Uncategorized
CHG acquires Spanish Peaks' debt
Published
12 years agoon
Posted By
Outlaw PartnersBy Joseph T. O’Connor Explorebigsky.com Editor
BIG SKY – Cross Harbor Group, majority owner of the Yellowstone Club, has made a strong move toward acquiring The Club at Spanish Peaks; however, the trustee in charge of the club’s estates has named another entity as the stalking horse bidder.
On April 19, the Boston-based investment company CHG bought the secured debt owed on the assets of Spanish Peaks, which remains in Chapter 7 bankruptcy. CHG purchased these claims, valued at $122 million, for an undisclosed amount from Spanish Peaks Acquisition Partners.
It then submitted a $20 million credit bid for Spanish Peaks to Ross Richardson, the trustee. As owner of the secured debt, CHG would recoup money bid on the Club by another entity in excess of CHG’s own $20 million bid, according to an email to the ad hoc group of Spanish Peaks homeowners from their steering committee. Essentially, CHG wins even if it loses: If it doesn’t obtain ownership of the club, it will receive cash from whichever entity does.
“It doesn’t hurt their position, does it?” said J. Thomas Beckett, attorney for the ad hoc group.
The move also allows CHG to counterbid if another group bids more than the $20 million. On April 26, Satterfield SP Acquisition, LLC, did just that.
In a 106-page docket filed April 26 in U.S. Bankruptcy Court for the District of Montana entitled, “Chapter 7 Trustee’s Notice of ‘Highest Offer’,” Richardson and Eastdil Secured named Satterfield the stalking horse bidder. The two-month-old organization submitted the highest bid, a cash offer of $22.05 million.
As the stalking horse, Satterfield will be recompensed for due diligence, or fees incurred while testing its investment prior to the auction. These include lawyer fees, research, architects’ plans and other expenses that will likely cost bidders between $200,000 and $300,000, according to the trustee’s lawyer, Stephan Garden.
The stalking horse also receives overbid protection, which requires any future bidder to put forth a bid equal to that of the stalking horse, plus 2.5 percent.
Stalking horse bids were due April 19. Richardson did not respond to phone calls from the Weekly requesting the number of stalking horse bids submitted.
An auction for The Club at Spanish Peaks’ assets will be held June 3 at the federal courthouse in Butte.
This is an ongoing story in the Weekly, which will feature subsequent installments as information becomes available.
The Outlaw Partners is a creative marketing, media and events company based in Big Sky, Montana.
Upcoming Events
november, 2024
Event Type :
All
All
Arts
Education
Music
Other
Sports
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club
more
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club Community Foundation (YCCF) and Moonlight Community Foundation (MCF). This class will focus on building a lifelong affinity for world languages and cultures through dynamic and immersive Communicative Language teaching models.
Beginner Class – Mondays and Wednesdays from 5:30-6:30 pm
Intermediate Class – Mondays and Wednesdays from 6:45- 7:45 pm
- Classes begin Oct.7, 2024 and run for 6 weeks
- Class size is limited to 12 students
- Classes are held in Big Sky at the Big Sky Medical Center in the Community Room
For more information or to register follow the link below or at info@wlimt.org.
Time
October 28 (Monday) 5:30 pm - December 4 (Wednesday) 7:45 pm
Location
Big Sky Medical Center - Community Room (2nd Floor)
Big Sky Medical Center - Community Room (2nd Floor)
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club
more
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club Community Foundation (YCCF) and Moonlight Community Foundation (MCF). This class will focus on building a lifelong affinity for world languages and cultures through dynamic and immersive Communicative Language teaching models.
Beginner Class – Mondays and Wednesdays from 5:30-6:30 pm
Intermediate Class – Mondays and Wednesdays from 6:45- 7:45 pm
- Classes begin Oct.7, 2024 and run for 6 weeks
- Class size is limited to 12 students
- Classes are held in Big Sky at the Big Sky Medical Center in the Community Room
For more information or to register follow the link below or at info@wlimt.org.
Time
November 4 (Monday) 5:30 pm - December 11 (Wednesday) 7:45 pm
Location
Big Sky Medical Center - Community Room (2nd Floor)
Big Sky Medical Center - Community Room (2nd Floor)
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club
more
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club Community Foundation (YCCF) and Moonlight Community Foundation (MCF). This class will focus on building a lifelong affinity for world languages and cultures through dynamic and immersive Communicative Language teaching models.
Beginner Class – Mondays and Wednesdays from 5:30-6:30 pm
Intermediate Class – Mondays and Wednesdays from 6:45- 7:45 pm
- Classes begin Oct.7, 2024 and run for 6 weeks
- Class size is limited to 12 students
- Classes are held in Big Sky at the Big Sky Medical Center in the Community Room
For more information or to register follow the link below or at info@wlimt.org.
Time
November 11 (Monday) 5:30 pm - December 18 (Wednesday) 7:45 pm
Location
Big Sky Medical Center - Community Room (2nd Floor)
Big Sky Medical Center - Community Room (2nd Floor)
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club
more
Event Details
Spanish Classes with World Language InitiativeThese unique, no cost Spanish classes are made possible by the contribution of Yellowstone Club Community Foundation (YCCF) and Moonlight Community Foundation (MCF). This class will focus on building a lifelong affinity for world languages and cultures through dynamic and immersive Communicative Language teaching models.
Beginner Class – Mondays and Wednesdays from 5:30-6:30 pm
Intermediate Class – Mondays and Wednesdays from 6:45- 7:45 pm
- Classes begin Oct.7, 2024 and run for 6 weeks
- Class size is limited to 12 students
- Classes are held in Big Sky at the Big Sky Medical Center in the Community Room
For more information or to register follow the link below or at info@wlimt.org.
Time
November 18 (Monday) 5:30 pm - December 25 (Wednesday) 7:45 pm
Location
Big Sky Medical Center - Community Room (2nd Floor)
Big Sky Medical Center - Community Room (2nd Floor)
Advertisements
