Uncategorized
CHG acquires Spanish Peaks' debt
Published
11 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
april, 2024
Event Type :
All
All
Arts
Education
Music
Other
Sports
Event Details
Saturday, March 23rd 6:00-8:00pm We will combine the heart-opening powers of cacao with the transcendental powers of breathwork and sound. Together, these practices will give us the opportunity for a deep
more
Event Details
Saturday, March 23rd 6:00-8:00pm
Time
March 23 (Saturday) 6:00 pm - April 23 (Tuesday) 8:00 pm
Location
Santosha Wellness Center
169 Snowy Mountain Circle
Event Details
We all are familiar with using a limited palette, but do you use one? Do you know how to use a
more
Event Details
We all are familiar with using a limited palette, but do you use one? Do you know how to use a limited palette to create different color combinations? Are you tired of carrying around 15-20 different tubes when you paint plein air? Have you ever wanted to create a certain “mood” in a painting but failed? Do you create a lot of mud? Do you struggle to achieve color harmony? All these problems are addressed in John’s workbook in clear and concise language!
Based on the bestselling “Limited Palatte, Unlimited Color” workbook written by John Pototschnik, the workshop is run by Maggie Shane and Annie McCoy, accomplished landscape (acrylic) and plein air (oil) artists,exhibitors at the Big Sky Artists’ Studio & Gallery and members of the Big Sky Artists Collective.
Each student will receive a copy of “Limited Palette, Unlimited Color” to keep and take home to continue your limited palette journey. We will show you how to use the color wheel and mix your own clean mixtures to successfully create a mood for your paintings.
Each day, we will create a different limited palette color chart and paint a version of a simple landscape using John’s directives. You will then be able to go home and paint more schemes using the book for guidance.
Workshop is open to painters (oil or acrylic) of any level although students must have some basic knowledge of the medium he or she uses. Students will be provided the book ($92 value), color wheel, value scale and canvas papers to complete the daily exercises.
Sundays, April 14, 21 and 28, 2024
Noon until 6PM.
$170.
Time
14 (Sunday) 12:00 pm - 28 (Sunday) 6:00 pm
Event Details
Trivia from 7 to 9 p.m. at The Waypoint in Town Center. Participation is free, food and beverages available.
Event Details
Trivia from 7 to 9 p.m. at The Waypoint in Town Center. Participation is free, food and beverages available.
Time
(Wednesday) 7:00 pm - 9:00 pm
Location
The Waypoint
50 Ousel Falls Rd