BREAKING Partial TH Properties Reorganization Plan DID hit today. Discussion Thread.

[administrator]

No one will ever know why, at least not in circles here, but the plan DID hit today after all. Well, part of it at least.

http://www.wheresbuilder.com/THP_Reorg_Plan_102709.pdf

This is not "it" in stone yet, however. It has a long way to go from this filing...

Please use THIS thread for discussions so that they are not all over the map.

I have not read through it yet myself.

This is after this :

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

Shrug.

[discochick1978]

Wow! Finally! My area will be completed! Hooray for Northgate Phase II!!

[administrator]

Originally Posted by discochick1978

Wow! Finally! My area will be completed! Hooray for Northgate Phase II!!

The details have not hit the docket.

Until then, we will not know how and how much will actually consist of that buildout.

But hopefully this provides some VERY much needed initial insight.

[administrator]

I'm still reading through but I have not seen the straight abolishment of liens against homeowners in sold homes. I see funds of a share of 57% of net profit, in line after others, but no abolishment.

Unreal.

Thanks, TH(P).

I hope I just missed it.

I see 3.18 .... I want to see the further detail on that... Which lien holders? I'm reading it as those inclusive of the ones on sold homes? And what about the leftover? I'm sure if there is a X percent payout on Y, lien holders will pursue the remainder.

At least the principals, under this plan, will have a reasonable salary and up to a 10% bonus.

That's much better than making customers whole as quickly as possible.

And it does look like there will be a HM management board of 5 members - Hendricks, two committee, and one agreed upon party.

Any takers?

[discochick1978]

Sorry, my reaction was a little premature....it just sounds like there is (finally) a light at the end of this very long tunnel....

[administrator]

Originally Posted by discochick1978

Sorry, my reaction was a little premature....it just sounds like there is (finally) a light at the end of this very long tunnel....

I just wanted to float out the note that this is not a done deal... It still has to be fully submitted and ultimately voted on.

And the banks have to be on board with the buildouts as well.

[1750Hazelnut]

What does this mean. Is this what they intend to do or is it a done deal? As far as i know they still dont have a DIP for whitfield.

[administrator]

Originally Posted by 1750Hazelnut

What does this mean. Is this what they intend to do or is it a done deal? As far as i know they still dont have a DIP for whitfield.

I believe this work in progress represents intentions, desires and current negotiations.

This is just the overview. The devil will absolutely be in the details.

And as of yet, they have not been posted.

We are a long way away.... This is all that has made it.

I guess it's a placeholder of sorts to get the extension agreed upon?

[R_AWilson]

So not to sound like an idiot, but does this mean anything for those that THP has voided their contract and now has stolen money from? Instead can they out an extra order for windows or cabinets and fix mine here. I will let that eliminate their debt to be. I am sorry. This is soo aggrivating (I know I am preaching to the choir)

[northgate#46]

WOW!!! that takes some balls they want a 10% bonus if they meet certain sales goals for a bankrupt company that they put there. Do any of us get a bonus for them stealing our deposit money, unfinished work on homes, dealing with lien issues? That definitely needs to be stricken out. So much in there that i truly have not even fully digested it all.