2011-07-21 / Front Page

SilverTip developer files bankruptcy

By Erik Skindrud GAZETTE REPORTER

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What is the status of the

What is the status of the bankruptcy protection filing for the PacificUS Real Estate Group? The initial filing was July 14, 2011 with a hearing date of November 30, 2011. November's hearing date has come and gone and the December 30, 2011 date is fast approaching. Has any information been developed that was asked for in the July 21, 2011, Anonymous query? What is the latest rendition of the proposed Silvertip Resort Village project?

The reporter's statement:

The reporter's statement: "Big Creek Conservancy is made up of neighbors who have waged a decade-long battle against the development plan" is misleading. Fish Camp residents have waged a decade long effort to protect the floodway, the town wells and the pristine watershed that is Big Creek Meadow. We are not anti-development. We are for responsible development. If PacificUS had worked with the community instead of strong-arming us with lawsuits, the outcome would have been beneficial for all concerned.

Fish Camp Community paid

Fish Camp Community paid $10,000+ for engineers to show the County Board of Supervisors last fall that PacificUS had designed some development fills and 19' high retaining walls with the floodway of Big Creek. Further, PacificUS forced the local water district to raise public funds to defend their drinking wells and easements on the project site when they sued to take some back that were in the way of their plans. First approved in 2003, the market has already spoken to the viability of PacificUS' land plan. Only this year, after PacificUS was in foreclosure with a recorded notice of default was a local conservancy group formed. In partnership with Sierra Foothill Conservancy, Big Creek is asking people everywhere who love Yosemite and want to see a headwaters meadow protected, to share this story and contribute to their cause. Big Creek Conservancy wants development on the site - but not in the floodway and not at the expense of their pristine drinking water. Check out their Facebook page to learn why you'll want to share this with your friends and act to protect Fish Camp Meadow. Sincerely, Lynne Baker, Esquire Attorney for the Fish Camp Property Owners Association

According to Realtytrac

According to Realtytrac PacificUS Owes $$$$$$$$$$$$$to Wells Fargo,BofA, numerous other creditors. "Last I heard Big Creek Conservancy is SOLVENT"

No real reporting here, no

No real reporting here, no digging for facts. Where did the $5.6 million go? Why was the assessed value of the property only $1.6 million? What are the views of the creditors? What are the details of the bankruptcy filing? News, please!

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