10000020096

Case 09-14814-lbr 1 2 3 4 5 6 7 8 9 10 11
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: jstang@pszjlaw.com scho@pszjlaw.com wdisse@pszjlaw.com 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: zlarson@lslawnv.com [Proposed] Attorneys for Debtors and Debtors in Possession
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UNITED STATES BANKRUPTCY COURT DISTRICT OF NEVADA In re: THE RHODES COMPANIES, LLC, aka Rhodes Homes, et al., 1 Debtors. Case No.: BK-S-09-14814-LBR (Jointly Administered) Chapter 11
The Debtors in these cases, along with their case numbers are: Heritage Land Company, LLC (Case No. 0914778); 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. 0914828); Six Feathers Holdings, LLC (Case No. 09-14833); Elkhorn Investments, Inc. (Case No. 09-14837); Jarupa, LLC (Case No. 09-14839); Rhodes Realty, Inc. (Case No. 09-14841); 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 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, L.L.C. (Case No. 0914882); Tuscany Golf Country Club, LLC (Case No. 09-14884); and Pinnacle Grading, LLC (Case No. 09-14887).
DOCS_LA:200496.3
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1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28
Affects: All Debtors Affects the following Debtor(s)
Hearing Date: April 17, 2009 Hearing Time: 9:30 a.m. Courtroom 1
NOTICE OF FILING OF REVISED ORGANIZATIONAL CHART, DEBTOR-BYDEBTOR SUMMARY, AND PROJECT SUMMARY Pursuant to this Courts request at the first day hearings on April 7, 2009 and April 8, 2009, attached are the following documents: 1. A revised organizational chart of the Debtors, which is attached hereto as Exhibit A. 2. An executive summary of each of the Debtors, which is attached hereto as Exhibit B. Included in such summary is the Debtors estimated balance sheet and income statement information, which is provided to the Court for information purposes only and is not meant to be binding for purposes of any evidentiary hearing. The Debtors reserve all rights to amend such information provided in Exhibit B upon further review and analysis of their books and records. 3. The following Debtors are obligors under the Debtors first and second secured lines of credit: The Rhodes Companies, LLC, Rhodes Ranch GP, and Heritage Land Company, LLC. The remaining 29 Debtors have provided secured guaranties under the same credit facilities. 4. Although the Debtors have not conducted an extensive investigation, the Debtors believe that the First Lien Lenders are secured in substantially all of the Debtors property. However, Tuscany Acquisitions IV, LLC owns a parcel (the Parcel) of land that is unencumbered with the exception of $2 million in disputed liens. The Parcel is located in the Tuscany master plan community located in Henderson, Nevada, and consists of approximately 26 acres that the Debtors purchased for over $13 million in 2007. While Tuscany Acquisitions IV, LLC is a guarantor under the credit agreements, the Parcel is not encumbered to secure the guarantee. ... ...
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5. An executive summary of each of the Debtors major developments is attached hereto as Exhibit C. DATED this 15th day of April, 2009. LARSON & STEPHENS /s/ Zachariah Larson, Esq. Zachariah Larson, Bar No. 7787 Kyle O. Stephens, Bar No. 7928 810 S. Casino Center Blvd., Suite 104 Las Vegas, NV 89101 Proposed Attorneys for Debtor
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EXHIBIT A
Rhodes Homes - Organizational Structure
Sagebrush Enterprises, Inc. (Non-debtor)
100%
Rhodes Ranch, LLC (Non-debtor)
Sedora Holdings, LLC (Non-debtor)
100%
The Rhodes Companies, LLC
94.363% 5.637% 5.694%
94.306%
Case 09-14814-lbr
Rhodes Ranch, GP
Heritage Land Company, LLC
100%
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100%
Rhodes Ranch Golf & Country Club, LLC
Elkhorn Investments, Inc. C&J Holdings, Inc. Rhodes Realty, Inc.
Six Feathers Holdings, LLC Rhodes Design and Development Corp.
Tribes Holdings, LLC
Jarupa, LLC
Rhodes Arizona Properties, LLC
Rhodes Homes Arizona, LLC
Tuscany Golf Country Club, LLC
Tuscany Acquisitions, LLC
Tuscany Acquisitions II, LLC
Tuscany Acquisitions III, LLC
Tuscany Acquisitions IV, LLC
Parcel 20, LLC
50%
Jerico Trust (Non-debtor)
100%
100%
1%
99%
Entered 04/15/09 21:11:45
Elkhorn Partners, LP Geronimo Plumbing, LLC Apache Framing, LLC
50%
Bravo, Inc. Key Icons = GP
Gung-Ho Concrete, LLC
Pinnacle Grading, LLC
Tick, LP
Glynda, LP
Jackknife, LP
Batcave, LP
Overflow, LP
Wallboard, LP
Chalkline, LP
Colors
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= LP
Holding / = Investment Entity
= LLC
= S Corporation
Non-Operating / = Wind-down Entity
= Trust
= Operating Entity
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EXHIBIT B

Entity Summary Financials - Year Ending 12/31/08
Legal Entity Name Non-Operating/Wind-down Entities $ $ $ $ $ $ Holding/Investment Entity $ Non-Operating/Wind-down Entities $ $ $ $ $ $ All Nevada Rhodes Homes developments and other 3rd parties 0 Rhodes Ranch, Tuscany, X-It, West 57th and Shaylon 7 0 $ 1,078,392.00 $ 6,287,397.00 $ $ 58,079.00 $ 822,463.00 $ $ 301,506.00 $ 17,086.00 $ 388,363.00 $ 294,814.00 $ (10,339.00) $ N/A 3,678,032.00 $ 36,628,861.00 $ $ 195,404.00 $ 4,799,020.00 $ N/A 0 0
Type of Legal Entity
Entity Operating Category
# of Employees
Assets
Liabilities
Revenue
Expenses
Other
Net Income / (Loss) -
1 Apache Framing, LLC
Nevada LLC
Associated Developments All Nevada Rhodes Homes developments and other 3rd parties
2 Batcave, LP
Nevada LP
(4,994,424.00)
3 Bravo, Inc
Nevada S-Corp
4 C&J Holdings, Inc.
Nevada S-Corp
Operating Entity
103,888.00 (880,542.00)
5 Chalkline, LP
Nevada LP
Holding/Investment Entity
6 Elkhorn Investments, Inc $ Non-Operating/Wind-down Entities $ Non-Operating/Wind-down Entities $ $ $ $ Non-Operating/Wind-down Entities $ Non-Operating/Wind-down Entities $ $ 336,701,418.00 $ $ Non-Operating/Wind-down Entities $ Holding/Investment Entity $ 2,985,878.00 $ Spanish Hills 0 $ $ N/A 0 $ $ 185.00 $ 35,225.00 $ 1,686,152.00 $ 12,993,890.00 $ 497,629,372.00 $ $ $ $ $ $ Holding/Investment Entity Holding/Investment Entity N/A 0 98,844.00 $ N/A 0 All Nevada Rhodes Homes developments and other 3rd parties 0 88,715,320.00 $ 1,718,897.00 $ $ Rhodes Ranch 0 All Nevada Rhodes Homes developments and other 3rd parties 0 $ 294,167.00 $ 78,963.00 $ $ 88,847.00 $ The Preserve/ Northern Lights 0 86,552.00 $ 832,384.00 $ 483,700.00 $ 759,732.00 $
Nevada S-Corp
Non-Operating/Wind-down Entities
N/A
0 18,694.00 $ 8,599.00 $ $ (294,726.00) (97,446.00) -
7 Elkhorn Partners, LP
Nevada LP
Case 09-14814-lbr
8 Geronimo Plumbing, LLC
Nevada LLC
9 Glynda, LP
Nevada LP
15,874.00 $ (6,044,556.00) $ 991,302.00 $ $ $ 23,775,194.00 $ 1,690,751.00 $
6,028,682.00 (24,766,496.00) (1,789,595.00)
10 Gung-Ho Concrete
Nevada LLC
11 Heritage Land Co., LLC
Nevada LLC
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12 Jackknife, LP
Nevada LP
13 Jarupa, LLC
Nevada LLC
2,434,190.00 $ 543,949.00 $
(2,434,375.00) (579,174.00)
14 Overflow, LP
Nevada LP
4,155,663.00 $
15 Parcel 20, LLC $ 110,051,636.00 $ Operating Entity N/A Operating Entity $ Operating Entity $ 2 0 $ 159,819,561.12 $ Non-Operating/Wind-down Entities Rhodes Ranch 0 $ Operating Entity Non-Operating/Wind-down Entities Holding/Investment Entity Holding/Investment Entity Non-Operating/Wind-down Entities Operating Entity Operating Entity Operating Entity Operating Entity Operating Entity Holding/Investment Entity Rhodes Ranch N/A Tuscany Tuscany Tuscany Tuscany Tuscany N/A N/A N/A All Nevada past, current and future developments 8 $ 0 0 $ 150,823,456.00 $ 0 0 $ 0 0 0 0 $ 44 0 $ 200,211.00 $ $ 50,172,953.00 $ 4,618,963.00 $ $ $ $ 381,091.96 $ $ $ $ $ 5,172,764.00 $ $ 46,629.00 $ $ 212,422.00 $ $ Operating Entity Operating Entity Rhodes Ranch, West Sunset Pravada All Nevada past, current and future developments 38 35,407,618.08 $ 19,518,655.00 $ Pravada, Rancheros 0 25 $ 9,422,194.00 $ 5,533,434.00 $
Nevada LLC
Operating Entity
Rhodes Ranch
0 118,200,744.00 $ 16,869,683.00 $ 19,210,608.00 $ 10,603,105.00 $ (12,944,030.00)
16 Pinnacle Grading, LLC
Nevada LLC
18,693,678.00 $ 12,179,670.00 $ 19,628,854.00 3,390,578.00 $ $ 108,441.00
807,796.00 $ $ (1,072,211.00) $
(8,256,980.00) 963,770.00
17 Rhodes Arizona Properties, LLC
Arizona, LLC
18 Rhodes Design and Development
Nevada S-Corp
103,264,845.30 $ 19,513,700.00 $ 35,280,911.39 56,169,578.00 $ 1,037,221.00 $ 4,561,840.00
$ 13,077,833.96 $ $ 5,142,720.00 $
(28,845,045.35) (8,667,339.00)
19 Rhodes Homes Arizona LLC
Arizona LLC
20 Rhodes Ranch General Partnership
Nevada GP
3,417,332.00 $ 52,911,696.00 $ 49,714,707.54
$ (9,199,761.00) $
12,396,749.46
21
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Rhodes Ranch Golf and Country Club, LLC
Nevada LLC
154,916.00 $
5,022,228.00 $
9,878,836.00
2,648.00 $
(4,859,256.00)
22 Rhodes Realty, Inc
Nevada S-Corp
1,633,813.00 $ $
6,603,545.00 $ $
6,071,194.00 -
$ $
263,674.00 $ $
268,677.00 -
23 Six Feathers Holdings, LLC
Arizona LLC
24 The Rhodes Companies, LLC
Nevada LLC
2,573,613.00 $ 15,660,092.00 $
$ $
1,824,599.00
$ 69,928.00 $
(220,059.00) $ 2,052,630.00 $
(1,604,540.00) (2,122,558.00)
25 Tick, LP
Nevada LP
26 Tribes Holdings, LLC
Nevada LLC
4,292,387.72 $ $ $ $
4,557,163.67 $ $ $ $
6,162,012.05 8,766,228.00 $ 31,486,978.00 $ 67,146,297.00 512,802.00 $ 3,524,953.00 $ 3,789,924.00
$ $ $ $
475,684.97 $ $ $ $ $ (1,771,726.00) $ $ 29,341.00 $
(2,080,533.35) (33,887,593.00) (294,312.00)
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27 Tuscany Acquisitions II, LLC
Nevada LLC
28 Tuscany Acquisitions III, LLC
Nevada LLC
29 Tuscany Acquisitions IV, LLC
Nevada LLC
30 Tuscany Acquisitions, LLC
Nevada LLC
31 Tuscany Golf Country Club, LLC
Nevada LLC
32 Wallboard, LP
Nevada LP
50,001.00 $
14,639.00 $
5,728.00 $
(20,367.00)
73203-001\DOCS_LA:200677v1
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The Rhodes Companies, LLC Information as of 12/31/08
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Non-Operating/Wind-Down Entities
Information as of 12/31/08
Legal Entity Name
Apache Framing, LLC
Legal Entity Name

ASSETS Cash Cash-Restricted Receivable, net Loan Receivable - Related Parties Due from affiliates and related parties Inventories Property, plant, and equipment, net Land held for investment Investments Pro-shop inventories Deposits and other assets TOTAL ASSETS LIABILITIES Lines of credit Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Capital lease obligations Distribution payable Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Minority Partners Equity Other Comprehensive Income TOTAL LIABILITIES & EQUITY REVENUE Home sales Golf course Contract sales TOTAL REVENUE COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
Apache Framing, LLC
d/b/a
White Mountain Framing
Nevada LLC - Framing Company
- Framing for Rhodes projects from 2006 - 2008 Business Description
Associated Developments
All Nevada Rhodes Homes developments and other 3rd parties 0
# of Employees Ownership Structure Tribes Holdings, LLC
100%
Summary Financial Data 2
Assets Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total
Year End as of 12/31/08 See consolidated summary financial data for Tribes Holdings $ $ -
$ $
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ -
Revenue Expenses Other Net Income / (Loss)
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Holding/Investment Entities
Information as of 12/31/08 Legal Entity Name Batcave, LP
Legal Entity Name
Batcave, LP
d/b/a
N/A
Nevada LP - Land Holding Company (Freeway Property) - Owns 45.59 acres adjacent to Highway 215 near Durango
ASSETS Cash Cash-Restricted Receivable, net Loan Receivable - Related Parties Due from affiliates and related parties Inventories Property, plant, and equipment, net Land held for investment Investments Pro-shop inventories Deposits and other assets TOTAL ASSETS LIABILITIES Lines of credit Secured - Notes payable Insider Claims - Due to affiliates and related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable and accrued liabilities Contingent Claims - Customer deposits Hedge Equity TOTAL LIABILITIES & EQUITY REVENUE Home sales Golf course Contract sales TOTAL REVENUE COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
3,666,857
11,175 3,678,032
Business Description
36,628,861
Associated Developments # of Employees Ownership Structure The Rhodes Companies, LLC Heritage Land Company Summary Financial Data 2 Assets Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total $ $
N/A 0
(27,956,405) 3,678,032
1% 99% Year End as of 12/31/08
11,175 3,666,857 3,678,032
195,404
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 36,628,861 (27,956,405) 3,678,032
195,404
4,799,020
195,404 4,799,020
$ $
4,799,020 (4,994,424)
(4,994,424)
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Legal Entity Name
Bravo, Inc
Legal Entity Name

Bravo, Inc
d/b/a
Rhodes Framing
Nevada S-Corp - Framing Company
- Framing for Rhodes projects from 1991 - Mid 2006
- Operations transferred to Apache Framing in Mid2006
100%
$ $
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Operating Entities
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Operating Entities
Legal Entity Name d/b/a Type of Legal Entity
C&J Holdings, Inc. Neighborhood Association Group (NAG) Nevada S-Corp - Homeowners' Association Management Company
Legal Entity Name

ASSETS Cash Cash-Restricted Receivable, net Loan Receivable - Related Parties Due from affiliates and related parties Inventories Property, plant, and equipment, net Land held for investment Investments Pro-shop inventories Deposits and other assets TOTAL ASSETS LIABILITIES Lines of credit Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Equity TOTAL LIABILITIES & EQUITY REVENUE Home sales Golf course Contract sales TOTAL REVENUE COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
C&J Holdings, Inc.
29,949 267,268 1,008
- Manages associations for Rhodes Ranch, Tuscany, XIt, West 57th and Shaylon developments
3,281 301,506
17,086
Associated Developments # of Employees Ownership Structure The Rhodes Companies, LLC
Rhodes Ranch, Tuscany, XIt, West 57th and Shaylon 7
180,533 301,506
388,363 388,363
100%
Summary Financial Data Assets
Year End as of 12/31/08
Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity
33,230 268,276
1,382 289,114 4,318
301,506
17,086 180,533 301,506
294,814
(10,339)
388,363 294,814 (10,339)
$ $
(10,339) 103,888
103,888
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Information as of 12/31/08 Legal Entity Name Chalkline, LP
Legal Entity Name
Chalkline, LP
d/b/a
N/A
Nevada LP - Land Holding Company
- Owns 21.08 acres just north of Rhodes Ranch master plan
1,078,392
1,078,392
6,287,397
N/A 0
(4,328,463) 1,078,392
1% 99% Year End as of 12/31/08
1,078,392 1,078,392
58,079
58,079
822,463
58,079 822,463
$ $
822,463 (880,542)
(880,542)
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Information as of 12/31/08 Elkhorn Investments, Inc
Information as of 12/31/08 Elkhorn Investments, Inc $ -
Legal Entity Name

ASSETS Cash Cash-Restricted Receivable, net Loan Receivable - Related Parties Due from affiliates and related parties Inventories Property, plant, and equipment, net Land held for investment Investments Pro-shop inventories Deposits and other assets TOTAL ASSETS LIABILITIES Lines of credit Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Capital lease obligations Distribution payable Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Minority Partners Equity Other Comprehensive Income TOTAL LIABILITIES & EQUITY REVENUE Home sales Golf course Contract sales TOTAL REVENUE
Legal Entity Name
d/b/a
N/A
Nevada S-Corp - Investment Holding Company (Owns 50% of Elkhorn Partners, LP)
68,325 18,227
86,552
689,771 142,613
(451,107) $ 86,552
483,700
483,700
N/A
# of Employees Ownership Structure The Rhodes Companies, LLC
100% Year End as of 12/31/08
COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
759,047
685
759,732
Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total
18,227 68,325
18,694
86,552
$ $
18,694 (294,726)
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 832,384 (451,107) 86,552
483,700 759,732 18,694
(294,726)
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Legal Entity Name
Elkhorn Partners, LP
Legal Entity Name

Elkhorn Partners, LP
d/b/a
N/A
Nevada LP - Developed several projects in North Las Vegas
294,167
294,167
- One home remaining with construction defect issues
78,925
38
312,651 $ 294,167
The Preserve/ Northern Lights
# of Employees Ownership Structure Elkhorn Investments, Inc Jerico Trust
82,070
50% 50%
6,777
88,847
294,167
8,599
294,167
$ $
8,599 (97,446)
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 38 78,925 312,651 294,167
88,847 8,599
(97,446)
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Legal Entity Name
Geronimo Plumbing, LLC
Legal Entity Name

Geronimo Plumbing, LLC
d/b/a
N/A
Nevada LLC - Plumbing Company
- Operated from 2005 2008 Business Description
100%
$ $
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Legal Entity Name
Glynda, LP
Legal Entity Name

Glynda, LP
d/b/a
N/A
Nevada LP - Former Land Holding Company for Parcel 20
88,715,320
88,715,320
- Sold to Parcel 20 LLC in mid-2007 Business Description
1,718,897
80,967,741 $ 88,715,320
Rhodes Ranch
# of Employees Ownership Structure The Rhodes Companies, LLC Heritage Land Company
1% 99% Year End as of 12/31/08
15,874
Summary Financial Data 2 Assets Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total $ $
88,715,320 88,715,320
15,874
(6,602,435) 557,879
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 1,718,897 80,967,741 88,715,320
$ $
(6,044,556) 6,028,682
15,874 (6,044,556)
6,028,682
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Legal Entity Name
Gung-Ho Concrete
Legal Entity Name

Gung-Ho Concrete
d/b/a
N/A
Nevada LLC - Concrete Company
- Operated from 2005 2008 Business Description
100%
$ $
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Information as of 12/31/08 Legal Entity Name Heritage Land Co., LLC N/A
Legal Entity Name
Information as of 12/31/08 Heritage Land Co., LLC $ 10,645,556 582
d/b/a
Nevada LLC - Investment Holding Company
288,206,190
30,076,128 7,772,962 $ 336,701,418
$ 368,511,390 1,625,309 108,025,949
Associated Developments # of Employees Ownership Structure Sedora Holdings, LLC Rhodes Ranch, LLC
2
N/A 0
37,796 19,428,928 (136,161,459) $ 336,701,418
94.31% 5.69% Year End as of 12/31/08
10,646,138 37,849,090 288,206,190
991,302
336,701,418
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 368,549,186 129,080,186 (136,161,459) 336,701,418
991,302
(39,534,705) 53,754,353 9,555,546
$ $
23,775,194 (24,766,496)
991,302 23,775,194
(24,766,496)
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Information as of 12/31/08 Legal Entity Name Jackknife, LP
Legal Entity Name
Jackknife, LP
d/b/a
N/A
Nevada LP - Land Holding Company (Parcels 13, 33 & 43) - Owns parcel 13, 33, 43 and parcel 13 on West Sunset
1,103,722
582,430 1,686,152
- All parcel approx. 9 acres
12,993,711
N/A 0
179
(9,518,143) 1,686,152
1% 99% Year End as of 12/31/08
582,430 1,103,722 1,686,152
98,844
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 179 12,993,711 (9,518,143) 1,686,152
98,844
1,690,751
98,844 1,690,751
$ $
1,690,751 (1,789,595)
(1,789,595)
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Legal Entity Name
Jarupa, LLC
Legal Entity Name

Jarupa, LLC
d/b/a
N/A
Nevada LLC - Was set to be development company for Chalkline land
- Incurred product design costs and project abandoned in 2008
942,557
9,962
1,481,857 $ -
N/A
100% Year End as of 12/31/08
185
185
$ 44,538
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 9,962 942,557 1,481,857 -
$ $
2,389,652 2,434,190 (2,434,375)
185 2,434,190
(2,434,375)
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Information as of 12/31/08 Legal Entity Name Overflow, LP
Legal Entity Name
Overflow, LP
d/b/a
N/A
- Owns Spanish Hills 5B - 10 Acres Business Description
2,971,678
14,200 2,985,878
4,155,663
Spanish Hills 0
(590,610) 2,985,878
1% 99% Year End as of 12/31/08
14,200 2,971,678 2,985,878
35,225
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 4,155,663 (590,610) 2,985,878
35,225
543,949
$ $
543,949 (579,174)
35,225 543,949
(579,174)
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The Rhodes Companies, LLC Information as of 12/31/08

Legal Entity Name
Operating Entities
Parcel 20, LLC N/A Nevada LLC - Developing parcel 20 in 5 phases in cooperation with Rhodes Design and Development - Owns 100% of Parcel 20
Parcel 20, LLC
ASSETS Cash Cash-Restricted Receivable, net Loan Receivable - Related Parties Due from affiliates and related parties Inventories Property, plant, and equipment, net Land held for investment Investments Pro-shop inventories Deposits and other assets TOTAL ASSETS
109,529,361 226,956
295,319 $ 110,051,636
LIABILITIES $ Lines of credit Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Equity TOTAL LIABILITIES & EQUITY $ REVENUE Home sales Golf course Contract sales TOTAL REVENUE COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
88,715,320 29,114,464
345,502 25,458 4,794,923 110,051,636
Rhodes Ranch 0
16,869,683
16,869,683
100% Year End as of 12/31/08
14,060,129 4,926,266 105,989 35,250 82,974
Summary Financial Data 2 Assets Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $
295,319 109,756,317
19,210,608
110,051,636
370,960 117,829,784 4,794,923 110,051,636
(188) 8,012,491
$ $
2,590,802 10,603,105 (12,944,030)
16,869,683 19,210,608 10,603,105
(12,944,030)
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The Rhodes Companies, LLC Information as of 12/31/08 Pinnacle Grading, LLC N/A Nevada LLC - Grading and Excavation
Legal Entity Name
Operating Entities
Information as of 12/31/08 Pinnacle Grading, LLC $ 30,672 3,522,923 931,850 1,940,450 2,865,381
- City of Flagstaff public Works redevelopment project - estimated $19.0M project - Jail in Kingman project- estimated $3.0M project
130,918 9,422,194
2,298,903 1,552,096 11,391,962 450,141 3,000,576
(1,014,506) 9,422,194
Associated Developments # of Employees Ownership Structure Rhodes Homes Arizona, LLC
N/A 25
12,179,670 12,179,670
100% Year End as of 12/31/08
15,509,226
1,846,315 2,273,313
30,672 3,653,841 5,737,681
9,422,194
19,628,854
3,000,576 15,693,102 (1,014,506) 9,422,194
(20,328) 1,212,128
$ $
(384,004) 807,796 (8,256,980)
12,179,670 19,628,854 807,796
(8,256,980)
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The Rhodes Companies, LLC Information as of 12/31/08 Rhodes Arizona Properties, LLC N/A Arizona, LLC - Sells homes in Arizona
Legal Entity Name
Operating Entities
Information as of 12/31/08 Rhodes Arizona Properties, LLC $ 199,500
Legal Entity Name
d/b/a Type of Legal Entity
- Owns houses on Ranchero lots Business Description
5,329,287 4,647
5,533,434
LIABILITIES Lines of credit $ Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Equity $ TOTAL LIABILITIES & EQUITY REVENUE Home sales Golf course Contract sales TOTAL REVENUE COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
511,146 2,874,161
5,271
1,179,086 5,533,434
Pravada, Rancheros 0
100%
Summary Financial Data 2 Assets Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity
105,560 2,306 575
199,500 5,333,934
108,441
5,533,434
$ (1,072,211)
5,271 3,385,307 1,179,086 5,533,434
$ $
(1,072,211) 963,770
108,441 (1,072,211)
963,770
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The Rhodes Companies, LLC Information as of 12/31/08 Rhodes Design and Development Rhodes Homes Nevada S-Corp - General Contractor - Holds Contractor License Nevada
Legal Entity Name
Operating Entities
Information as of 12/31/08 Rhodes Design and Development $ (5,091) 112,000 842,678 30,083,325 600,038 21,500
- Employees serve as Rhodes Homes Corporate HQ and field staff for all Nevada developments - Owns partial of Spanish Hills
3,753,168 35,407,618
190,060 97,800,451
5,272,244 2,090 (39,012,180) 35,407,619
All Nevada past, current and future developments 38
16,052,796 3,460,904 19,513,700
100% Year End as of 12/31/08
26,172,610
1,291,251 7,712,243 (545,730) 650,537
(5,091) 3,865,168 31,547,541
35,280,911
35,407,618
(12) 12,806,606
5,274,334 97,990,511 (39,012,180) 35,407,618
$ $
271,240 13,077,834 (28,845,045)
19,513,700 35,280,911 13,077,834
(28,845,045)
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The Rhodes Companies, LLC Information as of 12/31/08 Rhodes Homes Arizona LLC N/A Arizona LLC - Arizona Development Company
Legal Entity Name
Operating Entities
Information as of 12/31/08 Rhodes Homes Arizona LLC $ 435,491 329,358 75,000 1,410,274 17,944,568 251,643 (1,014,505) 86,826 19,518,655
- Developing Pravada Master Plan Business Description
- Holds the Contractor License for Arizona
LIABILITIES Lines of credit $ Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Equity TOTAL LIABILITIES & EQUITY $ REVENUE Home sales Golf course Contract sales TOTAL REVENUE COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
893 54,364,483 1,804,202
(27,983,583) 19,518,655
Pravada 2
345,000 692,221 1,037,221
100% Year End as of 12/31/08
2,756,408
58,834 1,488,089 (30,142) 288,651
764,849 (852,679) 19,606,485
19,518,655
4,561,840
1,804,202 54,365,376 (27,983,583) 19,518,655
12,157 4,994,810
$ $
135,753 5,142,720 (8,667,339)
1,037,221 4,561,840 5,142,720
(8,667,339)
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Information as of 12/31/08 Rhodes Ranch Golf and Country Club, LLC N/A
Information as of 12/31/08 Rhodes Ranch Golf Country Club, LLC $ 55,708 132,440 23,524
Legal Entity Name
Legal Entity Name

d/b/a
Nevada LLC Holding Company
750 212,422
8,582
- Owner and manager of Rhodes Ranch Golf and Country Club until late 2008 - Assets sold 12/22/2008 to Rhodes Ranch Golf Inc. pursuant to credit agreement.
146,334
4,916,761 $ 212,422
5,022,228 5,022,228
Rhodes Ranch
# of Employees Ownership Structure Rhodes Ranch GP
100% Year End as of 12/31/08
463,035 668,124 4,468,058 4,279,619 9,878,836
55,708 133,190 23,524
2,648
212,422
$ $
2,648 (4,859,256)
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 146,334 8,582 4,916,761 212,422
5,022,228 9,878,836 2,648
(4,859,256)
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The Rhodes Companies, LLC Information as of 12/31/08 Rhodes Ranch General Partnership N/A Nevada GP - Holds 4 active subdivisions in Rhodes Ranch
Legal Entity Name
Operating Entities
Information as of 12/31/08 Rhodes Ranch General Partnership $ (782,464) 21,175 107,782,394 47,372,493 105,584 4,921,994 398,385 $ 159,819,561
- Holds 1 active subdivision on West Sunset (West 57th) and two commercial lots - Developments subdivisions in cooperation with Rhodes Design and Development
Associated Developments # of Employees Ownership Structure The Rhodes Companies, LLC Rhodes Ranch, LLC
Rhodes Ranch, West Sunset 0
3,325,371 91,961 144,005,478 159,819,561
52,911,696
94.363% 5.637% Year End as of 12/31/08
52,911,696
49,022,222
130,415 433,490 128,581
(782,464) 5,341,554 155,260,471
159,819,561
49,714,708
3,417,332 144,005,478 159,819,561
(3,859,107) (3,185,607)
$ $
(2,155,047) (9,199,761) 12,396,749
52,911,696 49,714,708 (9,199,761)
12,396,749
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The Rhodes Companies, LLC Information as of 12/31/08 Rhodes Realty, Inc N/A Nevada S-Corp - Sales and Marketing entity for all Nevada Rhodes developments
Legal Entity Name
Operating Entities
Information as of 12/31/08 Rhodes Realty, Inc $ 27,750
Legal Entity Name
18,879
46,629
- Holds Nevada real estate brokerage license Business Description
1,446,095
187,718
(1,855,860) 46,629
All Nevada past, current and future developments 8
6,603,545 6,603,545
100% Year End as of 12/31/08
5,296,938 757,071 17,185
27,750 18,879
6,071,194
46,629
263,674
187,718 1,446,095 (1,855,860) 46,629
$ $
263,674 268,677
6,603,545 6,071,194 263,674
268,677
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Information as of 12/31/08 Six Feathers Holdings, LLC
Information as of 12/31/08 Six Feathers Holdings, LLC $ -
Legal Entity Name
Legal Entity Name

d/b/a
N/A
Arizona LLC - No operations existed
N/A
100% Year End as of 12/31/08
$ $
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Information as of 12/31/08 Legal Entity Name The Rhodes Companies, LLC N/A
Legal Entity Name
Information as of 12/31/08 The Rhodes Companies, LLC $ 1,029,472 238,046 1,542,101
d/b/a
Nevada LLC -Holding Company all the Rhodes Homes and related operating entities
147,828,837 185,000 150,823,456
167,519
2,406,094
Associated Developments # of Employees Ownership Structure Sagebrush Enterprises Summary Financial Data 2 Assets Cash & Cash Equivalents Short Term Assets Long Term Assets (After Impairment) Total $ $
N/A 0
149,854,382 150,823,456
100% Year End as of 12/31/08
1,029,472 148,251,883 1,542,101 150,823,456
1,824,599
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 2,406,094 167,519 149,854,382 150,823,456
1,824,599
(20,059)
1,824,599 (220,059)
$ $
(200,000) (220,059) (1,604,540)
(1,604,540)
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Information as of 12/31/08 Legal Entity Name Tick, LP
Legal Entity Name
Tick, LP
d/b/a
N/A
Nevada LP - Land holding company
- Owns parcel 17 for a total of 29.4 acres
5,172,764
5,172,764
15,660,092
Rhodes Ranch 0
(8,364,770) 5,172,764
1% 99% Year End as of 12/31/08
5,172,764 5,172,764
69,928
69,928
2,052,630
69,928 2,052,630
$ $
2,052,630 (2,122,558)
(2,122,558)
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Information as of 12/31/08 Tribes Holdings, LLC
Information as of 12/31/08 Tribes Holdings, LLC $ 80,223 85,223 167,519 48,126
Legal Entity Name
Legal Entity Name

d/b/a
N/A
Nevada LLC - Holding company for the various trade companies
381,092
- Owns Apache Framing LLC, Bravo, Inc, Geronimo Plumbing LLC and Gung-Ho
32,123 3,967,128 293,136 (3,911,296) 381,092
4,557,164 4,557,164
N/A
100% Year End as of 12/31/08
4,505,831 1,105,375 384,298 166,508 6,162,012
80,223 85,223 215,646
381,092
534,092 (58,407) 475,685 (2,080,533)
$ $
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 293,136 3,999,252 (1,830,763) 381,092
4,557,164 6,162,012 475,685
(2,080,533)
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The Rhodes Companies, LLC Information as of 12/31/08 Tuscany Golf Country Club, LLC N/A Nevada LLC - Golf course & Clubhouse, Owner & Manager
Legal Entity Name
Operating Entities
Information as of 12/31/08 Tuscany Golf Country Club, LLC $ 301,862 38,591
Legal Entity Name
4,224,750
47,366 6,394 4,618,963
305,168
58,899 148,735 4,400,473 4,618,963
Tuscany 44
3,524,953 3,524,953
100% Year End as of 12/31/08
378,033 609,930 2,801,961 3,789,924
301,862 92,351 4,224,750
4,618,963
29,341
207,634 305,168 4,400,473 4,618,963
$ $
29,341 (294,312)
3,524,953 3,789,924 29,341
(294,312)
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The Rhodes Companies, LLC Information as of 12/31/08 Tuscany Acquisitions II, LLC N/A Nevada LLC - Land holding company
Legal Entity Name
Operating Entities
Information as of 12/31/08 Tuscany Acquisitions II, LLC 1 $ -
Legal Entity Name
- Owns Tuscany parcel 18 Business Description
Tuscany 0
100% Year End as of 12/31/08 See Tuscany Acquisitions, LLC $ $ -
$ $
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The Rhodes Companies, LLC Information as of 12/31/08 Tuscany Acquisitions III, LLC N/A Nevada LLC - Owns parcel 15 & 23
Legal Entity Name
Operating Entities
Information as of 12/31/08 Tuscany Acquisitions III, LLC 1 $ -
Legal Entity Name
LIABILITIES $ Lines of credit Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Equity $ TOTAL LIABILITIES & EQUITY REVENUE Home sales Golf course Contract sales TOTAL REVENUE
Tuscany 0
100% Year End as of 12/31/08 See Tuscany Acquisitions, LLC $ $ -
$ $
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The Rhodes Companies, LLC Information as of 12/31/08 Tuscany Acquisitions IV, LLC N/A Nevada LLC - Owns parcel 16, 10, 11, 14, 6A (exception of 25 lots) and 4 lots in parcel 17
Legal Entity Name
Operating Entities
Information as of 12/31/08 Tuscany Acquisitions IV, LLC 1 $ -
Legal Entity Name
LIABILITIES Lines of credit $ Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Equity $ TOTAL LIABILITIES & EQUITY REVENUE Home sales Golf course Contract sales TOTAL REVENUE COSTS AND EXPENSES Home sales Land sales Contract sales Selling Preopening Costs General & administrative Reclassification Depreciation & amortization Loss on disposal of Fixed Assets Golf operating expenses TOTAL COSTS AND EXPENSES OTHER INCOME (EXPENSE) Loss on construction defect settlement Interest income Interest expense Mark to market, interest rate swap Other, net (Misc. Income; Abandoned Project Cost; Gain/Loss on Sale of Assets) TOTAL OTHER NET INCOME/(LOSS)
Tuscany 0
100%
Year End as of 12/31/08 See Tuscany Acquisitions, LLC $ $ -
$ $
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The Rhodes Companies, LLC Information as of 12/31/08 Tuscany Acquisitions, LLC N/A Nevada LLC - Land holding company - Parcels 6B, 12 and 25
Legal Entity Name
Operating Entities
Information as of 12/31/08 Tuscany 1 Acquisitions, LLC $ 4,350
Legal Entity Name
49,602,523 391,105
174,975 50,172,953
LIABILITIES $ Lines of credit Secured - Notes payable Insider Claims - Due to affiliates & related parties Insider Claims - Loans payable related party Insider Claims - Loans payable-Stockholder Deferred income Trade Claims - Accounts payable & accrued liabilities Contingent Claims - Customer deposits Hedge Equity TOTAL LIABILITIES & EQUITY $ REVENUE Home sales Golf course Contract sales TOTAL REVENUE
8,309,087
410,342 46,799 75,294,319 50,172,953
31,486,978
31,486,978
Tuscany 0
100% Year End as of 12/31/08
66,520,344
200,539 145,932 279,482
67,146,297
179,325 49,993,628
(718) (2,864,372)
50,172,953
$ $
1,093,364 (1,771,726) (33,887,593)
457,141 8,309,087 75,294,319 50,172,953
31,486,978 67,146,297 (1,771,726)
(33,887,593)
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Information as of 12/31/08 Legal Entity Name Wallboard, LP
Legal Entity Name
Wallboard, LP
d/b/a
N/A
- Owns 2 tavern sites in the Southwestern quadrant of the valley - 2.3 Acres
200,211
200,211
50,001
N/A 0
170,577 200,211
1% 99% Year End as of 12/31/08
200,211 200,211
14,639
Liabilities and Equity Short Term Liabilities Long Term Liabilities Equity Total Liabilities and Equity $ $ 50,001 170,577 200,211
14,639
5,728
$ $
5,728 (20,367)
14,639 5,728
(20,367)
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The Rhodes Companies, LLC Footnotes Operating Entities Non-Operating/Wind-Down Entities Holding/Investment Entities
1 2
Tuscany Acquisitions I, II, III and IV are consolidated into Tuscany Acquisitions LLC Balance Sheet categorizations assumptions for summary purposes. Assets Cash & Cash Equivalents: Cash, Restricted Cash Short Term Assets: Receivables, Investments, Pro-shop inventories, Deposits & other assets Long Term Assets (After Impairment*): Loan Receivable - Related Parties, Due from affiliates and related parties, Inventories, Property Plant & Equipment, Land Held for Investment * Impairment occurs when the sum of the expected cash flows from the asset is less than the book value of the asset. Accounting practices require that long-term assets be evaluated for impairment. If a reduction is made in the carrying value because of impairment, it is recorded as a loss. Liabilities and Equity Short Term Liabilities: Lines of Credit, Accounts Payable & accrued liabilities, Customer deposits Long Term Liabilities: Notes payable, Due to affiliates and related parties, Loans payable related party, Loans payable-Stockholder, Deferred income, Hedge
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EXHIBIT C
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EXHIBIT C The Rhodes Companies Development Summary by Project

(as of 3/31/09)
I. Rhodes Ranch: Southwestern Las Vegas Gated community; Ted-Robinson-designed 18-hole championship golf course (not Debtor-owned); community center and sports complex C&J Holdings Inc. (homeowners' association management company), Rhodes Design and Development Corp. (General Contractor - holds contractor license for Nevada), Rhodes Realty Inc. (sales and marketing entity for all Nevada Rhodes developments), Parcel 20 LLC (developing parcel 20 in 5 phases in cooperation with Rhodes Design and Development), Bravo Inc. (framing company for Rhodes projects from 1991 to mid-2006), Gung-Ho Concrete LLC (concrete company), Geronimo Plumbing LLC (plumbing company), Apache Framing LLC (framing company for Rhodes projects from mid-2006 through 2008), Tick LP (land holding company: parcel 17), Glynda LP (land holding company: former owner of parcel 20 sold to Parcel 20 LLC in mid-2007) 16 (9 of which are substantially completed; 7 of which are waiting to begin construction) 8 (including 4 model homes) 314 1,993
Location: Features:
Applicable Debtors:
Homes in escrow:
Homes for sale: Finished lots: Lots to be developed:
II.
Tuscany Village: Southeastern Las Vegas Gated community; Ted-Robinson-designed 18-hole championship golf course (Debtor-owned); community center and sports complex C&J Holdings Inc. (homeowners' association management company), Rhodes Design and Development Corp. (General Contractor - holds contractor license for Nevada), Rhodes Realty Inc. (sales and marketing entity for all Nevada Rhodes developments), Tuscany Golf Country Club LLC (golf course and clubhouse owner and manager), Tuscany Acquisitions LLC (land holding company: parcels
Location: Features:
Applicable Debtors:
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6B, 12, and 25), Tuscany Acquisitions II LLC (land holding company: parcel 18), Tuscany Acquisitions III LLC (land holding company: parcels 15 and 23), Tuscany Acquisitions IV LLC (land holding company: parcels 6A excluding 25 lots, 10, 11, 14 and 4 lots in parcel 17), Bravo Inc. (framing company for Rhodes projects from 1991 to mid-2006), Gung-Ho Concrete LLC (concrete company), Geronimo Plumbing LLC (plumbing company), Apache Framing LLC (framing company for Rhodes projects from mid-2006 through 2008) Homes in escrow: 10 (4 of which are substantially completed; 6 of which are waiting to begin construction) 15 (including 6 model homes) 353
Homes for sale: Finished lots:
Partially finished lots: 556
III.
Pravada / Golden Valley: Mohave County (vicinity of Kingman, Arizona) The current land plan for this development is to be designed around a town center and satellite villages with a golf course. Rhodes Arizona Properties LLC (Holds homes built on Ranchero lots and sells homes for Rhodes in Arizona), Rhodes Homes Arizona LLC (General Contractor holds contractor license for Arizona and is developing Pravada master plan), Pinnacle Grading LLC (grading and excavation company), Bravo Inc. (framing company for Rhodes projects from 1991 to mid-2006), Gung-Ho Concrete LLC (concrete company), Geronimo Plumbing LLC (plumbing company), Apache Framing LLC (framing company for Rhodes projects from mid-2006 through 2008) 4 (fully constructed) 8 (including 4 model homes)
Location: Features:
Applicable Debtors:
Homes in escrow: Homes for sale:
Partially finished lots: 3,591
IV.
Other Projects (Spanish Hills, X-it, West 57th , Parcel 43, Jarupa, SW 11, SW13):
The Company has 7 other projects located in the Las Vegas area that are in various stages of development. At these projects there were no homes in escrow as of 3/31/09. No homes are constructed. The projects include 102 finished lots, 2 partially finished lots, and 675 entitled/raw lots.
DOCS_LA:200556.3
Case 09-14814-lbr
Doc 64
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Page 44 of 44
Debtor entities that provided or are providing services to these projects include: C&J Holdings Inc. (homeowners' association management company), Rhodes Design and Development Corp. (General Contractor - holds contractor license for Nevada), Rhodes Realty Inc. (sales and marketing entity for all Nevada Rhodes developments), Jarupa LLC (was to be development company for Chalkline land incurred product design costs but project abandoned in 2008), Elkhorn Investments Inc. (holding company owns 50% of Elkhorn Partners LP), Elkhorn Partners LP (developed several projects in the late 1990s and early 2000s, including The Reserve and Northern Lights still owns one home), Bravo Inc. (framing company for Rhodes projects from 1991 to mid-2006), Gung-Ho Concrete LLC (concrete company), Geronimo Plumbing LLC (plumbing company), Apache Framing LLC (framing company for Rhodes projects from mid-2006 through 2008), Jackknife LP (land holding company: parcels 13, 33 and 43), Batcave LP (land holding company: owns 45.59 acres adjacent to Durango Drive and I-215), Overflow LP (land holding company: Spanish Hills parcel 5B), Wallboard LP (land holding company: owns 2 tavern sites in the southwestern quadrant of Las Vegas total of 2.3 acres), and Chalkline LP (land holding company: owns 21.08 acres just north of Rhodes Ranch master plan).
DOCS_LA:200556.3

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Case 09-14814-lbr 1 2 3 4 5 6 7 8 9 10 11

Entered 04/15/09 21:11:45

Page 1 of 44 E-File: April 15, 2009

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Affects: All Debtors Affects the following Debtor(s)

Entered 04/15/09 21:11:45

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Rhodes Homes - Organizational Structure

Sagebrush Enterprises, Inc. (Non-debtor)

Rhodes Ranch, LLC (Non-debtor)

Sedora Holdings, LLC (Non-debtor)

The Rhodes Companies, LLC

94.363% 5.637% 5.694%

Heritage Land Company, LLC

Rhodes Ranch Golf & Country Club, LLC

Elkhorn Investments, Inc. C&J Holdings, Inc. Rhodes Realty, Inc.

Six Feathers Holdings, LLC Rhodes Design and Development Corp.

Tribes Holdings, LLC

Rhodes Arizona Properties, LLC

Rhodes Homes Arizona, LLC

Tuscany Golf Country Club, LLC

Tuscany Acquisitions, LLC

Tuscany Acquisitions II, LLC

Tuscany Acquisitions III, LLC

Tuscany Acquisitions IV, LLC

Parcel 20, LLC

Jerico Trust (Non-debtor)

Entered 04/15/09 21:11:45

Elkhorn Partners, LP Geronimo Plumbing, LLC Apache Framing, LLC

Bravo, Inc. Key Icons = GP

Gung-Ho Concrete, LLC

Pinnacle Grading, LLC

Holding / = Investment Entity

Non-Operating / = Wind-down Entity

Entered 04/15/09 21:11:45

The Rhodes Companies, LLC

Type of Legal Entity

Entity Operating Category

Net Income / (Loss) -

1 Apache Framing, LLC

4 C&J Holdings, Inc.

0 18,694.00 $ 8,599.00 $ $ (294,726.00) (97,446.00) -

8 Geronimo Plumbing, LLC

15,874.00 $ (6,044,556.00) $ 991,302.00 $ $ $ 23,775,194.00 $ 1,690,751.00 $

6,028,682.00 (24,766,496.00) (1,789,595.00)

11 Heritage Land Co., LLC

0 118,200,744.00 $ 16,869,683.00 $ 19,210,608.00 $ 10,603,105.00 $ (12,944,030.00)

16 Pinnacle Grading, LLC

18,693,678.00 $ 12,179,670.00 $ 19,628,854.00 3,390,578.00 $ $ 108,441.00

17 Rhodes Arizona Properties, LLC

18 Rhodes Design and Development

103,264,845.30 $ 19,513,700.00 $ 35,280,911.39 56,169,578.00 $ 1,037,221.00 $ 4,561,840.00

19 Rhodes Homes Arizona LLC

20 Rhodes Ranch General Partnership

3,417,332.00 $ 52,911,696.00 $ 49,714,707.54

Entered 04/15/09 21:11:45

Rhodes Ranch Golf and Country Club, LLC

22 Rhodes Realty, Inc

23 Six Feathers Holdings, LLC

24 The Rhodes Companies, LLC

26 Tribes Holdings, LLC

6,162,012.05 8,766,228.00 $ 31,486,978.00 $ 67,146,297.00 512,802.00 $ 3,524,953.00 $ 3,789,924.00

475,684.97 $ $ $ $ $ (1,771,726.00) $ $ 29,341.00 $