Since my last update of September, some progress has been made in the continuing bankruptcy proceedings.  The Chapter 7 Liquidation events have included numerous meetings between all of the concerned creditors and/or related parties.  The Presidio HOA and the individual builders have all pursued some form of action or communication with the City of Flagstaff to determine the timing and method for completion of the bonded improvements.  The Bankruptcy Court has taken some action to dissolve the agreement between the Bonding Company, the debtor (Presidio in the Pines), and the City of Flagstaff which dealt with the ongoing improvements that were underway onsite.  With the agreement being undone, there is now a clearer path for discussions between the City of Flagstaff and the insurance company that posted the bond as assurances for completion of public roads and related improvements.  As you might imagine, weather is now a major restriction so it is likely that improvements will not commence again until Spring, 2010.  In the interim, we will be communicating with the other builders and the City of Flagstaff to try and put a schedule in place that will allow construction to begin as soon as weather will allow.

I know that our lot owners with GMAC financing have received some communications from the lender.  If possible, I encourage you to communicate with them and negotiate a mutually acceptable resolution for the existing financing.  I believe you will find them to be reasonable in arriving at a solution that is helpful for both parties.  When construction is able to commence, we will try to match buyers and owners of lots with financial sources that will allow your home to be completed.