Lake at Las Vegas JV LLC lists liabilities of between $500million and $1 billion, assets of between $100 million and $500million, and more than 1,000 creditors. LLV Holdco LLC, asubsidiary of Las Vegas-based Atalon Group owned by Frederick Chin,assumed ownership and management control of the master-plannedcommunity in early January 2008 after the former ownership groupdefaulted on approximately $540 million in loans in 2007. Chincites a combination of poor liquidity, substantial debt service,extremely challenging real estate market conditions and other legaland financial issues, as the reason for the filing.

Concurrent with the filing, LLV JV LLC requested and hasreceived commitments for up to $127 million in debtor-in-possession(DIP) financing led by Credit Suisse as agent. Subject to Courtapproval, the new financing would be used in part to fund ongoingoperations and assessments related to certain pre-petitionobligations, including critical repairs to the Las Vegas Washbypass conduit underlying the 320-acre man-made lake at the centerof the community. Additionally, pending Court approval, the companysaid it would work to satisfy certain of its financial andinfrastructure-related obligations.

Located 20 miles east of Las Vegas, Lake Las Vegas Resort islocated adjacent to Lake Mead National Recreational Area. Itincludes the aforementioned 320-acre man-made lake, three signaturegolf courses, two luxury hotels, a casino and retail shops and morethan 1,600 completed residential units. LLV and its subsidiariesemploy approximately 260 people, most associated with its golfcourse operations.