RITTER RANCH ROLLS ON HOUSING PLAN TAKEN OVER.Byline: Jim Skeen Staff Writer PALMDALE - The company that took on the Ritter rit·ter n. pl. ritter A knight. [German, from Middle High German riter, from Middle Dutch ridder, from r Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. development and then filed for bankruptcy has tentatively agreed not to oppose a city plan to revive To renew. For example, revival is the act of renewing the legal force of a contract or debt, either by acknowledging it or by giving a new promise, when the contract or debt is no longer a sufficient foundation for a lawsuit because it is barred by the running of the Statute the 7,200-home project with another developer. Ritter Ranch Development LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control will not contest the city plan to turn the project over to Newport Beach-based Sage Community Group when the plan comes up for confirmation before a bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. on Feb. 23, City Attorney Matt Ditzhazy said. ``Both sides laid down their weapons, and Sage can go forward,'' Ditzhazy said. City officials and the Franklin Fund, holders of $33 million in bonds issued for flood control channels Flood control channels are a series of large, concrete, and empty (except when a flood is actually present) open-air channels that extend a ways below the street levels of some larger cities, so that if and when a flood occurs, the flood will run into the channels, and proceed to be , roads and other improvements to the 10,625-acre project in the Foothills west of Palmdale, are backing Sage. If Sage fails, Ritter Ranch Development would be able to submit its own recovery plan. To takeover the project, Sage would pay $7 million in cash to the bankruptcy estate and provide a letter of credit for $10 million to the Franklin Fund. Sage would also bring up to date back payments that Ritter Ranch Development has missed on the bonds. ``There is an actual infusion of cash,'' said Palmdale Mayor Jim Ledford. ``Sage brings all the delinquencies current; that's why I think that plan is viable.'' Ritter Ranch Development President John Musick Jr. could not be reached Monday for comment. It is possible that work could begin on the project as early as this summer, city officials said. Ritter Ranch was envisioned as a state-of-the-art, master-planned community, but its original developers - a company formed by Lorimar Telepictures executives Irwin Molasky Irwin Molasky is considered a pioneer and one of the most important people in the development of Las Vegas. He built Las Vegas' first enclosed mall, the Boulevard Mall; first major hospital, Sunrise Hospital & Medical Center; first high-rise condominium, Regency Towers; the and Merv Adelson - lost it in a foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. by their lender in January 1997. Palmdale, which is the administrator of the $50 million bond issue but is not responsible for the payments, began its own foreclosure proceedings in May 1997 against the lender, Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. . In May 1998, a settlement agreement was reached to hold off foreclosure proceedings and allow Bankers Trust to find a developer to take on the project. That resulted in Musick's company stepping in August 1998, under an agreement with the city that required him to make payments on the $50 million bond issue. Musick planned to start building homes in September 1999 and actually began an ad campaign seeking potential home buyers, but no work has occurred. In addition, no payments were made on the bond issue. Musick's company, Ritter Ranch Development, filed for Chapter 11 reorganizing protection in federal bankruptcy court in October 1998. Musick listed assets at $73 million and debts at $64.8 million. Musick had planned to contest the Sage plan, stating his agreement with the city gave him exclusive rights to develop Ritter Ranch. Palmdale officials said the city does not have the legal authority to grant an exclusive agreement. The August 1998 agreement, city officials said, merely spelled out the ground rules for the development of the project. |
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