Sale may end pending Dyer bankruptcy

Aug. 26, 2008 — There may be some new life for the Dyer Mountain four-season resort near Westwood — if a prospective buyer can come up with at least $51 million by Friday, Aug. 29. During the bankruptcy proceedings, Dyer Mountain Associates has negotiated with its principal creditors — California Mortgage and Realty, Inc, three CMR Mortgage Fund entities, Frontier Ridge Global Fund and an investment group known as Shamrock Investments, Inc., doing business as Shamrock Almanor. George Reilly is named as Shamrock’s principal.

Sara Duryea, a principal for Dyer Mountain Associates, said she couldn’t comment specifically on the bankruptcy proceeding.

“We’re in due diligence with Shamrock,” she said. “That’s where we’re at right now.”

According to an order signed on Thursday, Aug. 7 by Dennis Montali, a United States Bankruptcy Judge, on or before Aug. 29 Dyer Mountain Associates shall deliver a copy of a “definitive written contract for the sale by Dyer to Shamrock of all of Dyer’s real property and related assets, at a price that will include no less than $51 million cash … ”

In addition, Dyer Mountain Associates shall deliver satisfactory proof of Shamrock’s ability to pay at least $51 million at the closing of the contract.

Unless Dyer Mountain Associates meets those two conditions, CMR may complete foreclosure sales of Dyer’s property an any date of its choosing on or after Sept. 2.

On or before Sept. 15, Dyer Mountain Associates or an appropriate escrow holder shall receive a $1 million nonrefundable good faith deposit in immediately available funds pursuant to the contract. At least $975,000 of those funds shall be paid to CMR.

Should the matter proceed as expected, Dyer Mountain Associates shall file a proposed plan of reorganization with the court by Oct. 17.

According to Montali’s order, “Neither Dyer nor the Creditors Committee may seek, in this or any other court, any stay, injunction or other relief that would enjoin, delay or otherwise impair any foreclosure sale expressly allowed by this order or otherwise be inconsistent with any aspect of this order.”

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