April 2009

Found 2 blog entries for April 2009.

PARK CITY, Utah (April 17, 2009) – The U.S. Bankruptcy Court, District of Utah, today confirmed Pivotal 7000, LLC, an affiliate of Promontory’s original developer, Pivotal Group, as the winner of the recent auction of Promontory, a luxury second-home community in Park City, Utah.   Bankruptcy Judge Judith A. Boulden named Pivotal’s bid as the winner, finding it to be in the best interests of Promontory and its members and creditors.

Promontory was forced into bankruptcy by its secured lienholders in March 2008, as a result of the global downturn in real estate.  Since then, real estate development and Club operations at Promontory have continued uninterrupted under debtor-in-possession financing provided by another Pivotal Group affiliate.

Francis

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Taken from www.promontorycommittee.com. For more information on Promontory real estate and to view homes and lots for sale go to http://www.parkcityrealestatesearch.com/promontory-real-estate.php

April 17, 2009 -
Court hearing to confirm auction results.

April 15, 2009 - Auction among qualifying bidders.

April 13, 2009 - Deadline for Bids by bidders with the financial wherewithal to, among other things, close the sale transaction and sustain Club operations pending a resumption of lot sales.

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March 19, 2009, 2:58 pm - Pursuant to the Plan, Credit Suisse gave the parties notice that it is unable to obtain the Exit Financing necessary to implement the Plan by the Effective Date. Consequently, as

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