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Old 05-12-2010, 02:14 AM
 
Location: Bellevue WA /Lake Las Vegas
529 posts, read 1,387,876 times
Reputation: 142

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I continue to monitor the Lake Las Vegas Bankruptcy website. The voting ballots were due by 5/5/10. They were tabulated and placed on the website yesterday. A 2/3 majority vote by the creditors was needed to move forward. They didn't post the actual percentage of accept or reject, but you can readily see that out of a page of "accepts", there was only a few "rejects". It appears that the accept was probably 95%.

Within a day after the votes were tabulated, the online docket/
motions/releases/agreements suddenly started to be posted on the bankruptcy site. It sure seems like they want to get this matter over with. Here is the website. Click on court documents tab on the left.
Kurtzman Carson Consultants LLC - Active Cases

Maintenance crews have been busy working on the Falls/Reflection golf courses. They fertilized a few days ago, the watering is being stepped up and the crews are there daily now. The entrance ponds and waterfalls have been filled again too and operational.

The former owners of the Casino moved their stuff out a few weeks ago and there are now construction trucks in front of the casino doing work inside.

The timing of all of this sure is interesting just weeks away from exiting bankruptcy. The June 21/22 confirmation date is just a target date. Lake Las Vegas could actually exit bankruptcy before that date.

I'll continue to keep posting updates.
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Old 05-12-2010, 07:05 AM
 
28 posts, read 106,374 times
Reputation: 38
Thanks for the info LLVResident - I greatly appreciate you for this
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Old 05-12-2010, 06:01 PM
 
139 posts, read 457,030 times
Reputation: 84
Is it true that there is nuclear waste from 50's atomic testing buried under the lake? Hence, swimming is discouraged?
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Old 05-12-2010, 06:36 PM
 
1,966 posts, read 4,327,089 times
Reputation: 1090
Great report LLV, thanks for the update.

I hope that the courses do reopen, I didn't get a chance to play Falls. Just hope they install reasonable greens fees. Otherwise, they will sit empty.
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Old 05-12-2010, 07:20 PM
 
Location: Bellevue WA /Lake Las Vegas
529 posts, read 1,387,876 times
Reputation: 142
There is no type of contamination in/under the lake. Swimming is not discouraged in Lake Las Vegas. Water activites are encouraged and there are several triathlons per year held at Lake Las Vegas.
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Old 05-12-2010, 11:14 PM
 
369 posts, read 769,707 times
Reputation: 442
Thanks! Montelago Village is one of the coolest places in the Valley
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Old 05-13-2010, 03:03 AM
 
2,724 posts, read 4,749,324 times
Reputation: 1042
Quote:
Originally Posted by JM95 View Post
Is it true that there is nuclear waste from 50's atomic testing buried under the lake? Hence, swimming is discouraged?
Are you pulling someone's leg? The only enviromental hazards that I have read about are associated with the Three Kids Mine which is situated above the Lake Las Vegas development. Is that what you were mistakenly referring to? The concern, I believe, was that contaminated sediment associated with past mining operations could find it's way into the Lake via storm runoff. Lead, Nickel, Mercury and Arsenic were all production byproducts of the mine. As long as a catastrophic storm or repeated events do not occur it should not pose any threat.

The fish kills are apparently the result of algae blooms.
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Old 05-13-2010, 09:28 AM
 
Location: Bellevue WA /Lake Las Vegas
529 posts, read 1,387,876 times
Reputation: 142
I had a chance to review the ballots with a friend knowledgeable in bankruptcy. There is a breakdown in the bankruptcy web site. There are several different classes of voting. There are class 1 to class 7. The plan was accepted by all creditors in nearly all classes, except for class 7A. This class includes: Carmel Land & Cattle and Transcontinental, (from Texas) the LLV marketing company and LLV Real Estate Company, who all voted to reject the plan. In order for the approve within the class of voting, you must have 2/3 majority vote AND 2/3 majority of the $$ in that class. In the 7A voting class, there was a majority vote, but not majority in $$. So, it appears it was a draw. This class represents just 20 million of a 700 million case. The judge will have to hear their objections filed, but it seems like they are not the big player in this case. The class 1 ballots approved the plan at 98% and had the majority portion of the money. This was the 500 million class voters.

As reported in prior LVsun and LVRJ reports, Transcontinental (from Texas) never wanted LLV to enter bankruptcy in the first place. Carmel Land and Cattle who now owns the Falls/Reflection Bay Courses when they foreclosed last year, which is also from Texas, if that rings a bell, would ride the coat-tails of Transcon. Carmel is also bucking the water agreement with the City of Henderson on how the water is delivered to the Falls/Reflections Courses. Also, Carmel is still not willing to give up the water pump house for phase 2 LLV. So, 9 million has to be re-spent on a new pump house. So, the partially completed pump house, of which a portion was accidentally sitting on Carmel property will sit unused. It is truly amazing how poorly LLV was initially set up by the developers, which until the bankruptcy is over, is LLV's biggest demise. It's also amazing how this companies are just in it for themselves.

The longer this bankruptcy drags out, the worse it is for Lake Las Vegas and Henderson. The trickle affect is loss of jobs, loss of business to the retail in the area and tax revenue to the City of Henderson. I read a comment in the LVSun by a poster saying that he had knowledge the Transcontinental, the prior owners of LLV,(from Texas) who took a 500 million equity loan and split wants to purposely run LLV into the ground, so they could buy it back for cheap. This was from a randon poster, so there may be no truth to it, but it does make one wonder? Especially given the actions by Carmel and Transcontinental.

Yeah, I agree, JM95's comment was a bit off topic, off the wall and appeared to be looking for some shock value. All of the LV wash runs through conduits under the lake into Lake Mead. None of that run-off water flows in to Lake Las Vegas. The water going to Lake Las Vegas is purchased from the City of Henderson.
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Old 05-13-2010, 11:12 AM
 
Location: Kingman AZ
15,370 posts, read 38,979,635 times
Reputation: 9215
Quote:
Originally Posted by JM95 View Post
Is it true that there is nuclear waste from 50's atomic testing buried under the lake? Hence, swimming is discouraged?
YO ....dude....think about this question...reallll hard.....1950's waste buried beneath a lake that was formed in 1932....does this REALLY deserve to posted here
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Old 05-13-2010, 11:33 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,392,716 times
Reputation: 7615
My prediction: it will become a modern day ghost town.
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