# UE Bankruptcy Links......



## Chicagomark (Mar 12, 2011)

With UE's website finally going down-here are good links to the BMC site for court documents, and the UCC site as well. 

Court Site

http://www.bmcgroup.com/restructuring/geninfo.aspx?clientid=255


UCC Site

http://ultimateescapes.creditorinfo.com/default.aspx


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## Kagehitokiri2 (Mar 13, 2011)

http://destinationclubnews.com/forum/ultimate-escapes/ultimate-escapes-legal-documents/msg122/#new



> Reviewing the legal documents is laughable at this point.  Compensation requests from lawyers and related are the last 10 postings at least.  Not surprising.  http://www.bmcgroup.com/restructuring/DocView.aspx?ClientID=255&DocNumber=638&CaseNo=1-10-bk-12915 is my favorite.  CRG seekin $20k+ for January.  3.5 hours on the 4th and 5th of January "sorting mail" at $200/hour.  Roll Eyes
> 
> I'll do it for a measily $175 an hour.





> just wait- the only difference from Th to UE is that UE sucked all possible equity out to make sure the lawyers couldn't score as well on round 2- Can't beleive CRG was so cheap. X-Roads would have charged $350 and worked half as fast.....



interesting exchange


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## TarheelTraveler (Apr 3, 2011)

Rich Keith, former Chairman of UE, starts new club.  Susan Kime article on Lifestyle Asset Group -

http://www.luxist.com/2011/04/03/lifestyle-asset-group-luxury-residence-collection/

Weren't some or all of these houses part of the UE portfolio?


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## willmyclubmakeit (Apr 3, 2011)

*reply*

deer valley was UE and is a spectacular home though a couple of miles from the lifts.  We thought it was one of UE's better elite homes.  i guess RK owned the home or something and is now leasing it to another club.  It just doesn't seem right.   Same for Charleston although that one was let go years ago supposedly due to zoning issues.  I'm not sure re: the other two but would not be surprised that these were also owned by RK and friends.


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## Kagehitokiri2 (Apr 3, 2011)

willmyclubmakeit said:


> deer valley was UE and is a spectacular home though a couple of miles from the lifts.  We thought it was one of UE's better elite homes.  i guess RK owned the home or something and is now leasing it to another club.  It just doesn't seem right.   Same for Charleston although that one was let go years ago supposedly due to zoning issues.  I'm not sure re: the other two but would not be surprised that these were also owned by RK and friends.



http://tugbbs.com/forums/showthread.php?p=1084130#post1084130

pretty sure i remember news coverage including quotes from municipal government on zoning issues.

werent some of the properties linked to RK/etc identified in SEC filings? seem to recall some linked to family members.

http://www.sec.gov/Archives/edgar/data/1402364/000114420410020598/v181147_10k.htm



> Private Escapes Pinnacle, LLC, a subsidiary of PE Holdings, borrowed $3.75 million from Kederike, LLC (“Kederike”), an entity in which Mr. Keith is a 50% owner, pursuant to a loan agreement dated June 1, 2006, as subsequently amended. The loan proceeds were used to pay a portion of the purchase price for the acquisition of four properties. Interest accrues on the loan at a rate equal to 1.5 percentage points over the interest rate applicable to the primary bank loan financing the acquisition of the properties. Upon the consummation of the acquisition of certain assets and liabilities of PE Holdings Private Escapes by Ultimate Escapes Holdings on September 15, 2009, Ultimate Escapes Holdings acquired one of these four properties and assumed liability for $234,000 of the $936,000 outstanding principal balance of the loan related to that property; the remaining three properties, and the remainder of the loan balance, were retained and assumed by an entity controlled by Mr. Keith. The maturity date of the loan was October 15, 2009; however, the parties have renegotiated an extension of the maturity date until June 30, 2010 on substantially the same terms.
> 
> During 2007, Mr. Keith purchased seven properties which he leased to Private Escapes and Private Escapes assumed liability for the mortgage, but for which he remained liable as a guarantor for the mortgage, for a monthly payment equal to the amount of the mortgage payments. During 2008, all but one of these properties were purchased from Mr. Keith, at the original acquisition cost, by subsidiaries of Private Escapes. Mr. Keith continues to own the remaining property. The total lease payments made to Mr. Keith under these lease arrangements were $345,849 in 2008 and $202,505 in 2009. As part of the September 15, 2009 acquisition of certain assets and liabilities of Private Escapes by Ultimate Escapes Holdings, Ultimate Escapes Holdings acquired four of these properties. Two of the remaining properties continue to be owned by PE Holdings, an entity controlled by Mr. Keith, and Mr. Keith continues to own one property. Ultimate Escapes Holdings has negotiated new leases with PE Holdings and Mr. Keith for two of the three remaining properties. These leases expired on March 31, 2010 and provide for a monthly rental rate equal to the monthly carrying cost of each property, which is approximately $17,000 per month per property.
> 
> ...



http://www.sec.gov/Archives/edgar/data/1402364/000114420409047569/v159644_prem14a.htm


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## HereWeGoAgain (Apr 7, 2011)

willmyclubmakeit said:


> deer valley was UE and is a spectacular home though a couple of miles from the lifts.  We thought it was one of UE's better elite homes.  i guess RK owned the home or something and is now leasing it to another club.  It just doesn't seem right.



And interestingly, this home was offered for sale as UE started to go down (at about $2.95 million IIRC) - which seems odd if RK owned it the whole time....wouldn't have benefitted UE at all if he was the owner.....

Circles in circles.....


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## wdinner (Nov 7, 2011)

*So do we accept the Bankruptcy Plan?*

Well

We now have the documents from BMC laying out the re-organization plan (if you could call it that.  

Since we are clearly going to end up as unsecured parties (if someone thinks otherwise and suggests a manner to argue for it - I would love to hear it). Do we vote for the plan?

Can anyone figure out if there is a chance that we will actually get any money back?

Bill


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## Mullyclu (Nov 10, 2011)

*bankruptcy plan*

Bill,

I am with you. I filed a claim as well. Since we are unsecured, I doubt we will get anything, but you never know. As for voting for the plan, I have no idea. I am not sure it matters. I would guess, if it passes, it just moves forward  to the credit committee that decides how the different classes of claimants are paid and how much. If it doesn't pass, it just goes back and gets delayed again. I am not an attorney and reading all this "boilerplate"stuff is not for me.
I think I could understand Chinese better than reading all this. Maybe a lawyer will chime in and give us some advice. "Tarheel"are you out there?

Steve


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