USA Capital

Stay Vacated; Distribution of December Collections to Resume

UPDATE (Jan. 23): A District Court judge vacated the temporary stay granted to the Lender Protection Group (LPG) and the LPG filed a Notice of Intent not to file a motion in U.S. Bankruptcy Court before Judge Riegle for a new stay. This frees USACM to resume the distribution of December collections that was suspended by the previous stay pending receipt of the final Court Order.

December collections include more than $5 million for Direct Lenders as well as more than $10 million for members of the USA Capital First Trust Deed Fund, LLC primarily from the payoffs of the Fiesta Development $6.6M and Cloudbreak LV loans. No details about the FTDF distribution are available at this time.

Assuming the Court Order is received by in a timely fashion, USACM expects to have checks in the mail by the end of this week.

Order Granting Joint Emergency Motion To Quash Stay Pending Appeal, Vacate Temporary Stay Order, And Refer Stay Motion To The Bankruptcy Court (PDF)

December Collection Distribution Suspended By Temporary Stay

Granted to LPG

(Jan. 22): Due to the Temporary Stay granted Jan. 17, 2007 by the U.S. Bankruptcy Appellate Panel of the Ninth Circuit Court to The Lender Protection Group, USACM is blocked from distributing the principal and interest collected in December 2006 until further notice. USACM was in the process of preparing the checks and statements last week when the stay was granted. Attorneys for USACM are in court today contesting the stay.

December Collections, Checks and Statements Update

(Jan. 3): The principal and interest collected in December 2006 is scheduled to be distributed on or after Jan. 19th. Checks and statements will be mailed from Las Vegas. The loans that paid off in full or made substantial paydowns of principal and/or interest in December were:

Fiesta Development $6.6M -- paid in full
Cloudbreak LV -- paid in full
Roam Development Group -- paid off remaining balance
Palm Harbor One -- significant paydown
Rio Rancho Executive Plaza -- significant paydown
Wasco Investments -- significant paydown

Since filing Chapter 11 on April 13, 2006, USA Commercial Mortgage Company has collected more than $227 million in principal and interest.



Stay Vacated; Distribution of December Collections to Resume UPDATE (Jan. 23): A District Court judge vacated the temporary stay granted to the Lender Protection Group (LPG) and the LPG filed a Notice of Intent not to file a motion in U.S. Bankruptcy Court before Judge Riegle for a new stay. This frees USACM to resume the distribution of December collections that was suspended by the previous stay pending receipt of the final Court Order. December collections include more than $5 million for Direct Lenders as well as more than $10 million for members of the USA Capital First Trust Deed Fund, LLC primarily from the payoffs of the Fiesta Development $6.6M and Cloudbreak LV loans. No details about the FTDF distribution are available at this time. Assuming the Court Order is received by in a timely fashion, USACM expects to have checks in the mail by the end of this week. Order Granting Joint Emergency Motion To Quash Stay Pending Appeal, Vacate Temporary Stay Order, And Refer Stay Motion To The Bankruptcy Court (PDF) December Collection Distribution Suspended By Temporary Stay Granted to LPG (Jan. 22): Due to the Temporary Stay granted Jan. 17, 2007 by the U.S. Bankruptcy Appellate Panel of the Ninth Circuit Court to The Lender Protection Group, USACM is blocked from distributing the principal and interest collected in December 2006 until further notice. USACM was in the process of preparing the checks and statements last week when the stay was granted. Attorneys for USACM are in court today contesting the stay. December Collections, Checks and Statements Update (Jan. 3): The principal and interest collected in December 2006 is scheduled to be distributed on or after Jan. 19th. Checks and statements will be mailed from Las Vegas. The loans that paid off in full or made substantial paydowns of principal and/or interest in December were: Fiesta Development $6.6M -- paid in full Cloudbreak LV -- paid in full Roam Development Group -- paid off remaining balance Palm Harbor One -- significant paydown Rio Rancho Executive Plaza -- significant paydown Wasco Investments -- significant paydown Since filing Chapter 11 on April 13, 2006, USA Commercial Mortgage Company has collected more than $227 million in principal and interest.
Copyright © 2006 USA Commercial Mortgage Company info@usacapitalcorp.com USA Capital - Las Vegas · 4484 South Pecos Road · Las Vegas, NV 89121 NV MBR 333 · Phone 702.734.2400 · Fax 702.734.0163