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Bankruptcy Log
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Log Entry |
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4-5-11 |
AVL and Mile High Bank met in court today on the banks
motion to receive the rental income and for the foreclosure to
continue. Today's argument was about equity and whether the other secured
creditors could benefit from more time. The judge decided he should hear
witnesses and approved scheduling a formal hearing in two months on these
motions. So we have 60 days to get something under contract that we can
present to the court. We must present our restructuring plan in mid May.
One of the proposals we submitted to the court just came in today. It is a Letter
of Intent to buy the note from the bank at a higher price than the
LOI the bank is sitting on. We should know in a few days if it is
possible. |
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3-16-11 |
AVL had it first court appearance today. We met the banks
attorney at the meeting, but he had no questions to me which was the
purpose of the Trustee interview. Afterwards we met the judge who also had
no questions and said this appeared to him as a simple case. He extolled
the virtues of the bankruptcy process and told me, the best results
come from complete transparency. The attached doc is the next item in this
process, which is Mile High Bank's motion to continue with the foreclosure.
It also has exhibits which show key pages of their $10 mil recent
appraisal. Their are several conversations further down with this email
that may help know what is happening. there are so many people
to keep informed of this process that I am going to try publishing a log
online so everyone can follow along. I will let you know where it is
when I figure it out.
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2-16-11 |
Filed for Chapter 11 Bankruptcy Reorganization today to stop
the pending foreclosure sale by Mille High Bank on March 2, 2011
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