LTV I Liquidating Trust
Barry Mukamal was appointed Chapter 11 Bankruptcy Trustee immediately upon confirmation of the Plan of Reorganization. The Trust, which placed the senior secured lender, BB&T as the sole beneficiary, was formed for the purpose of securing and directing the management and sale of two hotels with timeshare components, a sales center and development of land; together with more than 5,000 scattered site timeshare units. The Trust team implemented a program of assessing the condition of the properties; status of management and planning and oversight of transition; incorporating accounting controls and reporting procedures and conduct of same.
The Trust successfully secured and stabilized the various real estate and timeshare assets so that they could be packaged and exposed to the marketplace for liquidation. Liquidation support involved the assembling of due diligence information including financial reports present and historic, development rights; detail asset descriptions; timeshare condominium association documents and budgets; broker engagement and oversight and closing support.