TORRANCE, Calif., Aug. 22, 2012 (GLOBE NEWSWIRE) -- Greenberg, Whitcombe & Takeuchi, LLP ("GWT") is pleased to announce the sale of Pacific Monarch Resorts ("PMR"), a privately owned developer and operator of luxury vacation properties in the US and Mexico. Diamond Resorts International ("Diamond Resorts"), a global leader in the hospitality and vacation ownership industry, purchased a substantial portion of PMR's assets including inventory at nine resorts located in California, Nevada, Utah and San Jose del Cabo, Mexico, as well as the management agreements for certain resorts.
The financial crisis of 2008 had a drastic impact on PMR's business, requiring GWT's guidance in the selection and management of bankruptcy, regulatory and foreign counsel, as well as restructuring oversight throughout the sale process. John Whitcombe and Michael Gibson of GWT acted as primary corporate counsel for PMR, drafting, successfully negotiating and finalizing the agreements.
The total transaction was in excess of $350 million, consisting of a $275 million loan portfolio and the remainder in assets located in the US and Mexico. GWT was instrumental in identifying and engaging appropriate accounting, management and banking professionals necessary for interim oversight and investment banking services. GWT also supervised the retention of Stutman, Treister & Glatt to provide restructuring services, Baker & McKenzie for international advice, and Skip Gaskill, Esq., for real estate regulatory direction. Once the professionals were in place, and a stalking horse bid received, PMR filed a Chapter 11 bankruptcy, allowing the assets to be transferred pursuant to court order, and providing the necessary flexibility to complete PMR's remaining succession plans.
During the 8 months leading up to the filing, and ending on the morning of the close, Whitcombe and Gibson took the primary lead in negotiating and finalizing over 125 agreements and conveyance instruments.
Diamond Resorts was represented by Katten Muchin and Ballard Spahr during the process.
GWT's head of restructuring, John Whitcombe, said "This is a great outcome for our client. PMR was the victim of economic circumstances far beyond its control. Despite the economic meltdown and the inability of PMR's lenders to fulfill expectations, Mark Post, the CEO of PMR, was able to work closely with the team we put together to achieve a fantastic result, which will likely be the subject of business school studies for years to come."
About Greenberg, Whitcombe & Takeuchi, LLP
Greenberg, Whitcombe & Takeuchi, LLP, is a boutique law firm dedicated to providing skilled and efficient representation in a wide range of business, real estate, construction, and employment litigation, as well as in corporate, transactional, financing and real estate matters for not only local California clients but also national and international business clients. GWT is well positioned in expertise, size, and location to respond to the needs of its clients wherever they may be located.
GWT combines the personal attention of a boutique firm, with the strength, experience, and breadth of services offered by much larger, multi-office law practices. We take pride in offering rates that are extremely competitive given our highly-credentialed and experienced attorneys.
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