TaxMan wrote on July 18, 2008 11:04 PM: Sorry Charlie, Govt Tax liens are always in First position. You Think the Govt will remove its cloud on the title of any Lake LV property? Hell no, and because they wont, taxes must be discharged or "forgave" by the taxing authority before any new loan or sale with a clean title will be made!

Old Democrat wrote on July 18, 2008 05:39 PM: There are two groups who need to "watch out" in terms of Credit Suisse's new loan to the Lake Las Vegas owners. The terms of the loan are typical New York bank style "hurt everyone else" provisions.

As far as I can tell, the City of Henderson and Clark County lose their first lien position for unpaid real estate taxes from before the bankruptcy, by virtue of the court order to put the $127 Million emergency loan in first lien position.

Similarly, as far as I can tell, the homeowners associations in Lake Las Vegas lose their second lien position for unpaid homeowners assessments from before the bankruptcy, by virtue of the cord order to put the $127 Million emergency loan in first lien position. The HOA's fall to third lien position.

The other group which needs to organize, and get a lawyer, are the "members" of the Lake Las Vegas golf courses. Golf course members are treated as unsecured creditors, and the bankruptcy debtors can reject and cancel their contracts (i.e. membership agreements) at any time through the date of approval of the Chapter 11 plan, leaving the golf course members as simple unsecured creditors, who likely will not be paid at the end of the bankruptcy case.

Number 6 wrote on July 18, 2008 12:15 PM: I propose that they convert the whole thing into a retirement resort for spies whose governments can no longer let them travel freely.

Be seeing you.

McFly wrote on July 18, 2008 12:14 PM: Your Mama, live in some "highroller enclave"? Probably not, most likely trailer trash and a real piece of work I bet! Lake "Lost" Vegas bet on the come and lost! Boo Hoo for the schmucks who bought there, highly leveraged just like the developers. The whole project was doomed from the beginning. JHC take a drive out there if you still canafford the gas for your Hummer. It out in the pucker brush. Even Celine Dion fly back and forth to get to the Strip! Ingress and Egress was pathetic, going thru Ghetto areas of the Valley, probably where Your Mama is living in a cracker box or tin can! Meanwhile, watch in coming months Mountain's Edge is rumored to be on the ropes and could fold the tent anytime! You heard it here first!

Dr J wrote on July 18, 2008 11:55 AM: The place *should* be awesome, but it's not. The catering staff at the Reflection Bay Country Club is rude and unhelpful(I'm a DJ and have been there for many weddings). To paddle a boat in the lake is WAY over priced and the rest of the "village" is doomed by the hard to reach design. The mood out there is rude and fake.

Your Mama wrote on July 18, 2008 10:38 AM: McFly,

You're an idiot son.

Now get lost.

McFly wrote on July 18, 2008 09:41 AM: Hoo Haa, Let these highrollers bake in the sun as their former swamp sewer feed lake drys up! I have no sympathy for these dopes. Ya, they may have money money than brains. Comon folks have you ever driven out there? Goes right thru some nice "Ghetto" areas of the valley to get there and once there, brother smell that sewer feed lake in the Summer! POOOHEEE! But as they say a fool and his mnoney soon are parted! Whether its Chapter 11 or 13, no matter, that development was destined to fail. Take a look at Mountain's Edge, another "enclcave" ready to roll over and die in this economic downturn. Too expensive, too remote to gain access and yes poorly mangaged or worst. Ever think these developers just hype the project and "busted it out" money gone and Hasta La Vista Baby!

olygene wrote on July 18, 2008 09:18 AM: It is to their credit that LLV is filing a Chap 11 DIP bankruptcy instead of Chap 7. Credit Suisse's investment is protected as senior note holder (DIP). But what happens if LLV fails again? It's to their credit that LLV is trying to succeed, but their business model may be faulty in this economy - like Denise says, marketing, management, and targeting is a problem. Plus the economy has changed locally and nationwide. When LLV started in 1998 I thought it would be a beautiful exclusive enclave -- it still is, but I think there is trouble in paradise. Management will have to start cutting expenses; services will decrease; fees will increase, upkeep will be deferred...and demand for real estate at LLV will continue its downward trend. I think a lot of valley people don't know anything about it because LLV management didn't really care about the local population -- they had an elite product and they wanted an elite clientele. It looks like they got what they wanted.

lake las what? wrote on July 18, 2008 09:18 AM: went there a few years ago for a 4th of july celebration, the place smelled like raw sewage. would never go back. too expensive, and too far out of town. does celine even live there anymore?

Denise M wrote on July 18, 2008 08:38 AM: Lake Las Vegas is a beautiful resort. The village, Casino MonteLago (there is no longer a casino in the Hyatt, as this article says, and the Hyatt is now Lowes), the golf courses - problem is that the resort is not being marketed, nor managed, correctly and never has been. A bunch of people in our valley have never been there because they don't know anything about it!

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