people who have not only done their jobs then stayed well into the dawn of morning, painting, sweeping, building, shoveling, wiring, moving, cooking, planning, grooming, solving, ect. in order to meet these goals. (Always shoulder to shoulder with senior management)
No other outside company, no matter how accomplished, can understand the dedication and determination that the employees of YC have given because of their understanding of creating a Club that surpases all others for our membership. Why? because our membership rewards us with coming back every time and treats us as "Family". Awe inspiring, I tell you.
There is no further reason to explain why YC shouldnt be owned by its membership and managed by its employees dedicated to a "community that embraces families and the cultivation of new lasting friendships".
On a personal side note, I always thought the Mission Statement was a farse, because of who I thought stood behind it -- T&E;-- However I now know that it was never them, its the Employees and Members and that, that makes all the difference.
Stay tuned??!!??
Blockhead...I would have thought you would have broke this story. Guess there is no internet at BT4
Whoever wins can't close the club. That is part of the bidding process. They have to show funds to sustain the club with no sales, etc. for the next two years.
We'll see if DLC gets the hint that outside help is no longer needed. There's plenty of qualified locals that need to keep their jobs and fill open positions.
Who is going to be glad to get rid of bh once and for all? He will probably be applying for jobs at yc regardless of who the owner is.
New Guy nailed it and it's what I've been saying all along. Most (not all) of the vp's that are gone were dead weight and things have improved no thanks to anyone but cc and hw.
Sorry to break it to ya hun, but CH and DLC are the best bet for you and the other saviors at YC to stay employed.
So when do the annual member fees get tripled?
CH wins the battle continues, no lot sells no jobs.
Either you're on drugs or you have a serious comprehension problem. WOW!
Anyway Nancy, NEW Guy has it right and I would pay 5000 to throw a ball at you/you dunking!
"A chaotic three-day auction of the bankrupt Yellowstone Club ended without formal resolution late Friday, but sources said a tentative settlement that would give control of the club to CrossHarbor Capital Partners had been reached."
So....how do you think it's gonna be working for DLC on a regular basis? Enjoy their "management style" when they have nothing to lose. Hey...I hear that Half Moon may be hiring.
Are you saying that you think "Nancy" is not Nancy's real name? Are you implying that she is that waste of salary and space who was hired to sit on her axx at sunrise ridge? Good thing she has an assistant to help her sharpen her pencils!
Hmmm...you may be on to something!
Tell me, what do you think will happen to poor Nancy's job in the end? what about CH's foreign handy-man?
http://www.newwest.net/topic/article/deal_seen_near_in_yellowstone_club_bankruptcy/C35/L35/
Wager....If CrossHarbor gets the Club, you uncloak and buy me a bottle of my choice of Bourbon. If CS wins, I do the same and buy you your choice.
Come on...lets make it fun.
BH, you are a flamer and your facts seem questionable because of the way your opinions leak out of your brain with malice.
CS is a bank. They are not in the resort industry (except by default). The only thing they want from the Club is their money back with interest.
CH has a lot of money invested in the Club and they are trying to protect their interests.
SB likes to ski at the Club. I've only seen one CS employee skiing there.
HW is a bean-counter and has taken a different tack from his predecessor to gain employee trust. He is well liked but lacks true leadership guts.
DLC was psyched to take CH $ to pay their employees in their off-season. They rubbed all the YC employees the wrong way by bringing in questionably skilled employees in preference to locals.
YC needs a dynamic leader who can point the way to the new path of solvency for all involved by making the Club a fun place to be.
TB would get repeatedly kicked in the nuts if he showed his face at the YC long enough or someone to take a swing.
BH, why don't you take up a position on the Wilderness Bill? You seem to have a lot of time on your hands to blog? It affects a lot more people.
You are on but I prefer Black Pearl. Hope you have money as its going to cost you. What ya drinkin these days WEEWEE. SB WEWE? You are on and its a bet. so sorry Bloomberg reported the facts unlike our great owner of the YC bloggers home. Poor JW, looks like you can move to Rancho Mirage and do a Blog there about PC given Sam Byrne has LOST YC.
You are so funny, google CS and you are going to see they are very large, in fact own considerable outdoor real estate platforms and funds.........you know like SB funds, WOW, an Investment Bank. Its not a commericial bank BONEHEAD! Its called and investment bank!
So sorry yu lack knowledge but google CS and do your due diligence. BYTHE WAY, ANYONE GET MY MORTGAGE INFO YET ABOUTSAM BYRNE AND CH ON YC? I THOUGHT NOT AS ALL OF YOU DO NOT WANT TO ADMIT SAM BYRNE IS OVER LEVERAGED JUST LIKE YC.
Care to sweeten the pot?
It seems like the real losers will be whomever "wins" this bid. YC has great local employees, but the business plan was flawed from the beginning, no matter what direction the economy went. In this economy, with the mess that YC has become, what sane person would step up and become a new member? The existing members will be asked to increase their annual contributions and will be bled dry by DLC or whatever management group is put in place. If it is such a great deal, why hasn't TB stepped in with a competing offer? Where's TB in all of this mess?!
That is laugh out loud ridiculous...are you suggesting he grew a conscience? Yeah sure...and he continues to pay Mike and his other lawyers to not bid right? I have maintained that Tim's interest in making the process slow is to reduce his exposure to future lawsuits...and EVERY action Tim makes is cowardly shirking of the hot air he blows.
Tim is and always will be a self serving spineless coward.
The Blixseth name is mud and banks won't lend to Blixseths anymore so he spends his money paying lawyers to complicate the bankruptcy process while he liquidates his assets.
Blockhead you said he had majority member support so why would he not bid. Were you lying or just plain wrong?
While you've made some good points in the past, the latest about TB sitting on the sidelines is laughable. I have to agree with YWC on that one. It appears by TB's actions (in the past) and lack of action in the BK bidding process that he cares much more about the small fortune that he absconded with rather than fullfilling any promises he ever made to members, employees, etc. Its sad, when so many relied upon his word, but in the end, people's actions speak far louder than their words and TB's actions (and inaction on BK) over the last 3-4 years speak volumes. Who knows if SB/CH are any better. The YC seems to attract greedy vermin, contrary to its mission statement. This is absolutely NOT the way we do things in Montana....not TRUE Montanans. True Montana folk are people of their word, that you can trust, who stand behind their promises and accept responsibility for their actiosn. Seems like none of the parties in this BK (members, employees and suppliers aside) are people that fit that description. It breaks my heart to think of what the YC could have become, and now see what its founders, investors and DLC have turned it into.....a giant black hole for the seven deadly sins.
100,000 x 3000 equals 30,000,000 which goes into a private account called working capital.
100,000,000 goes to pay offf 43,000,000 to all the creditors and employees, 25,000,000 to working capital giving the total amount of working capital at 55,000,000 and the balance to CS as they too deserve som money. Now with 55m in the bank I believe you can keep the club running and hire a good lawyer to BK Sam Byrne and get him off the hill. EB owns nothing on the hill so you only need to buy back TB houses and land and then you all own your very private club. The key is to BK Sunrise ridge as this really is a CHEAP eye-sore to the club. Who the hell wants such a cheap looking condo when the real people own houses! Goes to show you why Wallstreeters should stayout of the property development business. Now, Members, its up to you to take the winning bid of CS. If so some stupid reason CH were to reverse the thinking of the Judge at sunday brunch, the Members should know he will SHAFT you like they did to GL. Cs at lest you can cut a deal with, CH will add fees here, fees there, offer the members a 35m loan for 30 days and BK you again and again! Support CS and you get the club, support SB and you will all be selling your house in 6 months~
Who paid for the Chateau? Who paid for Blxware? Who paid for her 5 cars, her jets, her jewlry? Please wake the hell up would you.
PC got more than 18m, it got close to 60m if you look at the accounts!
Blxware got 25m to start that scan of a software company up. What do you think Edra was Shixing money? Please.
Her cars, her TWO jets, etc.
So lets quit stating TB took the money shall we. She got the club, PC, Farcheville, two jets, the 25m invested into Blxware, the Rolls Royce, the Astin Martin, the 4 mercedes, the BMW, the convertible Bentley, the artwork in the house, her Jewels, he expensive Louis Vitton bags, her sculpters, he chef, her massues, etc. Add it up you brainless bonehead! Then she destroyed PC by borrowing 157m. IDIOT she ws and she destroyed all the value! quit blaming TB for your own problems in life.
Again, you prove what a mean person you are. How dare you poke fun at the "cheap condos" that are Sunrise Ridge?
"Who the hell wants such a cheap looking condo when the real people own houses!" you ask?!?
Your mother sure failed in teaching you manners. She should have taught you the golden rule of respecting other people's choices. SR offers an economical alternative to own a piece of YC.
Sure, I could have purchased or built a single home, but SR appealed to me. The home is the perfect size to fit my family, we did not need a roomier model. When we are vacationing as a family, we spend time as a family. Economically, it was also the perfect choice. I have the flexibility and security to take more time away from work to actually spend time enjoying YC. We look at our home as a vacation home, not just a status symbol.
It is an all around nice community. Great families & great ammenities. SB and his team did a wonderful job and I tell all of my friends
You are showing your true colors, Blockhead, and they are very ugly!
Now i know you think i am ugly so its your opinion. Hope you do you home work on SR owners, your in for a big surprise!
Former yCR: Tim owns Tamarindo last i heard as well as turks. He sold the G550 to pay loans and interest on the promisorry notes. Remember the 51m the club got as interest on the Prom notes? Well, he did not shit that money i assume but maybe he did? The house he paid 20m and tam he paid its says in court 30m. The yachts he sold and the money also went to cover running costs at the club. bought for 10m sold for 10m. Wyoming is still there as well but thats it. He got his timber company the public records show but that was his all along with his partners. Edra got PC, Chateau, 1 Jet (G2B was YCW) or jet was her ego to keep up with TB and it was seized by the bank, she got Yc an cars, jewles etc. TB got 3 cars as well but thats it. He really only has the three properties, all which have no debt on them. See EB owes 157 so all her assets are going to be liquidated so she cant pay back her share, even the 25m she spent on blxware or the 18m all the kids got which is lost as well. TB owns and still has the three assets, the rest was sold for the benefit of keeping the club running. so 20 plus 30 plus 5 equalys 55m in assets, paid back over 51m in interest so there is 106m and Edra has the rest but she signed for all of it as she got PC which was worth 6 months ago for 207m. She screwed the pooch as we say!
Tim knew his empire better than anyone and conveniently divided every tangible asset to himself and every stinker to Edra. Edra was stupid enough to fight for the debts but Tim masterminded and profited from the collapse.
Also explain why Tim continues to pay expensive lawyers while not bidding....because he knows down the track he will have to defend his mountain of assets and he has a guilty and paranoid conscience.
Of course, I am concerned ablout losing the pool (though I haven't heard that mentioned), my children have met many little friends at the last bar-b-q. I'm not much of a coffee drinker, though.
I have not met SB yet, but I have had the fortunate experience of meeting his local employees and they are a wonderful bunch.
That is not to say that I am 100% in favor of them running YC, but I do think that they would do a much better job than CS. I have a great deal of respect for the 2 local men who oversaw the community being built. If that is the quailty of employees that they will be running the whole operation, I don't see how things can go wrong.
As far as the owners getting together and owning/running YC...I want no parts of that! If I want to run anything while I am vacationing with my family, I will run my washing machine!
Are there othere management companies out there who can listen to the members?
Or can they stick with the existing management team and run it from there. It ISN'T the management team that caused the bankruptcy. Who better to run the club than Hans and company? He does a fantastic job. He is liked by both members and employees. Why is DLC necessary?