# HCC Bankruptcy Status



## jcjl1

Any update?  What about the properties auctions?


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## pwrshift

Seems all quiet on the western front.  CK thanks all former members for the contributions to his retirement plan.


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## TarheelTraveler

I took a look at the bankruptcy file online.  There are various filings recently, but overall it's pretty quiet.  Court entered an order that allows the bankruptcy estates of HCC and CK to share the proceeds (I suspect along the lines that members received notification of).  Court placated the title company by ordering that the bidders in the bankruptcy sale would receive the properties free and clear of liens.  Phoenix Club is being allowed to question CK and can require him to produce various documents.


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## TarheelTraveler

Very interesting article on High Country Club and Christian Kirschner and also discusses The Phoenix Club/Second Home Destinations:

http://www.denverpost.com/business/ci_16938799

I'm surprised it took so long before someone realized that the properties were not owned by the club and that the homes were leveraged to the hilt.

It'd be nice if someone like Marriott entered the sub $1M DC space.  Clearly there was a need, and it could do well if run and backed properly, when combined with a good structure that actually protects members.


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## MULTIZ321

TarheelTraveler said:


> Very interesting article on High Country Club and Christian Kirschner and also discusses The Phoenix Club/Second Home Destinations:
> 
> http://www.denverpost.com/business/ci_16938799
> 
> I'm surprised it took so long before someone realized that the properties were not owned by the club and that the homes were leveraged to the hilt.
> 
> It'd be nice if someone like Marriott entered the sub $1M DC space.  Clearly there was a need, and it could do well if run and backed properly, when combined with a good structure that actually protects members.



Tarheel,

Was that Steamboat Bill that was mentioned in the article?


Richard


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## TarheelTraveler

MULTIZ321 said:


> Tarheel,
> 
> Was that Steamboat Bill that was mentioned in the article?
> 
> 
> Richard



I'll let Steamboat Bill comment.


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## Kagehitokiri2

MULTIZ321 said:


> Tarheel,
> 
> Was that Steamboat Bill that was mentioned in the article?
> 
> Richard



http://tugbbs.com/forums/showpost.php?p=960726&postcount=28


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## DosMasCervesos

TarheelTraveler said:


> Very interesting article on High Country Club and Christian Kirschner and also discusses The Phoenix Club/Second Home Destinations:
> 
> http://www.denverpost.com/business/ci_16938799


Great article (minus the typos). What a splendid Christmas present for CK.


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## MULTIZ321

Kagehitokiri2 said:


> http://tugbbs.com/forums/showpost.php?p=960726&postcount=28



Kage,

Thanks for refreshing my memory.

Richard


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## WhiteSand

Has anyone joined SecondHome Destinations?  I really like the HCC experience but I'm leery about committing to antoher one of these schemes.  Not much info on the website about how many points each location "costs".


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## Kagehitokiri2

second home destinations does have the lowest deposits (with offer)

although luxus and rocksure have the lowest dues


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## GregGH

Kagehitokiri2 said:


> http://tugbbs.com/forums/showpost.php?p=960726&postcount=28



And another of 'us' was mentioned -- Carl -- you ham  -- big smile ... I sure owe you a big annual THANK YOU for working with myself & Stuart to get us out of that mess like we did.

The Denver author must have read this MB to get those two names  and PM'd them.

Think I will wait a year and see what happens to real estate values ... boy - reading zerohedge.com makes you extra jumpy....

http://www.zerohedge.com/article/roubini-its-pretty-clear-housing-market-has-already-double-dipped

Happy New Year to all

Greg


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## jcjl1

*Where are We?*

Is the bankruptcy ever going to finalize?  What is the status?


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## holycow

Has any of the former members received a notice from Bankruptcy court about the Omni? Or does anyone care? lol


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## pwrshift

Yes ... I received it, but didn't pay much attention to it ... too much legal mumbo jumbo.  So I guess the court is still working on it .. takes forever it seems.


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## pwrshift

Came across this which may be old news to you guys, but if not it makes interesting reading.  I haven't been following the High Country Club situation for some time...does anyone know anything current?  Is CK in jail yet?

http://www.bizjournals.com/denver/print-edition/2011/02/04/bankruptcy-trustee-sues-travel-club.html


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## saluki

This is my favorite part from the article:

"Kirschner, who didn’t return email requests for comment, now operates Executive Triathlon Coaching, according to the website executivetriathloncoaching.com.

A website for his commercial real estate firm, Kirschner Partners LLC, is still up, but the phone number for the firm has been disconnected".

I guess his new biz bombed also as the triathlon coaching link is not active either. 

Slime...


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## AKTHUE

pwrshift said:


> Came across this which may be old news to you guys, but if not it makes interesting reading.  I haven't been following the High Country Club situation for some time...does anyone know anything current?  Is CK in jail yet?
> 
> http://www.bizjournals.com/denver/print-edition/2011/02/04/bankruptcy-trustee-sues-travel-club.html



I am not aware of any criminal case against Kirschner, though perhaps there are grounds.

In light of Kirschner's actions, it isn't surprising that the trustee is suing him. The trustee's responsibility is to maximize the recovery for creditors and claims against Kirschner and the auditor are an asset the trustee is supposed to recover. I doubt there will be anything left for members.


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## cattledog

*HCC Bankruptcy News*

Hello, hello, anyone alive on this forum? Did anyone receive the letter from the HCC bankruptcy trustee regarding attempts to pay off four creditors that have not been fruitful? Sounds like the trustee would like to pay funds into the 'registry of the court' (legal translation welcome, please) to the order of $1.5M.

Does anyone know if all secured creditors have been paid off? Would this $1.5M then get us ex members a few pennies on the dollar for our deposit refunds?

Thanks.

Cattledog


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## AKTHUE

cattledog said:


> Hello, hello, anyone alive on this forum? Did anyone receive the letter from the HCC bankruptcy trustee regarding attempts to pay off four creditors that have not been fruitful? Sounds like the trustee would like to pay funds into the 'registry of the court' (legal translation welcome, please) to the order of $1.5M.
> 
> Does anyone know if all secured creditors have been paid off? Would this $1.5M then get us ex members a few pennies on the dollar for our deposit refunds?
> 
> Thanks.
> 
> Cattledog



I got the same notice. The lenders were defunct firms like Countrywide, Indymac and Washington Mutual. Bailed out by taxpayers. I am sure they are still collecting on their loans. It is ridiculous that the bankruptcy courts cannot connect these parties. 

I think the chance that unsecured creditors like us will get anyhing in HCC is remote. It's just a matter of what else can they get for secured creditors. These funds should be going to the states of Countrywide, WaMu etc.


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## travelguy

AKTHUE said:


> It is ridiculous that the bankruptcy courts cannot connect these parties.



I was amazed at the steps the Trustee took to try and return funds to these lenders without any response from them.  It just shows how inept their lending &   foreclosure processing really is!

I recall a long line of Super-Priority claims even before the HCC secured debt holders so I really doubt any cash ever gets to HCC members ... unless the Trustee finds a winning mega-millions lotto ticket somewhere in the HCC files.


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## WhiteSand

Does anyone know the status of the HCC bankruptcy?  I get occasional mail from the court but no indication as to whether this is close to resolution...


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## AKTHUE

WhiteSand said:


> Does anyone know the status of the HCC bankruptcy?  I get occasional mail from the court but no indication as to whether this is close to resolution...



What resolution do you expect? The case will continue as long as there is cash to pay the BK lawyers. When they have consumed what is left, they will shut it down. The creditors won't get anything.


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## tripTX

*Any updates?*

We haven't received any notices in a while.  Has anyone else had an update in the last year?


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## GregGH

amazing that thus guy stills pops up on my Linkedin account ...and an option to Join ...yeh ..right ...

Greg


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## WhiteSand

Just got the final bankruptcy letter. Claim was 36,000. Getting 314. Well its a nice dinner out....


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## AKTHUE

WhiteSand said:


> Just got the final bankruptcy letter. Claim was 36,000. Getting 314. Well its a nice dinner out....



I got the same notice. A little less than 1c on the dollar.

It's remarkable how many got paid in full.


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