Looks like October 27th is going to come and go.. Just like any other day. THP ReOrg

[administrator]

... Another request for extending the exclusivity.

This one, if approved, would allow the to continue to have exclusivity until January 25, 2010.

It also would allow them to solicit votes on the plan submitted by the Debtor (THP) until and including March 31, 2010.

Depending on how this goes over the next week or two, you might want to save the date of November 19th, 2009.

That could be the hearing date if there are objections...

[Voice-of-Reason]

No matter how hard THP tries, they still won't be able to come up with a reorganization plan. Save some time for everyone involved-----CHAPTER 7.

[administrator]

Originally Posted by Voice-of-Reason

No matter how hard THP tries, they still won't be able to come up with a reorganization plan. Save some time for everyone involved-----CHAPTER 7.

Well, it's "only been six months".

It must be easy to say that when you don't have to live with what everyone is fighting over in the court system.

[watcher]

Thp doesn't know that their lawyers are just stringing them and all the creditors along to collect as many fees as they can before admitting that chapter 7 is the only option. The judges go along with this stuff because they used to be lawyers and all their pals are lawyers. In the end the pie left to divide will be smaller than the professional fees.

[Flux]

Does anyone know the actual amount that THP owes out?

What about their assets?

[northgate#46]

what a freaking joke. That would make it almost a year to get a reorganization plan together. We are still sitting here waiting for the DIP from Wilmington trust to be officially signed off. Amazing how something that gets approved 2 weeks ago is still not done. Gotta love this court system.

[MontCo77]

Originally Posted by Flux

Does anyone know the actual amount that THP owes out?

What about their assets?

We were trying to figure this out earlier. It easily has to be well into the 100's of millions, or close to it. Not something that's going to be fixed by selling a handful of homes.

[Voice-of-Reason]

I know this is a touchy subject. I do have a vested interest in the outcome of this case. I like everyone else filed a Proof of Claim.

I just don't think THP will be able to negotiate their way out of the mess they are in. It has been 6 months since filing. The have no exit plan. If they were to file for Chapter 7, then this mess would be over and everyone involved can cut their losses and move on.

I know the admin and others have liens on their properties and unfinished work to be done. We all have promises THP did not fulfill. It sucks. But I am looking for CLOSURE and we are not getting their as long as THP continues to stall for more time.

That's just my opinion, I could be wrong.

[administrator]

Originally Posted by Voice-of-Reason

I know this is a touchy subject. I do have a vested interest in the outcome of this case. I like everyone else filed a Proof of Claim.

I just don't think THP will be able to negotiate their way out of the mess they are in. It has been 6 months since filing. The have no exit plan. If they were to file for Chapter 7, then this mess would be over and everyone involved can cut their losses and move on.

I know the admin and others have liens on their properties and unfinished work to be done. We all have promises THP did not fulfill. It sucks. But I am looking for CLOSURE and we are not getting their as long as THP continues to stall for more time.

That's just my opinion, I could be wrong.

Thanks for thinking of me

No perspective necessary. Much like some of THP's lenders, I want off this ride as well.

Yes, I do say TH(P), finish what you started. And I say, I'll take TH(P) to finish my home and the surroundings right now.

But, I'll take someone else as well. I have a family, a job, and other day to day goings on. It's been six months. Even the most die hard of moving-it-forward people such as myself get a little worn down.

And, to date, I have not seen any indication that having TH(P) at the helm of things will speed up my lien recovery. Or my incomplete home. Or anything. I'm still waiting to be proven wrong on that...

So... I'm with you. I want closure. I want my stuff taken care of, but I also want closure.

An interesting realted aside. It's considered a rarity for builders to reemerge from bankruptcy. Just poke around the web. They may finish out a homes left, as TH(P) is doing, but it is unsual for them to come back in full form.

One common theme that those that do seem to have... Is the principals of the companies believe so strongly in their failed business that they both INJECT MONEY into them from personal assests AND take care of their customers. I was reading a piece on I believe it was Kent builders in the midwest (?) that had VPs and CEOs cutting down people's unsightly issues.

Little gestures like that I am certain go a long way. And, injecting the business with money from personal gains demonstrate a real desire to get things going as quickly as possible.

That does not appear to be the case here as filing after filing discusses how great things WERE, but, quickly turns to how bleak things have become and how desparate things are.

As for the liabilities - it's a lot. I don't have the numbers off hand, but they are in all of the schedules. It's probably not worth looking at right now.. It is going to DRASTICALLY change once all of the claims that have hit are accounted for.

Even if TH(P) is able to "leave its debt behind" (and, also, it's customers).... I just don't see how they can do it either.

[administrator]

It hit.

Why?

So many different possibilities, but it did hit today after all.

More to come!