Facebook
Fark
Digg
Reddit
Stumble
Friday, Oct. 16, 2009 | 6:26 p.m.
Sun Archives
- Fontainebleau president among execs leaving project (10-15-2009)
- Fontainebleau a symbol of bad timing, not the only victim (10-12-2009)
- Fontainebleau judge wants quick sale of bankrupt project (10-2-2009)
- In reversal, Fontainebleau lenders suggest liquidation (9-25-2009)
- Fontainebleau: Bank no longer ‘seeking to destroy’ project (9-17-2009)
An executive experienced in financial restructurings was appointed Friday as the examiner in the Fontainebleau Las Vegas bankruptcy case.
The U.S. Trustee for Miami's bankruptcy court appointed as examiner Jeff Truitt of the Santa Ana, Calif., office of XRoads Solutions Group.
XRoads is a company that provides corporate restructuring and consultancy services.
Truitt is a principal in the company's corporate restructuring operation.
According to the XRoads Web site, Truitt has more than 20 years of experience dealing with complex business and financial matters.
He's served as an adviser to companies and creditors in restructurings and reorganizations, both in and out of bankruptcy proceedings. Gaming/hospitality are among the industries he is experienced with.
Truitt is specifically experienced with acquisitions, dispositions and debt refinancing involving financially distressed companies; and has provided expert witness testimony on issues such as reorganization plan feasibility, key employee retention plans, cash collateral issues, debtor in possession financing, liquidation analyses and asset sales, XRoads' Web site says.
The judge in the Fontainebleau bankruptcy case, A. Jay Cristol, decided that appointment of an examiner was necessary after a group of lenders complained the process of selling the unfinished resort project could be compromised by what the lenders called developer Jeff Soffer's conflicts of interest.
As the examiner, Truitt will oversee the Fontainebleau sales process.
It's wonderfully practical that this judge in Miami appointed an Examiner who actually has an office within driving distance of Fontainebleau. I really expected someone from Florida to be appointed.
Though examiners are often "nominated" by creditors, it's refreshing to see a judge trying to be impartial.
Now, please someone post something telling me that Jeff Truitt is in the pocket of Bank of America, to bring me back to reality!
Bankruptcy court is a clubhouse. It's sole purpose is to feed the various constituencies that make their living off of it. The auctioneers, trustees, lawyers, etc. The last people on the bankruptcy food chain are the creditors, except perhaps, sometimes the shareholders.
They rip off all kinds of fees and comissions from the rest value that's left so the shareholders will go short. Plus, will due wages get paid at all or will they simply skip that too but pay the bakructcy attourneys first?
There are so many over-sized and ambitous casinos in Vegas that went broke just before or just after Grand Opening. Why can't they build casinos within their means? A littler smaller can be better sometimes. Take an example at the East Side Cannery that created a casino on a low budget. They offer anything you need and still charge you only 30 dollars plus tax for very nice rooms with all amenities included. So ridiculous resort fees attached and other blow-up stuff.
From Switzerland