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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Doc 872

Entered 12/22/09 13:13:10

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

Page 1 of 5
E-File: December 22, 2009

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

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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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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:208522.4

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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Doc 872

Entered 12/22/09 13:13:10

Page 2 of 5

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 Third Stipulation re Emergency
Motion to Extend Cash Collateral Termination Date [Docket No. 535] , the Cash Collateral
Termination Date as defined in the Final Cash Collateral Order is currently set to expire on
January 11, 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:208522.4

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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Doc 872

Entered 12/22/09 13:13:10

Page 3 of 5

Collateral Termination Date set forth in paragraph 3(i)(a) of the Final Cash Collateral Order
through the earlier of (i) February 28, 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 February 28, 2010.

Dated: December 22, 2009
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:208522.4

Case 09-14814-lbr

Doc 872

Entered 12/22/09 13:13:10

EXHIBIT A

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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

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19

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23
24
25

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

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38
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45
46
47

48

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50
51
52

$5,768,983

69,000

2,500

3,089
74,589

69,000

3,138

3,089
75,227
451
5,846

355,467
47,250
26,317

7,500
3,500

446,331

69,000

20,000

3,089
92,089

6,478,335
630,009
1,099,599
$6,008,745

6,008,745
363,690
1,018,064
$5,354,371

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1/22/2010
2
0
0

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1/29/2010
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0
0

45
2/5/2010
3
0
0

46
2/12/2010
3
0
0

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2/19/2010
2
0
0

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2/26/2010
0
0
1

30,000

14,695
15,500

12,500

21,250

80,000
2,000
145,945

451
46,985
7,907
318,694
68,250
45,290

7,500
3,500

498,577

69,000

20,000

3,089
92,089

2,788

2,788

100,000

14,695
15,500

18,349

127,500

7,500

4,500
188,044

451
5,846
14,251
281,922
94,500
23,725

7,500
3,500

431,695

69,000
30,000
20,000

1,561
120,561

8,591

31,393
1,000
7,760
23,092
71,835

14,695
15,500

2,000
32,195

451
6,474

263,536
136,500
10,533

7,500
3,500

428,493

69,000

20,000

1,561
90,561

14,695
15,500

12,500

21,250

2,000
65,945

451
12,348
7,907
239,021
173,250
19,733

7,500
3,500

463,709

69,000
20,000

1,561
90,561

2,788

2,788

3,741,167
515,884
620,250
$3,636,801

3,636,801
404,600
653,003
$3,388,398

42,500 69,000 30,000

14,695
15,500

50,000

450,000

2,000
532,195

451
5,846
66,226
269,665
115,500
16,656

7,500
3,500

485,344

69,000

20,000

1,561
90,561

5,354,371 4,385,207 4,263,983 4,154,789 4,057,194 3,934,291

290,141 985,098 546,916 671,805 789,232 957,476
1,259,304 1,106,322 656,110 769,399 912,136 1,150,600
$4,385,207 $4,263,983 $4,154,789 $4,057,194 $3,934,291 $3,741,167

64,000

14,695
15,500

2,000
32,195

451
7,265

330,952
52,500
45,658

7,500
3,500

447,826

69,000
20,000
20,000

3,089
112,089

5,768,983
7,813,026
10,193,611
$ 3,388,398

606,659

154,509
192,845

36,698
454,282
499,139
102,753
928,185
80,000
25,000
2,473,411

4,760
124,965
281,586
4,028,073
729,750
406,115
(1,876)
89,894
35,000

5,698,267

757,471
119,711
168,341

27,868
1,073,390

197,916
17,181
300
62,786
2,000
15,520
46,183
341,885

$ 6,880,720

339,600

574,527

18,180
7,813,026

Totals
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0
1

Entered 12/22/09 13:13:10

5,768,983
1,658,176
948,824
$6,478,335

37,500

451
9,246
66,226
404,497
21,000
38,362

7,500
3,500

550,781

69,000
30,000
20,000

3,089
122,089

21,899 76,260 75,500 60,000

14,695
15,500

18,349
12,500
179,565

4,500
245,110

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1/15/2010
3
0
0

$ 240,141 $ 935,098 $ 491,916 $ 611,805 $ 724,232 $ 892,476 $450,884 $

339,600

50,000 50,000 55,000 60,000 65,000 65,000 65,000 65,000


290,141 985,098 546,916 671,805 789,232 957,476 515,884 404,600

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1/8/2010
1
0
0

14,695
15,500

35,000
13,207
450,000

2,000
530,402

14,695
15,500

24,842

47,046
13,185

2,000
117,269

451
11,985
14,251
441,269
15,750
56,024

7,500
3,500

550,730

8,591
300
31,393
1,000
7,760
23,092
72,135

192,340

192,340

701
9,277
7,907
563,844
5,250
40,524

7,500
3,500

638,503

$311,690

52,000

363,690

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1/1/2010
1
0
0

$612,009

18,000

630,009

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12/25/2009
3
0
0

14,695
15,500

391,941
94,798

7,500

2,000
526,434

7,555
37,845

12,275

57,675

3,846
96,911
559,207

83,295
(1,876)
14,894

756,277

67,471
19,711
22,703

3,089
112,973

$1,610,469

29,527

18,180
1,658,176

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12/18/2009
7
0
0

Actual

Doc 872

Notes:
(1)HOAfeespaidforcompletedcommunitiesinwhichtheCompanycontinuestoownlots/property(i)SpanishHills$2,760,(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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Line#
1
2
3

StartingCashon12/11/2009(Projection)

RhodesHomes11WeekCashFlowForecast
Revised12/22/2009

Case 09-14814-lbr
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