Case 09-14814-lbr

Doc 1034

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Entered on Docket
February 23, 2010

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__________________________________
Hon. Mike K. Nakagawa
United States Bankruptcy Judge

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LARSON & STEPHENS

810 S. Casino Center Blvd., Suite 104
Las Vegas, Nevada 89101
Tel: (702) 382-1170 Fax: (702) 382-1169

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James I. Stang, Esq. (CA Bar No. 94435)

Shirley S. Cho, Esq. (CA Bar No. 192616)
Werner Disse, Esq. (CA Bar No. 143458)
PACHULSKI STANG ZIEHL & JONES LLP
10100 Santa Monica Blvd., 11th Floor
Los Angeles, California 90067-4100
Telephone: 310/277-6910
Facsimile: 310/201-0760
Email: [email protected]
[email protected]
[email protected]
Zachariah Larson, Esq. (NV Bar No. 7787)
LARSON & STEPHENS
810 S. Casino Center Blvd., Ste. 104
Las Vegas, NV 89101
Telephone: 702/382.1170
Facsimile: 702/382.1169
Email: [email protected]
Attorneys for Debtors and Debtors in Possession

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UNITED STATES BANKRUPTCY COURT

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FOR THE DISTRICT OF NEVADA

In re:

Case No. 09-14814 LBR

(Jointly Administered)

THE RHODES COMPANIES, LLC, aka Rhodes

Homes, et al.,1
Debtors.
__________________________________________
Affects All Debtors
Affects the following Debtors:

Hearing Date: N/A

Hearing Time: N/A
Courtroom: 1

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1

The Debtors in these cases, along with their case numbers are: Heritage Land Company, LLC (Case No. 09-14778); The
Rhodes Companies, LLC (Case No. 09-14814); Tribes Holdings, LLC (Case No. 09-14817); Apache Framing, LLC (Case No.
DOCS_LA:207914.3

LARSON & STEPHENS

810 S. Casino Center Blvd., Suite 104
Las Vegas, Nevada 89101
Tel: (702) 382-1170 Fax: (702) 382-1169

Case 09-14814-lbr

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ORDER APPROVING STIPULATION TO EXTEND CASH COLLATERAL

TERMINATION DATE [RE: DOCKET NO. 126]
Upon consideration of the Fifth Stipulation to Extend Cash Collateral Termination Date
[Re Docket No. 126] (the Stipulation), a copy of which is attached hereto for reference, and
good cause appearing,
IT IS HEREBY ORDERED that the Stipulation is approved.

Submitted by:
DATED this 22nd day of February, 2010.
By:
/s/Zachariah Larson
LARSON & STEPHENS
Zachariah Larson, Esq. (NV Bar No 7787)
Kyle O. Stephens, Esq. (NV Bar No. 7928)
810 S. Casino Center Blvd., Ste. 104
Las Vegas, NV 89101
(702) 382-1170 (Telephone)
(702) 382-1169
[email protected]
Attorneys for Debtors and
Debtors in Possession

09-14818); Geronimo Plumbing LLC (Case No. 09-14820); Gung-Ho Concrete LLC (Case No. 09-14822); Bravo, Inc. (Case No.
09-14825); Elkhorn Partners, A Nevada Limited Partnership (Case No. 09- 14828); Six Feathers Holdings, LLC (Case No. 0914833); Elkhorn Investments, Inc. (Case No. 09-14837); Jarupa, LLC (Case No. 09-14839); Rhodes Realty, Inc. (Case No. 0914841); C & J Holdings, Inc. (Case No. 09-14843); Rhodes Ranch General Partnership (Case No. 09-14844); Rhodes Design and
Development Corporation (Case No. 09-14846); Parcel 20 LLC (Case No. 09-14848); Tuscany Acquisitions IV LLC (Case No.
09-14849); Tuscany Acquisitions III LLC (Case No. 09-14850); Tuscany Acquisitions II, LLC (Case No. 09-14852); Tuscany
Acquisitions, LLC (Case No. 09-14853); Rhodes Ranch Golf and Country Club, LLC (Case No. 09-14854); Overflow, LP (Case
No. 09-14856); Wallboard, LP (Case No. 09-14858); Jackknife, LP (Case No. 09-14860); Batcave, LP (Case No. 09-14861);
Chalkline, LP (Case No. 09-14862); Glynda, LP (Case No. 09-14865); Tick, LP (Case No. 09-14866); Rhodes Arizona
Properties, LLC (Case No. 09-14868); Rhodes Homes Arizona, LLC (Case No. 09- 14882); Tuscany Golf Country Club, LLC
(Case No. 09-14884); and Pinnacle Grading, LLC (Case No. 09-14887).
DOCS_LA:207914.3

Case 09-14814-lbr
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LARSON & STEPHENS

810 S. Casino Center Blvd., Suite 104
Las Vegas, Nevada 89101
Tel: (702) 382-1170 Fax: (702) 382-1169

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James I. Stang, Esq. (CA Bar No. 94435)

Shirley S. Cho, Esq. (CA Bar No. 192616)
Werner Disse, Esq. (CA Bar No. 143458)
PACHULSKI STANG ZIEHL & JONES LLP
10100 Santa Monica Blvd., 11th Floor
Los Angeles, California 90067-4100
Telephone: 310/277-6910
Facsimile: 310/201-0760
Email: [email protected]
[email protected]
[email protected]

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E-File: February 22, 2010

Zachariah Larson, Esq. (NV Bar No. 7787)

LARSON & STEPHENS
810 S. Casino Center Blvd., Ste. 104
Las Vegas, NV 89101
Telephone: 702/382.1170
Facsimile: 702/382.1169
Email: [email protected]

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Attorneys for Debtors and Debtors in Possession
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UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF NEVADA

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In re:

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THE RHODES COMPANIES, LLC, aka Rhodes

Homes, et al.,1

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Debtors.
__________________________________________
Affects All Debtors
Affects the following Debtors:

Case No. 09-14814 LBR

Date: N/A
Time: N/A
Place: N/A

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FIFTH STIPULATION TO EXTEND CASH COLLATERAL TERMINATION DATE
[RE: DOCKET NO. 126]

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The Debtors in these cases, along with their case numbers are: Heritage Land Company, LLC (Case No. 09-14778); The
Rhodes Companies, LLC (Case No. 09-14814); Tribes Holdings, LLC (Case No. 09-14817); Apache Framing, LLC (Case No.
09-14818); Geronimo Plumbing LLC (Case No. 09-14820); Gung-Ho Concrete LLC (Case No. 09-14822); Bravo, Inc. (Case No.
09-14825); Elkhorn Partners, A Nevada Limited Partnership (Case No. 09- 14828); Six Feathers Holdings, LLC (Case No. 0914833); Elkhorn Investments, Inc. (Case No. 09-14837); Jarupa, LLC (Case No. 09-14839); Rhodes Realty, Inc. (Case No. 0914841); C & J Holdings, Inc. (Case No. 09-14843); Rhodes Ranch General Partnership (Case No. 09-14844); Rhodes Design and
Development Corporation (Case No. 09-14846); Parcel 20 LLC (Case No. 09-14848); Tuscany Acquisitions IV LLC (Case No.
09-14849); Tuscany Acquisitions III LLC (Case No. 09-14850); Tuscany Acquisitions II, LLC (Case No. 09-14852); Tuscany
Acquisitions, LLC (Case No. 09-14853); Rhodes Ranch Golf and Country Club, LLC (Case No. 09-14854); Overflow, LP (Case
No. 09-14856); Wallboard, LP (Case No. 09-14858); Jackknife, LP (Case No. 09-14860); Batcave, LP (Case No. 09-14861);
Chalkline, LP (Case No. 09-14862); Glynda, LP (Case No. 09-14865); Tick, LP (Case No. 09-14866); Rhodes Arizona Properties, LLC (Case No. 09-14868); Rhodes Homes Arizona, LLC (Case No. 09- 14882); Tuscany Golf Country Club, LLC (Case
No. 09-14884); and Pinnacle Grading, LLC (Case No. 09-14887).
DOCS_LA:208522.5

LARSON & STEPHENS

810 S. Casino Center Blvd., Suite 104
Las Vegas, Nevada 89101
Tel: (702) 382-1170 Fax: (702) 382-1169

Case 09-14814-lbr

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This Stipulation is entered into by and between the above-captioned Debtors and Debtors
in Possession (the Debtors), the First Lien Steering Committee (FLSC), the Administrative
Agent for the First Lien Lenders (the Agent), and the Official Committee of Unsecured
Creditors (the OCUC). The foregoing parties (together, the Parties) hereby enter into this
Stipulation and agree as follows:
RECITALS
WHEREAS, on April 30, 2009, the Court entered that Final Stipulated Order (I)
Authorizing Use of Cash Collateral Pursuant to Sections 105, 361, 362 and 363 of the Bankruptcy Code and (II) Granting Adequate Protection and Super Priority Administrative Expense
Priority to Prepetition Secured Lenders re Debtors Motion for Interim and Final Orders
Pursuant to Sections 105, 361, 362, 363, and 364, etc. [Docket No. 126] (the Final Cash
Collateral Order);
WHEREAS, the Final Cash Collateral Order has been extended from time to time
pursuant to stipulation of the Parties and further Orders by this Court;
WHEREAS, pursuant to the Order Approving the Fourth Stipulation re Emergency
Motion to Extend Cash Collateral Termination Date [Docket No. 882] , the Cash Collateral
Termination Date as defined in the Final Cash Collateral Order is currently set to expire on
February 28, 2010 at 11:59 p.m. prevailing pacific time;
NOW THEREFORE, in consideration of the mutual covenants contained herein, and
other good and valuable consideration (the receipt and sufficiency of which are acknowledged),
it is hereby stipulated and agreed by and between the Parties as follows:
AGREEMENT
1.

Subject to the Debtors continued compliance with all other terms of the Final

Cash Collateral Order, the First Lien Steering Committee has agreed to an extension of the Cash

DOCS_LA:208522.5

LARSON & STEPHENS

810 S. Casino Center Blvd., Suite 104
Las Vegas, Nevada 89101
Tel: (702) 382-1170 Fax: (702) 382-1169

Case 09-14814-lbr

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Collateral Termination Date set forth in paragraph 3(i)(a) of the Final Cash Collateral Order
through the earlier of (i) March 31, 2010 at 11:59 p.m. (prevailing Pacific Time) or (ii) the
Effective Date of the plan pursuant to the Budget attached hereto as Exhibit A (solely with
respect to the earlier of those two dates) with all other provisions of the Final Cash Collateral
Order remaining in full force and effect, except for compliance with paragraph 3(b) regarding
Pinnacle, which the FLSC and Agent waived under a prior stipulation and order.
2.

The Challenge Period set forth in paragraph 10 of the Final Cash Collateral Order

shall be extended through the earlier of (i) March 31, 2010 at 11:50 p.m. (prevailing Pacific
Time) or (ii) the Effective Date of the plan.
Dated: February 22, 2010
APPROVED

APPROVED

By:
/s/ Philip C. Dublin
AKIN GUMP STRAUSS
HAUER & FELD LLP
Ira S. Dizengoff (NY Bar No. 2565687)
Philip C. Dublin (NY Bar No. 2959344)
Abid Qureshi (NY Bar No. 268437)
One Bryant Park
New York, NY 10036
Counsel for the First Lien Steering Committee

By:
/s/ Ramon M. Naguiat
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
Ramon M. Naguiat
300 S. Grand Ave., #3400
Los Angeles, CA 90071
Counsel for Credit Suisse, Cayman Islands
Branch, as Agent for First Lien Lenders

APPROVED

APPROVED

By:
/s/ James I. Stang
James I. Stang
Pachulski Stang Ziehl Young & Jones LLP
10100 Santa Monica Blvd., 11th Floor
Los Angeles, CA 90067
Counsel for Debtors and Debtors-inPossession

By:
/s/ J. Thomas Beckett
J. Thomas Beckett
Parsons Behle & Latimer
One Utah Center
201 South Main Street, Suite 1800
Salt Lake City, UT 84111
Counsel for Official Committee of
Unsecured Creditors

DOCS_LA:208522.5

Case 09-14814-lbr

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EXHIBIT A

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4 of 7
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InsuranceFinancing
ITServices/Equip.
Storage
Rent
BrokerageLicense
HOAFees(1)
ModelHomeLeases(2)
Total1stofMonthPayments

RhodesHomesPayroll
RhodesHomesOrdinaryCourseProfessionals
RhodesHomesConsultants
RhodesHomesAZPayroll
PinnaclePayroll
TotalPayrollandBenefits

Pinnacle(JobCost)
PinnacleOverhead
Pinnacle(EquipmentNotesPayments)
RHVerticalCoststoCompleteBacklog+Standing(Unsold)
RHVerticalCoststoCompleteNewSalesNotStarted(3)
RhodesHomesLandDev.(CosttoComplete)
RhodesRanchPark(JobCost)
RhodesHomesWarrantyRepairs(JobCost)
RhodesHomesVerticalCostsA/P
RhodesHomesLandDev.A/P
RhodesHomesLandDev.ParkA/P
TotalJobCost

Sales/Marketing
G&A
UtilityDeposits
BuilderSubsidiestoTuscanyHOA(4)
SalesandUseTax/PersonalPropertyTaxes
Debtor'sRestructuringProfessionals(5)
Committee'sRestructuringProfessionals(6)
Lenders'Professionals(7)
USTrusteePaymentCenter
Employee&ConsultantHousingandTravelExpenses
G&AExpenditures

TuscanyGolfCourseCosts

StartingCashPosition
NetRevenuefortheweek
DisbursementforWeek
EndingCashPosition

12
13
14
15
16
17
18
19

20
21
22
23
24
25

26a
26b
27
28
29
30
31
32
33
34
35
36

37
38
39
40
41
42
43
44
45
46
47

48

49
50
51
52

$5,542,818
51
3/19/2010
1
0
0

40,561
5,846

244,556
68,250
88,295

7,500



 455,008

69,000



3,168
72,168










5,727,785
1,195,853
1,399,200
$5,524,438

54
4/9/2010
2
0
0

55
4/16/2010
4
0
0

30,000

14,695
17,500





312,000

2,000
 346,195

 451
6,184
7,907
231,685
105,000
23,736

7,500



 382,463

69,000
20,000


3,168
92,168

2,788






2,788

 115,000

14,695
17,500

18,349

170,000

207,500

4,500
 432,544

53,798
6,796
14,251
193,071
136,500
32,494

7,500



 444,410

69,000



3,168
72,168


8,591

31,875
1,000
8,000
23,092
72,557

42,500

14,695
17,500







2,000
34,195

 451
5,846
61,544
180,199
168,000
17,158

7,500



 440,699

69,000
30,000


3,168
 102,168


5,500





5,500

14,695
17,500







2,000
34,195

451
6,157
7,907
167,328
225,750
31,193

7,500



446,286

69,000
20,000


3,168
92,168

2,788






2,788

$356,664



75,000


431,664

56
4/23/2010
2
0
0

14,695
17,500

18,349

85,000
21,250
7,500
80,000
2,000
246,294

451
6,796
14,251
154,457
252,000
19,879

7,500



455,334

69,000



3,168
72,168


8,591

31,875
1,000
8,000
23,092
72,557

$385,246



70,000


455,246

57
4/30/2010
2
0
0

5,816,028
431,664
595,438
$5,652,255

5,652,255
455,246
921,353
$5,186,147

69,000 20,000 75,000

14,695
17,500


10,000
103,750

200,000

2,000
 347,945

 451
5,846

180,199
194,250
20,646

7,500



 408,892

69,000



3,168
72,168










 5,524,438  5,491,027  5,706,441  5,475,518  5,677,368  5,560,207
621,586 978,264 622,691  1,338,530 507,902  1,153,828
654,997 762,850 853,614  1,136,680 625,063 898,006
$5,491,027 $5,706,441 $5,475,518 $5,677,368 $5,560,207 $5,816,028

69,000

 451
5,846
61,544
283,170
36,750
23,106

7,500



 418,367

69,000
30,000


3,168
 102,168


42,864





42,864

69,000 30,000 105,000 42,500

5,366,364
1,306,218
944,796
$5,727,785

53
4/2/2010
4
0
0

 5,542,818
9,480,949
9,837,620
$ 5,186,147

667,000

161,133
218,593

 55,047
464,024
572,229
 88,260
1,199,500
 80,325
 26,080
 2,865,190

398,451
119,902
324,562
2,664,776
1,218,000
299,145

 82,816



 5,107,654

765,482
123,107


 34,790
923,379

 8,363
 74,135

 95,624
 3,000
 24,000
 69,275
274,397

$ 7,641,180



840,000
999,769

 9,480,949

Totals
30
0
0

Entered 02/23/10 11:14:44

5,542,818
869,168
1,045,622
$5,366,364

52
3/26/2010
2
0
0

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$ 546,586 $ 342,840 $ 532,691 $ 1,139,185 $ 427,902 $ 1,078,828
     
     
     
75,000 90,000 90,000 85,000 80,000 75,000
 545,424  114,345  
     
 621,586  978,264  622,691  1,338,530  507,902  1,153,828

50
3/12/2010
2
0
0

Entered 02/22/10 15:15:10

14,695
17,500


10,000
79,979
42,500


2,000
 166,674

14,695
17,500

18,349
431,524
93,500

200,000

4,500
780,068

451
19,735
14,251
296,042
15,750
15,678

7,500



369,407

69,000



3,168
72,168


8,591

31,875
1,000
8,000
23,092
72,557

$1,125,853



70,000


1,195,853

49
3/5/2010
4
0
0

Doc 1030

14,695
17,500




14,902


2,000
49,097

14,695
17,500


12,500
40,000

272,500

2,000
359,195

451
38,140
7,907
360,399
15,750
23,498

7,500



453,645

300,484
12,709
135,000
373,671

3,463

7,816



833,143
14,179
43,593




9,608

325
1,080
68,784

76,000
20,000


3,168
99,168

68,482
3,107


3,106
74,695

2,788






2,788

$1,241,218



65,000


1,306,218

$464,168



65,000
340,000

869,168









48
2/26/2010
5
0
0

47
2/19/2010
2
0
0

Case 09-14814-lbr

Doc 1034

Notes:
(1)HOAfeespaidforcompletedcommunitiesinwhichtheCompanycontinuestoownlots/property(i)SpanishHills$3,000,(ii)$5,000XIt.
(2)Leasepaymentspaidtoownersofmodelhomes(9units)whicharerepresentativeofproductthatcontinuestobesoldinTuscanyandinRhodesRanch.
(3)Verticalconstructioncostsincurredrelatedtoprospective,ongoingsalesofproductthatareatthedirtlotphaseofconstruction.
(4)Includesmonthly(i)$1,600salesofficerentestimateand(ii)$16,749TuscanyHOAsupport.
(5)PaymentstoPachulskiStang,Larson&Stephens,Omni,AcceleronGroupandtheSullivanGroup.
(6)PaymentstoBeckett,ParsonsBehle&Latimer
(7)PaymentstoWCP,AkinGump,Koslear&Leatham.

NetRevenuesBacklog(Sold)
NetRevenuesNewSalesNotstarted(Projected)
NetRevenuesUnsoldStandingInventory(Projected)
RevenuesParkConstruction
TuscanyGolfCourseRevenues
PinnacleGradingRevenues
MiscellaneousRefundsandFees
TotalCashReceipts

WeekEnding
UnitsClosedBacklog(Sold)
UnitsClosedNewSalesNotStarted(Projected)
UnitsClosedUnsoldStandingInventory(Projected)

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5
6
7
8
9
10
11

Line#
1
2
3

StartingCashon2/19/2010(Projection)

RhodesHomes11WeekCashFlowForecast
Revised2/19/2009

Case 09-14814-lbr
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